- $10k cancellation for those making less than $125k annually
- $20k cancellation for Pell Grant recipients
- Student loan pause extended until December 31st
- 5% of monthly income cap on student loan payment (optional?)
Honestly pretty sick for me and my family. Wipes out my debt, my mom’s debt, and most of my sister’s. Wish we could’ve gotten more, since there’s no good reason not to go to at least $50k, but from a selfish PoV it’s hard to complain in the moment
Even if they ever manage to do anything good it’s always in the most convoluted stupid way possible
The number of people on Reddit complaing because they paid off their loans or didn’t go to college makes me so sad. Really we are no better than toddlers that are mad because we didn’t get what others had.
I may have been on /r/economics so that may have something to do with it haha.
i was almost sad but my loan was private so it probably wouldnt be forgiven.
Why would you have taken a private loan when federal loans were so much cheaper? You probably are thinking of an FFEL loan, which would be forgiven
I always remember that research about how Americans are okay with a social safety net unless it helps minorities.
And wouldn’t you know it? Student loan forgiveness helps minorities.
Snarkiness aside, I don’t find a society this inherently selfish a healthy one. Shit’s gonna blow up.
What’s funny is how strategically weak this is. For most people with student loans this won’t affect their day-to-day at all, they’ll still need paying their monthly payments. The emotional impact of having your loan wiped clean today rather than you’ll be paying your loan off for three years rather than four is incomparable. For most people this won’t actually change their lives until after the midterms or even potentially after his term is up entirely.
At $50k he could have brought an army on non-voters online who all collectively experienced getting a $500-1000 a month raise. Instead a few people actually wipe their debts and he has this albatross around his neck to defend during record inflation.
Don’t get me wrong this is objectively good, but he just can’t help himself to not to the entire good thing even if it would help him politically.
Excuse me that would be populism and doing things that people like is bad because uh trump
You joke, but a lot of liberals think that politics always has to result in a hackneyed compromise policy that everyone loathes. Anything unilateral would be abusing their power or would prevent conservatives from working with them down the road, which…lmao.
Throwback to Greta Thunberg who, upon being asked what she would have Biden do if she were given a blank check, responded that she wouldn’t have him do anything because that would be undemocratic.
Yes, the planet is a derelict lump of superheated ash, but for a beautiful moment in time we created a lot of rules based order for our liberal democracies!
Loans are paused and the pause is extended to December. Most people aren’t making monthly payments just now. Technically even a full cancellation wouldn’t affect my day to day since I’m not paying
That’s interesting, I don’t live i the US I assumed pausing loans was just an optional thing people could opt into if they had trouble with funds.
Has been been paused since the beginning of the Pandemic. Each time the deadline came up either Trump or Biden has delayed it. Now the Sept deadline is moved to December
For many Americans Joe Biden will be the reason they’re forced to make their first student loan payments
It would effect your credit score. I could maybe get a mortgage if they wiped out all of my student loans
During the pause it does not affect your credit score. I haven’t been missing payments, I haven’t had payments to pay.
Funny thing, this will probably actually hurt my already shitty credit. The average age of accounts will drop significantly when my student loans are gone.
This is exactly what I was telling people. Like yeah this is definitely better for me, but my life doesn’t really change because I still have significant debt and payments to make.
They can’t help but do half measures.
people with student loans this won’t affect their day-to-day at all, they’ll still need paying their monthly payments.
Every loan has a period of payment. If total loan amounts are reduced, the monthly payments are reduced.
if you don’t live in the US how can you say you’re informed enough to deem this not good?
That’s only if you’re making the minimum payments, no?
I’m not sure what special powers living in the US would grant me. Also I did say it’s objectively good.
That’s only if you’re making the minimum payments, no?
Not sure I follow you here.
I’m not sure what special powers living in the US would grant me. Also I did say it’s objectively good.
Have you taken out student loans? Have you taken student loans from the US federal government? This would kind of help in making an observation about the logistics of loan payments.
Oh wowie slightly reduced payments on my still exorbitant debt I’m so happy thank you lord Biden
What is this
but prescribing a cure to a cancer patient would be unfair to all the people who already died from terminal cancer :frothingfash:
Still means tested of course, but I honestly expected nothing, so yay I guess?
