Student Loans; is the Nightmare Over?

Student Loans; is the Nightmare Over?

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Will anything happen with student loan debt forgiveness?

Huge Cheers for Student loan debt forgiveness

There seems to be big support for student loan debt forgiveness.

https://www.cnbc.com/2021/12/22/more-than-60percent-of-voters-support-some-student-loan-debt-forgiveness.html

Biden is restarting talks

Biden says he is taking a hard look at some kind of forgiveness,

https://www.usnews.com/news/politics/articles/2022-04-28/biden-taking-hard-look-at-student-loan-forgiveness

but it isn’t likely to be the 50k, or all, like activists are looking for

“President Biden, we agree that we shouldn’t cancel $50,000 in student loan debt. We should cancel all of it, $50,000 was just the bottom line.” stated Wisdom Cole, national director of the NAACP Youth & College Division.

Why this isn’t likely to happen, or at least happen big

“I am not considering $50,000 debt reduction, but I’m in the process of taking a hard look at whether or not there will be additional debt forgiveness, and I’ll have an answer on that in the next couple of weeks.” – President Biden stated in a press conference this week.

Student loan debt forgiveness seems to stall out every time it gets started, but why?

Student loan debt forgiveness is popular, but the strategy for implementing this isn’t widely agreed upon.

https://www.cnbc.com/2021/12/22/more-than-60percent-of-voters-support-some-student-loan-debt-forgiveness.html

Also, student loan forgiveness isn’t a voter priority

https://www.politico.com/f/?id=00000175-f4af-d692-a975-fcff0b650000

Voter priorities for 2020 election

This issue will likely become a target point for opposing candidates in the midterm elections “You care about the wealthy more than you do food”

What can you do about it?

We strongly hold firm with our best bud, Dave Ramsey, that you should get out of debt as fast as you can. As we previously explained in our videos, there are two methods for this.

  1. Pay off debt ASAP
  2. If the interest is low enough, OR if your loans are on hold, paying the minimum amount while investing the difference.

Author

  • After attempting college, AJ joined the Marine Corps. When he left active duty, he worked in retail for a few years before returning to college. Several years later AJ was awarded his Bachelor in Science in Computer Science. Soon after, AJ began working in the tech industry as a Junior Developer. AJ continues to work in tech, however, he began to cultivate a passion for personal finance. For AJ, the concepts began to click and he felt a need to help others understand how to be financially free. If AJ can do it, any Idiot can.