Behind closed doors, Post Malone’s closest family and friends call him by his full name: PostPone MaStudentLoan. But you can just call him Postie. 😎
Yes, student loans have entered the chat once again.🎓This time, we’re all wondering if we still have to pay them back if the Department of Education (DoE) goes Bye Bye Bye, NSYNC style. Let’s crack this mystery, shall we? 🕵️
Here’s Five Fast Facts on paying back student loans in uncertain times:
- ✂️ Chopping Block - Rumblings of the Trump administration pulling the plug on the Department of Education is causing uproars of all shapes and sizes. Let’s get the most burning question out of the way. Will you still have to pay back your student loans if the DoE disappears? Experts say YES, you do.
- 🔄 Switcheroo - Right now, the DoE manages over a trillion bucks in federal student loans. If the department disappears, it wouldn’t erase everyone’s student debt. What would happen? Another federal agency, like the U.S. Treasury, would step in to administer and service student loans. Everyone with a loan would still be responsible for making their payments.
- 🌬️ Winds of Change - If the baton gets passed to another agency, changes could be made to forgiveness programs, including reducing or restructuring initiatives already in place. Education funding could also get shifted to the states, which could make it harder for some students to access grants and loans.
- ⏰ The Slow Roll - So just how likely is the DoE to disappear? Even though Trump said he wants it gone, he still needs approval from Congress. A presidential executive order alone wouldn’t trump the law here (pun intended). It could be awhile before anything gets done on this, since getting all the votes necessary takes time.
- 🗃️ Making Moves - What should you do in the meantime? For one, make sure you keep good records of your loan activity, including payments made. Even with all the buzz around the DoE, several repayment options are still available, so check them out. Consider exploring a loan refinance to get a better interest rate or a more manageable monthly payment.
🔥Bottom line: Looking for some extra cash to throw at those loan payments? Screw looking under the couch. Offload those dusty old electronics and make a quick buck or two! Head over to this article where we tell you where to cash in…other than Facebook Marketplace!
Are you close to paying off your student loans?
Let us know by connecting with us on Facebook and Instagram! Also, remember to share this newsletter with your friends & coworkers!
Btw, If you’ve read this far and haven’t yet signed up for the weekly Paycheckology newsletter, CLICK HERE!
