President Joe Biden's plan to provide up to $20,000 in federal student loan forgiveness has been blocked by two federal courts , leaving millions of borrowers wondering what happens next.
Most people with student loan debt have not been required to make payments during the coronavirus pandemic, but payments are set to resume, along with the accrual of interest, in January.
About 16 million people already had their applications approved, according to the Biden administration. Yet because of court actions, none of the relief has actually been delivered. “People should still check their eligibility,” she said. “As news changes, people should look out for updates from the Department of Education.”The debt forgiveness plan announced in August would cancel $10,000 in student loan debt for those making less than $125,000 or households with less than $250,000 in income.
“Borrowers should make sure they’re signed up for the best income-driven repayment plan possible,” Welbeck said. In July, the administration will be reviewing and adjusting some of the accounts enrolled in these plans.
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