On Friday, the Supreme Court ruled against President Joe Biden’s student loan forgiveness plan. This decision ensures that inflation will not get out of hand, and resists economic disparities for poor households. It also eliminates any pressure on colleges to boost tuition, a result of inflation from student loan forgiveness: The more students borrow, the more colleges would increase tuition, thus the more students would borrow and burden taxpayers.

As we know, canceling any form of debt in the United States does not erase it from the economy. Instead, the financial responsibility is transferred from students to taxpayers. In the Supreme Court’s estimate, President Biden’s plans would have cost about $430 billion.