Since the online form for one-time federal student loan forgiveness opened in mid-October, applications have been pouring in.
Heres what borrowers need to know.
What Happens Next to the Student Debt Relief Plan?
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Rulings by a federal judge in Texas and the 8th U.S.
Circuit Court of Appeals are part of half a dozen lawsuits against the student debt relief program.
Amidst efforts to block our debt relief program, we are not standing down.
The Texas judge found the plan unconstitutional because federal procedures for public comment werent followed.
While the effort to forgive student debt plays out in courts, borrowers are left in a lurch.
The final payment pause on federal student loans expires soon and payments are set to resume in January.
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What Should Student Loan Borrowers Do Now?
Will the Student Loan Payment Pause Be Extended?
While another extension is possible, its unlikely.
At this point, its best for borrowers to prepare to resume payments on student loans in 2023.
In the meantime, keep up with federal student loan payments when they resume to avoid defaulting.
Check in with your borrower to verify what your payments will be.
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Kaz Weida is a senior writer for The Penny Hoarder.
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