Student Loan Forgiveness 2021: Biden Going To Cancel?
Student Loans have racked up $1.7 TRILLION DOLLARS, that’s the amount that our country has RIGHT NOW in student loan debt. Student Loan Forgiveness has been a discussion going around, especially with the Biden Administration and some of the Social Democrats. What does it mean if we see Student Loan Forgiveness 2021? Will it be good? Or are we just going to continue to see the can kicked down the road and not CHANGE the fundemental idea of College & Student Loans. Is there a way to avoid student debt and set up our future workers of America in a positive way, instead of having crippling debt most of their lives? In this video, I am going to unpack what student loan forgiveness 2021 will look like and I’ll offer my opinoin in the manner as a more positive and proactive outcome to the student debt crisis.
0:00 Intro
2:00 Is student loan forgiveness a good idea?
2:58 Tax problems with student debt forgiveness
5:08 What about those who paid off their student loans?
7:30 Wall Street Banks & Student Debt
9:00 My Perspective On the Future of Student Loans and College
it’s no secret that the amount of student loan accumulation is a nationwide problem… The Federal Reserve estimates that in quarter three of 2020, Americans owed more than $1.7 trillion in student loans — an increase of nearly 4% compared to quarter three of 2019. Now right out of the gate, I’m not a big fan of student loans. Many share the same feeling and it just seems like the easy answer is to simply, cancel or forgive them… right?
Right now, there is an existing student loan forgiveness programs available for individuals that work for public service, their community, and the military. But Guardian News website has reported that Public Service Loan Forgiveness (PSLF), that have totally failed borrowers: over 95% of PSLF applicants have been denied. here are a few unforseeable consequences if the student loans are actually cancelled or forgiven
Right now, even President Joe Biden has made remarks about backing out the usage of his executive orders to cancel student debt and leaving congress to take charge.
First, the current tax law treats any forgiven debt as income. IF let’s say $50,000 of your student loan debt becomes forgiven then with the current law. The next roadblock is the group of people who already paid their student loans or made a significant contribution to their student loans. The argument here is that if someone is paying their student loans or have already finished paying, would they be receiving some kind of a refund or a rebate. Clearly, it would unfair for one group of people not having to pay their student loans and another group that are paying or have already paid.
And that leads to having to solve a bigger problem and that is… what about the future borrowers? Are they getting cancellations too? If the student loans are forgiven now, will future student loans and borrowers be forgiven too? Lastly, it pains me to describe this but Wall Street has been securitizing student loans just like they did back in 2005 through 2008 where certain large banks were securitizing sub-prime loans that led to the collapse of the financial markets in 2008. Basically what this means is that there banks that groups thousands of these small stuent loans together to turn it into one giant investment product called SLABS.
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