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The US Supreme Court has struck down US President Joe Biden's proposal to wipe out billions in student debt.

The 6-3 ruling effectively cancels the plan, which would have forgiven about $10,000 per borrower and up to $20,000 in some cases.

The decision affects the loans of more than 40 million Americans.

The loan forgiveness plan has been in limbo since some conservative states sued, arguing the president overstepped his authority.

(Picture: WASHINGTON, DC - JUNE 30: U.S. President Joe Biden announces new actions to protect borrowers after the Supreme Court struck down his student loan forgiveness plan in the Roosevelt Room at the White House on June 30, 2023 in Washington, DC. Picture Credit: Getty Images).