ST PAUL, Minn. — President Joe Biden's student loan forgiveness plan has been the topic of discussion for the past few months and so far 26-million borrowers have applied for student loan forgiveness.
With many in limbo pending the U.S. Supreme Court's decision.
"There are two cases that will be heard by the U.S. Supreme Court. One from Texas, and the other from Nebraska," said financial aid expert, Mark Kantrowitz.
After months of debate, the Supreme Court is hearing two challenges to Biden's controversial student loan forgiveness plan.
One involves six Republican-led states that sued, and the other, a lawsuit filed by two students.
"The president would like to forgive up to $20,000 per borrower, for borrowers of federal student loans who make under $125,000 if single, $250,000 if married," he said.
The plan makes 43 million borrowers eligible for some debt forgiveness. Student loan expert Mark Kantrowitz - says he expects the justices to be focused on several big issues.
"The main issues are if plaintiff's have legal standing to bring lawsuit and to evaluate the case based on merits," he said. "In the Texas case, I would expect the justices to overturn the ruling, but in the Nebraska case it's much stronger," he said.
To cancel student loan debt, the Biden administration relied on the Higher Education Relief Opportunities for Students Act, commonly known as the HEROES Act.
While it still could take weeks to months for an outcome, Kantrowitz says - changes are expected when it comes to the current pause on student loan debt.
"So the payment pause will continue until 60 days after the Supreme Court gives a ruling," he said.
If the case isn't resolved by June 30, payments will start 60 days afterwards.
It could take months for a decision, but the court generally issues all of its decisions by the end of June before going on a summer break.
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