There's been a bit of news lately on President Biden's plan to cancel student loan debt, especially after the United States Supreme Court ruled that the President has no authority to cancel the debt without Congressional action.
What are your thoughts? Are you in favor of cancelling debt? Against it?
Recently, the New York Times came under fire for suggesting that "death" is a way to cancel student debt. Unfortunately, they are correct. Note that neither the article, nor Shawn & George are suggesting that people hurt themselves in any way to avoid paying back student loan. From a legal and contractual perspective, if a student loan borrower (any borrower really) passes and there is no co-signor on the debt, then the debt is eliminated - subject to the borrower's estate having no money.
What are some of the other ways the New York Times suggests cancelling student loan debt:
Interstingly, the LA Times followed up that article by suggesting that student loan borrowers could move back in with mom & dad, or skip meals to save money ...
One other way to tackle student loan debt is to save money for college, and also explore scholarships. You can listen to an old Crushing Debt Podcast episode about that if you follow this link: https://yesnerlawpodcast.libsyn.com/episode-77-the-scholarship-system
The two articles Shawn & George discuss can be found with the following links:
Remember, we're now two full weeks into the Crushing Debt No Spend Challenge. How are you doing? How many points have you earned? What have you learned about yourself, and about your spending habits?
You can find a link to the challenge here: Crushing Debt Spending Challenge | Facebook
Let us know if you enjoy this episode and, if so, please share it with your friends!
Or, you can support the show by visiting our new Patreon page: https://www.patreon.com/crushingDebt
To contact George Curbelo, you can email him at GCFinancialCoach21@gmail.com or follow his Tiktok channel - https://www.tiktok.com/@curbelofinancialcoach
To contact Shawn Yesner, you can email him at Shawn@Yesnerlaw.com or visit www.YesnerLaw.com.
How Much Debt Do I Need to File Bankruptcy? - Episode 419
Un-Lease Your Business - Episode 418
Score Success: Crushing Debt Edition - Episode 417
Why Wellness is Financial - Episode 416
The Secret to Paying Off Six Figures of Debt - Episode 415
Convert Your Debt to Wealth - Episode 414
Tik Tok Money Hacks - Episode 413
Signs You Might Need Help - Episode 412
Debt In Different Life Stages - Episode 411
Spring Break with The Crushing Debt Podcast - Episode 410
Money Stress and Triggers - Episode 409
Living With Mom and Dad - Episode 408
Buying a New Car - Episode 407
Money Trivia - Episode 406
Financial Anxiety - Episode 405
Love, Loss and Ledger - Episode 404
Is Life Insurance Worth it? Episode 403
Why Property Insurance is a Dumpster Fire - Episode 402
15 Reasons People Go Broke - Episode 401
Sleeping Giant of the Senior Real Estate World - Episode 400
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