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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Appearances
or economically.
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The much more likely option is that they cancel debt for a set of borrowers.
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Now, that set of borrowers could be a gigantic set of borrowers, basically anyone who has student debt who makes under $125,000 per year.
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But nonetheless, they would not be canceling all of the debt for all borrowers.
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That's simply not on the table the way it would have been if someone like Senator Bernie Sanders or Senator Elizabeth Warren had won the Democratic primary and the general election.
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Basically, everyone from borrowers to loan servicers to the Department of Education, even to White House staffers themselves, is waiting on one thing for President Biden to make a decision about what he wants to do with the federal student loan portfolio.
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The clock is really ticking here.
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Every day we get closer to August 31st and President Biden needs to make a decision one way or another if payments are going to resume and if he is going to cancel some amount of debt for a large number of borrowers.
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Pleasure to be with you.
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The education department is going to spend the next several months working on delivering a fresh start to lots of borrowers, including people who are currently in default, allowing them to reenter into payment and have their credit scores improved.
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Pleasure to be here.
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President Biden said in his statement announcing the pause that he had reviewed a Federal Reserve Bank of New York study that showed that if borrowers were to reenter into repayment right now, we would see delinquencies skyrocket and lots of people would not be able to pay their loans, either their student loans or also their other debts that are outstanding, you know, whether that's their mortgage loan or other things in their finances, because they would just be put over the top by having to repay their student loans.
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There's been a lot of pressure on the administration to change the entire system of student debt, which most people would agree is pretty broken right now.
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And the education department is presumably gonna spend the next several months
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working on delivering a fresh start to lots of borrowers, including people who are currently in default, allowing them to reenter into payment and have their credit scores improved, as well as improving the system for income-driven repayment, which would allow people to pay something that they could actually afford as opposed to just staring at
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a level of debt that just keeps increasing that they can't seem to get rid of.
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The Biden administration certainly wants to keep in place some sort of system that allows people to be able to finance their college educations.
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But most people would agree that the current system where an 18-year-old can take out five or six figures worth of loans is not working.
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So they will work to improve that system and make sure that people from the start of their borrowing process are able to repay it going forward.
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Yeah, so roughly 90% of student borrowers have federal student loans.
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Showing 261–280 of 468 · page 14 of 24
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