Just forgive the loans. Unshackle multiple generations from a debt they were cohered into. Just make public education free or super cheap or both. It could be one of the biggest and easiest win for him and the DNC if he wasn't such a coward and a :LIB: .
I know it's not a new comment but, the Dems will do everything in their power to do nothing with their power. They such fuckin' chumps. It's just pathetic.
we can't afford it fat, our friends in Azov Batallion need lethal aid :biden-harbinger:
Student Loan forgiveness for mercenary volunteers who fight for Azov for 7 years.
As long as they then move to America and operate a small business in a low-income neighborhood for at least another 5 years.
Joe Biden wearing chest high waders and a fishing hat dangling a dollar from a fishing pole.
they wanna wait until after the midterm so they can lose as hard as possible
They're in a bind because if they make people pay, they will lose, but they will also lose if they forgive them because the press will go nuts.
If would be funny if they did it like its no big deal. Like a regular press statement about Biden signing some executive orders. About 5 lines of text about two executive orders and what they do, then just one line that says "the president also signed executive order 152, forgiving all student debt".
Forgot to specify student loan debt so anyone who is currently a student gets their credit card debt, car payments, medical debt, and mortgage wiped out too.
"Oh, what? We're such bumbling oaths. Oh, well. Can't go back now"
That would be cool and based, so we can guarantee that will not happen
my wife and I have a separate account we're putting all of the money that would be going into student loans into, because we're expecting all of this shit to snap back at some point with big back pay due
Is it a high yield savings account? Might as well get a bit of interest off it.
If you're going to do that and you don't think forgiveness is coming, it makes more sense to pay back instead. Payments you make now will go towards the principle rather than the interest.
Because if it does get cancelled, we get to keep all that money
idk if student loans work too different from mortgages, but wouldn't any amount paid above what's due in a given month go towards principle anyway?
AFAIK the interest hasn’t stopped accumulating, so the payments you make now would have the normal balance of interest and principal. But, I think the point Orannis62 is making is that the interest is outpacing what you’d get in a saving account, so you might as well keep making payments. But if forgiveness comes you’ll be sayin “but I paid my loans”
AFAIK the interest hasn’t stopped accumulating,
It has. Otherwise they aren't really paused and you would be fucked over if you didn't pay for two years.
Well I’ll be damned, I assumed they were fucking everyone over. Thanks.
AFAIK the interest hasn’t stopped accumulating
Wait what the fuck, really?
Yeah, that's the point. Because the interest is on hold, any payments made now go towards the principle.
Although that means if you save it up, and they are actually about to restart the loan, you can dump all of it and it all goes into principle. I think the waiting and saving strategy is good.
my pet theory is that the absolute cock up going on at FedLoan (the private company that has the exclusive servicer rights to handle the PSLF program) is a critical factor.
Navient was terrible and got nailed for predatory activity, but FedLoan was home to all the public service try-to-do-the-right-thing people who committed to 10 years of public service. right when the first qualifying borrowers were hitting year 10, there was a wave of complaints of bad faith / incompetence by FedLoan. abysmal record keeping of payments, wildly inaccurate counts, unreachable/incommunicative servicer support. the stats coming out were that 1% of people who qualified were getting loans discharged, the rest being hung out to dry with no justification. by all accounts it was shaping up to be a catastrophic failure of neoliberal policy to actually work for the PMC neoliberals in the public sector.
then the pandemic hit and Trump froze interest/payments. interestingly, this whole time of frozen payments has included a provision for PSLF that each month of $0 payments is counting towards PSLF forgiveness. the forgiveness criteria expanded greatly, FedLoan is being shown the door, and everyone in PSLF will go to MOHEA as their servicer, supposedly on it before end of 2022. but communication has been almost non existent and vague. the guidance is for people in the program to download their own copies of payment history and the transfer was originally supposed to be done a month ago.
I think something extremely rotten happened with FedLoan and emergency containment efforts have failed, so there's some serious can kicking happening because none of the wonks or technocrats have been able to untangle the ball of Christmas lights yet in a way that won't result in a massive class action suit over the government breaking the terms of the promissory notes.
Honestly would love this to be true and see the whole affair go up in flames just as we are also suffering from severe inflation, rising COL and stagnating wages (oh also maybe WWIII or a pseudo shift in global hegemony with China somewhat supporting Russia).
I don't imagine the US will forgive any amount of student loans. It's obviously only near the table when Dems are in power, which they won't be for much longer and then for a while afterwards. There's a big focus on "fairness" in public handouts in the US, warranted or not, and forgiving debt for people who have it at some point in time ignores people who did repay it. I don't see how politicians square the circle with the domestic constituency, people will go apeshit if someone's loans are forgiven and someone else just finished paying it off while forgoing x,y,z to do so. There will be 10.000 media accounts of such unfairness aimed at turning every Gen X and older millennial who did pay off their student loans away from such radical leftism...
Put me in the camp of people who opted not to go to school because of the costs, I absolutely do not regret that as I've been doing the work-from-home multiple-jobs scam for the whole pandemic but I'll always wonder what could have been.
the great compromise^tm will be when Biden forgives $500 of student loan debt (for qualifying individuals who have worked in the proper 1-3% of the public jobs sector making below 3.93 cents an hour) and then be like "wtf you ungrateful bernie bros, we already tried debt forgiveness!"
Some genius is going to come along and be like... ok we'll pay back what you paid up to 50k. Sound good?
Biden years ago working to make the economy dependent on student loans :sicko-blur:
If things keep trending downwards with rising prices, I can't see how they start them back up again without a massive backlash. Not like the dems care though.
They'll probably punt on it again. That way they don't have to face backlash, but also don't commit to anything. God forbid.
I can’t see how they start them back up again without a massive backlash
people will not do anything meaningful as backlash
This is the Democrats version of Edging
:screm-a: AAAAAAAAAAAAAAAAAA
I feel like if this happens, it would be like VJ-Day in terms of joy in the US population
They'd rather see Trump win again than establish that big a precedent of the government just cutting the working class a single fucking break.
