President Biden’s student loan forgiveness program is currently in review by the Supreme Court of the U.S. If the program is eliminated, millions of Americans may find themselves struggling to pay off their student loan debt. Of course, we’re all hoping for the best scenario where the forgiveness is found legal, but there is always the chance that SCOTUS may strike it down. What happens then, and what should you do?

Investigate your options now

Don’t wait until the final decision is published; start making arrangements for your “Plan B” situation now. Investigate grants, refinancing, or payment options that can help finance your education. Some companies will also offer yearly scholarships, too, designed to help students fund their educations. The Credello scholarship, for example, offers $10,000 in free money every year that can be used for college education costs. Search around to see if there are others, too!

Write to your congresspeople

Just because SCOTUS makes the final call on student loan forgiveness doesn’t mean you should stay silent. Write to your representatives and let them know what you think about eliminating the student loan forgiveness program. Explain that this could have a negative impact on millions of Americans and urge them to support a way to help families struggling to make ends meet in such a tough economy. In particular, emphasize how this matters to you as a voter.

Make the most of student loan forgiveness

If student loan forgiveness is eliminated, don’t forget all the other benefits available through federal student aid programs. These include Pell grants, Perkins loans, and more. Many students are often unaware of these benefits, but taking advantage of them can make a big difference in your tuition costs and overall expenses for college.

Don’t panic just yet; there may be hope

Even if SCOTUS knocks down Biden’s forgiveness plan, that doesn’t necessarily mean you can expect your payments to start immediately. Some political analysts are betting that Biden and the Democrats will continue their previous decision to pause student loan payments indefinitely as a political move. When it comes time for elections, both parties will have a tough time taking the stance that it’s time to bring back student loan debt, especially while voters are still recovering from COVID-based economic restrictions and record-high inflation.

However, only time will tell with this strategy, so it’s crucial to stay up-to-date. Check the Department of Education website occasionally to see the latest updates.

Re-evaluate your budget

One of the best things you can do to prepare for any changes in the student loan forgiveness situation is to re-evaluate your budget. This doesn’t just mean cutting back on your spending; it also means looking at ways to save money on your education. For example, take advantage of student loan consolidation programs that can help you combine multiple loans into a single loan with lower interest rates and more manageable payments.

The bottom line

It’s essential to be proactive about your financial situation, so start thinking about ways to make adjustments now if student loan forgiveness is eliminated. It could be the difference between being able to pay off your debt or struggling for years to come.