Biden's student loan forgiveness plan

https://www.verifythis.com/article/news/verify/education-verify/biden-student-loan-debt-forgiveness-plan-who-qualifies-how-to-apply/536-759ec5e6-9968-45f7-8518-909b76cd4d35

Share your thoughts and opinions.

What do you think about this?

great idea, should have been more but whatev

It's nice for people who currently have student loans, but other than that stupid and ultimately pointless. Universities will likely just jack up their prices.

43 million Americans have student loan debt, so it's arguably the most effective Government relief program in decades.

Good start, now force universities and colleges at gunpoint to make themselves affordable. 👆

While it's not perfect, I am pleasantly surprised Biden actually managed to pull it off.

In addition to the 10-20k, they are even covering unpaid interest. Going forward, as long as borrowers stay current with monthly payments, they won't have to pay more than their original loan. This includes income-based repayment plans, which can allow borrowers to have 0$ monthly payments.

Here's a radical thought. How about just paying graduates enough so they can afford to pay their own debts within a reasonable time frame.

Yeah, fantastic job.

Imp I hit yes by mistake please change my vote, apologies.

Originally posted by jaden_2.0
Here's a radical thought. How about just paying graduates enough so they can afford to pay their own debts within a reasonable time frame.

Originally posted by Tzeentch
how would you propose that the executive branch accomplishes that? $80 minimum wage?

I'm not proposing the executive branch do it.

Originally posted by jaden_2.0
Here's a radical thought. How about just paying graduates enough so they can afford to pay their own debts within a reasonable time frame.

Workers should be paid a fairer share than they are, and we should have affordable/free higher education.

Originally posted by ares834
It's nice for people who currently have student loans, but other than that stupid and ultimately pointless. Universities will likely just jack up their prices.

Certainly a Step in the right direction, and impressed Biden has gone ahead with it.

Still kinda feels like its not enough to really help. But enough for the right to b*** about inflation.

Style time is spot on re: a fair days pay for a hard day's work. When I was young almost everyone in the UK believed that.

Originally posted by jaden_2.0
I'm not proposing the executive branch do it.

As for the rest of you I really don't understand the midwit cynicism on display in here. As I pointed out above there are 43 million Americans with student debt. Half of them have less than 10k in debt, meaning that for those people their debt is completely wiped out. Considering that most of the people who have student loans are young adults and therefore people who are just getting started with their lives and our financially vulnerable, how can anyone with a brain say that this is not a titanic burden lifted off our society.

Originally posted by Tzeentch
then what's your point really. I mean if we're talking about perfect scenarios then higher education should just be free, along with food, housing and power.

Originally posted by Tzeentch
then what's your point really. I mean if we're talking about perfect scenarios then higher education should just be free, along with food, housing and power. Perfect is the enemy of good however, and there's nothing wrong with incremental steps to improve peoples' quality of life.

As for the rest of you I really don't understand the midwit cynicism on display in here. As I pointed out above there are 43 million Americans with student debt. Half of them have less than 10k in debt, meaning that for those people their debt is completely wiped out. Considering that most of the people who have student loans are young adults and therefore people who are just getting started with their lives and our financially vulnerable, how can anyone with a brain say that this is not a titanic burden lifted off our society.

My point is that a single income for a person with only a high school education used to be enough to comfortably sustain a family with 3+ children whilst buying a property. Now a couple both with university level educations could barely afford to rent a 1 bed apartment due to cost of living outstripping earnings by an enormous amount.

Having private debt written off or paid for by the taxpayer will just encourage those institutions who are owed the debt to continue their practices because they'll think the government will always cough up regardless. This exact scenario is playing out right now in the banking industry. It also means that employers won't get any pressure into paying employees a fair rate because they know the government will step in to help. This exact situation is currently playing out in the UK where energy bills are skyrocketing and the government is giving households money to pay their bills and low and behold the energy companies have already announced that bills are to double again in January. The energy price cap now having gone from £1,300 in March 2022 to £3,549 yesterday and expected to go as high as £7,700 buy April 2023 and so long as the government keeps stepping in to pay people's bills I wonder what will keep happening to the prices.

Originally posted by Old Man Whirly!
it was free for me, I got grants in the UK to go to University. It meant diversity of ethnic and economic groups was more common then in HE. All gone now, only for the rich tbh. Sending my kids has cost me a fortune.

Tbf theres massively more Uni admissions now, so its a lot more expensive for the government to pay for.

Originally posted by Tzeentch
As for the rest of you I really don't understand the midwit cynicism on display in here. As I pointed out above there are 43 million Americans with student debt. Half of them have less than 10k in debt, meaning that for those people their debt is completely wiped out.

Average is $40k according to this:

https://abc17news.com/stacker-news/2022/08/25/how-student-loan-debt-has-increased-over-time/#:~:text=As%20of%20June%202022%2C%20the,totaled%20%2439%2C381%2C%20according%20to%20Experian.

But yeah its a promising first step for sure.

Originally posted by StyleTime
It's not an either/or scenario.

Workers should be paid a fairer share than they are, and we should have affordable/free higher education.