Administration Rolls Back Education Loan Forgiveness For Many

Administration Rolls Back Education Loan Forgiveness For Many

Last Thursday, the Department of Education said that borrowers with privately held student loans would no longer qualify for forgiveness. This latest development is in response to seven states bringing legal actions against the Department.

The legal actions claim that the Department doesn’t have the authority to forgive the loans in the first place. Given the Administration’s actions in now only forgiving a portion of the loans, it’s obvious that there’s a basis for the claim.

This may put the entire program in jeopardy.

First, think of the people who have privately held loans vs. those with loans housed at the Federal Level. How unfair is it for the government to forgive one and not the other?

Next are the people who saved their money and paid their education bills without going into debt. Why should they be penalized for actually paying their bills?

This situation seems to be backfiring for the Administration and it couldn’t be happening at a worse time. With the midterms elections hovering in the next six weeks, it will be interesting to see how this situation is handled.

I will continue writing about this continuing story.

Let me leave you with this.

A couple of things happened last week that I wanted to share.

I went to the funeral of a dear friend last week. She was a member of my congregation that I’ve known for the past fifty years who died from old age.

I had a chance to talk to my Pastor who told me that one of my columns would be a part of his sermon on Sunday. The basis for his message was Paul’s letter to one of his churches where he talked about the necessity in life for hard work. My column last week on labor productivity rates dovetailed well into the gospel message for Sunday.

I also was contacted by one of my friends who owns a record label who also does radio down in South Florida. He wanted to use my tag line for the Public Safety Announcements that he’s doing to help the people ravaged by Hurricane Ian.

It’s my pleasure to know that his listeners in Florida will hear the words, “We’re all going to get through this. Let’s get through it together, ” at the end of all of his spots.

In a million years I never thought that my words would be used in either a sermon or a radio message intended to help thousands of people. My point is not to brag, but to remind all of you about the power of Entrepreneuring.

Whether you’re a butcher, a baker, or a candlestick maker, you’ll never know all of the good that you do in this world. As Entrepreneurs, if we lead our businesses in a positive manner trying to help people, we will never know all that we do to make our world a better place.

Take a moment and think about all of the lives that you’ve changed over the years. None of that would be possible if you hadn’t been crazy enough way back when to go out on your own.

Entrepreneuring isn’t easy. It shouldn’t be. But the next time you’re really up against a nightmare of gargantuan proportions, take a moment to think of the lives you have changed.

Think about the good you have done. Realize that the hard work and sacrifice is truly worth it.

Then get back to doing your good work.

We’re all going to get through this. Let’s get through it together.

Accounting Solutions Ltd. stands ready to complete our mission and purpose of protecting you, your family, and your business. Whether you need Employee Retention Credits, M&A Due Diligence, Payroll Services, or Accounting and tax Work, you have but to ask. I’m here and I remain,

Sincerely yours,

Chris Amundson
Accounting Solutions Ltd.

Note that the only professional services provided by Accounting Solutions Ltd. are those specified in a written communication from our office detailing the scope of services to be rendered and the terms and conditions applicable to the engagement.