Are You Trying to Afford Your Student Loan Bills?

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The average American was paying over $300 a month in student loans, according to the Federal Reserve. One study from the Student Debt Crisis Center found that almost nine and ten borrowers are worried about affording payments when they restart.

President Biden’s plan to forgive federal student loan debt for millions of Americans has been frozen since a handful of Republican-led states sued to stop it. They argue the president doesn’t have the power to wipe away billions of dollars of debt on his own. It’s now up to the US Supreme Court to decide if they’re right.

Bloomberg Supreme Court correspondent Greg Stohr joins this episode to talk about the arguments on both sides, and where the 6-3 conservative majority might come down. And personal finance reporter Claire Ballentine explains what happens next for Americans with student debt if the court upholds Biden’s plan–or knocks it down.