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Not sure about the "slow moving car crash" analogy, but I've got a feeling that not everyone affected by this is ready:
"A cash crunch at the U.S. Education Department is forcing officials to cut customer service ahead of the “unprecedented” restart of student loan payments for 43 million Americans.
Officials worry the agency may not have enough funding to implement “a smooth return to repayment” when millions of Americans are sent student loan bills for the first time since the COVID-19 pandemic began in March 2020."
I wonder if they've contacted everyone who signed up on the government student loan forgiveness website before the last election. My daughter and SIL were absolutely convinced that forgiveness would happen once the government put up that site and took names. They were quite shocked when we told them back then that many people didn't agree with that policy.
Good, the free ride is time to be over. Pretty simple, you sign on for the debt, you pay it off like any other debt.
My wife and I had $25k in student loan debt in 1990, which would equate to over $50k today. Took 10 years to pay off, and it was a little painful, but we enjoy the fruits of that labor every day. I was a janitor at a department store who became an Engineer.
I wonder if they've contacted everyone who signed up on the government student loan forgiveness website before the last election. My daughter and SIL were absolutely convinced that forgiveness would happen once the government put up that site and took names. They were quite shocked when we told them back then that many people didn't agree with that policy.
I don't agree with it, but honestly I'm shocked they didn't go ahead with it anyway.
The article makes it sound like someone is doing nothing to prepare people to repay their loans when student loan borrowers have had three years of pauses to prepare for this day.
I think the responsible ones who had been regularly repaying their loans will fall back into place with making payment with the ones who had the highest debt because they were not repaying them will also go back to not repaying their loans, all the while moaning that it's not fair they didn't get any debt forgiveness. I think the $10k and $20k forgiveness will not happen.
The republicans have submitted a bill that would put more responsibility on the student borrower where they will sign their life away saying they know and understand how repayment will work and also they will know how much it will cost for their specific degree.
I don't see student loan forgiveness ever happening, especially since Biden is the one who made it so difficult to file for bankruptcy of student loans. One article I read said it would cost tax payers about $400 billion.
Senate Republicans are unveiling their own plan to tackle student debt as the Supreme Court is set to rule soon on President Biden’s student debt relief program.
The GOP package, called the “Lowering Education Costs and Debt Act,” consists of five bills that the senators say will address the root causes of the student debt issue such as the increasing price of college and students taking out loans they can’t afford.
The “Understanding the True Cost of College Act” will require schools to have a similar style for their financial aid letters with a breakdown of the aid so students can better compare offers.
The last three bills deal directly with student loans, including how information is given to borrowers and limiting some borrowing.
The “Informed Student Borrower Act” requires students to be more informed when applying for a loan by acknowledging they received student loan entrance materials or they participated in entrance counseling.
Another option - you could refuse to make any payments at all:
"I will not give them one cent!" 45-year-old teacher Jacque Abron said about resuming her student loan repayments when the COVID-19 pandemic-era pause comes to an end. "The illegal lending scam is over and I'm fighting until we see bankruptcy rights restored."
The mother of three is far from alone in her refusal to return to a life struggling to chip away at ballooning student loan debt when payments resume in October under the terms of a debt ceiling deal approved by Congress.
Several former students told Newsweek they won't make payments on a debt they say is spurious or cannot pay because of the rising cost of living."
I guess maybe if every adult in the US got $20k there would be some fairness to it. It's fundamentally unfair to pay off debt for some where others worked furiously to cash flow school or to pay off their debt. I can see the moral hazard. On the other hand, education should be more affordable (and you would have a much more educated workforce). Some people just forgo higher education because they are unable to afford it (and end up paying taxes for others who are receiving the benefits of higher education in the case of student loan forgiveness).
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