President Joe Biden is set to deliver remarks this afternoon at 3:30 pm Eastern Time regarding the today’s ruling on student loan forgiveness. The address will take place in the Roosevelt Room at the White House.
In a significant blow to the Biden administration, the justices have struck down the long-awaited student loan forgiveness program. The program aimed to provide eligible borrowers the opportunity to cancel up to $20,000 in debt. The program was projected to cost more than $400 billion.
The student debt relief program had been in limbo since October when the 8th US Circuit Court of Appeals issued a temporary hold. This legal obstacle hindered the implementation of the program, effectively blocking its execution.
An estimated 43 million individuals were eligible to participate in the debt cancellation program, indicating the significant impact this ruling will have on a wide swath of borrowers across the nation.
Watch Biden’s address in the player below.
