The country’s highest court could rule on one of Biden’s signature bills as early as this week

A pivotal Supreme Court decision on whether it accepts or denies the Biden Administration’s student loan forgiveness program could be coming as early as this week.

There is the core issue of whether or not President Joe Biden has the power to forgive so much student debt without authorisation from Congress.

The plan could result in millions of borrowers receiving up to $20,000 in student debt relief.

Borrowers with government-held federal student loans who earned income under $125,000 could be eligible.

The program has been blocked for nearly a year as legal battles have played out in federal courts.

Legal decisions aside, economists are weighing up the impacts of the added spending power students might have as a result.