Source: Ron Lieber & Tara Siegel Bernard, N.Y.Times ( Paid Registration )

The Supreme Court is hearing arguments over the legality of the Biden administration’s plan to wipe out more than $400 billion in student debt because of the coronavirus pandemic.

Both cases grapple with two questions. One is whether the challengers have legal standing to bring their lawsuits. The other is whether the program exceeds the authority that Congress granted to the Education Department and whether it followed legally required procedures in devising the plan.

More than 26 million borrowers have already applied for relief under President Biden’s plan to cancel up to $20,000 worth of federal student loans per recipient. Millions more are believed to qualify under the terms of the program.

Read Full Article: Supreme Court hears challenges to student loan forgiveness