The finances of about 40 million Americans with college loans are hanging in the balance as borrowers await the Supreme Court’s ruling on the legality of President Biden’s plan to forgive up to $20,000 in student debt.
Borrowers could face a double whammy this summer if the Supreme Court rules against the debt-forgiveness plan, as the court’s decision is likely to land just before the pause on debt repayment lifts in September. In the worst case scenario, borrowers will face restarting their loan payments in September without any debt relief, experts note.
The Biden plan, announced last August, could wipe out the student-loan debt of 20 million Americans, while lowering the balances of those among the remaining 20 million who qualify …
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