Why I’m So Excited About Loan Forgiveness and You Should Be Too!
I've heard my Mom say something to the effect of, "People have to work for what they earn and in doing so they will appreciate it more" I am here to tell you that I have worked my way to a degree with the help of my student loans, have been paying them religiously ever since graduation, over a decade ago and I would really appreciate the rest of what I have left to be forgiven.
There are Layers to This Student Loan Forgiveness Onion
After graduation, I took a slight deferment while I got on my feet and once in a secure career I began my monthly payback. I haven't made near enough to pay giant chunks back but I have worked hard and have felt really good watching the number slowly lower over the years. When the first rumblings of the loan repayment came through I was super excited and then realized it was for those loans taken out for what turned out to be scam schools or for places that no longer exist. I didn't even realize there is a whole chunk of now-divorced couples who consolidated their loans and legally couldn't unwind them. They were going to be covered, I wasn't included but I wasn't bitter about it. It's what I signed up for and I have and will make it work. But then it came out that I was going to be included and I was SO thankful! I would LOVE the help but there is a possible downside to all of this.
We are pretty much in an inflationary economy right now, I'm sure you've noticed prices are going up but your paycheck is remaining the same. Times are tough and budgets are tight so having one less bill to pay sounds awfully appealing but forgiving these loans, could worsen inflation and could eventually hurt taxpayers in certain areas. Nobody can know, because this hasn't happened...yet.
I was part of the Beta testing group last week that filled out applications before the site went live. I paid my loan this month as I normally do but celebrated a touch, knowing this could be the last one, I have about $9,000 left so if this thing goes through I am done! Cool beans man!
But now it's temporarily being blocked according to the NPR
Conservative attorneys, Republican lawmakers and business-oriented groups have asserted that Biden overstepped his authority in taking such sweeping action without the assent of Congress. They called it an unfair government giveaway for relatively affluent people at the expense of taxpayers who didn't pursue higher education.
Do you know what I call unfair? Giving out TONS of pandemic loan relief money to fake businesses. That is more of an outrage than assisting people who did pursue higher education. My degree is not fake, and my education is not fake yet my desire to be debt free is so REAL. What's fake and concerning to me is the schools that are overcharging their students and raking in tons of money. I'm talking to you, Harvard and Yale. There's so much money flowing through those schools they failed to report hundreds of millions of dollars of foreign donations.
I believe we can agree to disagree on many things but providing relief to Americans who were either scammed out of a degree or graduated and are working their way to higher-paying positions with that degree in their back pocket could really benefit from this and in turn, stimulate the economy in many more ways that not. What say you?
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