President Joe Biden's student debt relief plan, which impacts millions of borrowers who could see their loans wiped away or reduced, is heading to the Supreme Court. The court has scheduled two hours of arguments in the case Tuesday, though it is likely to go longer. If the plan passes, 43 million borrowers will have some loan forgiveness, with 20 million of those becoming eligible for complete relief.

Payments on federal student loans remain paused for the time being and interest rates on these loans are set at zero percent. Collections agencies are further barred from attempting to collect overdue debts. However, payments could remain paused through August only if the court issues its decision soon.

Biden's debt forgiveness plan applies only to loans issued before June 30, 2022, meaning students who just started their studies and who borrowed this year are ineligible for the plan.

If Biden's plan does pass, borrowers in