How the Supreme Court student debt ruling impacts Oregonians

Hundreds of thousands of Oregonians were dealt a blow Friday when the Supreme Court ruled 6-3 that President Biden's federal student loan forgiveness plan is unconstitutional.

Catch up fast: The White House finalized a new student loan proposal within hours of the Supreme Court's decision, and Biden pledged that there will still be more to come, writes Axios' Caitlyn Owens.

• The debt relief program the court struck down — which had been blocked since November by court orders — could have benefited 329,000 Oregonians.
• The new plan uses a borrower's current income to determine a repayment schedule.
• Meanwhile, after a three-year pandemic pause, interest on student loans is set to resume Sept. 1, with repayments following in October — although the new Biden plan includes a one-year "on-ramp" to ease the transition.

Why it matters: Many borrowers said the relief — up to $10,000 for individual borrowers who make under $125,000 per year, or $20,000 for Pell Grant recipients — would have helped them plan for their futures.

By the numbers: Oregon residents hold just over $20 billion in federal and private student loan debt, per the Oregon State Treasury.

• Borrowers here owe an average of $37,900.
• 47% of borrowers are under the age of 35.

Pro tip: Find your loan servicer and explore repayment options at studentaid.gov — especially if you're a recent graduate and haven't had to set up a payment plan yet.

Editor's note: This story has been updated to note that 329,000 Oregonians could have benefited from Biden’s federal student loan relief program.