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 · Student-Loan Repayment Pause May Be Extended · 27 Jul 2022 podcast

It's great to be here. voice-verified

There is no plan that's been announced for another extension. voice-verified

This is something that's been extended six times before, twice under President Trump and four times under President Biden. voice-verified

But for now, we still don't know whether there will be another extension past August 31st. voice-verified

This is basically an insurance policy on the part of the Department of Education to make sure that they're ready just in case there is another extension of the student loan payment pause. voice-verified

These companies that service loans need to contact borrowers at least 30 days in advance to get people ready to start repayments. voice-verified

They need to know voice-verified

where their loans are, who holds their loans, how much they owe, and who to make the checkout to. voice-verified

And all of that takes a lot of communication, and it requires loan servicers to be able to answer borrowers' questions about their loans. voice-verified

Now, you can imagine with a $1.6 trillion federal student loan portfolio from 40 million borrowers, there's probably a lot of questions out there that qualified people need to be able to answer. voice-verified

So these companies that service loans need to train new employees and get ready to answer all of these questions so that whenever the repayment restarts, it goes as smoothly as possible. voice-verified

The Biden administration continues to cite economic difficulties coming out of the pandemic as the reason for continuing the pause, or at least that's what they said back in April. voice-verified

Since then, Republicans have attacked the administration for basically giving out, in voice-verified

have tried to make this very uncomfortable for Democrats, especially Democrats who are running in elections this fall during the midterm elections. voice-verified

And they want them to talk more about their positions on student loan forgiveness because they think it's a winning political issue for them in the midterm elections. voice-verified

Behind this whole debate over mass student debt cancellation, it shouldn't be ignored that the Department of Education has already canceled around $26 billion for hundreds of thousands of student loan borrowers through programs that target people who work in public service or people who are disabled or people who have been defrauded, usually by for-profit schools. voice-verified

But in terms of the biggest decision, these 40 million borrowers who hold $1.6 trillion in debt, they're looking at $10,000 of forgiveness for people whose incomes are below $125,000. voice-verified

Now, some of those numbers might be tweaked a little bit, but that's generally what we understand the White House is considering going forward. voice-verified

That's extremely unlikely. voice-verified

People in the White House don't think that they have the legal authority to cancel all student debt, nor does President Biden think that's the smart thing to do, either politically or voice-verified

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