You’ve likely heard by now that the $10,000 to $20,000 in student loan forgiveness promised by the Biden administration is not going to happen. This is because the U.S. Supreme Court ruled President Biden lacks the authority to permanently erase student loan debt on his own.
What happens next is probably going to be incredibly chaotic, especially when you consider the fact millions of Americans haven’t been making federal student loan payments the last three years. The U.S. Department of Education is stating that interest on federal loans will begin accruing on September 1, 2023, and that payments for most borrowers will resume the following month in October.
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