Millions of Student Loan Holders Face Debt Forgiveness Uncertainty in 2023
Supreme Court will hear the challenge to President Biden’s loan cancellation plan in February.
Writing for The Wall Street Journal, December 27, 2022, Gabriel T. Rubin explains that the Supreme Court will hear the case regarding the Biden Administration's debt cancellation plans on February 28, 2023. However, it could be months before a decision is made public.
In the meantime, the safest thing to do is to start or continue putting aside the monthly amount owed in an online savings account (some paying 3%!) to get used to the expense. If in the unlikely situation where the conservative majority on the court rules against student loan forgiveness, you will have a bit of savings to boost your emergency reserves. If, as expected, the Supremes rule against loan forgiveness you will be used to making those payments again.
Regardless of the outcome, what hasn't been addressed is the skyrocketing cost of higher education.
As one example of factors contributing to high college costs, the retiring president of Utah State University, Noelle Cockett, will be paid $500,000 (no joke) for a year of sabbatical leave once she steps down in the shadow of multiple sex assault scandals on campus.
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