Roughly 43 million people across the country owe more than $1.6 trillion in federal student loan debt, according to the U.S. Department of Education.
What is Biden’s student loan forgiveness plan?
Roughly 20 million Americans’ debt would be completely wiped if they applied, according to the Biden administration’s estimates at the time.A handful of Republican-led states and individuals challenged the constitutionality of Biden’s plan to erase student debt. The lawsuits aimed to stop the rollout of Biden’s plan.Supreme Court judges heard arguments back in February. This paused the administration’s federal student debt cancellation program for months as the judges.
No. Despite the Supreme Court’s decision, one thing is certain: Student loan borrowers will soon have to start repaying their federal student loan debt after the pandemic set off a three-year pause.
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