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Tuesday, September 06, 2022
How to Know If You Automatically Qualify for Student-Loan Forgiveness
www.businessinsider.com: One-time student-loan forgiveness could be hitting millions of borrowers accounts by the end of the year — and some could be eligible to get that relief automatically.
This is a super exciting forgiveness plan for a lot of people. While 10,000 is a lot of money to many of us, for some people this is just a tiny drop in the bucket of their student loans. Student loans to me seem to be somewhat of a predatory lending scheme with the cost of higher education up significantly from 30 years ago. I haven’t seen any definitive theories as to why those costs are so much higher. The threshold that they have given really do help middle and working class families and I think it’s phenomenal that PELL grant recipients receive an extra 10,000 because they have clearly already demonstrated a financial need. My only hope is that this really will boost the economy like they hope it will because that would be an excellent cherry on top of the help that this has provided to so many people.
I think this is a good start to such a massive problem, and I am glad that this plan focuses not only on knocking off some of the debt, but also focusing on the predatory interest rates. For me, this forgiveness plan will completely knock out my $17k in undergrad debt, mind you that’s from two years of undergrad at a state university. Though I fell into weird gap of no matter what state I attended school in I would be considered out-of-state, because either I didn’t live there long enough, or my parents didn’t live there. Which speaks of the other problem related to the cost of higher education, what universities are charging in tuition alone. With this I’m focusing more on state/public universities and not private ones. Where does the absurd amount of tuition we are paying go? And why is the tuition so high? I hope these will be the next focus in fixing the high cost of higher education.
2 comments:
This is a super exciting forgiveness plan for a lot of people. While 10,000 is a lot of money to many of us, for some people this is just a tiny drop in the bucket of their student loans. Student loans to me seem to be somewhat of a predatory lending scheme with the cost of higher education up significantly from 30 years ago. I haven’t seen any definitive theories as to why those costs are so much higher. The threshold that they have given really do help middle and working class families and I think it’s phenomenal that PELL grant recipients receive an extra 10,000 because they have clearly already demonstrated a financial need. My only hope is that this really will boost the economy like they hope it will because that would be an excellent cherry on top of the help that this has provided to so many people.
I think this is a good start to such a massive problem, and I am glad that this plan focuses not only on knocking off some of the debt, but also focusing on the predatory interest rates. For me, this forgiveness plan will completely knock out my $17k in undergrad debt, mind you that’s from two years of undergrad at a state university. Though I fell into weird gap of no matter what state I attended school in I would be considered out-of-state, because either I didn’t live there long enough, or my parents didn’t live there. Which speaks of the other problem related to the cost of higher education, what universities are charging in tuition alone. With this I’m focusing more on state/public universities and not private ones. Where does the absurd amount of tuition we are paying go? And why is the tuition so high? I hope these will be the next focus in fixing the high cost of higher education.
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