The Biden administration will forgive up to $10,000 in federal student loans for people earning under $125,000, or $20,000 for Pell Grant recipients. At least 14.3 million borrowers will have their loans wiped entirely. Daniel Rosen explains what this means for the 43 million Americans carrying federal student debt.
Questions this video answers
Up to $10,000 in federal student loan forgiveness.
Up to $20,000.
Individuals who make less than $125,000 a year.
About 43 million Americans.
Half (50%).
Chapters
Credit heroes. I have some breaking news. So we are going live. So join me right now on this live with this very, very important news about student loans being forgiven. This is really important. So you want to hear this. And by the way, if you're here with me live, give me a hashtag live down in the comments. And if you're watching the replay later on, drop me a hashtag replay. Okay, let's get into this. I have some amazing breaking news. After years of speculation and debate, the Biden administration announced last week that they're going to Forgive up to $10,000 in federal student loan debt for anyone that makes less than $125,000 a year. And for anyone who received Pell Grants, which are government provided student financial assistance, they're going to forgive up to $20,000. So this is amazing news. Do you have student loan debt? Do you know people with student loan debt? Then let me know down in the comments. Are you excited about this? Let me know down in the comments. See, for most Americans, crippling educational debt has always been a fact of life. And in the past 20 years, the average tuition fees at four year colleges and universities, it more than doubled. Since 2007, federal student loan debt has tripled. And in 2020, bachelor degree earners from public and private nonprofit four year schools, they graduated with an average of $28,400 in debt. These loan payments and their accompanying late fees, they have devastated people's finances and really hurt the economy. But now a whole lot is about to change because about 43 million Americans have federal student loan debt. Half owe less than $20,000 and 1/3 owe less than $10,000. So this means at the very least, 14.3 million Americans will no longer have federal student loan debt as a result of this plan. Yes, it just gets wiped away. So if you are One of those 14.3 million, this is really good news. Now for some people, this is going to mean immediate relief from bills. And for other people, it's going to mean more money in their pocket to spend elsewhere. In other words, credit is going to be impacted differently. So this is a perfect time to explain to your clients what is happening because many of them will have these student loans and you can be the one to give them this great news. So tune into my full episode and learn the details of this forgiveness plan and learn what it means for the credit repair industry and it can contain everything you need to know. Okay. By the way, the application process for this loan forgiveness plan, it has not started yet. Okay. But we are going to put a link for you to get notified and we're going to put that in the YouTube show description. When you get to the episode, just go to the left of the show description and we're going to have that link so that you can get notified when this program starts. Okay? So please send this episode to anyone you think needs to hear it. And if you're watching this, if you're watching me right now in our Facebook community, my team are going to drop the link so that you can watch it right away on YouTube. And if you're watching me right now on YouTube, the link is going to be right over here in the show description. And if you're watching me on Instagram, go and check out the link in our bio to have a listen. And if you're not already, be sure to subscribe and turn on notifications so you don't miss any of the secrets that I share each week on the Credit Repair Business Secrets podcast. Okay? And if you want me to mentor you as I hold you by the hand and help you to launch your very own profitable credit repair business, then go to creditherochallenge.com and sign up today in the challenge. You'll have live training and and mentorship. You'll have a lot of fun and you'll get certified in disputing. So what are you waiting for? Again, that link is creditherochallenge.com so have a great day and check out that new episode. Learn about student loan forgiveness and learn everything you need to know about it. Okay? And I'll see you again next week right here live. Okay? Go check out that episode.
