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It's insane that they made 5b off of just 74k people in the first place
That's nearly 70k per person. For education. That's...that's greed on an evil level
Thanks, Reagan.
Careful, you might accidently summon him. No one knows the exact incantation to bring him back and frankly I'd rather add "reanimated corpse of Reagan appointed to state department" to the 2025 bingo card.
What's insane is this is barely a drop in the bucket...
There's over 1,770 billion in student loans debt.
When people say 1.77 trillion, it might not be immediate how little a few billion is to the larger issue.
But it's only around 0.2% of total debt. Probably less because the 1.77 trillion is rounded, and at this scale that's what 5 billion is. A rounding error they don't even include that digit when talking about the total amount.
Let's do all of it, and put in place a solution for all future student loans. They are robbing us blind right now, and costing future generations a chance at a debt free life.
He did do a lot more! I mentioned it in another comment a week ago, but look into what his save plan does. Lowers costs, lowers interest, increases forgiveness, etc. etc.
Save plan lowered my effective interest rate to around 2%. I'll still have to pay a lot over the next 20 years, and if the tax bomb is not removed it will be another 100,000. However my cash flow is much improved and how much I pay total has decreased drastically.
Still fighting with my student loan servicer to set me up on the plan correctly, but that is a different can of worms. The servicers need to have their contracts nullified for how terrible they have been.
Definitely better than a kick in the teeth, but it’s a shame the Supreme Court nixed the bigger loan forgiveness plan. I’m glad to see Biden is still trying to live up to his promise as much as he can given the obstructionist Congress and Supreme Court.
Here in Australia, our student loans are given and managed by the Australian Tax Office, and while they technically don’t accrue interest they are “indexed” according to inflation (CPI specifically) once per year, every year. Our repayments just come out of or income like regular income taxes - that means that the repayments are tax-deductible too. We usually get indexed around 2-3% per year but last year it was almost 8% which hit really hard. Most degrees also fall under the Higher Education Commonwealth Support (HECS) program which drastically reduces their total cost too.
Forgiving 5B in student debt VS inciting riot to overthrow our government...
bOtH sIdEs aRe tHe sAmE!!!
well one side didn't go to college so this is basically a nothing burger to them
BUT IF I DID AND I ALREADY HAD PAID IT ID BE JUST AS PISSED AS I AM NOW THAT I CANT DRAG ANYONE ELSE DOWN
DRAG??? WHAT ARE YOU SOME KIND OF FREAK?!
For a second I thought this said Biden is forgiving $5 and assumed this is the onion.
I might be included in one of the recent rounds of forgiveness (the one where if you have under 12k in loans taken out and have kept up with payments for over 10 years). I've paid off all but about $250 of it, and even making the minimum payment, I'll have it paid off in around 4 months anyway. Unless they move at breakneck speeds by government standards, by the time they actually get everything processed, $5 sounds about right. Which hey, if that ends up being how it goes, I get a free ice cream cone on Uncle Joe. Can't complain about that.
My lender has been sitting on my application for PAYE since September. And I doubt it ever gets processed as it won't help their bottom line.
Biden should have left the debt pause indefinitely and fight judges who ruled against himself. The courts allow delays. This would gain him back a lot of support and it would cost him zero political capital.
Good call, but we need to fix the underlying problem that is the ridiculous price for higher education. With every piece of information online I find it very hard to believe we can’t get average annual tuition down from 20k a year.
Cool, but will that solve anything? Greedy universities still win in this scenario.
Greedy universities
Banks, thousands of other kinds of predatory businesses that prey on students: "Ha, yes, yes! 'Geeedy universities,' that's the ticket!"
It's the universities that charge these astronomical prices for tuition, not the banks. So yes, greedy fucking universities.
It's a small measure but it's better than nothing. We need free public universities but that's outside of a presidents unilateral authority.
Averages out to be 67,567.56 per.