Student Loan Planner Student Debt Across the Generations
With millions of individuals burdened by student loan debt for two decades or more, the Income-Driven Repayment (IDR) waiver has the potential to offer much-needed relief. However, it may also morph into a significant political issue as a substantial number of older voters struggle with loan repayments. In this discussion, I examine the questionable financial choices made by colleges, such as allocating large budgets for non-essential expenses, and delve into the increasingly lavish nature of higher education costs, such as the growing focus on luxury amenities rather than educational quality. I also explore the amount of long-term student loan debt and the profound impact it has on the lives of many Americans.
In today’s episode, you'll find out:
- How the IDR waiver can potentially reform bankruptcy regulations for student loan debt
- The probability of a student loan tax bomb impacting borrowers in 2030
- Factors contributing to rising college costs
- The shift towards upscale amenities and programs in higher education to attract students
- The government's role in student loan debt and its evolution as a political issue
- The societal impact of the Grad PLUS program
- Predominant methods Americans use to finance higher education
- The average age of student loan borrowers
- The amount of student loan debt held by borrowers and why they hold it for so long
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