President Biden says he's working to give student loan borrowers a new path to loan forgiveness after the Supreme Court blocked his forgiveness plan. FOX 26 Consumer Reporter Heather Sullivan has more on his new plan and how Smart Sense to help borrowers resume payments this fall.President Biden says he's working to give student loan borrowers a new path to loan forgiveness after the U.S. Supreme Court blocked his initial plan.
"I have $60,000 in student loans. I did apply for that program. I’m a working student. I went back late in life so that would have really assisted me," said borrower Zena Booker Smith.Disappointment runs deep among borrowers we talked to. "It stops you from buying homes, stops you from car loans. Once you have a degree, I have a degree from Baylor. But a $250,000 loan is a lot to pay back," said Reggie Rice."We have to have our bankruptcy rights, that’s the solution.
"I’m hurt by it. I’m struggling as it is, paying my bills even before COVID hit," said borrower Daniel Sherwood.U.S. Supreme Court loan forgiveness decision expected today.and wants to remove the threat of default during a 12-month on-ramp to repayment.
"Now is the time to take a look at your budget, and figure out what it is you’re going to be able to allocate toward your federal student loans and make sure your servicer has your up-to-date information," said financial attorney
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