Massive Student Debt News For Students In New York State
The graduation season is here in New York State and as much as we love to celebrate, there is also plenty of anxiety over what lies ahead for those who owe money for their student loans. High school seniors are also paying attention to what happens next with student loans as they get ready to sign papers for funds.
The debate over student loan forgiveness continues as some are saying that it is not fair to those who have worked hard to pay down or pay off their loans. For some, it took decades of payments and they feel there should be some reimbursement for their payments IF the decision is made to wipe debts.
This past week, there was verdict reach at the Supreme Court level that involves billions of dollars of debt and affects thousands of students.
NBC reports that this will be huge for 200,000 students.
The class-action settlement concerns loans that borrowers claim should be canceled because they were taken out based on misrepresentations made by their schools, many of which are for-profit. The settlement could be worth more than $6 billion.
I took nearly 20 years to pay off my debts for my college education. I knew going in to school what my agreement was and what my responsibility was to pay loans back. I personally don't feel the need for reimbursement of the loan principal. I could listen to an argument over the interest that I paid on the loan. But without my college education, I am not sure what my path would have been and I am very grateful for the education that I paid for and the things it has allowed me to get.