Podcasts Business Student Loan Planner The Debt Ceiling Could Pose Big Risks to Borrowers

The Debt Ceiling Could Pose Big Risks to Borrowers

Published: May 16, 2023, 5 a.m.

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The U.S. has a massive student loan debt problem, with $144 billion eligible for forgiveness. The new numbers show that $42 billion have already been forgiven, but Republicans are seeking to block further student loan forgiveness and a new repayment plan due to the raging debt ceiling battle \\u2014 ultimately putting borrowers at risk. I also discuss the potential impact of Biden\\u2019s record-low approval rating, how he can secure support from younger voters on issues like student loan forgiveness, and the role of the Supreme Court case in reaching a compromise on the debt ceiling.

In today\\u2019s episode, you\'ll find out:

  • The impact of the debt ceiling on student loan borrowers
  • New numbers related to PSLF and income-driven repayment
  • How Biden\'s record low approval rating and opposition within the Democratic party affect his strategy
  • The increase in forgiven debt due to forbearance and deferment, and its potential to benefit public servants
  • The benefits of the IDR waiver for borrowers
  • How consolidating loans unnecessarily can cost you more in the long run
  • The role of progressive activists and controversial social media memes in shaping the student loan debate
  • The Republican Party\'s lack of understanding of progressive student loan policies
  • Why the potential delay in the debt ceiling impacts student loan borrowers as Biden awaits the Supreme Court\'s decision
  • The resilience of forgiveness programs against lawsuits from opponents
  • Why you need to understand different deferment types to ensure eligibility for waivers before consolidating debt
  • Why getting help or scheduling a follow-up consultation is crucial for borrowers with significant student loan debt
  • The outcome of the Supreme Court decision and its implications

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