I struggled for almost thirty years to pay off my student loans. I have paid roughly $120,000 on the $25,000 that I initially borrowed.
I owe about $12,000 more, and I’ve been making payments regularly throughout the pandemic and so-called “suspension” of student loan payments.
And now, since last year I finally made too much to qualify for the new loan forgiveness, I still have to pay the remaining $12,000, plus 12% interest, which I will finish doing a little over a year from now.
And I am absolutely, 100%, in favor of the current student loan forgiveness scheme that Biden just did.
Why? Because it was depressing as hell living under that much debt that for years, I could see no way out of. The weight of it was crushing. It affected every aspect of my life. It made it impossible to get a new car, or a house, and even apartments cost more because of the affect it had on my credit rating, not to mention all the times they were garnishing 30% of my paycheck to just pay interest while the total amount I owed kept piling up.
In short, it sucked. I wouldn’t wish it on anybody. Why would you?
In addition to that, though, there’s also self-interest.
How do I benefit when I don’t qualify for loan forgiveness anymore?
Well, I am also a small business owner. As such, the idea of millions of people suddenly having some amount disposable income thrills me. I love the idea that millions of young people across the country might find themselves in a position to afford small luxuries like, for example, a new paperback book, where they wouldn’t have spent the money before.
If you own a business, or work for a business, you should be happy about this too. Even if you’re too selfish to be happy that other people might find some relief themselves.