Gabe Rubin

speaker

468 appearances 13 recordings 1 series first heard Apr 2018 last heard Oct 2023

Gabe Rubin’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · New Student-Debt Plan Would Benefit Lower-Income Borrowers · 12 Jan 2023 podcast

And they have to verify their incomes every single year in order to stay enrolled. voice-verified

And also there have been problems keeping track of the payments they've made. voice-verified

Maybe you made a payment to one servicer one year and another servicer took over your loan the following year. voice-verified

And it's possible that those loans were not all compiled in the same place and borrowers may not have gotten credits and kept up with the program. voice-verified

And that's a real problem that keeps people from getting their debt forgiveness. voice-verified

They definitely could. voice-verified

Most experts suggest waiting until these rules are fully finalized so that you can have a full sense of what the benefits might mean for you. voice-verified

But the Department of Education overhauled this program with the goal of getting more people to sign up for it. voice-verified

But it's also really important to take a look at your personal finances and check if a plan like this would make sense for you. voice-verified

It could end up being more expensive for you than just paying off your loans, not being part of an income-driven repayment program. voice-verified

So let's say your annual income is a million dollars. voice-verified

It wouldn't really make sense for you to choose a plan that had you paying off 5% of your discretionary income each month because that is likely to be much higher than you need to pay in order to pay off your loan balances in a reasonable amount of time. voice-verified

So the administration is really trying to get this out the door as fast as possible, but there will be a 30-day comment period after which they will take a look at all the comments, make necessary tweaks, and ultimately issue a final rule. voice-verified

But we don't totally have a timeline for that yet. voice-verified

The next step is just the 30-day comment period. voice-verified

Yeah, a lot of critics point out that this has been a failure for many years at this point and that these changes aren't necessarily enough to get more people to sign up and to pay off their debts in a reasonable amount of time. voice-verified

On the other side, Republican critics of this say that it is a handout to people who should be paying off their loans in their entirety and that it shouldn't be on taxpayers to foot the bill for loans that they did not personally take out. voice-verified

So when President Biden announced his mass debt cancellation plan back in August, this was sort of the second part of that plan. voice-verified

And it was intended to be the part of the plan that set the student loan system on better footing for the future, as opposed to the mass debt cancellation plan, which was more backward looking and was aimed at eliminating existing debts. voice-verified

That plan is currently tied up in the courts, and the Supreme Court will have a hearing on it on February 28th, and we expect a ruling on whether the plan is constitutional and whether it can go forward by the end of the court's term early in the summer. voice-verified

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