EL PASO, Texas (KTSM) — The Supreme Court is underway for its final decision for President Biden’s student loan forgiveness program on June 30.
“Federal student loans have been in a ban, meaning that there was no requirement to pay those loans. Pursuing to Cares Act, which started a couple years ago during the pandemic,” said Consumer and Business Finance Program Leslie Tayne.
Tayne said regardless of that decision, student loans will have to be repaid within 60 days of June 30 to August 30.
“And that’s because they’re at zero percent interest. That means that whatever you’re paying now is going to go to its principal. Obviously, there’s no requirement to pay, but that doesn’t mean you can’t make voluntary payments,” said Tayne.
As for those who have federal student loans that are over $20,000, they will not be forgiven. One UTEP graduate says the best way to get the opportunity to get your loans forgiven is by applying for government jobs in the city.
“So, if you know you may not have that opportunity to not pay it off, because they will stay with you forever, if you can pay out of pocket, I know that’s a little harder. But I would definitely say stay within your means and know what you can pay off because it does accumulate interest, and that’s a big hassle,” said UTEP Grad Atziry.
Tayne recommends looking at your available funds and see what you can pay off in debt and cut out. As for your budget, add any additional income if its side jobs or gigs, because eventually you will be required to pay back at some point.
To learn on how you can start paying off your student loans head on over to Income Driven Program.