Student loan borrowers across the United States are furiously gathering outside of the Supreme Court building to protest President Biden’s plans to restart student loan payments. It looks like their days of lounging in sweatpants and binge-watching Netflix are coming to a screeching halt.
After five extensions, three years, and two presidents later, it seems that the government is finally ready to collect on those trillions of dollars in outstanding student loans. The House of Representatives will vote on a deal that not only raises the nation’s debt ceiling for approximately two years but also includes provisions to make borrowers pay back what they owe.
The magic date is August 29th: this time it means business! All federal student loan borrowers will have had 60 days after June 30th (assuming legislation passes) from which point forward ticking away interest as they begin making regular repayments once again.
But don’t panic just yet because Uncle Sam promised he wouldn’t leave you all hanging high and dry. Even before Joe Biden swung into office and reached an agreement with Kevin McCarthy over future payment structures; repayment was already set to resume towards late summer or fall this year, based on announcements made last November by his administration itself.
So while we’ve been led along sitting comfortably without having had to worry about our finances – whilst taking extended toilet breaks instead of attending boring Zoom meetings- let’s take a moment here together folks- Our mini-vacation ends soon!
Furthermore, I must add: If one thing wasn’t enough – there’s another issue adding fuel – Joe Biden hasn’t forgotten about wiping out up $20k worth of your debts either! Seriously?
Yes fellow citizens facing economic hardship… many are pinning their hopes on President Biden’s broader plan called “student loan debt relief plan” for cancelling substantial sums owed against students who applied through Pell grants as well earning less than $125,000 annually during college studying times …
However…Screech! Republicans don’t want that to happen. They claim this costly handout will have far-reaching consequences on the country and may trigger grave economic unrest including public anger!
Therefore, Republican states took action and brought a coalition together to mount a serious challenge in the highest court of law challenging Biden’s executive powers on “The HEROES Act”-a 2003 Law for National Emergencies. Now what’s next? Judiciary’s turn.
Fast forward: The Supreme Court weighed optionsSponsored Product surrounding broader student loan debt relief plan last February, yet Nancy Pelosi tells us that it won’t be until June or July before we know what all conservatives from Supreme Court think about Joe! Rumour has it- they are not exactly impressed with this idea either…Fingers crossed (as you should do when hoping) but just watch out if anything more happens there supporters going wild again as part of “cancel culture”.
Meanwhile, let us nervously check our bank statements one more time before we hopelessly wait any longer.
Alas folks…Fatigue strikes over inevitable repayments kicking in late Summer – amidst rumours crawling around about increasing COVID cases as well… Oh my!! Are we ever going to catch a break?
