SANTA CLARA, Calif.--(BUSINESS WIRE)--May 11, 2023--

The US Supreme Court has struck down President Joe Biden’s plan to cancel student loan debts for millions of Americans, reversing his campaign-trail promise as borrowers prepare to resume payments this summer. Chief Justice John Roberts delivered the 6-3 decision from the court’s conservative majority. The ruling, which stems from a pair of cases challenging the Biden administration and the US Department of Education, argues that the president does not have authority to implement sweeping relief, and that Congress never authorised the administration to do so. Within 30 minutes on the last day of its term, the court upended protections for LGBT+ people and blocked the president from a long-held promise to cancel student loan balances amid a ballooning debt crisis impacting millions of Americans. Under the plan unveiled last year, millions of people who took out federally backed student loans would be eligible for up to $20,000 in relief. Borrowers earning up to $125,000, or $250,000 for married couples, would be eligible for up to $10,000 of their federal student loans to be wiped out. Those borrowers would be eligible to receive up to $20,000 in relief if they received Pell grants. Roughly 43 million federal student loan borrowers would be eligible for that relief, including 20 million people who stand to have their debts canceled completely, according to the White House. Roughly 16 million already submitted their applications and received approval for debt cancellation last year, according to the Biden administration. The long-anticipated plan for debt cancellation was met almost immediately with litigation threats from conservative legal groups and Republican officials, arguing that the executive branch does not have authority to broadly cancel such debt. Six GOP-led states sued the Biden administration to stop the plan altogether, and a federal appeals court temporarily blocked any such relief as the legal challenges played out. Since March 2020, with congressional passage of the Cares Act, monthly payments on student loan debt have been frozen with interest rates set at zero per cent. That Covid-19-pandemic era moratorium, first enacted under Donald Trump and extended several times, was paused a final time late last year – until the Education Department is allowed to cancel debts under the Biden plan, or until the litigation is resolved, but no later than 30 June. Payments would then resume 60 days later. The amount of debt taken out to support student loans for higher education costs has surged within the last decade, alongside growing tuition costs, increased private university enrollment, stagnant wages and GOP-led governments stripping investments in higher education and aid, putting the burden of college costs largely on students and their families. The crisis has exploded to a total balance of nearly $2 trillion, mostly wrapped up in federal loans. Millions of Americans also continue to tackle accrued interest without being able to chip away at their principal balances, even years after graduating, or have been forced to leave their colleges or universities without obtaining a degree at all while still facing loan repayments. Borrowers also have been trapped by predatory lending schemes with for-profit institutions and sky-high interest rates that have made it impossible for many borrowers to make any progress toward paying off their debt, with interest adding to balances that exceed the original loan. One analysis from the Education Department found that nearly 90 per cent of student loan relief would support people earning less than $75,000 per year. The median income of households with student loan balances is $76,400, while 7 per cent of borrowers are below the poverty line. That debt burden also falls disproportionately on Black borrowers and women. Black college graduates have an average of $52,000 in student loan debt and owe an average of $25,000 more than white graduates, according to the Education Data Initiative. Four years after graduating, Black student loan borrowers owe an average of 188 per cent more than white graduates. Women borrowers hold roughly two-thirds of all student loan debt, according to the American Association of University Women. Mr Biden’s announcement fulfilled a campaign-trail pledge to wipe out $10,000 in student loan debt per borrower if elected, though debt relief advocates and progressive lawmakers have urged him to cancel all debts and reject means-testing barriers in broad relief measures. In November 2020, the president called on Congress to “immediately” provide some relief for millions of borrowers saddled by growing debt. “[Student debt is] holding people up,” he said at the time. “They’re in real trouble. They’re having to make choices between paying their student loan and paying the rent.” This is a developing story Read More Supreme Court allows Colorado designer to deny LGBT+ customers in ruling on last day of Pride Month Biden condemns Supreme Court striking down affirmative action: ‘This is not a normal court’ Justice Ketanji Brown Jackson delivers searing civil rights lesson in dissent to affirmative action ruling

Online gamblers bet hundreds of thousands of dollars on whether the submarine that went missing on a recent expedition to the Titanic, in what online critics called a “dystopian” use of digital finance. Since Wednesday, people wagered at least $300,000 on the fate of the vehicle using the crypto platform Polymarket, Mother Jones reports. On the site, betters buy and sell shares on the outcomes of events using cryptocurrency, and can redeem their shares for $1 each if their guesses are correct. Follow the latest updates on the missing Titanic submarine here “For the purposes of this market, the vessel need not have been rescued or physically recovered to be considered ‘found,’” reads the description page for the submarine bets. “If pieces are located, but not the cabin which contains the vessel’s passengers, that will not suffice for this market to resolve to ‘Yes.’” One user, asking only to be identified by his first name, Rich, told Mother Jones he made around $3,250 betting. He argued what he was doing was morally defensible because unlike the regular stock market, it had no impact on the fate of the entity being wagered upon. “My answer would be that markets are fundamentally immoral. There’s no ethical consumption under capitalism,” Rich said. Others weren’t so sure. Social media users racked up thousands of likes criticising such gamblers. “Actually insane,” one commenter wrote. “Imagine making money off of if someone is gonna die or not.” Polymarket defended its offerings on the submarine, arguing that it was a neutral way of calculating the likelihood of a rescue. “If the families were privy to Polymarket, they could use the market as a way to obtain the real-time, unbiased probability of the submarine being recovered,” the company said in an email to Gizmodo. “That is a far more valuable service to them than sensationalist media coverage: with our markets at least they understand the true probabilities.” Bookmakers take bets on nearly everything, from sports to sex tapes, but the industry does have some lines regarding poor taste. According to Betting Gods, a gambling industry tip site, most major bookmakers refused to take bets regarding the death of Queen Elizabeth. “Major bookmakers won’t bet on the Queen dying as it would offend most of its regular customers. Whether they all agree with Britain having a royal family or not, most people would prefer to bet on a variety of other things such as sports,” the site wrote in an article. “When asked the question of why bookmakers won’t bet on what age the queen will die, the spokespeople of all the major bookmakers were unanimous in saying that it was important that people understand where the parameters of bad taste bets can’t be crossed.” Read More US launches prosecutions of Chinese companies on charges of trafficking fentanyl ingredients Titanic sub latest - Coast Guard makes stunning admission about ‘explosion’ when submersible lost contact OceanGate CEO said he was ‘personally insulted’ by ‘baseless cries’ about Titanic sub’s deadly safety flaws Federal court halts ‘suppressive’ Florida drag ban Florida's law targeting drag shows is on hold under federal judge's order Recovery could cost millions as Coast Guard stunningly admits submersible ‘explosion’

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