How do you announce this without telling people what income it will be based on. Just compete and utter incompetence.
So looks like they pulled the trigger on the puniest option available, no surprise. GOP attacks are out in full force as if loans were completely forgiven, not a surprise considering both sides are using âforgivenessâ instead of âreliefâ in talking points. We forgave student loans back in August Jack, stop asking.
yeah, this. The $10k forgiveness isnât the headline. The capping payments at 5 percent of discretionary income, raising the threshold for discretionary to 225 percent of hte poverty level, and forgiveness after 10 years is going to make a huge difference for lower income graduates, minority communities, etc. This is the most progressive thing to happen to student loans in 50 years. I had a lot of criticism for Biden, but short of actually forgiving all debt, this is a close second. Itâs going to amount to a lot more than $10k for most people.
Edit: I see the forgiveness after 10 years is for balances only under 12k. While not as good, capping payments at 5 percent of discretionary income with the balance forgiven after 20 years is still going to be life-changing for a lot of people.
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The Biden administration has rolled this out as if they expect Democrats to be punished at the polls because of it and were looking for the least harmful way to do it.
Cowardice is their driving principle
Am I being to simple here or does this basically mean that PSLF is irrelevant now?
With the 12k cap I think PSLF is still going to be relevant for people with post-graduate degrees, or a lot of undergraduate debt.
Ahh I missed the $12k part.
Like jman said changing the income based repayment stuff is way way more important and progressive than the puny forgiveness amount.
He should have just wiped it all out but this is a lot better than nothing. I still owe a decent chunk and will get nothing(which is fine)but this will help a lot of people.
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Yeah this is actually better than I expected but the loans restarting without real system reform is a huge lost opportunity
Biden is going to defer to Congress when it comes to real reform on anything.
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The biggest problem with it is definitely that. This is all that is happening on this ever and it isnât remotely enough.
But thatâs pretty much the Dem party mantra at this point. So it is what it is.
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Right, and Congress has done zero in terms of real reform on any issue despite the mortal peril it has placed the Democratic Party and all of democracy in the US. Sort of the crux of why I dont really care much about midterms.
All those attacks were coming regardless of the forgiven amount. Knowing that and going ahead with the smallest amount on the table seems silly.
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I got you.
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Damn, I was really hoping theyâd have his hands animated in a âmake it rainâ motion. Iâm disappointed.
Also if anyone thinks that front page would look any different if theyâd just forgiven all student loans, theyâre an idiot. But there Dems go negotiating with themselves again.
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I give them my income once a year until the pandemic
LOL this is going in my favorites for sure
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