The Supreme Court may rule soon on student debt relief. Here's what to know.

Borrowers"need to protect themselves and be prepared for whatever may come," said Michele Shepard, senior director of college affordability at The Institute for College Access & Success, an advocacy group for affordable higher education."Be prepared for the worst case scenario if their balance doesn't go down and repayments start in the fall.

For instance, an income-driven repayment plan, or IDR, can be helpful because they peg borrowers' payments to their monthly income. About one-third of all borrowers are enrolled in an IDR, according to Pew Research. at the Federal Student Aid site to figure out which plan is best for them. "The only real downside is because your monthly payments are lower, you could pay more over the life of the loan because your interest will be accruing," she noted. Lastly, experts say to be ready to act if the Supreme Court rules in favor of debt forgiveness, as at least some Wall Street analysts speculate it might.

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