WEBVTT	#Elemental Media Engine(TM) 2.17.1.0

00:00:01.084 --> 00:00:02.669
That's good. Hey, hey!

00:00:03.086 --> 00:00:07.882
Ho ho! And the burden of
student debt is being lifted

00:00:08.008 --> 00:00:11.761
by President Biden, members
of Congress who supported.

00:00:11.886 --> 00:00:13.179
And it is right.

00:00:13.304 --> 00:00:16.766
We ask the United States
Supreme Court to believe in

00:00:16.891 --> 00:00:21.271
the certain inalienable
rights so we can let an

00:00:21.396 --> 00:00:21.771
Body try to take away relief
for our families that are

00:00:21.896 --> 00:00:26.067
unelected.

00:00:26.192 --> 00:00:29.195
struggling every single day
in the pandemic.

00:00:29.320 --> 00:00:30.530
Made it worse for them.

00:00:30.655 --> 00:00:33.783
Since the COVID 19
pandemic, student loan

00:00:33.908 --> 00:00:36.286
borrowers have had a
moratorium on their

00:00:36.411 --> 00:00:40.165
payments. The pause on
federal loans has lasted

00:00:40.290 --> 00:00:41.666
over three years.

00:00:41.791 --> 00:00:47.047
But now over 40 million
Americans may be hit with a

00:00:47.172 --> 00:00:51.009
bill some borrowers have
never even seen.

00:00:51.134 --> 00:00:53.970
So for years, advocates and
borrowers have been

00:00:54.095 --> 00:00:57.724
pressuring the government
to act on student loan

00:00:57.849 --> 00:01:01.019
forgiveness, saying that
the student loan system was

00:01:01.144 --> 00:01:04.397
broken. Outstanding student
loan debt is marching

00:01:04.522 --> 00:01:06.608
towards $2 trillion.

00:01:06.733 --> 00:01:11.404
You have over 1 in 10
borrowers in delinquency or

00:01:11.529 --> 00:01:14.365
default and a number of
other issues with the

00:01:14.491 --> 00:01:15.825
lending system.

00:01:16.785 --> 00:01:18.203
Has got to go.

00:01:18.703 --> 00:01:24.542
Hey, hey, ho, ho, student
debt has got to go.

00:01:34.260 --> 00:01:37.013
President Joe Biden
fulfilled his campaign

00:01:37.138 --> 00:01:42.519
promise in August of 2022
to forgive $10,000 in

00:01:42.644 --> 00:01:46.606
student loan debt for tens
of millions of borrowers.

00:01:46.731 --> 00:01:50.860
He upped the relief to
20,000 for borrowers who

00:01:50.985 --> 00:01:52.821
received a Pell grant in
college.

00:01:53.571 --> 00:01:55.907
So borrowers may be
wondering what is going on

00:01:56.032 --> 00:01:59.494
with President Joe Biden's
student loan forgiveness

00:01:59.619 --> 00:02:04.124
plan since he first rolled
out the plan in August.

00:02:04.249 --> 00:02:07.544
At least six lawsuits have
been brought against the

00:02:07.669 --> 00:02:10.964
plan, mostly by Republicans
and conservative backed

00:02:11.089 --> 00:02:14.092
groups. As those lawsuits
made their way through the

00:02:14.217 --> 00:02:17.637
courts, the Supreme Court
agreed to take on two of the

00:02:17.762 --> 00:02:22.517
cases and really examine if
this was an act of

00:02:22.642 --> 00:02:24.435
presidential overreach.

00:02:24.811 --> 00:02:29.065
Another criticism of Biden's
sweeping debt relief plan is

00:02:29.190 --> 00:02:32.694
its impact on an already
indebted economy.

00:02:32.819 --> 00:02:37.615
I've been critical of
student loan debt relief for

00:02:37.740 --> 00:02:41.828
the last two years, but the
plan came in, frankly, much

00:02:41.953 --> 00:02:43.788
worse than I expected.

00:02:43.913 --> 00:02:47.834
And at this point in our
economy, we really don't

00:02:47.959 --> 00:02:53.006
need to be adding $500
billion of deficit spending

00:02:53.131 --> 00:02:57.677
for a purpose that frankly
includes wealthy law

00:02:57.802 --> 00:03:00.638
students and business
school graduates getting

00:03:00.763 --> 00:03:02.056
tens of thousands of
dollars.

00:03:02.891 --> 00:03:06.019
So what the Supreme Court
examined at the end of

00:03:06.144 --> 00:03:08.146
February are two major
things.

00:03:08.771 --> 00:03:12.317
One. Have the plaintiffs
here actually proven that

00:03:12.442 --> 00:03:15.528
they've been harmed by
student loan forgiveness in

00:03:15.653 --> 00:03:18.239
order to challenge a policy
in the courts, you need to

00:03:18.364 --> 00:03:21.492
prove that a policy has
caused you injury.

00:03:21.618 --> 00:03:23.328
It's called legal standing.

00:03:23.453 --> 00:03:24.996
Do you have legal standing?

00:03:25.121 --> 00:03:28.875
The Supreme Court justices
considered if the plaintiffs

00:03:29.000 --> 00:03:32.879
had proven that they will
be harmed by student loan

00:03:33.004 --> 00:03:35.924
forgiveness. The other
point that the Supreme Court

00:03:36.049 --> 00:03:39.677
was considering at the end
of February is does the

00:03:39.802 --> 00:03:42.972
president acting within his
rights in forgiving this

00:03:43.097 --> 00:03:45.558
amount of student debt
while the Biden

00:03:45.683 --> 00:03:47.894
administration points to
the Heroes Act as

00:03:48.019 --> 00:03:51.981
justification, the
plaintiffs say that that law

00:03:52.106 --> 00:03:54.943
allows for much more
tailored relief than the

00:03:55.068 --> 00:03:57.987
type of sweeping debt
cancellation the president

00:03:58.112 --> 00:03:59.864
is trying to carry out.

