Best way to pay off student loans? Prepare. Here’s what you should (and shouldn’t) do.

There are only a few short months before student loan payments resume, but no need to panic. Borrowers have a lot of options to minimize the impact on their budgets. 

The Supreme Court struck down President Joe Biden’s student debt forgiveness plan, which would have canceled $10,000 in federal student loans, including Parent Plus loans, for those earning less than $125,000 or households with less than $250,000 in income. Pell Grant recipients, who typically demonstrate more financial need, would get an additional $10,000 in debt forgiven.   

The same day, the Department of Education finalized “the most affordable repayment plan ever created,” the White House said, giving borrowers new options to reduce their monthly payments. Here, we’ll explain the new repayment plan as well as provide you with some other options to prepare.

Medora Lee | USA TODAY

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