Although the pause on federal student loan repayments has been pushed to June 30, now's the time to prepare.
President Biden's plan to cancel up to $20,000 in student loans will impact people in different ways, but for some, it will have no impact at all.The Biden administration's student debt cancellation plan is stuck in litigation.They should still be ready to start repayments again next year though. Here's how.
Now that it’s unlikely millions of Americans will get student loan forgiveness by the end of the year, they should prepare to start repaying even though they've been given additional time before actual repayments begin, experts say. barring the Biden administration’s student loan debt relief program until the question is resolved in court. The Biden administration asked the Supreme Court to review the case.
Acknowledging the case could take months to wend its way through the courts, the administration last weekPayments will resume either 60 days after that June 30 deadline or 60 days after the student loan forgiveness program has been allowed to move forward, whichever comes first, the White House said.It's also possible, but maybe unlikely, the administration comes up with a new plan, but it probably would be narrower than the one stuck in the courts.
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