January 28, 2022 marked my one year anniversary of paying off my student loans . Reflecting back on choosing to pay off my student loans leaves me with several take a ways that I want to share with you! In September 2020 I decided to become debt free by utilizing the debt snowball method to pay off all my debt. Before this I had struggled to save and really understand basic financial principles. As a first-generation college student, I received a scholarship to attend undergrad for free, but the scholarship did not cover summers. During the summers I took out student loans to cover costs without paying interest rates or how much I was taking out. By the end of undergrad I had amassed a little under $17K. Fast forward to graduate school I received another scholarship that covered my education. At the time I was a teacher in a new very expensive city and I had missed the cutoff to have my paycheck last me throughout the summer. So, I decided to take out a loan for two summers to keep
Alright guys, I’m back with another student loan
forgiveness update but this time it sounds like we may be on to something here!
Several reputable reports have stated that Mr. Biden will be making an announcement
soon regarding widespread student loan forgiveness. If you remember during the
Biden Administration’s campaign trail there was much talk about forgiving $10K
in student loan debt for all borrowers. Now, it seems like we may be at
the doors of this actually happening!
Figure 1: This is a thumbnail of my latest YouTube video “Another Student Loan
Update from Mr. Byron where I am resting my hand on my chin with a suspicious look
on my face next to a photo of Joe Biden.
Biden had planned to announce this last month but due to a trend of recent events in our country this was put on hold and rightfully so. Several sources are saying that Biden will announce the $10K in student loans that he previously promised to borrowers. However, there will be some restrictions. This will only be available to singles who make $150K or less and for couples who make $300K or less. I have also heard (not sure on this detail) that it will only apply to undergraduate student loans which may cause some uproar.
Figure 2: This is a photo of a black women with long braids wearing a yellow
shirt. She is typing a message on her phone that starts with “Dear Student Loans.."
Many folks were hoping that more than $10K of their student loan debt would be forgiven.
Would $10K make a difference in your student loan balance? As you know I paid
off my student loans in January 2022 and I must say it feels great to not be
affected by this. If you are wondering how you can do the same head over to my
YouTube channel for my FREE 8 Steps to Get Rid of Student Loan Debt listed in
the comments! You can do it too!
Figure
3: This is a photo of a graduation hat that says “Cancel my Student Debt” that
is on top of a pink stick figure.
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