borrowers will have to resume payments in October as millions wait to see if the Supreme Court is going to approve President Joe Biden’s student loan forgiveness program.that monthly payments will resume in October and interest on loans will resume on Sept. 1.
It’s been widely reported that payments for student loans would resume 60 days after June 30 or 60 days after the Supreme Court rules on Biden’s forgiveness plan. If the Supreme Court strikes down Biden’s student loan forgiveness plan before June 30, borrowers are expected to have to start paying their remaining balances 60 days after the court’s decision.If Biden’s student loan forgiveness plan holds up, borrowers can expect to see $10,000 in federal student debt forgiven for people who make less than $125,000 per year, and up to $20,000 for people who received Pell Grants.
There’s no exact date when the Supreme Court is expected to make a decision, but the consensus is that borrowers will have an answer regarding debt relief sometime this summer.Student loan borrowers in Texas carry the second largest amount of debt in the U.S., behind California, according to aThe digital financial network company analyzed data from the U.S. Department of Education and found that 1,389,100 Texans have already been approved for an estimated $18.1 billion in student debt relief.
In San Antonio, nearly 164,000 people with student loan debt applied for loan forgiveness since President Joe Biden announced his