Student loan borrowers are anxiously awaiting the Supreme Court’s decision on whether President Biden’s student loan forgiveness plan will stand, and the ruling could drop as early as Today.
The high court is currently weighing whether the Biden administration can move forward with its contested plan to forgive up to $10,000 in federal student loan debt for borrowers and up to $20,000 for those who received Pell Grants. But regardless of how the justices rule, the suspension of federal student loan payments that began in the early days of the COVID-19 pandemic is soon coming to an end.
Although some borrowers could eventually see their payments reduced or cut down to nothing if the Supreme Court determines Biden’s $400 billion handout is legal, there is no timeline yet for when it could go into effect.
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