HOUSTON — From anger to disappointment, a lot of Houstonians aren't happy about the Supreme Court's decision on student loan forgiveness. The ruling effectively killed President Joe Biden’s $400 billion plan to cancel or reduce federal student loan debts for millions of Americans.
That means borrowers will have to resume payments in the fall.
”It’s appalling but unfortunately I wasn’t surprised to see,” University of Houston Student Government Association President Benjamin Rizk said. “Many students, many friends of mine are going to be affected and I feel, in many ways, powerless to help them."
“For some, this is a difference in deciding: Are you going to pay your rent? How are you going to pay for childcare? Or how are you going to put groceries on the table?” Traci Latson, a Houston teacher, said.
Traci had her loans forgiven a few years ago through public service loan forgiveness. She knows how difficult it is to pay off the debt on a teacher’s salary. That's why she says she feels terrible for the millions who were hoping for some relief.
“There was no way I would be able to pay my student loans off. At one point a couple years ago my payments were $800,” Latson said.
She also doesn’t understand the double standards to help Americans.
“Society as a whole has no reason has no problem bailing out banks or big corporations,” Latson said. “I don’t understand where the disconnect is. When we don't want to bail out the American people working hard every day paying taxes."
Experts say this will not just affect the economy but could have political ramifications.
“We are seeing a decline in trust in the court among the general public. The question remains does this decision exuberate that decline among young Americans who hold the bulk of student debt?” Joseph Cozza, visiting assistant professor of political science at Rice University, asked.
There are some Texans who support the court's decision, including U.S. Sen. John Cornyn.
"Pres. Biden can't force hardworking Texans to pay off other people's debt. When you take out a loan, only you agree to pay it back - those who already paid or who never took out loans cannot be forced to pay it for you," Cornyn said. "Students should not be getting federal loans for degrees that don’t result in better-paying jobs."