Students, universities, and the overall economy are waiting until June to hear from the Supreme Court about the Biden Administration's forgiveness plan for qualifying borrowers of student loan debt.
The decision will factor heavily on consumer spending, as students have not had to make payments on their student loan debt since early 2020 at the onset of the health crisis when the CARES Act froze repayment and interest accumulation on federal student loans.
Biden's plan could wipe away between $10,000 and $20,000 of federal debt for eligible borrowers. "Uncertainty surrounds the plan, however, as it faces challenges in court," according to a special report issued recently by Marcus & Millichap.
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