Student loan borrowers revealed what they’re doing with their money while payments are paused, proving how essential that income is.
On Tuesday, the Supreme Court began hearing arguments in two cases challenging President Joe Biden’s student loan forgiveness plan which aimed to eradicate $400 billion in student debt.
Should the Court side with Biden, the legislation would cancel up to $20,000 in federal loans for individuals making under $125,000 per year.
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And it would be immensely helpful to the people who entered college or university already at a financial disadvantage.
However, Republicans and those skeptical of the plan believe it was unfair, and unlawful, of Biden to simply cancel the debt.
So on Twitter, people shared what they’ve done with the money they’ve “saved” while student loan payments are on pause, exemplifying how the legislation alleviates stress in their lives.
\u201cMONEY SAVED?!? What money saved???\n\nWe\u2019re out here just trying to live! That money goes to food, housing, gas, utilities, medical care, and basic living. Oh, and we don\u2019t have retirement plans or savings. ZERO. #studentloanforgiveness\u201d— Sheri Yasuna, Ph.D. (@Sheri Yasuna, Ph.D.) 1677606207
\u201cThis is a dumb question. \ud83d\ude12Obviously still paying other bills and, with inflation caused by both supply shortages and corporate greed, paying more for food & other stuff. #studentloans #studentloanforgiveness\u201d— Miss D. \ud83d\udcda \ud83c\udf80 \ud83d\udcfa \ud83c\udfac (@Miss D. \ud83d\udcda \ud83c\udf80 \ud83d\udcfa \ud83c\udfac) 1677191545
\u201cProbably paying for that 9.1% inflation increase, but idk that\u2019s just me #studentloanforgiveness\u201d— Michael Garcia (@Michael Garcia) 1677604006
Many pointed out that the money not going toward student loans just helps people meet their basic needs like paying rent or a mortgage, buying food, paying bills, and more.
\u201cMy utility bill for November and December was $1,000 so, that. #studentloanforgiveness\u201d— Jamie Thomas (@Jamie Thomas) 1677607760
\u201cPaying Off Bills and Trying to Survive With Keeping Roof Over My Head Trying to Hang in Here While Dealing With High Inflation and Working Paycheck to Paycheck! #studentloanforgiveness\u201d— Koree4Real \u270a\ud83c\udffe\ud83d\udcf8\ud83d\udee9 (@Koree4Real \u270a\ud83c\udffe\ud83d\udcf8\ud83d\udee9) 1677607998
Others indicated they were using the pause on federal student loan payments to pay their private student loans.
\u201cI didn't save a dime of it. I used it to pay back my private student loans, which didn't get paused and I still accrued interest on. #studentloanforgiveness\u201d— KJM #StandWithUkraine (@KJM #StandWithUkraine) 1677607792
\u201cPaying my other student loans that are exempt from the pause #studentloanforgiveness\u201d— Phillippe (@Phillippe) 1677606583
Six states, Nebraska, Missouri, Arkansas, Iowa, Kansas, and South Carolina, as well as two individuals, have brought their cases to the Court.
The case involving the states asks whether or not the program overstepped Congress' authority.
The case brought by two individuals named Myra Brown and Alexander Taylor asks whether borrowers were denied opportunities to receive the full $20,000 because the Biden administration did not follow proper protocol.
Conservative Justices, who make up a majority of the Court at the moment, are expected to question the program's legality.
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