That means borrowers will need to start repaying their loans on September 1 without any debt relief, experts note.
But the ruling impacts repayments because borrowers will have to restart their payments based on their full balance, without the benefit of up to $20,000 in debt relief.Student-loan repayments are slated to restart on September 1 under the deal negotiated by the Biden administration and lawmakers, which wasThat comes after repayments were put on hold, and interest rates were set to 0%, starting in March 2020 due to the pandemic.
"There are 120 equal payments, and that can be extraordinarily overwhelming, if you are paying rent, car loans and for your cell phone and then you see this large amount that you have to repay that you haven't had to repay," she said.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Education Education Latest News, Education Education Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Supreme Court Devastates 40 Million Student BorrowersBREAKING: The justices split the decision 6-3, with the conservative majority saying the president does not have the authority to unilaterally act without congressional approval.
Source: thedailybeast - 🏆 307. / 63 Read more »
Disappointed student loan borrowers who saw end to debt brace for payments after Supreme Court decisionThe Supreme Court ruled against President Biden’s one-time student debt forgiveness plan. The news has distraught nearly 20 million people, according to the Biden administration, who stood to have their debts fully canceled. “It’s disheartening,” Joy Morales-Bartlett, a former teacher with a remaining balance of $19,000 says. “We’ve done the right things this whole time, and we are being punished for it.”
Source: NBCNews - 🏆 10. / 86 Read more »
3 ways federal student loan borrowers can have their debt forgiven—without the Supreme CourtOne of the primary benefits of federal student loans is the ability to have that debt forgiven. But it's not as easy as the stroke of a pen.
Source: CNBC - 🏆 12. / 72 Read more »
Supreme Court kills Biden's student debt plan in a setback for millions of borrowersBy a 6-to-3 vote, the Supreme Court ruled that federal law does not authorize the Department of Education to cancel student loan debt under President Biden's forgiveness program.
Source: AKpublicnews - 🏆 387. / 55 Read more »
Supreme Court’s student loan decision will have ‘detrimental impact’ on borrowers, financial advisor saysThe Supreme Court's student loan decision may have a ‘detrimental impact' on borrowers, financial advisor says. Here's how to prepare before payments resume.
Source: CNBC - 🏆 12. / 72 Read more »
Their Student Loans Were Going to Be Canceled. Now the Bills Are Coming Back.Millions of Americans thought their student debt might be wiped out. Now they’re back on the hook. “I’m one bad day from instability.”
Source: WSJ - 🏆 98. / 63 Read more »