Remember back in August of 2022 when we were all stoked to hear about the Biden Administration’s plan to forgive federal student loan debt? Yeah. Things have changed.
I’m here to update you on the status of federal student loan forgiveness. Shit’s complicated though, so if you didn’t read our FAQ about the program when it was first announced, you might want to get that background before reading any more. Go ahead, we’ll wait.
Now that you have the background, I’ll give you the latest on where federal student loan debt forgiveness stands, along with some guidance on what student loan borrowers can do from here. Spoiler alert: there’s Bitch-on-Bitch drama at the end.
In the superhero origin story of Bitches Get Riches, student loan debt was our very first super villain. Only through defeating it did we become the Bitches, mighty warriors for truth, justice, and the debt-free way.
And since that legendary victory, we’ve had a lot to say about student loan debt: how it’s a uniquely predatory form of debt, how hard it is for many to escape, and why those desperate enough to get into student loan debt shouldn’t feel ashamed for wanting a way out.
So it should surprise no one that in the debate over whether or not federal student loan debt forgiveness should be a thing, our position is a resounding hell yes.
This week on the podcast we let out all the repressed rage we’ve been holding in at those who say things like “I don’t want to pay for someone else’s education,” and “I paid my student loan debt and so should you.” So tune in (or read the transcript below) to rage-scream with us!
***BREAKING NEWS UPDATE! The federal student loan forgiveness application is now LIVE! You can fill it out here. Ok now here’s the article.***
When I heard that President Biden was pushing through a massive federal student loan forgiveness initiative, I knew exactly what I had to do. I dropped what I was working on and immediately grabbed my phone.
I texted Piggy, my coblogger, to let her know what truly mattered in this situation: thatI was right, and she was wrong, neener neener neener.
You see, back in March of 2021, I wrote a case study dissecting an IRL friend’s financial situation. In editing my article, a disagreement surfaced between Piggy and I over the likelihood of student loan forgiveness. She considered the possibility of $10K in student loan debt cancellation so remote that she strongly pushed me to remove it from the article altogether. We settled for explaining both our stances in editorial notes, which you can still read here. (Piggy: In my defense, I’ve heard this campaign promise since I was a starry-eyed 17-year-old college applicant at a John Kerry for President event.)
But I was right. As I always am! I’m a seer, a sage, a prophetess. If I had letters tattooed across my knuckles, they would say TOLD and YASO. I am Samuel Gerard, United States Marshall, ruff ruff ruff!
Okay, okay, gloating aside… A big chunk of federal student loan debt is indeed being canceled. At long last, Cancel Culture is ASCENDENT!
I know our readers have a ton of questions about how this student loan forgiveness package works. Follow me, dear children, and I will answer all of your questions in a rapid-fire FAQ.