Life Kit How to prepare for the return of student loan payments
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Jul 3, 2023 Join NPR's education correspondent, Cory Turner, as he tackles the significant Supreme Court ruling that has dashed hopes for federal student loan forgiveness. He offers valuable insights on how borrowers can prepare for the resumption of payments and the shifting strategies the government may adopt for relief. The conversation covers practical steps for managing loans, including updating personal information and choosing the right repayment plans. Turner's expertise sheds light on navigating this new landscape and addressing the rising concerns over student debt.
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Supreme Court Blocks Loan Forgiveness
- The Supreme Court blocked Biden's student loan forgiveness plan, arguing it overreached executive power.
- They stated that only Congress has the authority to enact such widespread debt relief.
Prepare for Repayment
- Borrowers should identify their loan servicer, update contact information, and assess repayment plans.
- Start by visiting StudentAid.gov to access loan details and servicer information.
Grace Period and Repayment
- While payments restart soon, the Education Department offers a one-year grace period before reporting delinquencies.
- However, interest will still accrue, so resuming payments is crucial.