Court puts nail in coffin for Biden's $500B student loan forgiveness plan

The United States 8th Circuit Court of Appeals has put an end to former President Joe Biden's student loan forgiveness plan.

The decision was handed down on Tuesday.

After Missouri Attorney Andrew Bailey sued the Biden administration over its nearly $500 billion plan to cancel student debt, the court said that the then-secretary of education had "gone well beyond this authority by designing a plan where loans are largely forgiven rather than repaid."

Andrew Bailey said that this decision would block future presidents from attempting the same move that Joe Biden did.

"Though Joe Biden is out of office, this precedent is imperative to ensuring a president cannot force working Americans to foot the bill for someone else's Ivy League debt," Bailey said after the decision.

This isn't the first court that has said Biden's plan was too much.

The U.S. Supreme Court denied the Biden administration's request to lift a block on the student debt elimination plan last year.

A court in Missouri had previously blocked the plan from taking effect while litigation continued in lower courts.

Biden's administration was arguing that the courts had gone too far by blocking his plan.

"Our Administration will continue to aggressively defend the SAVE Plan -- which has helped over 8 million borrowers access lower monthly payments, including 4.5 million borrowers who have had a zero dollar payment each month," a White House spokesperson previously said. "And, we won’t stop fighting against Republican elected officials’ efforts to raise costs on millions of their own constituents’ student loan payments."