1y ago

Biden launches ‘most affordable ever’ student loan repayment plan

www.theguardian.com Biden launches ‘most affordable ever’ student loan repayment plan

Announcement comes two months after supreme court struck down Biden’s original debt forgiveness plan

Federal student loan borrowers can expect “the most affordable student loan plan ever”, Biden said in a video address on Tuesday announcing significant changes to the debt from higher education held by over an eighth of the country.

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The .gov page has a pretty extensive FAQ.
- Do you still pay interest on those loans with low monthly payments? Because that will just make the problem worse in the long run.
  
  Yes, but the interest charged per month can't be higher than what you pay, so your balance can never increase if you're making payments.
  
  Also there is a forgiveness period after 10+X years for $12+X thousand in subsidized loans (as I understand it).
- This is great, but they should just have one gigantic green square that covers everybody.
  
  It would be simpler, but then we would be subsidizing the 1% student loans. We already have that problem with social security: giving out massive payments to rich people while the program slowly runs out of money.
  
  The 1% pays more in taxes, presumably, but their cost of education is not higher than anyone else. So who is subsidizing whom?
  
  Who cares? This is how they fuck us. We can't help anyone because someone who doesn't need help can get it? Life is unfair you don't make it less fair by making us all suffer.
  The vaccine is available for free to everyone, as a result people who wanted it got it. That means the homeless and billionaires.

50 comments