Advice | Students, don’t count on loan debt forgiveness ever happening again

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Advice: This fall, millions of high school seniors will begin applying to college for the 2023-2024 academic year. One wonders if they might overextend themselves with the expectation that they, too, will someday not have to repay part of their loans.

The Biden administration has established an expectation that future administrations won’t or can’t meet: forgiveness of additional student loan debt.to cancel up to $10,000 in student loans for millions of borrowers with an income of $125,000 or less for individuals and not more than $250,000 for couples filing a joint federal tax return. Pell Grant recipients could get as much as $20,000 of their loans erased.The White House said nearly one-third of borrowers have education debt but no degree.

Only current borrowers are eligible for forgiveness of loans fully disbursed by June 30, Mayotte said in an interview. “We’ve opened Pandora’s box,” she said. Mayotte said she received an email from a woman in her mid-70s who decided to return to college to get a master’s degree, racking up $100,000 in education debt.“

Mayotte said she favors forgiveness but is concerned that some people will take it as a sign of future debt relief and borrow under that assumption.Biden’s announcement this past week could lure families sending their kids off to college into taking on too much debt. And it doesn’t deal with the underlying issue: the high cost of college.

 

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Good!

Shouldn’t count on it happening this time either, everyone will have to begin paying in December or go into default

Wait just a minute! This handout/forgiveness isn't forever?!!

I wouldn't be surprised if colleges and universities start demanding hard cash to be paid prior the semester....no more loans, use your credit cards

I could see forgiving the interest on these loans, but why should the taxpayers front the bill for individuals that are lacking in responsibility and show no accountability for their actions.

DO NOT FALL for the false 'american dream' Payday loan structured LOANS plan. Learn from my experience! LESS College/MORE trades!!

Colleges will increase tuition by $10k We’re being fleeced by democrats buying votes

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