What’s Going On With The Student Loan Forgiveness

I’ll like to start this video bible verse, the road to hell is paved with good intention. Sounds a little crazy I know but think about. All of these politicians seems to have the best intentions. They make a lot promises before they get into office, and then once they are in office, they act like girl that you took out to dinner and paid and then ghosted you.

But seriously though in this video, we are going to talk about student loans, find out what the updates actually are, are going to get student loan forgiveness or not. And what you should be doing, paying or waiting.

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1. Current Updates From 2019
– Now her is what we all sort of know from personal experience
– Federal loans have been paused in since 2019 back in march, then they got paused until 2021 September and now they will continue to be on pause until January 31 2022
– No forgiveness but its almost been 2 years without requiring payments and 0% interest which is not a bad.

So what does this Mean:
– According to my Loan provider they used the phrase “ Final Extension of Covid-19 emergency)
– Obviously this is for Federal loans and not private loans owned by Banks, Credit unions and other private lender ( they have their own regulation)

2. Update and forgiveness and odds
– Statistics show that only about 1% of the application submitted for forgiveness actually get forgiving ( quote by Warren: don’t rely on the kindness of strangers )

To be honest: Biden has Done Some work
– So far they have paid down around 9.5 billion in targeted student loan relief ( that’s helped over 563k borrowers )
– But we still have student loan debt of around 1.73 Trillion and about 42.9 million American have student loan debt ( obviously this is a mix of Federal and Private loans)
– ( this reminds of a story about a guy trying to dry the ocean packet at a time )

So Here is the Truth according to Nerd Wallet( full blown forgiveness is in Limbo )
– President said he will not do an executive order to cancel student loans
– Congress suggested a proposal to cancel 50k per borrows he said, if he did do something, it wouldn’t be for more than 10k per person ( around 420 Billion in forgiveness and that definitely makes a difference )
– Also nothing was included in the presidents budget ( so chances are very low )

3. Plan of action and what to do ( What I did, Good with money, and not that great )
– The truth is guys, if you worry about the things you cant control, it’s a sure way to go into an early grave
– My payment plan has been pay as you earn for awhile now ( I pay 10% of what I make and after 20 years I’m done ) but that’s very stupid to carry that much debt over 20 years – and the math shows they will make a lot of money from you in those 20 years
– I have saved up the 21k that I need to pay my student loans ( so if this is the final extension, I’ll just be waiting until the end of Jan to see what happens )

I recommend:
– Start being very aggressive with your student loans and get extra jobs to pay it now (because all the money goes towards capital )
– If you wait and don’t save or pay anything you are just going to be in the same place
– And a lot of people owe so much money, that literally more than 30% of their payments I used just for interest

Extras:
– make a budget
– Pay your loans using the avalanche method
– Stop all investing for now

Link: https://www.nelnet.com/covid-19

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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