Regardless of SCOTUS decision, 25 million people will have to repay student debt. Here’s how to prepare.
Medora Lee
February 28, 2023
Whatever happens to President Joe Biden’s student loan forgiveness plan currently at the Supreme Court, at least 25 million people will still have student debt to repay.
That’s because of the roughly 45 million people who hold student debt, Biden said about 20 million would have their debt completely erased if his plan is upheld by the Supreme Court, leaving 25 million who would still have to make some payments.
So, those millions of people should prepare (and quickly) to start paying again, experts say.
Student loan payments are expected to resume either 60 days after the Supreme Court issues a decision on the relief program, or 60 days after June 30 – whichever comes first. That means repayment is likely to start this summer or fall.
