2020 Election | Debt Collection, Consumer Debt & Student Loans

TL;DR

The outcome of the 2020 presidential election is unlikely to significantly impact student loan policies or debt collection regulations, but local judges elected in the election can have a direct impact on your debt-related cases.

Transcript

• Hey everybody, John Skiba here. And in this video I'm going to go into kind of treacherous waters. I'm going to discuss how the 2020 presidential election may impact you and how you're dealing with your debt problem. But if this is your first time here to my YouTube channel, go ahead and click subscribe, check off on that little bell, that way yo... Read More

Key Insights

• 🤨 Student loan forgiveness is unlikely to be implemented, as it would require a significant shift in policy and raise concerns about fairness and taxpayer funds.
• 🐕‍🦺 Existing federal programs, such as income-based repayment and public service forgiveness, will continue to be available regardless of the election outcome.
• 🛀 The Trump administration has shown less support for the CFPB, potentially affecting the level of regulation for debt collectors and debt buyers.

Questions & Answers

Q: Will either Trump or Biden administration propose student loan forgiveness?

It is unlikely that either administration will implement full student loan forgiveness due to the expectation of loan repayment and concerns about fairness. However, existing federal programs, such as income-based repayment and public service forgiveness, will continue to be available for borrowers.

Q: Can private student loans be included in federal loan forgiveness programs?

No, private student loans are not covered by federal loan forgiveness programs. Private student loans are essentially large credit card debts and are not dischargeable in bankruptcy.

Q: How different are the Trump and Biden administrations in regulating debt collectors and debt buyers?

Both administrations have taken action against debt collectors and debt buyers. However, the level of aggressiveness may differ, with the Trump administration being generally less supportive of the Consumer Financial Protection Bureau (CFPB) which oversees debt collection practices.

Q: How can the election of local judges impact debt-related cases?

Local judges have the power to make decisions in debt-related cases, such as debt collections, evictions, and repossessions. Electing judges who prioritize consumer rights and fair treatment can lead to more favorable outcomes for debtors.

Summary & Key Takeaways

• Student loans are a pressing issue, but neither the Trump nor Biden campaign has proposed significant changes to existing federal programs. Private student loans are not covered by these programs.

• Both Trump and Biden administrations have taken action against debt collectors and debt buyers, but the level of aggressiveness may differ. However, the impact is unlikely to be significant for debtors.

• The election of local judges can have a direct impact on debt-related cases, such as debt collections, evictions, and repossession. It is important to research and consider the positions of local judges on the ballot.