Today on the the No Loan Zone podcast, Janet Maltbie discusses the Supreme Court ruling on the student loan forgiveness program that will affect over 40 million borrowers. Regardless of the ruling, borrowers will need to start paying back their loans after a 3-year pause.
- The Supreme Court will decide if President Biden’s loan forgiveness program will move forward.
- Under the President’s plan, eligible borrowers may be forgiven between $10-20,000, depending on income and Pell Grant eligibility.
- The average student loan debt is $40,000, so borrowers will still have to pay back a significant amount even if most of their loan is forgiven
- The Court is expected to rule on the matter by June, if they decide to rule on the merits of the case.
- Borrowers need to prepare to start paying back their loans immediately if the court rules in the Biden Administration’s favor and the program is not blocked by the court.
- The No Loan Zone podcast is committed to helping students complete their degree debt-free.
- Filling out the FAFSA is one way to start on a debt-free degree. Find it on www.studentaid.gov.
- Choosing a career or college major that fits your interests, skills, personality, and values is essential to finding success at school, at work and in life.
Janet Maltbie can be reached at noloanzone.com/contact. Janet meets with students and parents individually so they can make wise career choices in high school, college and beyond. She also teaches a totally online Career Exploration and Life Planning class, SDEV 103, through Lorain County Community College.