Missouri is the state most directly harmed by the Biden student loan bailout, because its state lending agency MOHELA is the number one servicer of federal direct loans nationally. That means the servicing fees paid by borrowers from all 50 states find their way to Missouri, where they fund scholarship programs and jobs for Missouri residents. Mass loan discharge directly deprives the state of that servicing revenue.

So we were thrilled to see state Attorney General Eric Schmitt lead a coalition of six states challenging the Biden student loan bailout in federal court.

In a panic move, the Biden administration immediately reacted by scaling back the scope of loans eligible for discharge (accidentally illustrating exactly what’s wrong with running a $400+ billion spending program with no law, no rulemaking, and no guidance documents).