10 'Nerdy' Year-End Planning Tips for 2022: Jeff Levine
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7. Update clients on the state of federal student loan debt relief efforts.
At the moment, Levine said, efforts by the Biden administration to forgive significant amounts of federal student loan debt appear set to be blocked by a very conservative Supreme Court.
“Advisors should tell their clients to be prepared to start paying back the debt again at some point in 2023, and the debt needs to be factored back into the overall financial plan,” Levine said. “Many advisors have clients who have applied to the program and who were expecting to see quite a bit of debt forgiven.”
Levine also reminded advisors that some 9 million student loan borrowers who had applied for relief had received incorrect emails between Nov. 22 and 23, stating that their debt had already been forgiven.
“This is worth bringing up and keeping an eye out for,” Levine said. “You very well may have clients who now falsely believe this debt is already gone, notwithstanding what happens in the Supreme Court.”
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