Supreme Court: Biden's student loan forgiveness program will remain blocked for now

• The Supreme Court had already turned down two previous requests to block the program — one from a Wisconsin taxpayer group and another from an Indiana legal group.
• Several lower courts have rejected requests to revive the plan.
• The Biden administration asked the Supreme Court in November to lift the injunction from the U.S. Court of Appeals for the 8th Circuit.

Worth noting: The Biden administration has warned of "an historically large increase" in federal student loan delinquency and defaults without its forgiveness plan.

• Opponents argue that the plan is illegal because it violates federal procedures.

The big picture: Biden has said more than 40 million borrowers could benefit from the debt relief.

• The White House extended the pause on student loan repayments through June 30, 2023 so the high court would have an opportunity to hear it in its current term.

Editor's note: This story has been updated with additional background.