Given the huge decision that came out of the White House last week about student loan forgiveness, we decided to create this special bonus episode all about the announcement and what it means for not just borrowers, but all of the US.
We’ll explore the current numbers of federal student loan borrowers, dive into the issues of taxes and inflations (while dispelling some myths!), and hear about the program and changes to expect from FINRA Certified Student Loan Professional® Meagan Landress of Student Loan Planner (https://www.studentloanplanner.com/).
CORRECTION: We published this episode a few days after the news first broke, and things are quickly evolving in the White House! Here’s a quick update on who’s eligible for relief: “Current students and borrowers who have federally held undergraduate, graduate and Parent PLUS loans that were distributed on or before June 30, 2022 are eligible for the relief, says Megan Walter, a policy analyst for the National Association of Student Financial Aid Administrators.”
—
Mentioned in the Episode
- Fact Sheet: Student loans: https://www.whitehouse.gov/briefing-room/statements-releases/2022/08/24/fact-sheet-president-biden-announces-student-loan-relief-for-borrowers-who-need-it-most/
- Student loan debt vs. mortgage debt: https://podcasts.apple.com/us/podcast/a-new-plan-for-student-loans/id1200361736?i=1000577422717
- Of Dollars and Data: https://ofdollarsanddata.com/who-holds-the-student-loan-debt/
- Newsweek fact-check on taxes and student loan forgiveness: https://www.newsweek.com/fact-check-ted-cruz-says-student-debt-relief-costs-2100-per-taxpayer-1737293
- Federal budget deficit: https://datalab.usaspending.gov/americas-finance-guide/deficit/trends/
- Federal budget spending: https://datalab.usaspending.gov/americas-finance-guide/spending/
- Expense of stimulus checks: https://www.pandemicoversight.gov/data-interactive-tools/data-stories/three-rounds-stimulus-checks-see-how-many-went-out-and-how-much
- New tax proposal for households above $400K+: https://www.nytimes.com/2022/07/07/us/politics/medicare-solvency-taxes.html
- Tax Foundation memo on unrealized capital gains on households with $100M+: https://taxfoundation.org/biden-tax-increases-2023-budget-proposal/
- 10 richest members of Congress: https://en.wikipedia.org/wiki/List_of_current_members_of_the_United_States_Congress_by_wealth
- Net worth of $100M+ represents 0.01% of Americans: https://realtimeinequality.org/
- Wall Street Journal’s on student loan forgiveness and inflation: https://www.wsj.com/articles/biden-student-loan-forgiveness-raises-inflation-budget-risks-11661457157
- Mike Solana on the student debt crisis: https://www.piratewires.com/p/debt-babies
- See if you have federal loans: studentaid.gov
—
Follow Along
– Listen to Money with Katie here: https://www.podpage.com/money-with-katie-show/
– Read Money with Katie: https://moneywithkatie.com/
Follow Money with Katie!
– Instagram: https://www.instagram.com/moneywithkatie/
– Twitter: https://twitter.com/moneywithkatie
– TikTok: https://www.tiktok.com/@moneywithkatie
Subscribe to Morning Brew
– Sign up for free today: https://bit.ly/morningbrewyt
Follow The Brew!
– Instagram: https://www.instagram.com/morningbrew/
– Twitter: https://twitter.com/MorningBrew
– TikTok: https://www.tiktok.com/@morningbrew
