The Supreme Court may soon rule on President Joe Biden’s student loan forgiveness plan. Under the plan, the US government would cancel up to $10,000 in federal student debt for Americans making less than $125,000. Borrowers who received Pell Grants, a program that serves low-income students, may have up to $20,000 in debt forgiven. In total, more than 40 million Americans could see debt relief.
The Supreme Court’s conservative majority has appeared to doubt the legality of Biden’s plan. If the plan is struck down, progressive activists and legal scholars see another pathway to loan forgiveness.
The federal government paused repayment on most student loans during the pandemic. This pause is now scheduled to end 60 days after June 30, 2023. This means borrowers should expect payments to resume in early September, though the exact date remains unclear. The US Department of Education will inform borrowers at least 21 days before payments restart. This notice will also include the payment amount and due date.
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