Student loan forgiveness gets its day in court: What to know

The Supreme Court is meeting to hear two cases challenging President Joe Biden’s student loan forgiveness plan. At stake is forgiveness of up to $20,000 in debt for more than 40 million Americans. The court may not rule until June, and the pause in student loan payments is set to end 60 days after the court cases are resolved. Biden’s administration is not saying whether it is exploring other options for canceling debt if it loses its court appeals. Borrowers can still set up payment plans now for their student loans, but some advocates encourage waiting, since there’s no financial penalty during the payment pause.