Student loan relief is gone for millions of Americans — here's what it means for retailers
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A shopper goes through shirts in the kids section at Old Navy in Denver, Colorado. Brent Lewis | Denver Post | Getty Images By striking down student debt forgiveness Friday, the U.S. Supreme Court not only added a hefty expense back into millions of Americans' budgets. It also created the latest challenge for retailers already struggling to predict how consumers may spend in the coming months. The court's decision squashed President Joe Biden 's plan to forgive up to $20,000 per borrower in federal student loan debt . Student loans will already take a bigger bite out of budgets this fall as payments and interest accruals resume after a more than three-year pandemic-related pause . Biden announced steps Friday to make the transition to resuming payments easier and create a path to forgiveness of some loans. The opinion means outstanding loan balances will be higher as those payments resume than they would have been if the court had ruled in favor of Biden. The