LAS VEGAS (KTNV) — The Supreme Court has ruled against President Biden's plan to cancel $430 billion in student loan debt, what do financial advisors say?
The court decided Biden's administration needs congressional approval before moving forward with the expensive program.
Hours after the ruling, the president addressed the nation, saying his fight for relief is not over.
The program would have helped nearly all borrowers who make less than $75,000 a year, but not those making more than $125,000.
We spoke with Elaine Rubin, a financial aide expert. She said the loan payments could have been eliminated or greatly reduced.
"Obviously for those students who were expecting to get 100% forgiveness on their student loan balance that wouldn't be a consideration anymore into their budget and they would have the ability to focus on other things and other debts and priorities and finances in their life," Rubin tells us.
Rubin says many students have been waiting to see if they will have to pay, as many haven't paid in years.
Student loan payments have been on pause since the pandemic. After today's ruling, they are set to resume in a few months.
