I don’t know whether the Supreme Court’s decision on student loan forgiveness on Friday was right or wrong on legal grounds. I do know that it will most likely cause a lot of delinquencies and defaults. Many borrowers simply don’t have the money to repay. And while they were free to keep paying down their student loans if they wanted to, they mostly did not. “I’m really concerned about a wave of delinquencies and defaults once payments resume,” Yannelis told me.

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Persons: Constantine Yannelis, Biden, “ I’m, ” Yannelis, ” Organizations: University of Chicago Booth School of Business