Mini SCOOP: What's Going On With Student Loans? (2 minutes)
SmartHERNews
Jenna Lee
4.9 • 660 Ratings
🗓️ 7 June 2023
⏱️ 4 minutes
🧾️ Download transcript
Summary
A quick answer to one of our top questions this week on student loans - specifically, what's part of the debt ceiling deal and what's not!
There are two separate and big programs that (potentially) have effected you or your friends/family on student loans.
These plans also impact your money (as a taxpayer) even if you're not a borrower!
Here's a quick explanation as part of our weekly SCOOP.
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Transcript
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| 0:00.0 | I've received a lot of questions about student loans and how that's related to the debt ceiling deal. |
| 0:07.2 | So I just want to take a moment to talk to you a little bit about that because it is confusing. |
| 0:11.8 | There are actually two different student loan topics that are sort of on the table. |
| 0:16.4 | You have a moratorium on student loans. |
| 0:18.9 | So a pause on having to pay student loans as part of the |
| 0:22.6 | pandemic. That was something that came up during the Trump administration. It continued |
| 0:25.9 | under the Biden administration. That moratorium or that pause has been renewed several times. |
| 0:32.0 | And the Biden administration had said that they would like to stop that and start the repayment of student loans if you were |
| 0:39.3 | falling under this umbrella of this moratorium or pause to start later on this year, that you |
| 0:43.9 | would be required to start paying again, that the national emergency is over, and we're giving |
| 0:48.5 | people a relief, a little bit of pause, a little bit of breathing room during that time, but now we've |
| 0:52.8 | got to restart it. And what happened with the debt ceiling deal is that lawmakers put some teeth in that. |
| 0:59.1 | So now Congress is saying, whoa, whoa, whoa, whoa, you said you're going to start repayments again. |
| 1:04.4 | You actually have to do it as part of this debt ceiling deal. |
| 1:07.8 | And if you want to make another argument, you're going to have to come to lawmakers to do so. So that's one sort of student loan situation that we're talking about in the news. |
| 1:16.6 | The other has been called student loan forgiveness. And this is a separate plan that was unilaterally |
| 1:22.8 | put forward by the Biden administration to forgive or erase a certain amount of student loans for a certain |
| 1:31.8 | group of borrowers. So not for everybody. It was a very specific group and specific dollar |
| 1:36.6 | amount. What the Biden administration was calling forgiveness or relief, others were saying was |
| 1:42.4 | illegal because the U.S. government would be essentially |
| 1:45.0 | footing the bill for student loans that were taken out a certain amount of them. That is |
| 1:50.7 | something we're waiting for now to see what does the Supreme Court decide whether or not legally |
... |
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