"Preparing for the Restart: What Borrowers Should Know About Student Loan Payments After Supreme Court Ruling"
The Supreme Court ruled against the Biden administration's plan to cancel federal student loans, meaning that borrowers must start repaying their loans on October 1. To prepare, borrowers should confirm their personal information, loan amounts, interest rates, and payment plans with their loan servicer. They can also use the Loan Simulator on StudentAid.gov to explore different repayment plans or consider consolidation. Additionally, President Biden announced the "Temporary On-Ramp" program, which provides a one-year grace period starting October 1 for borrowers who miss payments, protecting them from default, debt collection agencies, and credit score damage.