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President Trump's recent election brings uncertainty for borrowers awaiting student loan forgiveness.Today is Friday, November 8th, 2024, and you're listening to Gray Journal Daily News Podcast.
Savannah Britt owes approximately $27,000 in student loans from her time at Rutgers University.She hoped to see this debt reduced by President Biden's forgiveness initiatives, which are currently on hold due to ongoing court challenges.
With Biden's term nearing its end, her monthly payments could soon reach $250. Meanwhile, her mother, who borrowed $18,000 to assist her education, is also in limbo regarding her loan forgiveness.
President-elect Trump and other Republicans have opposed Biden's loan forgiveness plans, contributing to a climate of uncertainty for millions of borrowers.
financial concerns go beyond inflation for these individuals, encompassing the burden of student debt.According to Persis Yu from the Student Borrower Protection Center, this creates a significant financial strain for borrowers.
Student loan cancellation was not a prominent topic during the campaigns of either Trump or Vice President Kamala Harris.In a single mention during the September debate, Trump criticized Biden for failing to meet promises of widespread forgiveness.
labeling the situation a total catastrophe for young people.Biden introduced student loan cancellation during his presidential campaign but faced substantial opposition.
His initial plan, meant to cancel up to $20,000 for millions, was blocked by the Supreme Court last year, while a revised plan is presently halted due to lawsuits from GOP-led states.
Despite Biden's efforts being relatively unpopular among the populace, the administration managed to cancel loans for around 5 million borrowers by leveraging existing programs.
For instance, a public service loan forgiveness program successfully extended relief to more than 1 million Americans.
Sabrina Callisons, who carries about $30,000 in federal loans from Arcadia University, similarly faces potential payments exceeding $300 monthly, which poses a financial challenge for her and others in similar situations.
Callisons, now the Managing Director for the Student Debt Crisis Center, advises individuals to stay informed about development by utilizing the loan simulator on the Federal Student Aid website.
There is widespread confusion about student loans affecting many, including parents and seniors returning to school. Thank you for listening to Gray Journal Daily.Stay tuned for our next episode.
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