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Credello: President Biden’s executive order forgiving student loan debt for millions of Americans is in front of the Supreme Court (SCOTUS) to determine whether or not it can go through. Here’s what you should know.
What happens if student loan forgiveness is struck down?
If SCOTUS should determine that Biden’s executive order is unconstitutional, they may strike it down. If that happens, those with outstanding student loans would still be able to get relief through the government’s other loan forgiveness programs- such as Public Service Loan Forgiveness and Perkins Loans – but they would not be able to use Biden’s order.
However, the eligibility rules for these programs are strict and the majority of U.S. citizens will not qualify. If you’re one of the millions who wouldn’t be eligible, you have a few options:
What happens if SCOTUS allows student loan forgiveness?
If SCOTUS rules that President Biden acted within his powers and that the executive order is legal, the plan to cancel certain types of student loan debt will immediately go into action.
To be eligible for forgiveness you must:
Unfortunately, it’s too late to apply for relief from this program, as the deadline passed last October. However, there may be new options once this first round is decided in the courts.
The bottom line
As SCOTUS weighs the legality of President Biden’s executive order, it’s important to stay up to date on the latest news via the Department of Labor’s website. This way, you’ll be able to make informed decisions about your own financial future and can plan accordingly.
Credello is a financial tech company offering a personal finance tool that simplifies financial decisions through personalized, on-demand recommendations — so users can borrow, save, or invest with confidence.
Credello believes that finding the right financial product should be as easy and interactive as online shopping, and we are on a mission to make that possible. For more information, please visit https://www.credello.com.
Public Relations Specialist