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.
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