If you haven’t been able to pay off your student loans from college yet…good news, your procrastination may pay off!😜 The Biden administration has said they’re doing another round of student loan forgiveness, and we’ve got the details!
Here are Five Fast Facts on more student loan forgiveness:
- 🤯 That’s A Lotta Loans! - The current effort will cancel $6 billion in student loans, bringing the total student loan write-offs up to a mind-boggling $143 billion over the past three years! It’s like they say: a billion here, a billion there, and pretty soon you’re talking about some real money.
- 🩺🧑🏫 Who Benefits? - This round is targeting around 78,000 public service workers, including teachers, nurses, firefighters, and others. This makes a total of about 870k public service workers who have had their student loans erased, out of a total of four million Americans who have benefited.
- 👍 Bring It On - Those who want student loans forgiven argue that with life being so expensive and student loan debt rising so fast, this is needed to help folks who don’t make the big bucks. Also, to help everyone with a student loan that can fog a mirror.
- 👎 Not So Fast - Others argue that this is simply shifting the debt from individuals who incurred the loans over to taxpayers who didn’t. And should you really get a gift like this if you used those loans to get a useless degree that doesn’t result in a decent job in the end? Also, that pesky Supreme Court said it was illegal to do so. But hey, since when does that matter when there are optics to think about?
- 💰💰💰 A Symptom - No matter which side of the political aisle you’re on, we’re talking about huge amounts of money. With the country already $34 trillion in debt and piling up more debt faster than a gambler spends his paycheck, we should stop and think if this is yet another symptom of a bigger problem (hint: it is).
🔥Bottom line: We get it - people need all the help they can get affording life right now! While this will be a huge help to those who get their student loans forgiven, what about all those taxpayers who are trying to live their own lives and have just taken on all that extra debt in terms of taxes? This game of economic chicken cannot go on forever, so at what point do we start to show some financial restraint and responsibility? Not today, apparently.
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