Sadly, over the last 4 years the Education system was run by what some seem to feel as a person who was unqualified for the job. This was after student loan debt had already reached an all time high and many borrowers were looking for help from somebody; anybody, but no such help came. Betsy Devos resigned shortly after the attack on the capitol. However, Becky Pringle who is the President of the National Education Association believed,
“Resigning 13 days before the end of this administration does nothing to erase the harm Education Secretary Betsy DeVos has done to this country’s students, their families and educators. She has failed our students yet again when they needed her most. Her complicity, cowardice, and complete incompetence will be her legacy.” ~Yahoo News
So now the question remains of what is to become of the education system especially considering the already damaged student loan component. With over 1.7 Trillion dollars in student loan debt and rising we can only hope that Biden’s pick to replace Devos, Miguel Cardona, will be able to step in and fix all the damage that was caused and ensure there is reasonable help allotted for those struggling to pay back their student loans. Although Cardona’s plan for higher education is unclear we do know that he has a strong belief in higher education and wants to ensure those with the drive and aptitude get a chance to pursue their dreams.
It is still believed that Biden will follow through with his previous statements, “It means immediately forgiving $10,000 of student debt in the midst of this economic crisis,” and that Cardona will be supportive of that initial effort. Unfortunately, the average debt of a borrower is much higher than $10,0000 and that burden will still need to be addressed in some way.
Currently, student loan payments are set to begin in February although I am hopeful that we will see further extensions of the Cares Act as the pandemic continues to rage on with unemployment remaining at an all time high. If that does not occur its important that all those with student loan debt make sure they are set up to pay on-time or have applied the necessary deferments or forbearances to avoid delinquencies. It is still necessary for those with FFEL loans to look at consolidation options as cancellation of loans will only be for those with Dept. of Education (Direct) loans and no one will want to miss out when the cancellation is processed.
So much has occurred over the last year and as we adjust to a new administration we can expect continued changes over the next four years. I will be sure to continue to supply information and updates to those changes as they occur. For those interested in further details to better manage their loans be sure to schedule a free call to learn more about your options. ~Schedule
I suspect great things on the horizon so stay tuned!
Dr. Gen Dobson
Degrees of Success
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