Here’s what borrowers should know about the upcoming oral arguments and why you should still plan for repayment.
The highest court in the land will soon turn its attention to President Joe Biden’s plan to erase up to $20,000 in federal student debt for some 40 million eligible borrowers.
People are also reading… Oral arguments are a major part of how the court makes decisions, says Frederick M. Lawrence, a distinguished lecturer at the Georgetown University Law Center in Washington, D.C. A few days later, the justices will hold a conference behind closed doors, at which they’ll deliberate the case and take an unofficial vote, says Lawrence. A majority of the court — five justices — must agree on the final opinion, which will determine if student debt cancellation stands or falls.
“It's very, very hard to say in advance,” he says. “We don't really have a lot of learnings from these justices on this particular issue.” What’s at stake for borrowers? Biden’s relief plan would act as an “offramp” to help struggling borrowers avoid falling into default and readjust to making monthly payments after three years of paused student loan bills, says Persis Yu, deputy executive director at the Student Borrower Protection Center, a nonprofit student loan borrower advocacy organization. All told, borrowers hold more than $1.6 trillion in outstanding federal student loan debt.
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