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The relief policy that suspended all federal student loan payments has been extended eight times in nearly three years. This started with the start of the COVID-19 pandemic in March 2020.Several experts take it for granted that a possible payment schedule will be known at the February 28 hearing in the Supreme Court. However, at this time there is no specific date indicating when payments on those loans will resume.
We’ll have to wait then, for a decision on President Joe Biden’s plan to forgive student loan debt.
The experts issued their forecasts in case the Supreme Court does not allow the debt forgiveness plan to go ahead.
These are basically meant to allow the US Department of Education to restart loan payments in August. However, a new extension could also be on the way.
Once they get authorization to start collecting them again, the loan servicers will be the ones to determine when a payment is due.
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What could the Supreme Court decide?
In this sense, the Supreme Court will hear the oral arguments of people involved in two of the trials that took place during the following context.
Just as US President Joe Biden announced his plan to cancel up to $20,000.00 of student debt for millions of Americans.
In turn, these two lawsuits successfully achieved a temporary suspension of student debt relief.
Therefore, it is up to the judges of the Supreme Court to decide to clarify this issue that involves a large part of the American population.
Meanwhile, we will have to wait for this court to put an end to the uncertainty generated by the cancellation of the student loan doubt.