in mid-August. “I don’t think I’ll be able to pay off these loans in my lifetime,” another debtor told me.
As I listened to these stories in a Zoom breakout room, I couldn’t help but feel overwhelmed by the conclusion that debt controls the lives of millions of people in the U.S., especially our most vulnerable. The Debt Collective, the nation’s first debtors’ union, is known for opening and facilitating powerful forums for conversation that enable folks to release the burden of shame and talk about how debt has impacted their lives.
For many people, canceling $10,000 will not even make a dent in their balance. Borrowers with high debt-to-income ratios — those who live paycheck to paycheck, who worry about making rent after their loan payments each month, who find it difficult to imagine ever being able to purchase a home — will barely feel the relief this policy was meant to offer. This particularly holds true for Black borrowers.
Moreover, Biden’s goal is to make it easier for people to keep up with their monthly payments by providing an IDR plan that cuts the total amount due in half. This is not the first time we have heard the promise that a new income-driven repayment plan will solve this crisis. In every case this has
Actually, he can't. That's up to Congress. 31 USC 1301 et seq
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a fraction of the billions given to armement corporations to feed the war led by the US with ukrainian blood
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Biden's student loan forgiveness policy: How to apply, who qualifies, moreWhile borrowers should keep their eyes peeled for specific details from the Department of Education over the next few days and weeks, here is everything to know so far about Pres. Biden's student loan forgiveness policy: I want all money I borrowed and returned back. I'm disabled and with my disability income I can barely afford to rent a room from someone. I guess forgiving debt for able bodied people with college degrees is more important than helping people like me. Gotta secure those votes! Those who lack empathy for other peoples suffering should pretend it’s a bill to cut billionaires and corporations since they have no problem with turning a blind eye when those people are bailed out.
Source: ABC - 🏆 471. / 51 Read more »
Ross: Biden's loan forgiveness plan surfaces an overlooked problem with universitiesPresident Biden has announced his plan to cancel certain student loan debt, and even though it’s a very limited program, it has ignited yet another debate about personal responsibility. Only among those with short memories. I've been alive for 33 years. The gov consistently has $$ for useless wars, to bail out banks & other major corporations and can even forgive PPP loans. In the mid 1960s College and public universities were tuition free. Way to go Boomers
Source: Mynorthwest - 🏆 438. / 53 Read more »
Do I qualify for student loan forgiveness? Here's a primerPresident Biden's announcement to cancel some federal student loan debt has been met with celebration by some but grumbling by others who believe it will increase the federal deficit. Republicans can not whine about the federal deficit. R Presidents run it up with tax cuts for the rich while D Presidents bring it down. One year ago both Biden and Pelosi said this action would be illegal. It will be challenged in the courts and Biden will lose again.
Source: KSLcom - 🏆 549. / 51 Read more »
How to have student loans forgiven if you don't qualify for Biden's forgiveness programPres. Biden fulfilled one of his campaign promises and announced a plan to cancel student loan debt for millions of Americans. For those who don't qualify or will still have student loans left, options are still available to reduce their debt. Fulfilled a promise? All he did was announce some BS that he doesn’t have the authority to do and courts will reverse I have a solution: emigrate to civilised countries where university is free, like Italy, Germany or France. As a plus, you have free health system.
Source: ABC - 🏆 471. / 51 Read more »
Help for elites at expense of plumbers? GOP seeks midterm gains by slamming Biden student debt planRepublicans are working to make President Joe Biden's historic action to forgive student loan debt an economic wedge issue in November's midterm elections. Generosity for them is the most toxic poison imaginable Report thee truth Majority of voters elected President Joe Biden and MVP Kamala Harris for their Federal undergraduate Student Loan Plan Campaign.
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