Student Loan Forgiveness Supreme Court Decision Date

Supreme Court Strikes Down Biden's Student Loan Forgiveness Plan

Five Key Takeaways for Borrowers

1. No Immediate Loan Repayments

Despite the ruling, borrowers will not face immediate loan repayments. The court's decision does not automatically trigger loan repayments. The Biden administration has stated that it will continue to pause payments while exploring other options.

2. Previous Payments Remain Valid

Any payments made towards student loans during the payment pause will remain valid. Borrowers will not receive refunds for payments made during this period.

3. Consider Refinancing Options

With the forgiveness plan now struck down, borrowers may want to explore refinancing options to lower interest rates and monthly payments. Refinancing may be an attractive option for those with good credit scores.

4. Seek Income-Driven Repayment

If refinancing is not an option, borrowers can consider income-driven repayment plans. These plans adjust monthly payments based on income, potentially reducing the repayment burden.

5. Contact Your Loan Servicer

Borrowers with questions or concerns should contact their loan servicer. Loan servicers can provide information on repayment options and available assistance programs.