What’s Next for Student Loan Borrowers?

The video discusses the relief package signed by President Biden, which includes a tax exemption for student debt discharge until 2025. It highlights the struggles of borrowers like Mary Beth Smith during the pandemic and explores the potential economic benefits of widespread debt cancellation. The political debate over loan forgiveness amounts, with figures like Chuck Schumer advocating for higher limits, is also covered. The video emphasizes the importance of loan forgiveness in promoting equity, particularly for borrowers of color who rely more on loans for education.

What is included in the relief package signed by President Joe Biden?

• A tax exemption for student debt discharge until 2025

• Immediate cancellation of all student debts

• A new student loan program for future students

• A reduction in interest rates for student loans

How did the pandemic affect Mary Beth Smith's career?

• She received a promotion in her theater career

• She switched to a different career entirely

• Her income was unaffected by the pandemic

• The shutdowns severely impacted her income

What is one potential benefit of widespread debt cancellation according to advocates?

• It would decrease the number of college graduates

• It could increase the national debt significantly

• It could lead to higher interest rates

• It might stimulate the economy

What is President Biden's preferred approach to student loan forgiveness?

• Immediate cancellation of all student loans

• A congressional act with a $10,000 cap

• No action on student loan forgiveness

• An executive order for $50,000 forgiveness per borrower

How could loan forgiveness potentially benefit borrowers of color?

• By reducing their access to higher education

• By limiting their ability to purchase homes

• By leveling the economic playing field

• By increasing their student loan interest rates