120: Federal Student Loan Forgiveness Update: What Happens Now? w/Sarah Ewall-Wice

We’re here with a HUGE student loan forgiveness update. Since President Biden was elected, those with student loans have been hoping and praying to have a sizable chunk of their debt wiped away. Tens of millions of borrowers would have been impacted, helping free up cash for those that need it most. But, on the other hand, taxpayers were staring at a $400B bill to forgive just a fraction of the student loan debt in America. The economic implications of student debt relief passing would have been huge, but a more significant economic impact could continue for borrowers. We’ve brought back Sarah Ewall-Wice, Political and Economics Reporter at CBS News, to give us a full student loan forgiveness update, break down what exactly happened in the Supreme Court, and what we must prepare for now that student debt relief is off the table. But, if you were banking on your loans being forgiven, fret not; a new plan may already be underway to give those with student debt another chance at redemption. Sarah walks through the legal battle the Biden Administration brought forth to get debt relief passed, what will happen to graduates now that the bill has come due, and whether or not defaults could increase across the board as a result. Dave and Sarah will also debate why a solution to rising college costs hasn’t been conceived and what you should do NOW if you have student loan debt. In This Episode We Cover A federal student loan forgiveness update and what will happen next Why the Supreme Court decided to axe the debt relief plan (it’s not what you think) Resuming student debt payments and what graduates need to do NOW Whether or not defaults across credit cards and mortgage payments could increase as a result The true cost of college and why unaffordable education MUST be tackled And So Much More! Links from the Show Find an Agent Find a Lender BiggerPockets Forums BiggerPockets Agent BiggerPockets Bootcamps Join BiggerPockets for FREE On The Market Join the Future of Real Estate Investing with Fundrise Connect with Other Investors in the “On The Market” Forums Subscribe to The “On The Market” YouTube Channel Dave's BiggerPockets Profile Dave's Instagram Hear Our Past Interview with Sarah on US Debt Connect with Sarah: CBS News Sarah's Instagram Sarah's Twitter Check the full show notes here: https://www.biggerpockets.com/blog/on-the-market-120 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]. Learn more about your ad choices. Visit megaphone.fm/adchoices