AND
AND WE
AND WE JUST WE JUST HAD HIM ON THE SHOW. DIDN'T WE THINK SO?
ARE ARE WE DREAMING? I DON'T
KNOW A JOB. YOU PROBABLY HEARD
THIS. BUT THE
BIDEN ADMINISTRATION IS WORKING
TO WIPE OUT ABOUT $400 BILLION
IN STUDENT DEBT, BILLIONS.
BILLIONS OF MONEY MONEY IS
WAITING TO SEE THOSE ACCOUNT
BALANCE IS ZERO OUT WILL HAVE TO
WAIT UNTIL AT LEAST THIS SUMMER
AS THE SUPREME COURT DECIDES
THAT THE PLAN IS CONSTITUTIONAL
. SO IN THIS WEEK'S MAKE ENDS
MEET CHANNEL THREE'S DON G TAKES
US THROUGH. WHAT'S NEXT? THE
NEWS WAS BIG WORD OF STUDENT
LOAN DEBT FORGIVENESS WENT VIRAL
FAST WHEN BORROWERS FOUND OUT
ABOUT THE PLAN TO FORGIVE UP TO
10,000 IN STUDENT LOAN DEBT, OR
20,000. FOR THOSE WHO RECEIVED A
PELL GRANT. EVERYTHING IS ON
HOLD, EXCEPT THE ARGUMENTS IN
THE SUPREME COURT AND THE
ARGUMENTS OUTSIDE THE SUPREME
COURT. AS EVERYONE WANTS TO MAKE
THEIR CASE FOR OR AGAINST THE
STUDENT DEBT RELIEF PLAY IT
LOANS ARE OVERWHELMING, USUALLY
NEXT TO YOUR RENT AND MORTGAGE
PAYMENT. IT'S YOUR BIGGEST
MONTHLY PAYMENT. THE AVERAGE
STUDENT BURROWS OVER $30,000 TO
PURSUE A BACHELORS DEGREE.
PRESIDENT BIDEN STUDENT LOAN
FORGIVENESS PROGRAM NOW FACES
TWO CASES IN FRONT OF THE
SUPREME COURT, SEEKING TO BLOCK
IT FROM GOING FORWARD. ONE FROM
A GROUP OF SIX REPUBLICAN LED
STATES. NEBRASKA ARKAN SO IOWA,
KANSAS, MISSOURI AND SOUTH
CAROLINA. THE OTHER CASE BY TWO
STUDENT LOAN BORROWERS, ONE WHO
IS NOT ELIGIBLE FOR RELIEF UNDER
THE PLAN, AND THE OTHER WHO IS
ELIGIBLE FOR $10,000, RATHER
THAN $20,000 IN RELIEF. WE'RE
ACTUALLY LOOKING AT ANOTHER 60
TO 90 DAYS TO FIND OUT WHAT THE
HIGH COURT'S GOING TO DECIDE THE
DECISION WHETHER PRESIDENT BIDEN
CAN USE THE HEROES ACT AS THE
LEGAL FOOTING FOR HIS STUDENT
LOAN FORGIVENESS. CONGRESS
PASSED THE FIRST VERSION OF THE
HEROES ACT IN 2001. AFTER THE
SEPTEMBER 11TH ATTACKS TO ALLOW
THE EDUCATION SECRETARY TO WAVER
MODIFIED PROVISIONS OF STUDENT
LOAN PROGRAMS FOR THOSE AFFECTED
BY THE ATTACK. THAT'S REALLY THE
DEBATE IS THE HEROES ACT BROAD
ENOUGH? TO GO AHEAD AND MOVE
FORWARD WITH LOAN FORGIVENESS
WITHOUT GOING THROUGH THE
LEGISLATIVE PROCESS. DURING THE
COVID 19 PANDEMIC, BOTH THE
TRUMP AND BIDEN ADMINISTRATION'S
USE THE HEROES ACT TO SUSPEND
STUDENT LOAN PAYMENT. IT'S
SITTING WITH THE HIGH COURT TO
MAKE THAT DETERMINATION AND
ULTIMATELY IS THERE GOING TO BE
HARM TO ANYONE IF THEY MOVE
FORWARD WITHOUT GOING THROUGH
THE CONGRESSIONAL PROCESS.
BECAUSE YOU HAVE TO PROVE HARM
TO STUDENT LOAN BORROWERS WHO
FILED SUIT CLAIM THEY WILL BE
HARMED BECAUSE THEY COULD NOT
ACCESS ALL OF THE BENEFITS
OTHERS WOULD RECEIVE. ALSO CLAIM
IT GOES AROUND CONGRESS, WHICH
HAS THE SOLE POWER TO CREATE
LAWS LIKE THOSE RELATED TO
STUDENT LOAN FORGIVENESS, EVEN
IF THEY DENY AND SAY NO, YOU
NEED TO GO THROUGH THE
CONGRESSIONAL PROCESS DOESN'T
MEAN THAT THIS ISN'T GOING TO
TRANSPIRE. WE JUST HAVE TO BE
PATIENT. IT'S JUST GONNA TAKE A
LITTLE BIT LONGER THAN WHAT WE
EXPECTED, AND WE'LL SEE IF IT
MAKES IT THROUGH THE LEGISLATIVE
PROCESS. THE FORBEARANCE COULD
END 60 DAYS AFTER THE SUPREME
COURT DECISION IS ANNOUNCED.
MARY JOE TERRY, A MANAGING
PARTNER AT STUDENT LOAN
REFINANCING COMPANY. WHY REFI
STRESSES? TAKE A LOOK AT WHAT
YOU OWE. LOOK TO SEE IF YOU CAN
FIT YOUR LOAN PAYMENT INTO YOUR
MONTHLY BUDGET, IF NOT IF YOUR
PAYMENTS RESUME CONTACT YOUR
LOAN SERVICER TO DISCUSS YOUR
OPTIONS DEFAULTING ON YOUR
STUDENT LOANS IS GOING TO HURT
YOUR CREDIT. IT'S USUALLY 50 TO
150 POINTS AND KEEP IN MIND.
THIS AFFECTS YOUR INSURANCE.
YOUR CAR INSURANCE. YOUR HEALTH
INSURANCE THIS AFFECTS, YOU KNOW
THE APARTMENT OR THE RENT YOU'RE
GOING TO ATTEMPT TO GET YOU MAY
NOT BE ABLE TO GET A HOME A FEW
IMPORTANT THINGS TO REMEMBER.
FOR BE PATIENT. THERE'S REALLY
NOTHING YOU CAN DO RIGHT NOW.
PAY ATTENTION TO THE OUTCOME OF
THE CASE IF THE STUDENT DEBT
RELIEF PLAN IS GIVEN THE GREEN
LIGHT. YOU MUST FILL OUT THAT
APPLICATION. THE COURTS HAVE
BLOCKED THE SITE FOR NOW, SO YOU
CAN'T SIGN UP UNTIL THE CASE IS
DECIDED FOR THOSE WHO HAVE
ALREADY SIGNED UP. YOU'RE FINE,
BUT YOU WILL NEED TO MAKE SURE
THAT YOU'RE INFORMATION IS UP TO
DATE IF THE BIDEN ADMINISTRATION
HAS GIVEN APPROVAL TO CONTINUE
WITH THE PLAN. AND THERE'S
ALWAYS WATCH OUT