The Supreme Court of the United States is currently hearing arguments around President Joe Biden’s student loan forgiveness program. The program, with potential benefits estimated around $430 billion, would provide a significant financial relief for many student loan borrowers. In order to be eligible, individual borrowers must have earned less than $125,000 in either 2020 or 2021, and married couples or heads of households who made less than $250,000 annually in those years could see up to $10,000 of their federal student loan debt forgiven. Furthermore, individuals with Pell grants in college may be eligible for up to $20,000 of debt forgiveness..

Federal Direct Loans, include subsidies, unsubsidized loans, parent PLUS loans and graduate PLUS loans, are also eligible for this program, while federal student loans held by private lenders , such as some Federal Family Education Loans, are not eligible unless the borrower applies to consolidate those loans into