Here are steps student loan borrowers should take now, after Supreme Court strikes down debt cancellation

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.

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, down from 10%. This new SAVE plan will replace the existing Revised Pay As You Earn, or REPAYE, plan and “will go into effect this summer,” according to the U.S. Department of Education’s website.

The department will also give borrowers a bit of a break if they can’t make loan payments in the first year by not referring missed payments to credit reporting agencies for 12 months.

Still, after a three-year pause, tens of millions of federal student loan borrowers will have to start making payments again in the fall. Interest will start to accrue Sept. 1, and payments will be due in October. To prepare, borrowers should take these five steps now:

1. Make sure your contact information is current. Go to studentaid.gov — part of the Education Department’s website — to update your contact information. You want to make sure you don’t miss billing statements and due dates.
2. Connect with your loan servicer. You want to make sure your loan servicer also has your…