SCOTUS struck down President Joe Biden’s student loan forgiveness plan
Utahns Students shared sentiments after SCOTUSstruck down student loan forgiveness plan
Supreme Court of the United States struck down President Joe Biden’s student loan forgiveness plan
In a recent article published by KSL.com, the Biden-Harris administration is finding other ways to help students pay off debt after the Supreme Court struck down President Joe Biden’s student loan forgiveness plan in a 6-3 decision in June.
What is happening with student loans? Biden instantly announced a new income-driven repayment plan, called SAVE (Saving on a Valuable Education). Utahns student throw a hard question – what is happening with student loans after SCOTUS ruling. But the U.S. Department of Education guaranteed relief of $39 billion to 804,000 borrowers this July, that includes forgiveness for nearly 4,000 Utahns.
Utah students who talked to the Deseret News have mixed feelings about what is happening with student loans after the fall of Biden’s plan and the options that remains. After a three-year hiatus, loan repayments are set to resume in October. Utahns student still wondering what is happening with student loans. So here’s what Utahns need to know about the state of their student loans.
Read Also:Post-SCOTUS, what’s next for Utahns with student loans?
Supreme Court deemed Biden’s original debt relief plan, that plays a big rule of his major campaign promises in 2020, proposed forgiving up to $20,000 per borrower and would have wiped out more than $400 billion in debt. Since it was stuck by SCOTUS, students take this as another problem of what is happening with student loans, and Biden responded by announcing the Saving on a Valuable Education plan later that day
The SAVE plan will answer the question of most students, what is happening with student loans. Well Biden administration declares that SAVE is the most affordable repayment plan ever created. What is happening with student loans will no longer be a question of frustration but of hope since the SAVE plan will increases the income exemption from 150% to 225% above the poverty line. It means that individuals earning less than $32,805 annually and families of 4 making under $67,500 is eligible for $0 monthly payments. What is happening with student loans? Worry no more because borrowers earning more than these amounts will still save at least $1,000 per year, compared to the current income-driven repayment plans.
The U.S. Department of Education announced debt relief for 804,000 borrowers following students questioned, what is happening with student loans. Those who have made either twenty or twenty-five years of payments, the loans will be discharged automatically in the next few weeks. We hope this article give clarification and answered the question of what is happening with student loans?
Read Also:FACT SHEET: President Biden Announces New Actions to Provide Debt Relief and Support for Student Loan Borrowers
