Supreme Court ruling on student debt will ‘devastate’ millions of borrowers. No, it would have ‘punished’ poor Americans. Who’s right?

The Supreme Court on Friday struck down the Biden administration’s plan to cancel student-loan debt, giving opponents and proponents of loan forgiveness the chance to square off again on a debate that’s gripped Americans for months.

Biden’s plan aimed to cancel up to $10,000 in federal loan debt for borrowers earning less than $125,000 and up to $20,000 for borrowers who met that criteria and also used a Pell grant in college. Americans owe an estimated $1.7 trillion of student loans and the White House had said that more…

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