Supreme Court upholds $6 billion student debt relief settlement.

The Supreme Court rejected a request by three colleges to halt a class-action settlement that would cancel over $6 billion of federal student loan debt owed by borrowers who claim they were defrauded. The settlement, which the Education Department agreed to last year, aims to wipe out a backlog of hundreds of thousands of "borrower defense" claims. The decision clears the Education Department to continue processing loan discharges for tens of thousands of borrowers. The Biden administration reported that it had already wiped out the debts of about 78,000 borrowers out of the roughly 200,000 borrowers who qualify for immediate relief under the settlement.