“The Supreme Court is expected to issue a ruling on the Biden administration’s student loan forgiveness plan this month. That decision will play a role in shaping the financial futures of 40 million Americans.
“If the justices greenlight President Joe Biden’s relief, many borrowers will immediately get $20,000 of their student debt cancelled – if they’d received a Pell Grant in college, a type of aid available to low-income families – and as much as $10,000 if they didn’t.
“Some 14 million people would emerge student debt-free from the plan, potentially making it easier for them to buy a first home, for example, start a family, or open a business.”
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