What about student loans? During the coronavirus pandemic, many college students United State They took advantage of some procedures to get loans and in 2023 the youth had new news about this issue. According to various media reports, the government was planning to cancel up to $20,000 in debt owed to federal borrowers. Therefore, many are wondering if this will resume from June.
Currently, student loans are paid off in a process that will be determined by supreme court It will decide whether millions of young people will have to continue paying their debts from mid-2023.
Joe Biden announced, in August 2022, that there was an intent to submit a proposal to forego a portion of the student loan; However, this could not be determined because the arguments had to be heard in court, according to CNN in Spanish.
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For this reason, the judges supreme court They had to listen to the relevant arguments to make a decision. Then, we tell you if those loans should be paid back in the coming months.
What is a student loan?
This is one of the big questions that many young people ask themselves. In view of this, consumer .ftc He argued that student loans fall into two categories: federal and private.
It is the assistance that is delivered directly by the US Department of Education. There are also additional loans aimed at graduate students or professionals.
These loans are delivered by private entities such as banks or credit unions.
Differences between federal and private student loans
According to the portal usa.govto apply for Federal loan The student must be enrolled in a college or technical school that is included in the School Loan Program.
In case you want a file Private loan You should keep in mind that these earn higher interest and fees than the federal ones. Another detail is that they offer a bit of payment flexibility.
What did the US government suggest?
Joe Biden As suggested, as stated The opinionForgive up to $20,000 in federal student loan debt for those earning less than $20,000 $125,000 year or less $250,000 For married couples.
Will students have to pay their loans from June?
Once the case is resolved by the High Court of Justice, the students must know if they will continue to pay their debts.
It was reported that if justice The verdict will be against the students within 60 days calculated from June 30 to start paying off your debts. They have to check if your data has been updated in the computer system. To do this, you have to enter the web portal StudentAid.gov.
What is the payment process?
Taking into consideration Deadlines are indicated Students will get an account statement regarding what they have to pay. There you must specify the amount, payment date, interest and other details.
What did the Minister of Education say?
Minister of Education Michael Cardona He asserted that the government team that presented its arguments in the process made a good defense of the proposal for the benefit of 40 million middle- and working-class Americans.
“Our management trusts our legal authority to endorse this plan, and today I make it clear that opponents of the program lack the standing even to take their case to court.”Cardona told the lenders in an email sent to CNN.