Paying back Sallie Mae isn’t pushing back vacation timelines. It factors in to when people have children, buy homes, and when they can retire. Given the gravity of the debt, you may want to keep an eye out on Biden’s guidelines for student loan forgiveness regardless of where you fall on the political spectrum. From the ABA Journal:
The Biden administration released proposed guidelines last week that will extend debt relief to borrowers with federal student loans who are facing financial hardship that impairs ability to pay.
The plan includes automatic relief for borrowers likely to be in default in two years, based on information already known to the U.S. Department of Education, according to a Feb. 15 press release. Others may obtain relief through an application.
The amount waived could include the entire balance of the loan.
Considering that about 80% of Americans are living paycheck to paycheck, millions of people could benefit from the “facing financial hardship” verbiage. While it is great that lawyers working in public service are getting some serious relief, they aren’t the only ones who need some help. As criminal liability for not having a roof over your head ramps up nationwide, forgiving student loan debt could free up money that would be better suited for paying rent — imagine the Denver project nationwide.
Wide student loan forgiveness would also be a good optic maneuver; it positions Biden to look benevolent on a debt that most debtors would rather strike than pay back. Much needed PR when not even 40% of the population thinks you’re doing a good job.
Biden Administration Releases Proposed Guidelines For Student Loan Hardship [ABA Journal]
Chris Williams became a social media manager and assistant editor for Above the Law in June 2021. Prior to joining the staff, he moonlighted as a minor Memelord™ in the Facebook group Law School Memes for Edgy T14s. He endured Missouri long enough to graduate from Washington University in St. Louis School of Law. He is a former boatbuilder who cannot swim, a published author on critical race theory, philosophy, and humor, and has a love for cycling that occasionally annoys his peers. You can reach him by email at cwilliams@abovethelaw.com and by tweet at @WritesForRent.