With the passage of the debt ceiling, the lines have been drawn on a very controversial subject:
Student Loans and Forgiveness!
As a quick refresher, we pulled this from a prior post just to give everyone an idea of just how big of a balance (and growing) this is… Here is the post from before
Student Loan Forgiveness
Literally, any day now we could hear more on this (or not of course) ….but here are the important parts as we know them:
- The Supreme Court is reviewing the constitutionality of this
- Most likely amount, seems to be a $20k forgiveness total per student
Commencement of Payments
Payments look to commence (if nothing changes) in late August/Early September…
Looking at our chart above, it would not surprise many to learn, a full on commencement of payments would mean $300 to $400 per month for some 35-40 million young Americans. These payments have been waived for almost two years.
Lots of moving parts. Lots of possible changes. Lots of implications.
Have a Great “Student Loan Update” Day!
John A. Kvale CFA, CFP
Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth