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Caught in Limbo: The Uncertainty of Student Loan Forgiveness
The future of student loans hangs in the balance as the year-long grace period protecting borrowers' credit comes to an end. James Brown delves into the murky waters of student debt, highlighting the uncertainty faced by 25 million Americans, himself included. With President Biden's loan forgiveness plan stalled by a court ruling, borrowers are left in limbo, unsure about when or if their debts will be forgiven. Brown critiques the systemic issues fueling the student loan crisis, from skyrocketing college costs to ineffective governmental action. He questions the impact of student debt on individuals' financial futures and the broader economy, urging listeners to reflect on the role this issue plays in their voting decisions and to consider what reforms are truly needed.
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James Brown delves into the pressing issue of student loans and the broader implications for 25 million borrowers, including himself. The narrative unfolds around the dilemma faced by borrowers as the grace period preventing missed payments from affecting credit ends. Brown criticizes the stalled progress of President Biden’s student loan forgiveness plan, which remains blocked due to legal challenges from GOP-led states. He reflects on the broader societal impacts of student debt, highlighting how it hampers economic activities like home buying and entrepreneurship. Brown also critiques the reliance on executive orders in Washington, advocating instead for legislative compromise and meaningful action on this critical issue.
Takeaways:
- The grace period preventing missed student loan payments from affecting credit ends today, September 30.
- President Biden's student loan forgiveness plan is currently blocked due to a legal ruling.
- Student loans have become essential for most jobs, leading to increased college costs.
- Many people find student loan debt prevents them from making significant financial investments.
- The current process of handling student loan forgiveness highlights inefficiencies in government decision-making.
- Listeners are encouraged to reflect on how student loan issues influence their voting decisions.
Transcript
25 million borrowers.
James Brown:This is commentary from James Brown.
James Brown:Barring some last minute change, the year long grace period preventing missed student loan payments from hurting our credit ends today, September 30.
James Brown:In the fate of student loans for roughly 25 million americans, including myself, isn't very clear.
James Brown:President Biden's plan hit yet another snack early this month.
James Brown:A judge ruled that the plan will remain blocked for now.
James Brown:This comes after seven GOP led states sued, claiming the plan is still illegal.
James Brown:And from what I can tell, it likely is.
James Brown:The administration hyped up borrowers with emails during the summer hinting that all or some of our loans will be forgiven.
James Brown:Starting, you know, right now.
James Brown:No pressure, right?
James Brown:We're all stuck in limbo, wondering if or when we'll have to paid off the rest of this debt.
James Brown:In hindsight, though, in hindsight, those emails feel more like campaign mailers.
James Brown:As I see it, there are two large causes of this problem.
James Brown:For the tail end of Gen X, millennials and younger people, student loans are not optional.
James Brown:They're required for most even low paying office jobs.
James Brown:With that shift, colleges jacked up their prices.
James Brown: In the year I was born,: James Brown:Back then, that was considered high.
James Brown: are much, much higher than in: James Brown:I, like many people my age, still have quite a bit of student loan debt left.
James Brown:Now there's no free lunch.
James Brown:Yes, it's my responsibility.
James Brown:I signed those documents at 18.
James Brown:But there are consequences with making 18 year olds make giant choices like that.
James Brown:That debt is preventing many of us from investing in America, buying homes, starting businesses, and forcing many of us to rent forever.
James Brown:Actions have consequences, and few of those actions are purely good or bad.
James Brown:The other cause of this issue is a different type of societal rot, this one deep inside of our nation's capital.
James Brown:Instead of passing laws coming to a compromise with Congress to change all this, we all got a hackneyed, half baked executive order demanding that these student loans will not be paid.
James Brown:This isn't the way that government is supposed to work.
James Brown:Come to the table, find common ground.
James Brown:Compromise, move the ball forward, take a victory lap.
James Brown:That's what I was taught, but that's far from reality.
James Brown:Instead, Biden, like Trump, like Obama, like Bush and their congressional colleagues, would rather regulate from their desks and write press releases and leave the courts to decide what should and should not be done.
James Brown:This isn't new.
James Brown:This is Washington on almost every major issue.
James Brown:No wonder nothing works there.
James Brown:What do you think do you still have student loan debt?
James Brown:Were you looking forward to it being repealed or forgiven?
James Brown:And is student loan forgiveness a deciding factor in your vote?
James Brown:In a couple of weeks, what should we do about student loans and the cost of college, if anything?
James Brown:And what do you think about the process and how this all is playing out?
James Brown:Let me know in the comments and support my work at jamesbrowntv substack.com.
James Brown:on that note, I'm James Brown, and as always, be well.
