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Life Kit

How to prepare for the return of student loan payments

Life Kit

NPR

Kids & Family, Self-improvement, Business, Health & Fitness, Education

4.54.9K Ratings

🗓️ 3 July 2023

⏱️ 14 minutes

🧾️ Download transcript

Summary

The Supreme Court has decided to strike down the Biden administration's plan to discharge some or all federal student loan debt. The decision impacts tens of millions of Americans – so what can student loan borrowers do to prepare now that the plan is over? NPR's education correspondent Cory Turner gives context and advice for borrowers.

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Transcript

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0:00.0

You're listening to LifeKit from NPR.

0:07.0

Hey everybody, it's Maryl Sagarra.

0:11.0

The Supreme Court has decided to overturn the Biden administration's student debt relief

0:15.7

plan, which would have erased at least $10,000 and sometimes up to $20,000 in federal student

0:21.7

loan debt for tens of millions of people.

0:24.7

So if you have federal student loans, you might be wondering what the hell to do now.

0:30.4

NPR education correspondent Corey Turner has been following this topic closely for years.

0:35.8

And on this episode of LifeKit, he shares some context and advice.

0:40.7

Hey Corey.

0:43.7

Hey Maryl.

0:44.7

All right, so we are recording this on Friday, the day that the Supreme Court decision on student

0:50.4

loans came out.

0:52.0

Can you just explain what happened?

0:55.0

Yeah.

0:56.0

So basically this case, it's really two cases, all boiled down to a sort of fundamental

1:03.0

political argument about whether the executive branch, the president and his education secretary

1:08.0

by extension, have the power to essentially erase more than $400 billion in federal student

1:13.1

loans.

1:14.2

And it's a debate because constitutionally, it's always been Congress that has the power

1:18.5

of the purse.

1:19.7

That plan came directly from the president and his ed secretary and they argued that the

1:25.3

authority they had to justify it came from this old law was passed in the wake of the

...

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