Too Good to Be True: Student Loan Borrowers Start to Doubt Forgiveness Plan

Student loan forgiveness, once a far-fetched idea from progressives, seemed to become reality in August when President Joe Biden announced a plan to cancel debt for some 40 million Americans. Six months later, many borrowers are back to dreaming.

As the Biden administration and conservative groups now debate their student loan forgiveness arguments before the Supreme Court, borrowers are worriedly wondering if the relief they were promised will ever come their way.

Its rare in U.S. politics that a presidents order or the fate of a court case carries this much immediate weight for the finances of so many Americans.

If the Supreme Court upholds the loan forgiveness program, millions of student loan borrowers will have up to $20,000 of debt wiped out potentially the difference of a couple hundred dollars in monthly payments. Borrowers say the result of the debt relief case could determine whether theyre able to buy a house or repair their credit, while the uncertainty has complicated financial decisions.