The U.S. Supreme Court ruling regarding student debt forgiveness could have some students and parents thinking about their college loans. The nation’s highest court struck down the Biden administration’s program to forgive student debt last week. Derek Goode is the associate director of central student services at Eastern Kentucky University. Goode said taking out a loan requires some forethought.
“The summer before your first semester of college is probably not the best time to try to figure out how you’re going to pay for that. The earlier you can start the more prepared you’re going to be and kind of work through those details leading up to the student actually starting college,” said Goode.
As far as the Supreme Court ruling on loan forgiveness, Goode suggests students monitor the federal website studentaid.gov. For students with existing loans, Goode recommends reaching out to their loan servicer to inquire about repayment options.
Goode said it’s best to go into any borrowing consideration with eyes wide open.
“I would just advise every student and parent, regardless of situation, if you are planning to take out any type of loan, whether that be a federal loan or a private loan, always just assume that any loan that they are taking out is going to have to be repaid at some point in the future,” said Goode.
Goode estimated that about half the incoming students at Eastern and other schools nationally fill out a free application for federal student aid or FASFA or a Pell Grant form.
Here's the interview with Derek Goode:
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