A whole new year started and millions of students who undertook grand loans to cover their education expenses are awaiting loan forgiveness in the months that follow.
At this point, no one is certain if the Joe Biden student loan forgiveness will actually be made a reality.
There are several grand lawsuits that froze a big portion of the student loans forgiveness plan, and the Supreme Court will hear the arguments in the end of February, followed by a final decision a few months from now.
Everyone expected information by the end of last year, but there’s been a significant delay in this.
As a result, candidates are worried and asking: will there be student loan forgiveness at all?
What to Do While You Wait
While waiting for a student loan cancellation update, there’s not much you can do. You have to, however, save money to pay the rates that are due. It’s smart to save cash to reduce a portion of that loan in case things don’t turn out as you expected them to.
While it might sound unfair, things are still not 100% certain, so keeping that part-time job for now is the best option you have.
Juggling a part-time job and your academic studies is surely not easy. Any student who does the two is facing time challenges. How do you fit in work in an already overwhelmed schedule with so many writing tasks pending, materials to study, and classes to attend?
The answer lies in an essay writing service, a company that will help you tackle a variety of research topics for college and university, and write a creative essay on any topic for you whenever you need it.
With the help of a writing expert, you can erase many of the tasks in your to-do list and finally find the time to earn some cash to start paying off those student loans. The more diligent you are with your payments, the higher are your odds to get your loan forgiven.
Education has changed tremendously since the pandemic and students have struggled to catch up with the newest trends for quite some time now. Everything from the teaching methods to the books we use in school is different now.
This is not an easy time to be a student. If student loan forgiveness becomes an actual thing, it can be really big by the end of 2023. Here is what we know about it so far.
Also Read: 5 Easy Ways You Can Ear Leverage Income
The Student Loan Forgiveness Program Updates
Just last summer, we were all excited about President Biden’s sweeping debt cancellation plan. According to this, students would get up to $20,000 in loan forgiveness, and the plan would cover tens of millions of borrowers.
However, there were many lawsuits that challenged this program and its legality, prompting federal courts to block the initiative. There isn’t a single borrower who received relief at this point.
The dispute is finally heading to the Supreme Court, and we are expecting a ruling by the end of June this year.
If the Court upholds the president’s plan, 26 million students will start getting what they applied for, and others will be able to apply for relief once the portal reopens. Until then, meditate to reduce the stress and work hard on your studies.
At this point, students are still very worried about this program. Many were already approved and had their hopes up, and there are those who took new loans hoping they can repay a part of it before they graduate thanks to this incentive.
Over the last couple of months, students have become more courageous and took bigger steps they didn’t even consider before. For example, it can be very hard to buy a house with student debt and even if you can, you will be very hesitant knowing that you have such a big loan to pay. If you think that a portion of it will be forgiven, you are more likely to take this step in your life.
While no one can ascertain what will happen for sure, things are looking good at the moment. The Biden administration extended the pause on these payments into 2023, marking its eighth extensions, so the hopes are still high.
If the Court rules against this program, the administration will be in a bind and might decide to scrap the plan or find an alternative program. If the Court rules in the students’ favors, we can expect millions of students to get financial relief that will change their lives and make education a lot more accessible.