Student Loan Debt Relief and the SAVE Plan’s Future with Secretary Miguel Cardona

NerdWallet's Smart Money Podcast

NerdWallet Personal Finance

Business, Education, Investing, How To

4.2 • 665 Ratings

🗓️ 28 February 2024

⏱️ 12 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

U.S. Education Secretary Miguel Cardona discusses the early rollout of $1.2B in student loan forgiveness and the future of debt relief. Why did the Biden administration accelerate student loan forgiveness by wiping away $1.2 billion in debt nearly six months ahead of schedule? How will eligible borrowers, especially those enrolled in the new income-driven repayment plan SAVE, be notified of this unexpected relief? Hosts Sean Pyles and Anna Helhoski explain the latest in student loan forgiveness before Anna speaks with Dr. Miguel Cardona, U.S. Secretary of Education. They break down the latest wave of debt relief, totaling a historic 138 billion dollars approved for cancellation among 3.9 million borrowers, all achieved through executive action. They also discuss the motivations behind prioritizing student debt forgiveness and the details of the SAVE plan, offering insights into who benefits, how eligible borrowers will be notified, and what lies ahead for student loan borrowers in 2024. In their conversation, the Nerds discuss: student loans, loan forgiveness, Saving on a Valuable Education (SAVE) plan, debt relief, income-driven repayment, financial aid, student debt, loan cancellation, loan eligibility, loan notification, executive action, loan benefits, repayment plan, loan borrowers, debt cancellation, loan relief, loan impact, loan insights, loan motivations, federal student aid, and Free Application for Federal Student Aid (FAFSA). To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email [email protected]. Like what you hear? Please leave us a review and tell a friend. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0	Prime Video brings thrilling entertainment.
0:03.0	Watch Heavyweight Detective Breacher, Season 3 included with Prime.
0:07.0	Exactly how much danger is this job putting me in.
0:10.0	Treat yourself to the lovably chaotic Bridget Jones mad about the boy available to buy.
0:15.0	Did you have sex? Did you have sex?
0:17.0	Did you have sex last night?
0:19.0	Yes! And it was amazing.
0:23.0	Whatever you're into, it's right here.
0:25.3	Prime Video.
0:27.1	Click or tap the banner to find out more.
0:34.9	Welcome to NerdWallet's Smart Money Podcast.
0:41.0	I'm Sean Piles. And I'm Anna Hilhouski. And this is our weekly Money News Roundup, where we break down the latest in the world of finance to help you be smarter
0:45.1	with your money. Last week, the Biden administration announced it would be automatically canceling
0:50.0	$1.2 billion in student loans for 153,000 eligible borrowers. This group is the first to benefit
0:57.0	from the forgiveness component of the new income-driven repayment plan called saving on a valuable
1:01.8	education or save. That's right, Sean. Barrowers who are eligible include those who have been
1:06.7	in repayment after at least 10 years and originally took out $12,000 or less in student loans.
1:12.2	That relief includes refunds of past payments for eligible borrowers.
1:16.1	And all of that debt cancellation is arriving early.
1:19.1	Borrowers weren't supposed to receive automatic relief until July.
1:22.2	Yeah, and it's just the latest wave of debt relief by this administration.
1:25.7	In total, nearly $138 billion has been approved
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from NerdWallet Personal Finance, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of NerdWallet Personal Finance and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.