Crushed student loan borrowers are skipping meals, moving in with parents, panicking over money
Mimi Hoang rejoiced when President Biden announced plans last year to cancel thousands of dollars in student debt. The 20-year-old had taken out $30,000 in federal loans to pay for just her first year of college at Southern Oregon University, and the thought of it was weighing on her.
“It is a real burden for me to know that I carry that much from one year of school,” she said.
As she faced the prospect of tripling her loan debt by staying at Southern Oregon, Hoang decided to move back to her family’s home in Hayward, California, last academic year and enroll at a community college. Biden’s plan would have slashed Hoang’s debt to a more manageable $10,000.
But her hope of relief — and the hopes of millions of borrowers across the country who owe a collective $1.6 trillion in federal student loans — were crushed Friday when the Supreme Court blocked Biden’s plan. In a 6-3 ruling in Biden vs. Nebraska, the conservative majority ruled only Congress could authorize such a large-scale cancellation of loans provided by the federal government, which
