Court Strikes Down President Biden's Student Loan Forgiveness Plan
Key Takeaways for Borrowers
The Supreme Court has ruled against President Biden's plan to discharge federal student loan debt for millions of Americans. Here are five key takeaways for borrowers:
1. The Plan Is Invalid
The Court ruled that the Biden administration did not have the authority to implement the student loan forgiveness program. This means that the plan is now invalid and cannot be implemented.
2. Borrowers Will Not Receive Forgiveness
As a result of the Court's ruling, borrowers will not receive the student loan forgiveness that was promised under the Biden plan. This means that their loan balances will remain the same.
3. Repayments Will Resume
Federal student loan repayments were paused during the COVID-19 pandemic. However, the Court's ruling means that these repayments will now resume. Borrowers should prepare to make payments on their loans as scheduled.
4. Other Forgiveness Programs May Be Available
While the Biden plan has been struck down, there are other student loan forgiveness programs that may be available to borrowers. These programs include Public Service Loan Forgiveness and Teacher Loan Forgiveness. Borrowers should contact their loan servicer to learn more about these programs.
5. Contact Your Loan Servicer
If you have questions about your student loans, you should contact your loan servicer. They will be able to provide you with more information about the Court's ruling and how it will affect your loans.
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