| The Biden administration's student debt relief plan was, of course, very big news that impacted tens of millions of Americans.
While it was a reason for celebration for students and parents alike, it also caused a whole lot of confusion.
So, when President Biden announced the details of his student loan forgiveness plan last week, the CNBC personal finance team went into action. The team covered this complicated story from every angle. My team of reporters delivered timely, accurate and informative stories and provided the CNBC audience with everything they needed to know about that student loan forgiveness plan.
Our coverage that day broke down what was really important for the readers to know and understand. To that point, the team produced 10 stories the day of the Biden announcement, and we provided another 10 stories in the days that followed.
Stories included an overview of the plan; an explainer on how to figure out whether you qualify for student loan forgiveness; and how Pell Grant recipients can get $20,000 in student loan forgiveness instead of $10,000 and how to check if you qualify. We also took a look at how some borrowers can get a refund on pandemic student loan payments and maximize forgiveness.
We explained how loan forgiveness only applies to federal loans. It doesn't apply to private loans like Sallie Mae, LendKey or Sofi. We also detailed how the student loan repayment will be paused until Dec. 31. This is the final and last time the student loans will be extended. Payments will resume in January.
The team also looked at the 13 states that may hit borrowers with up to $1,100 in state tax liability on forgiven student loans and how to know if your debt cancellation will trigger a tax bill; how scammers are using student loan forgiveness as bait, and some tips to protect yourself; and how the student debt forgiveness plan may cost taxpayers an average of $2,000.
So, why was the loan forgiveness plan such an important story to cover?
While there are varying opinions (pro and con) on the plan, supporters of student loan cancellation say wide-scale forgiveness offers multiple benefits. This includes economic stimulus, reduction of disparities and financial relief for student loan borrowers to get married, start a family, buy a home, save for retirement or start a business.
We will continue our news coverage on this important topic. If you are a borrower and would like to share your story, please feel free to reach out to CNBC reporter Annie Nova (annie.nova@nbcuni.com) who has been leading the student loan coverage.
For more cool stuff like this, be sure to visit CNBC's Financial Advisor Hub and Personal Finance section. |
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