Expert Advice for Borrowers After the Fall of Student Loan Forgiveness. What Should You
Last week’s US Supreme Court’s decision to strike down widespread federal student loan forgiveness has left millions of student loan borrowers grappling with what’s next.
The White House released a statement hours after the June 30 Supreme Court decision indicating there may be other avenues toward broad student loan forgiveness. But experts say borrowers should start preparing for the reality that debt relief may not materialize.
“At this point, I find it highly unlikely that we would see some kind of alternative rise to the occasion,” said Lawrence Sprung, author of Financial Planning Made Personal, and founder of Mitlin Financial.
Regardless of what happens next with student debt relief, experts recommend borrowers get familiar with their student loan debt and current finances.
“When we get worried about money, there’s often a temptation to avoid the situation altogether. But facing it head-on will be better off in the long run,” said Jonathan Petts, a lawyer and co-founder of Upsolve, a nonprofit serving low-income Americans burdened with student loan debt.