Student Loan Forgiveness: What Borrowers Must Know After Supreme Court's Decision on Biden's SAVE Plan
Thursday, 29 August 2024, 10:09
The Current State of Student Loan Forgiveness
With the Supreme Court's ruling, Biden's SAVE plan remains on hold, affecting millions of borrowers. The decision has left borrowers confused about their upcoming payments.
What YOU Need to Know
- Payments Paused: Approximately 8 million borrowers in the SAVE plan are in an interest-free forbearance, eliminating their monthly payment requirement.
- Loan Forgiveness Delays: Time spent in forbearance does not count toward eligibility for debt relief programs like Public Service Loan Forgiveness.
Current Challenges for Borrowers
While SAVE offers favorable conditions, the confusion around its status leads to uncertainty for other income-driven repayment plans and related borrower benefits.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.