Student Loan Debt Forgiveness | What's Really Going On? US Supreme Court To Decide

Hey guys do you currently have student loan debt? Are you currently paying on that student loan debt? Or are you not paying on that student loan debt right now? On this video I want to give you an update and let you know exactly where we are right now to date on the whole student loan forgiveness program. And I want to give you an idea what you should be doing right now to prepare for whether or not this thing goes left or this thing goes right. So let's jump right into it guys. Right now the Supreme Court during this week is starting to hear arguments one way or the other for or against the president's student loan forgiveness plan. Of course as we know ever since the president announced about six months ago that they'd be relieving some Americans of some debt everybody's been pretty hyped up on this topic. The president's plan said it would relieve up to $10,000 per borrower and $20,000 per borrower for those that are Pell Grant recipients and sort of wipe that amount of money off the books for borrowers. So ever since then everybody's been sort of sitting on the edge of their chair waiting to see how this thing would work. How this thing would shake out. Is it true? Is it not true? Is it going to work? How's it going to work? How do I apply? People were even given a website to go and actually apply for the student loan forgiveness right? And it was rolling looking like it was going to take place. But then you had lawsuits that started coming down the pipe right? These lawsuits started rolling in just a few months later saying wait a minute put a halt to that because there's something going on here and we don't like it. So just to recap for some of you guys you were eligible to receive the $10,000 off of your student loan payment or the $20,000 off if you were a Pell Grant recipient if you were a single person and you earned less than $125,000 per year or if you were a couple filing jointly and has a household earning up to $250,000 per year. So for a lot of people if you had student loans guys this was huge news and very very important for you. I mean who wouldn't want to get $10,000 or $20,000 lopped off their student loans. It was huge and many of the proponents that were for this debt relief was saying hey this is justified by the Higher Education Relief Opportunities for Students Act which they called the Heroes Act of 2003 as it had been amended because they said hey it authorizes the Secretary of Education to relieve borrowers of the obligation to repay federal student loans. So they said hey the Heroes Act of 2003 is the justification for this because of what happened in the pandemic. So they said hey the President has the power to authorize the Secretary of Education to do this because of the Heroes Act to relieve people from the heartaches and hardships of the pandemic. But then you had a whole nother group of people that said no that's not right that's not true the President should not have this type of power. And they said you know what this is just a political stunt because who is making $120,000 or $240,000 as a couple and can't pay or can't afford to pay a mere $10,000 of student loan debt. So that group of people was saying you know what it's just a political stunt. And then you also had those people on that side that said you know what I spent 10-15 years sacrificing my entire life to pay off my student loan debt it's not fair to us. That's what some people were saying right. So you have people on both sides of the pendulum for it and against it. So what has happened in the last six months regarding these lawsuits right. So basically two lawsuits cut the whole excitement short. And one of those lawsuits had to do with the servicer of those federal student loans in the state of Missouri called Mojila. And Mojila was saying you know what we're going to lose 40% of our revenue by this student loan debt relief program. And it's going to harm our ability to provide money to the state of Missouri for their scholarship funds. And so basically they were saying their business is going to be hurt and harmed by the president's student debt relief plan. So judges in both St. Louis and down in Texas ruled that the federal debt relief plan could not move forward. So the president's administration appealed both of those judges rulings and said we believe the president does have the right to cancel student loan debt. And that's where we are right now. Now the Supreme Court is going to make a decision. For those of you that haven't been paying your student loans you need to know that the forbearance period that you've enjoyed for the last couple of years it may be coming to an end. We just don't know. This decision won't likely come for several months down the road. At least three or four months down the road. So you don't have to worry about it immediately. But just be aware that that period of time where you don't have to pay on your student loans could be coming to an end pretty soon. And also keep in mind there's a conservative majority on the Supreme Court right now. And that conservative majority could play a major role in the decision that the Supreme Court comes up with. There's about 43 million borrowers who are eligible for this student loan relief. And according to the White House 20 million of those would see all of their student loans wiped out by this debt relief program. So guys that's a ton of people that are going to be affected by this decision by the Supreme Court. And if the Supreme Court decides to block this then I haven't heard any word of a second plan or some type of other plan that the president's administration has right now. So I'm going to assume that they got all their chips pushed into the table and both feet are in the water on this thing. And soon guys I'm going to share a video with you and explain to you exactly what I decided to do with my student loans in the last couple of years. And just to give you a little bit of hint about that I paid my student loans off recently. And I'm going to share with you exactly why I decided to do that in the upcoming video. I don't want you to miss that video. So do me a favor smash the like button on this video. And if you're not a subscriber please subscribe to the channel because I don't want you to miss that video. So what does all this mean for you right now as a potential borrower? Even if you're not a borrower anymore. Maybe you know somebody who has student loans. What does this mean? The first thing it means is if you aren't paying your student loans off right now or you haven't been paying on your student loans you probably want to start thinking about figuring in your student loan payment in your monthly budget. So that may mean putting a line item in your budget that says student loans that you might have taken out of your budget two years ago. Put that line item back in there and start putting money to the side just in case this thing doesn't go through and the Supreme Court decides to block it. If that happens then guess what guys? If you put a little money towards in some type of high yield savings or money market fund. If you have that money there then in five or six months when the ruling comes down one way or the other you'll have a little chunk of money to put towards your student loans. And then the other thing I would do is call your loan servicing provider. Whoever's managing the loan for you right now and sending you out a bill every month check with them because they may have some other programs that you may be eligible for that might allow you to do something different with your student loans to at least help you repay them in another way or another fashion. And then the other thing I want you to do is pay attention to this channel because I'm going to be bringing you guys updates on this topic as things happen. Because I believe the rubber is about to meet the road on this topic guys and it's going to affect more than 40 million people. So I think it's very important to let you guys know what's going on. With 43 million people out there possibly being affected I want to make sure you guys get the latest information on it. And remember I'm going to share with you exactly what I decided to do and why I decided to do it in a video very soon. Do me a favor guys let's keep this conversation going. And do me a favor in the comments below guys let me know have you been paying on your student loans even though you didn't have to over the past couple of years? And if you haven't been paying on your student loans what's your strategy if the Supreme Court decides to block this? Will the ten thousand or twenty thousand dollars make a real big dent in your student loans? Drop those comments below and let's continue the discussion. Some people hate it some people love it. I want to know what is your take on it. And also guys let me know if there's anything else that you want me to cover in my videos. It could be something about side hustles, something about the American economy, something more about student loan forgiveness, financial education, financial freedom, real estate, stock market investing, or simply money management strategies. Let me know in the comments below guys and if you got anything at all out of this quick video do me a favor smash the like button. The best person to take care of the old you is the young you. Take care of yourself guys and take care of other people. Until the next video peace!