According to a new report.
The two plus years of student loan freezes in this country where you didn't have to make
any student loan payments actually raise the credit scores of 79% of student loan borrowers.
Now the biggest increase in the credit reports for those who still owed student loans were
of course, the people whose student loans were delinquent, they were behind on payments.
They were having trouble.
So that was hurting their credit.
But now, because of this freeze, that is about to expire by the way, those people's credit
scores went up along with again, 79% of everyone who is holding student loan debt today.
Why is that so significant?
And I know our overseas audience may, may be a little confused at this concept of credit
scores because they don't have to deal with crap like that.
That that's an American thing we have here, but let me put it this way.
If you have a bad credit score, you cannot buy a car.
You cannot buy a house.
You can't get a loan, really of any kind.
And if you do get a loan, you're gonna pay an interest rate.
That's absolutely through the roof.
Sometimes a bad credit score can even prevent you from getting certain jobs here in the
United States.
It hinders your ability to move upward in this country.
Those credit scores, those numbers that we are identified by, by the big banks, determine
our future.
And that's why it's so important that almost 80% of student loan borrowers saw their credit
scores increase.
Suddenly we had people that were able to pay off other debts that they had because they
weren't, weren't hyper focused on their student loans.
They were able to get right financially.
They were able to pay down other debts, of course, which is what raised their credit
score, their debt to income ratio.
Even down a little bit better debt level, went down to make those ratios a little bit
better to again, increase the credit scores.
And here we are in August of 2022 student loan debt.
Payment's about to restart everybody sitting on pins and needles.
Oh, is Biden gonna forgive it?
Is he gonna forgive 10,000?
Is it gonna be 50,000?
Is it only gonna be for people making under $70,000 a year?
Is he gonna means tested?
Is he not?
Who's gonna get it.
How do we get it?
This is ridiculous.
We have seen report after reports study after study poll, after poll showing us how great
it has been for these people, not having to make these payments and these federal student
loans, which is what a majority of the student loan debt is from the federal government can
all be forgiven with the stroke of a pin from president Biden.
He doesn't have to means test any of it, which I think honestly is absolutely ridiculous
Because means testing is a one size fits all.
You make this, you don't get it type scenario where, okay, if you're making a hundred thousand
dollars, you don't qualify for it.
Well, a hundred thousand dollars in a state like Alabama that is, you know, as the UN
describes suffering from third world levels of poverty, a hundred thousand dollars, there
is a hell of a lot of money.
A hundred thousand dollars in New York city is not, but we put that one size fits all
label on them.
So you could have somebody live in a high life in Alabama that still gets their student
loans paid off.
Somebody who can't even afford rent in New York city that suddenly doesn't qualify.
Forgive all of it.
All of it, every bit of it.
I don't care if you've got people with 20 million in the bank and $10,000 in student
loans, forgive it.
A blanket, one size fits all.
If you have it, it's gone.
That's what should happen.
There are not downsides to this.
And if there are, there's far more good things that happen people's lives have been made
better.
Their chance for upward mobility in this country has increased because they're not having to
make these payments.
Let's help these people.
Biden can do it and nobody can tell him, no, that's the worst part of this story.
He can do it, but he hasn't.
It's time to put the pressure on.
Maybe we need John Stewart, right to go out there and start advocating for full student
loan forgiveness the way he did for that veteran's healthcare bill, maybe then something would
happen because every report that's come out has shown how this has made people's lives
so much better and Biden could deliver them permanent relief like that.