The appeals court agreed with the states that argued Biden did not have the authority to establish the generous repayment plan and said the Department of Education could not provide broad student loan forgiveness through repayment plans.

You're likely in the clear if your student loan debt is already wiped out, but current borrowers may soon be out of luck.

President Donald Trump has reportedly set his sights on eliminating the U.S. Department of Education, a long-time Republican goal and promise from his campaign. The proposed plan, though, gives rise to a host of unanswered questions—not least of which is what happens to the 42-plus million Americans with federal student loan debt.