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 · Your Student Loan Payments Could Be Cut in Half Under New Program · 28 Sep 2023 podcast

They're trying to go through the normal education department regulatory process.

So they will start having hearings in October to discuss what a mass debt cancellation program would look like in the form of a regulation.

And they hope to finish up that process over the next several months.

But it's a much more cumbersome process than the executive action that they attempted last year.

Well, I think there's no secret that President Biden is nearing the end of his first term.

So there's certainly a rush politically to get this done so that voters can see that they are still trying to cancel debt before next year's election.

And also, if the plan is successful and is not struck down by the courts,

Republicans, if they win the election, could potentially overturn it if they controlled Congress and the White House.

So there is a rush to get it done for multiple types of political reasons, largely related to next year's election.

So generally, the student loan system will not be affected by a government shutdown.

However, when enrolling for a new program like this, if your application needs to be approved by the education department, that process might get slowed down during a government shutdown because the people who would be approving it would not be working that day.

However, if you have questions about enrolling or whether enrolling would be right for you in your financial circumstances, loan servicers who are the main point of contact in the federal student loan system are private companies and they still will be working during a government shutdown.

WSJ Your Money Briefing · Many Borrowers Aren’t Ready to Resume Student-Loan Payments · 16 Mar 2023 podcast

It raises concerns that these younger Americans are less likely to have the savings to tap when their finances are stretched.

And it raises the likelihood that they could default.

Pleasure to be with you.

So a couple of weeks ago, the Supreme Court heard arguments in the case, and the decision is expected by the end of the court's term late in June.

So in the months between now and then, we're not really likely to know anything from the courts or get any signals that they're going to rule one way or another.

So they will either rule that President Biden's plan can go forward or they will strike it down as unconstitutional.

So payments would restart about 60 days after the court issues its ruling or the Biden administration implements the program.

And just a reminder, that program would cancel up to $20,000 in debt for people who make under a certain income threshold and comply with certain other requirements.

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