The President's Plan to Forgive Student Loan Borrowers

Biden administration estimated it would cost upwards of $350 billion. The Supreme Court said the way he went about doing it was unconstitutional. They actually had 26 million people apply for relief under this plan, looking at this specific law.

Transcript

chevron_right

Play full episode

chevron_right

Transcript

Episode notes

We’re here with a HUGE student loan forgiveness update. Since President Biden was elected, those with student loans have been hoping and praying to have a sizable chunk of their debt wiped away. Tens of millions of borrowers would have been impacted, helping free up cash for those that need it most. But, on the other hand, taxpayers were staring at a $400B bill to forgive just a fraction of the student loan debt in America. The economic implications of student debt relief passing would have been huge, but a more significant economic impact could continue for borrowers.

We’ve brought back Sarah Ewall-Wice, Political and Economics Reporter at CBS News, to give us a full student loan forgiveness update, break down what exactly happened in the Supreme Court, and what we must prepare for now that student debt relief is off the table. But, if you were banking on your loans being forgiven, fret not; a new plan may already be underway to give those with student debt another chance at redemption.

Sarah walks through the legal battle the Biden Administration brought forth to get debt relief passed, what will happen to graduates now that the bill has come due, and whether or not defaults could increase across the board as a result. Dave and Sarah will also debate why a solution to rising college costs hasn’t been conceived and what you should do NOW if you have student loan debt.

In This Episode We Cover

A federal student loan forgiveness update and what will happen next

Why the Supreme Court decided to axe the debt relief plan (it’s not what you think)

Resuming student debt payments and what graduates need to do NOW

Whether or not defaults across credit cards and mortgage payments could increase as a result

The true cost of college and why unaffordable education MUST be tackled

And So Much More!

Links from the Show