Forbes - Student loan forgiveness hangs in limbo

Your Weekly Advisor Update

A Note From Natalie:

If you’re one of the millions waiting for the final word on student loan forgiveness, don’t hold your breath. Last week the Supreme Court heard two cases arguing for forgiveness, but the high court’s decision may not arrive until June. If passed, the forgiveness program would apply to an estimated 43 million borrowers, who could get up to $20,000 wiped away.

We’re also looking at big pharma this week and its role in pushing up insulin prices by 1,000% in just one decade, according to a report by the Mayo Clinic. Last week, drugmaker Eli Lilly announced it would cap insulin prices for many at just $35 per month as public pressure intensifies. You can get all the details about Lilly’s savings below.

I hope you have a happy, healthy week ahead. If you have any story tips or personal finance questions, reply directly to this email and let me know.

Very best,

Natalie

Natalie Campisi

Senior Staff Writer

Consumer Finance

Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.

As Anxious Borrowers Gather, Justices Question Fairness Of Student Loan Forgiveness

Already, 26 million individuals have applied for student loan forgiveness, but the application process has been put on hold until the Supreme Court grants a verdict on its legality. Forbes Advisor reporter Rachel Witkowski was on the Supreme Court steps last week as advocates and protesters voiced their opinions on the debt.

“It’s just a lot. I think about my mom . . . she’s the only person in my family who went to college, so she took out loans. She’s still paying them to this day,” said Malachi Nix, a freshman at Rutgers University in New Jersey, who joined a protest outside the court during the arguments on Tuesday, February 28.

A central question in the student loan forgiveness decision is whether it’s fair for those who didn’t take out loans or already repaid their loans. Supporters of forgiveness argue that this move is just one step in making higher education more affordable for everyone while also relieving a massive burden for people as inflation continues to erode buying power. Opponents say it’s costly, unfair to Americans struggling to afford basic necessities and serves only as a temporary fix.

Read more on the Supreme Court hearing and what could be next for the student loan forgiveness legal battle.

Here’s what else you should know
this week:

Best Low-Interest Student Loans Of March 2023

If you have to borrow money for college, shop around and make sure you understand all of the terms before you take the money. Here are a few tips for finding low-interest loans.

Amid Public Outcry Over Insulin Profiteering, Eli Lilly Lowers Its Prices

One of the three main manufacturers of the life-saving drug insulin is lowering its prices on certain insulin drugs, which could help millions of Americans. Eli Lilly is rolling out the new savings throughout 2023. Learn more about their plan here.

Best Affordable Health Insurance Plans of March 2023

Nearly half of U.S. adults can’t afford unexpected $500 out-of-pocket medical bills, according to a survey by the Kaiser Family Foundation, so affordable healthcare is more important than ever. If you need low-cost private insurance, be sure to shop around.

Best Travel Credit Cards Of  2023

It’s easier than you think to leverage your credit card rewards to snag award flights and upgrades. That said, be sure to have your credit house in order before you start earning rewards because the interest rates and fees will outweigh what you earn in rewards on a monthly balance.

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