After the Supreme Court rejected the Biden administration's plan to forgive as much as $20,000 in student loan debt per borrower, the White House was quick to roll out several backup student loan relief plans. These included the finalization of the SAVE income-driven repayment plan, which should reduce student loan payments by hundreds or thousands of dollars for most federal loan borrowers, as well as a 12-month "on-ramp" to resuming payments.

Another recent effort is the announcement of $39 billion in student loan forgiveness for 804,000 borrowers, many of whom will have their debts wiped out completely. Not surprisingly, this forgiveness plan was also challenged in court, but borrowers just got some good news: The lawsuit was tossed, and forgiveness is allowed to proceed.

Even if you aren't in this group of 804,000 borrowers, this student loan relief program could result in eventual forgiveness for you -- so it's important to know what it involves.

Continue reading

Source Fool.com