School Debt Forgiveness? Is This Good Or Bad For Montanans?
Well, this is interesting.
Yesterday President Joe Biden made an announcement that many folks have been waiting to hear for two years. The President, who campaigned on college debt forgiveness, announced that he will forgive 10 thousand dollars in federal student debt for most Americans.
That's not all, if you went to college and had Pell Grants, up to 20 thousand dollars of your debt could be forgiven.
So maybe you're wondering if you qualify According to CNBC:
"The relief will be limited to Americans earning under $125,000 per year, or $250,000 for married couples or heads of households. The relief is also capped at the amount of a borrower’s outstanding eligible debt, per the Education Department."
What does this mean for Montanans? Well, if you make under 125K per year as a single adult, or 250k for married couples, you catch a break. Simply put, there's a decent chance you might not have to make any more payments towards student loans. According to the President, almost half (45 percent) would have their debt fully canceled.
I don't mean to be cynical here, but I can't be the only one thinking "What's the catch?". I was raised to believe that nothing in life is free, so when I hear about these types of things I automatically think there must be more to the story.
Remember when everyone was all excited about those stimulus checks? Now it is believed by many economists that this is part of the reason for our current inflation problem, which many experts say will end up costing us much more than we received.
Here's one more point. What about all of those folks that went to school, took out loans, got a job, and paid them back? What do we do for those folks? Shouldn't they get some sort of benefit?
Don't get me wrong, I'm sure for many Montanans this will come as welcome news and will help out many folks and their economic situation, but there is still part of me that is waiting for the other shoe to drop. What do you think? Make sure and vote in our poll.