Here are steps student loan borrowers should take now, after Supreme Court strikes down debt cancellation
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After the Supreme Court struck down the Biden administration's plan to wipe away about $430 billion in student loan debt, many borrowers are now scrambling to figure out exactly when their next payment is due, how much they owe and whether they'll be able to afford that bill. President Joe Biden has promised to continue to work on a proposal to forgive student loan debt. Yet, "under the law, this path could take time," said U.S. Education Secretary Miguel Cardona, vowing to keep borrowers updated in the months ahead. For now, the Biden administration is taking action to help provide some relief to borrowers by offering a more affordable income-driven repayment plan. More from Your Money: Here's a look at more stories on how to manage, grow and protect your money for the years ahead. The new Saving on a Valuable Education, or SAVE Plan , will cut down the amount borrowers have to make on monthly payments by half — to just 5% of their disposable income,