00:04:09.249 --> 00:04:12.418
Borrowers camped outside the
Supreme Court the night

00:04:12.543 --> 00:04:15.672
before the hearings to show
their support for Biden's

00:04:15.797 --> 00:04:16.965
plan.

00:04:17.215 --> 00:04:19.592
So by the morning, there
were hundreds of borrowers

00:04:19.717 --> 00:04:21.803
outside the Supreme Court.

00:04:21.928 --> 00:04:25.306
One borrower that I spoke
to said that whether or not

00:04:25.431 --> 00:04:28.226
his student debt is
canceled and whether or not

00:04:28.351 --> 00:04:31.062
he has a monthly student
loan bill will determine

00:04:31.187 --> 00:04:34.440
whether or not he's able to
help his parents who have

00:04:34.565 --> 00:04:37.277
retired with not enough
money be able to afford

00:04:37.402 --> 00:04:40.613
their groceries and their
gas bills.

00:04:40.738 --> 00:04:43.700
Another borrower told me
that student loan debt will

00:04:43.825 --> 00:04:46.786
determine whether or not
she'll be able to ever save

00:04:46.911 --> 00:04:48.454
up for a down payment on a
house.

00:04:49.664 --> 00:04:51.165
And the stories do get more
severe.

00:04:51.624 --> 00:04:53.251
There are borrowers who
said that the monthly

00:04:53.376 --> 00:04:55.878
student loan bill, it's
either that or their

00:04:56.004 --> 00:04:59.632
medicine. So going into the
Supreme Court arguments,

00:04:59.757 --> 00:05:03.177
most of the legal experts
and professors that I spoke

00:05:03.303 --> 00:05:05.763
to said that they thought
Biden's student loan

00:05:05.888 --> 00:05:09.559
forgiveness plan would face
really tough odds at the

00:05:09.684 --> 00:05:13.479
Supreme Court considering
the conservative majority.

00:05:13.604 --> 00:05:16.482
But after the arguments, a
lot of them changed their

00:05:16.607 --> 00:05:19.527
tunes, which was really
interesting. Solicitor

00:05:19.652 --> 00:05:23.197
General Elizabeth Prelogar
they said that she made a

00:05:23.323 --> 00:05:26.492
really convincing case for
why the president did have

00:05:26.617 --> 00:05:29.454
the power to forgive
student debt, pointing out

00:05:29.579 --> 00:05:32.206
that although there's been
no precedent for this type

00:05:32.332 --> 00:05:34.917
of relief, there's also
been very little precedent,

00:05:35.043 --> 00:05:38.588
at least in 100 years, for
this type of public health

00:05:38.713 --> 00:05:41.257
crisis. That was the
coronavirus pandemic.

00:05:41.382 --> 00:05:45.094
She really made it seem
like the plaintiffs had more

00:05:45.219 --> 00:05:48.264
political issues with the
plan than that they could

00:05:48.389 --> 00:05:50.892
prove that they would
actually be harmed by the

00:05:51.017 --> 00:05:51.851
policy.

00:06:01.778 --> 00:06:05.573
Experts now believe it will
be an uphill battle to

00:06:05.698 --> 00:06:08.576
convince the six
conservative justices to

00:06:08.701 --> 00:06:11.454
side with the three
liberals on the bench.

00:06:11.579 --> 00:06:15.041
Although the Supreme Court
arguments occurred just over

00:06:15.166 --> 00:06:18.086
one day. The justices can
take months to reach a

00:06:18.211 --> 00:06:21.381
decision. Experts that I
spoke to said that by the

00:06:21.506 --> 00:06:23.800
end of the term, they
should make their ruling.

00:06:23.925 --> 00:06:26.552
So that'll be sometime in
June or July.

00:06:26.719 --> 00:06:30.139
Companies like SoFi have
come out in opposition to

00:06:30.264 --> 00:06:31.516
the White House plan.

00:06:31.641 --> 00:06:34.185
If the student loan
moratorium ends, there will

00:06:34.310 --> 00:06:37.897
be a pickup in student loan
refinancing, But we're not

00:06:38.022 --> 00:06:41.025
counting on it. We have a
diverse business.

00:06:41.150 --> 00:06:43.986
And the thing that gates
our growth is how much we

00:06:44.112 --> 00:06:46.030
invest and where we invest.

00:06:46.364 --> 00:06:49.158
If that business comes
back, we'll allocate

00:06:49.283 --> 00:06:53.371
resources to it to capture
the opportunity and meet our

00:06:53.496 --> 00:06:54.622
members needs.

00:06:54.747 --> 00:06:57.959
Borrowers hope the decision
happens soon.

00:06:58.084 --> 00:07:00.169
Since the Biden
administration has said

00:07:00.294 --> 00:07:04.048
payments will resume at the
end of August if litigation

00:07:04.173 --> 00:07:05.550
isn't resolved.

00:07:05.675 --> 00:07:08.636
If the Supreme Court strikes
down Biden's student loan

00:07:08.761 --> 00:07:10.721
forgiveness plan, you're
going to have tens of

00:07:10.847 --> 00:07:14.016
millions of Americans who
now have to figure out how

00:07:14.142 --> 00:07:16.394
to make room in their
monthly budget for a student

00:07:16.519 --> 00:07:19.981
loan bill they haven't had
to pay in over three years.

00:07:20.106 --> 00:07:23.776
The Education Department is
sounding the alarms that

00:07:23.901 --> 00:07:25.068
delinquency rates and
default rates could