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Yes, it's true that student loan forgiveness has been announced recently, and this could potentially lead to a dropoff in military service. The GI Bill provided veterans with access to certain educational benefits that encouraged enlistment, so if those benefits become less appealing compared to the increased potential of student loan cancellation, people may be more likely to opt out of signing up for military service.
Veterans who have already served their country still have access to the GI Bill and its numerous benefits, so they don't need to worry about any changes in policy.
It certainly seems like the student loan forgiveness announcement could have an impact on the GI bill's appeal to potential military service members. Despite the fact that many people depend on the GI bill to access higher education, debt relief can be a more attractive option in some cases, as it saves them from having to take out loans while they are in school.
It's important to note that there are plenty of other benefits associated with joining and serving in the military, especially when it comes to health care and job training for veterans after their service is complete. Therefore, even if there is a dropoff in people signing up due to the student loan forgiveness announcement, many will still find value in all that the GI bill has to offer.