![]() The justices also were perplexed as to why the servicers weren't bringing their own challenges, and how the states could claim harm on their behalf. However, consumer advocates and legal experts said that charge was based on " false facts" and pointed out that MOHELA's revenue was actually expected to increase because of some student loan servicers recently leaving the space and it picking up extra accounts. They said the decreased revenue for MOHELA, or the Missouri Higher Education Loan Authority, could leave the agency unable to meet its financial obligations to Missouri. The six GOP-led states argued that Biden's loan forgiveness plan would be a financial setback for them because of a reduction in business among the companies that service federal student loans in their states. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Two of those legal challenges made it to the Supreme Court: one brought by six GOP-led states - Arkansas, Iowa, Kansas, Missouri, Nebraska and South Carolina - and another backed by the Job Creators Network Foundation, a conservative advocacy organization.Best Debt Consolidation Loans for Bad Credit The program has now faced at least six lawsuits from Republican-backed states and conservative groups, most of which accuse the president of executive overreach. Shortly after Biden announced his plan, the legal challenges piled up. In total, around 37 million people would be eligible for some loan cancellation, Kantrowitz estimates - up to $20,000 if they received a Pell Grant in college, a type of aid for low-income families, or as much as $10,000 if they did not. Roughly 14 million people would have their student debt entirely cleared by the program, according to an estimate by higher education expert Mark Kantrowitz. ![]() ![]() The justices' ruling will determine whether the Biden administration can move forward with its plan to wipe out more than a quarter of the country's $1.7 trillion in outstanding federal student debt. Best Debt Consolidation Loans for Bad Credit ![]()
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