WE DID IT, JOE! 🤑 And here, we thought student loan forgiveness was another crusty campaign promise. President Biden just waved his magic wand and canceled student loan debt for 40 million borrowers. 🎓
But is this a win for everyone’s paychecks? Opinions are more of a mixed bag than the ingredients for frat house jungle juice (and some are as cheap.) 🤢
Here’s Five Fast Facts on the new student loan forgiveness plan:
- 🤑🏠You're Welcome to the $$$ - If you make $125,000 or less a year, then you’ll be forgiven $10K in loan debt. The average monthly loan payment is between $200 and $299. So, many people can now look forward to things they put off because of the debt.
- 🚨🤔But Stop right there! - If you live in one of these 13 lucky locations, you might have to pay tax on your forgiven loans.
- 😡🧂No Fair! - This loan forgiveness plan will cost at least $300-570 Billion and folks who chose not to go to college or already paid off their debts are a bit salty about having to pay for others’ student loans via taxes. Others wonder if the not-so-spare taxpayer dollars being spent on debt forgiveness would be put to better use on Americans struggling with less first-world-y problems.
- 💸😎 Bail Me Out - Some say that the student loan forgiveness plan might do more harm than good. Experts warn that people might rack up even more debt and not pay, banking on Uncle Sam to bail them out. Others are concerned that only rich people will benefit from this because folks with graduate degrees owe 56% of education debt, even though that’s only 14% of adults…
- 😟🤷Good for some but still concerned… Inflation has already erased about $5,100/year from the average American’s Paycheck, and many say this big bail-out will make that even worse. Others say that relieving student debt will be a boon to the economy because we’ll have a new crop of previously debt-ridden Americans *finally* buying houses and makin’ babies.
🔥Bottom line: We all know there's no such thing as a free lunch, which is why people are uneasy about the fact that they’re the ones paying for the lunch of yesterday’s college students... Meanwhile, those feeling crushed by seemingly insurmountable student debt are excited that they'll finally be able to get on with their lives. Oh, not sure if you qualify for student loan forgiveness? Check this article out to get the scoop.
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