President Biden and more than 40 million Americans experienced a devastating setback regarding student loan debt relief.
The Biden-Harris Administration’s Student Debt Relief Plan Facts
It’s About More Than Debt Relief.
Dreams or Student Loan Payments?
The plan, if passed, would have benefited everyone. Many people have put off their dreams, such as homeownership and starting a family, simply because they can’t afford it. “The Supreme Court is showing that they don’t care about the current financial crisis many Americans are experiencing, especially those with marginalized backgrounds,” states Melissa Byrne, executive director of WeThe45Million.
Bryne also agrees that this ruling will prevent people from closing the wealth gap with the inability to purchase a home which has often been proven as a way to raise someone’s wealth. With debt relief, these dreams could turn into an actual reality. Borrowers would also have more money to put into our economy, stimulating job growth.
"Everyone is struggling right now, and this renewed payment will be the straw that breaks the camel’s back."
Do borrowers still have options?
See if you are eligible for any repayment or forgiveness programs that are already available.
What if I can’t afford to make my loan payments?
You’re not alone. A recent study published by Cleo shares that 55% of current borrowers will need to take on a second job to afford their repayments. 61% of those surveyed said they know or are unsure if they can make payments. With these statistics, it’s not surprising that 46% say their mental health will be affected the most.
The Biden Administration has initiated an “on-ramp” to repayment to provide relief. Starting Oct. 1st, 2023, through Sept. 30th, 2024, if you cannot make your payments, this will not be held against you. Your student loans will start collecting interest again, but you will not fall into delinquency, which protects your credit score or keeps you from being turned over to a debt collection agency.
There is still hope.
Are you carrying student debt? If so, what are your next moves? Let's talk about it in the comments.
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