If you have student loan debt, you may be wondering how the Supreme Court ruling affects you.
The Court ruled the Biden administration overstepped its authority in trying to cancel or reduce student loan debt. It effectively killed the $400 billion plan that would have canceled up to $20,000 in federal student loans for 43 million people. Of those 20 million would have had their debt erased completely.
“The good news is the Biden administration is determined to get some things done here that I think the Supreme Court decision was a setback, so the administration is going to come at this from a different angle,” said Joe Krier, a financial analyst with Tidal Fund Trading. “So, if you are holding student debt, be patient here and watch the news and the mail. I think there may be another delay in payments coming here.
Krier said there are ways to avoid negative credit impacts and set up a repayment plan that accommodates your budget. “It’s essentially the more money you make, the more you have to pay back,” added Krier. “It’s pro-rated, almost like the tax system depending on how much money you make determines how much you pay.”
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