What's the difference between your wife and your student loans? You can count on your loans to stick by you even if you let yourself go full dad bod AND they'll show you plenty of interest! 😆🤪😉
It's been a hot minute since we took the vital signs of Biden's student loan forgiveness plan. 🩺💰 A lot has taken place since the news first broke, and here, we're bringing you up to speed. 🚀
Here’s Five Fast Facts on the latest student loan happenings :
- 📢 ICYMI… - Biden's plan would cancel up to $10,000 in federal loans per borrower and up to $20,000 per borrower for those who used Pell Grants in college. However, we're not all peachy-keen on the plan, and roughly $441 billion in outstanding student debt is in limbo due to lawsuits arguing against it. SCOTUS heard those cases in February 2023 and a final ruling is expected to hit sometime in May or June.
- 🏦🦈 Banks Bite Back - Big bank SoFi is #FedUp with the student loan payment pause and recently filed a lawsuit against the Department of Education. SoFi is a huge player in student loan refinancing and took a may-jah hit. The pause cost SoFi between $300 and $400 million in revenue and between $150 million and $200 million in profits. Critics say the lawsuit hurts families who dodged financial devastation, thanks to the pause in payments.
- 📋 Sign On The Line - One economist recently proposed that colleges cosign on student loans. This would shift responsibility onto the school if the borrower can't pay the loans back after graduation.
- ✅ All In Favor - According to a recent survey, 62% of Americans said they support student loan forgiveness. Only 18% said they opposed the plan.
- ⏳ Taxing Matters - If you have a student loan and haven't filed your taxes yet, pay attention to your deductions. Uncle Sam lets you deduct up to $2,500 of student loan interest payments per year. However, if you paused your payments, there's a chance you may not qualify.
🔥Bottom line: Just shy of a year ago, we reported that many Americans wouldn't be able to repay their student loans when payments were supposed to resume last September. Time sure flies when inflation's raging harder than a gang of tech bros in Miami. With payments still paused, this issue keeps on rollin'. Where it stops? Nobody knows, but we'll keep you posted.
Are you yay or nay on the student loan payment pause?
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