Now that the Supreme Court has heard oral arguments over student loan forgiveness, borrowers may be wondering: What's next? Here's what to expect.
At times, the justices seemed skeptical that those emergency powers included the kind of sweeping loan forgiveness the president is trying to carry out. But they also seemed doubtful at points that the plaintiffs had successfully proven they'd be harmed by the plan, which is typically a requirement to have standing to sue.Federal student loan payments have been on pause since March 2020, when first hit the U.S. and crippled the economy.
The Education Department in November said the bills would resume 60 days after the litigation over its student loan forgiveness plan resolves. If the legal issues with the administration's forgiveness plan are still unfolding by the end of June, or if it's not allowed to move forward with forgiving student debt by then, payments will pick up at the end of August.
If the justices allow student loan forgiveness to go through, many borrowers will never have to restart payments. According to a White House estimate, "Sixty days will be enough to forgive student loan debt if the president's plan survives," Kantrowitz said."They've already approved forgiveness for He added:"It should take one to two weeks for the servicers to implement.
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