We don’t have much sympathy for student loan borrowers who are panicking about the pending resumption of their monthly payments.
They were given a long interest-free break — more than three years, thanks to COVID-19 and the political motivations of Joe Biden and Democrats in Congress — to get themselves into a good position to pay down the debt they willingly and knowingly took on. Instead of banking their savings from this hiatus, some if not many of them were banking on a large chunk of their debt being forgiven. Now they are facing the reality that Biden’s desire to cancel up to $20,000 of every student borrower’s debt may not happen.
A conservative Supreme Court is unlikely to conclude that the president has the authority to perform what is essentially a legislative function — appropriating money. Republicans in Congress have the numbers to kill any such efforts there.
Instead of grousing, student loan borrowers should be thankful for the temporary reprieve they received. It was more than generous.
