Student Loan Forgiveness: What Comes Next? | NBC4 Washington
ABOUT $6,900 IN DEBT. >>> THIS COULD BE AN HISTORIC WEEK FOR MILLIONS OF YOUNG PEOPLE. THE DEPARTMENT OF EDUCATION IS DEBATING WHAT TO DO ABOUT THOSE FEDERAL STUDENT LOANS. IT HAS TO DECIDE WHETHER TO EXTEND THE PAUSE ON PAYMENTS OR POSSIBLY FORGIVE DEBTS ALL TOGETHER. OUR CONSUMER REPORTER SUSAN HOGAN IS WORKING 4 YOU TONIGHT WITH WHAT YOU NEED TO KNOW. >>> THE CLOCK IS TICKING FOR MILLIONS OF STUDENT LOAN BORROWERS. AT THE END OF THIS MONTH THE PAUSE ON STUDENT LOAN PAYMENTS ENDS BUT NEITHER THE U.S. DEPARTMENT OF EDUCATION NOR THE WHITE HOUSE HAS ANNOUNCED
WHETHER THERE WILL BE ANOTHER EXTENSION. THERE HAVE ALREADY BEEN SIX. SO WHAT SHOULD YOU DO IN THE MEANTIME? BE PREPARED. BY NOW YOU PROBABLY HAVE BEEN CONTACTED BY YOUR LOAN SERVICER THAT THE DEADLINE IS COMING UP AND YOU WERE GIVEN PAYMENT OPTIONS. EXPLORE EACH OF THESE CAREFULLY. USE ONE OF THE CALCULATORS AT STUDENTAID.GOV TO COMPARE THE PLANS. REWORK YOUR BUDGET TO INCLUDE THE LOAN PAYMENTS EVEN IF THE FORBEARANCE PROGRAM IS EXTENDED AGAIN IT IS STILL A GOOD IDEA TO SET THAT MONEY ASIDE FOR WHEN IT RESUMES. PAY NOW IF YOU CAN MAKE PAYMENTS DO IT.
THAT IS BECAUSE THERE IS NO INTEREST BEING CHARGED DURING THE PAUSE SO TAKE ADVANTAGE OF THIS WHILE YOU CAN. THE BIDEN ADMINISTRATION HAS SAID IT WILL MAKE A DECISION BY
ARE CONCERNED THAT STUDENT LOAN FORGIVENESS WILL HAVE UNINTENDED CONSEQUENCES. 59% OF PEOPLE WHO RESPONDED WORRIED THAT LOAN FORGIVENESS WILL MAKE INFLATION WORSE. CURRENTLY 44 MILLION BORROWERS OWE A COLLECTIVE $1.7 TRILLION IN FEDERAL STUDENT LOAN DEBT. SO WHAT DO YOU THINK? SHOULD THERE BE FORGIVENESS FOR STUDENT LOAN DEBT? IT’S OUR POLL QUESTION OF THE DAY. WEIGH IN NOW AT THE NBC WASHINGTON APP OR NBCW
