No, the HEROES Act Doesn't Let Biden Forgive Student Loans

Next week, the Supreme Court is set to begin hearing arguments in two cases that could decide the fate of President Joe Biden's plan to forgive a half-trillion dollars in federal student loans. While his plan has already been defeated in federal court several times, sympathetic media stories have insisted that Biden's plan is perfectly legal—and credulously repeated the administration's claim about the 2003 legislation used to justify the plan.

In August, Biden announced that the government would be forgiving $10,000 in federal student loans for borrowers earning under $125,000 annually and couples making less than $250,000. For Pell Grant recipients, the maximum forgiveness amount would rise to $20,000.

Biden also announced substantial changes to already-existing loan forgiveness programs. In all, the Committee for a Responsible Federal Budget estimated that the program could cost taxpayers between $500 and $650 billion.