Important Updates on Student Loan Debt Relief - What You Need to Know

📚The Biden administration's plans to provide debt relief for individuals with student loans have been halted by the Supreme Court.

💰Interest rates on student loans will start to increase in September, and payments will be expected to resume in October.

⚖️Other payment plans, like income-driven payment plans, should be carefully reviewed, as they could prolong loan repayment and increase the amount paid in interest.

🗓️Individuals who had already been approved for debt relief should prepare their budgets and be ready to make payments again.

🧑‍🏫Consider seeking the assistance of a personal finance coach to create a solid plan for paying off student loans efficiently.

What happened to the Biden administration's debt relief plan?

—The Supreme Court halted the Biden administration's plan to provide debt relief for individuals with student loans.

When will student loan interest rates start to increase?

—Student loan interest rates will start to increase in September.

When will student loan payments be expected to resume?

—Student loan payments will be expected to resume in October.

Are other payment plans like income-driven payment plans recommended?

—Other payment plans should be carefully reviewed, as they could prolong loan repayment and increase the amount paid in interest.

Should individuals who were approved for debt relief still make payments?

—Yes, individuals who were approved for debt relief should be prepared to resume making payments.

00:00The Biden administration's plan to provide debt relief for individuals with student loans has been halted by the Supreme Court.

01:05Interest rates on student loans will start increasing in September, and payments will be expected to resume in October.

02:02Other payment plans, like income-driven payment plans, should be carefully reviewed, as they could prolong loan repayment and increase the amount paid in interest.

02:26Individuals who had already been approved for debt relief should prepare their budgets and be ready to make payments again.

02:57Consider seeking the assistance of a personal finance coach to create a solid plan for paying off student loans efficiently.