Chief Justice John Roberts said the Biden administration program was “seizing the power of the legislature.”
The ruling could mean fewer Black and Hispanic students at the country's top universities.
The student loan plan would forgive as much as $20,000 in federal loans for certain borrowers.
The Biden administration will defend its student loan program before the court tomorrow.
The plan, which could cost an estimated $400 billion, would forgive as much as $20,000 in federal loans for certain borrowers.
The program would forgive as much as $20,000 in federal loans for certain borrowers making less than $125,000 per year.
A ruling against the government could undercut two of the most powerful federal regulators.
Biden unveiled his plan in August to forgive as much as $20,000 in federal loans for certain borrowers.
The fight centers on the Bank Secrecy Act, a law designed to combat tax evasion and money laundering.
Justices on the conservative-controlled court said landlords were suffering “irreparable harm.”
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