5 REASONS I DO NOT BELIEVE STUDENT LOAN FORGIVENESS WILL HAPPEN IN 2021! Was Dave Ramsey right??
5 REASONS I DO NOT BELIEVE STUDENT LOAN FORGIVENESS WILL HAPPEN IN 2021! Was Dave Ramsey right?? – Latest News Today
Hello Future Millionaires!
In this video, I explain the five reasons that I believe we will not see student loan forgiveness in 2021.
Now, don’t get me wrong, I think $10k in student loan forgiveness would be helpful to A LOT of people, but unfortunately, there have been far too many indicators that suggest that President Joe Biden will not cancel student debt anytime soon.
If you are one of the 44,000 Federal Student Loan Borrowers who are asking themselves “Will student loans be forgiven in 2021?” I believe the answer is no.
The reason being, the $10000 student loan forgiveness hasn’t happened yet via Executive Order, which tells us that student loan forgiveness has to come via the United States Congress.
Another reason student loans will not be forgiven is the fact that student debt currently sits at a staggering $1.71 TRILLION and that number keeps rising. If $50000 or $10000 were forgiven for student loan borrowers, that money would have to come from the Federal Government and thus add $1.7 Trillion dollars to the deficit that has to get paid somehow.
Again, I think student loan forgiveness would help thousands of people but given the fact that we are now in June of 2021 and student loan forbearance is set to end at the end of September, I think we are far more likely to see another extension of forbearance rather than any forgiveness.
What do you think? Do you think the Federal Government will cancel student debt? Will $10k of college debt be forgiven with no strings attached? The answer is unclear but I think this will not happen at this point.
Link to the Loan Forgiveness for people with disabilities:
Link to the Student Aid official website:
0:30 Student Loan Forgiveness Hasn’t Happened Yet
1:33 Student Loan Forbearance Happened 5 Times Already
2:18 Congress Has Other Fish To Fry
5:30 Not In the Budget
#StudentLoans #CancelStudentDebt #StudentLoanForgiveness
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For those of you that are new to my channel, I am a personal finance nerd! I love talking about all things budgets, interest rates, and anything that relates to personal wealth.
Growing up, I saw, first-hand, that money is a powerful thing, that is when there is not enough of it. I grew up thinking that the only way that I was going to be well-off was by hitting the lottery or banking on social security at retirement age. Over the last few years, I have undergone a metamorphosis to learn how I, and I alone, control my money and my overall wealth. I started this channel to help others who want to become first-generation millionaires, end the cycle of poverty that has ridden their families, and educate the next generation that money is something that works for US, not the other way around.
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