No Loan Forgiveness, Resumption of Payments, Meter Ticking Again on Interest - Will There Be The Big Stay at Jobs?
Over and over again I warned my Tarot-reading clients: Don't count on student-loan forgiveness. Also, I reminded them that repayment would be scheduled soon enough and the interest will again be added to the original amount of the loan or loans. No, I didn't have a good psychic feel for the Biden Administration's plan. Unfortunately, I was right. SCOTUS, 6 to 3, ruled no. The disappointment, as The Wall Street Journal chronicles, is palpable throughout the United States. But once that emotion is processed, then there is the moving on to the painful financial reality of being saddled with educational debt which over time, if not paid off as quickly as possible, could balloon into funny money because of the interest. In itself that realization, at least among the student-loan debtors, could usher into the labor market The Big Stay. There could be long-term risk aversion about changing jobs. The how of earning a living could circle back to boomer parents who considered the ...