The Supreme Court ruled 6-3 on June 30 to strike down the Biden administration's student loan forgiveness plan—a decision that could put a spotlight on student loan benefits offered by employers.
The Biden administration announced last year that the federal government would repay up to $10,000 in student loans for borrowers who earned less than $125,000 during the pandemic and up to $20,000 for those who received Pell Grants. But two cases--Department of Education v. Brown and Biden v. Nebraska--contested his plan, resulting in the High Court hearing the issue in February.
The decision means that borrowers will need to resume loan payments soon. All borrowers with outstanding federal student-loan balances will see interest on those loans resume as of Sept. 1, according to the Education Department. Payments will be due starting in October.
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Industry experts contend that the ruling highlights a need for additional support in tackling student loan debt and could spur a rise in student loan benefits in particular.
"To recruit and retain a first-class workforce, employers need the flexibility to offer benefit packages that fit the needs of their employees. Educational assistance is one such tool," according to a statement from SHRM.
"Now that the Supreme Court has ruled in the case of Biden v. Nebraska and Department of Education v. Brown, we call on Congress and state legislatures to pass policies that...
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