Navigating the Impact of the Supreme Court's Student Debt Ruling

The U.S. Supreme Court's decision to strike down President Biden's plan to forgive up to $20,000 in student debt affects 1.4 million Texans, who will now have to resume making loan payments. However, a new loan repayment plan called the Saving on a Valuable Education (SAVE) plan is set to begin next year and offers features such as reduced monthly payments, interest forgiveness, and debt cancellation after 10 to 25 years. Advocacy groups are calling for better promotion of income-driven repayment plans, as many borrowers are unaware of their options. The SAVE plan aims to provide relief to low- to middle-income borrowers, but experts argue that more grants and increased funding for public universities are needed to address the root issue of high tuition fees and student debt.