ORLANDO, Fla. — The Supreme Court struck down President Biden’s student loan debt forgiveness plan, ruling the administration did not have the authority to wipe out student debt for millions of Americans.
On Friday, President Biden promised that his fight is far from over.
Economists said the Biden administration has been working on other types of forgiveness and payment plans for quite some time.
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People impacted by SCOTUS’ decision told Channel 9 that they’re rattled but have to move quickly to get relief.
“It did bring tears to my eyes when I first saw it. I was prepared for that, it was going to help me tremendously,” said Laura Toro. “I was wanting to go back to school to get my master’s but because of this now I have more debt than I was expecting.”
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Toro graduated in December 2022 and is among 43 million Americans who were eligible for up to $20,000 in debt relief.
Economist Jacob Channel told Channel 9 that there is not a lot of time to waste before payments and interest kick in this fall.
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“Get in touch with your student loan service provider or studentaid.gov as soon as possible. They might be able to give you something like a temporary forbearance or put you on an income-driven repayment plan,” Channel said.
Channel said there are certain types of forgiveness programs for teachers in low-income schools, people with permanent disabilities, and people who were defrauded in some way.
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