Should We Forgive Student Loans? How to Stop Comparing Yourself, and When to Change Your Mind
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Welcome to Office Hours with Provoggy. This is the part of the show where we answer your questions about business, big tech, entrepreneurship, and whatever else is on your mind. If you'd like to submit a question for next time, you can send a voice recording to office hours at Prophe Media dot com. Again, that's Office Hours of Property Media dot com, or post your question on the Scott Callaway subreddit. And we just might feature it in our next episode. The first question comes from Star Hardgrove on Reddit. They say
Student load debt in the US has ballooned to one point eight trillion dollars, and I personally carry one hundred and forty five thousand of that burden. Estimates suggest that it would take anywhere from fifty billion to six hundred and eighty billion a year to make public college free for all. What's your honest prediction for the future of student loan debt in this country for those of us earning a moderate salary? Is there a smart, realistic way out of this hole. Phew, okay. I think a lot of people are dealing with us. The Trump administration resumed collections in May of this year.
According to the Federal Reserve Bank of New York, in the first three months of twenty twenty five, two point two million student loan recipients saw their credit scores drop by a hundred points, and an additional one million had drops of one hundred and fifty points or more. Uh delinquencies are spiking as of March twenty twenty five, one in four people with student loans were over ninety days late in payments. Okay, so I may not have the answer you want here, and I find there's a lot of populism around student debt and let's cancel it or A lot of empathy, which I understand. I think the president's plan to reduced substantially student debt.
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