What happens now that Supreme Court struck down Biden's student loan handout scheme

The U.S. Supreme Court has struck down the Biden administration's $400 billion student loan bailout in response to a legal challenge by Job Creators Network Foundation. This ruling sets the stage for long-overdue bipartisan action to address the underlying reason for this debt crisis: unaccountable colleges that have raised tuition by more than double the inflation rate over the last generation.    

The court ruled that the cancelation program was a clear act of executive overreach, a position that both President Biden and Nancy Pelosi have taken in the past. Congress neither authorized broad student loan forgiveness nor indicated intent to do so. In fact, Congress has repeatedly rejected student loan cancelation bills in recent years. The president is not a king and cannot usurp lawmakers' authority.   

With this ruling, the Supreme Court has protected hardworking Americans who have paid back their student loans or never went to college from having to unfairly cover the college debt of others.