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Student Loan Planner
What the Stop Work and Dept of Ed Closure Order Mean for You
Mar 11, 2025
A potential shutdown of the Department of Education has put loan processing on hold, causing concern for borrowers awaiting repayment plan approvals and forgiveness updates. The discussion dives into the implications of this disruption on student loan strategies. It also highlights the historical push to close the department since 1979 and emphasizes the importance of borrower awareness during this chaotic time. Listeners are advised on how to navigate their applications amidst this uncertainty, encouraging a cautious approach.
13:26
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Quick takeaways
- The potential closure of the Department of Education, sought by political factions since its establishment, raises significant concerns over the future of student loan policies.
- The implementation of a stop work order on income-based repayment processes complicates access to forgiveness options, potentially impacting borrowers' immediate financial strategies.
Deep dives
Closure of the Department of Education
The proposed closure of the Department of Education has been a longstanding goal for some political factions, particularly since its establishment in 1979. Opposition to the department stems from desires to limit federal oversight and influence on state and local education policies. Although past administrations have sought similar measures, the legal framework established through various laws requires specific actions by the states and the secretary of education, making the process complicated. Consequently, if the Department of Education were to be shut down, legal challenges would likely arise to protect the existing structure and regulations, especially concerning student loan policies.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode