Millions of student loan borrowers will not have their debt forgiven after a decision by the Supreme Court. The 6-3 decision derails President Joe Biden’s campaign to relieve debt for about 40 million Americans.

Biden’s plan would have erased nearly half-a-trillion dollars in debt for borrowers.   

The plan would have relieved up to $20,000 in debt for each borrower. The President called the decision a disappointment.

“I believe the court's decision to strike down my student debt relief program was a mistake, was wrong,” Biden said in an address on Friday. “I'm not gonna stop fighting to deliver borrowers what they need." 

According to the Education Data Initiative, only mortgages make up more debt than student loans. The Federal Student Loan website where people applied for relief acknowledges the block on student debt relief.  

However, it says they’re reviewing the court’s decision to determine the next steps. The justices said the administration overstepped its authority.

“The last thing the court really said here is in order for the secretary of education to do this, he needs a clearer sign from Congress, he needs express authorization,” said Jessica Levinson, a CBS News legal contributor. 

So, what’s next? 

The freeze on debt repayments ends this fall, and people will be expected to begin making payments. President Biden announced a new plan Friday. This plan would “compromise, waive or release loans under certain circumstances.’’  

It would also create an “on-ramp repayment program.” This means the Department of Education wouldn't refer borrowers who miss payments.  

In the meantime, the Consumer Financial Protection Bureau recommends borrowers learn what they owe, and seek income-based payments if the monthly payment is too high.  

If borrowers can afford it, it’s best to make extra payments to get out of debt as soon as possible.