(FOX BUSINESS) – The Supreme Court struck down President Biden’s student loan forgiveness plan Friday, adding a layer of uncertainty to those straddled with payments.
For more than three years, federal student loan borrowers have not had to make monthly payments. But that pandemic-era pause is coming to an end this fall, setting up a financial shock for millions of Americans and the big-name stores where they shop.
About 44 million borrowers in the U.S. were affected by the payment pause, which initially began in March 2020 at the onset of the COVID-19 pandemic. The Biden administration extended the pause for the eighth time in November but will not do so again as part of the bipartisan debt ceiling deal approved by Congress.
