- $10k cancellation for those making less than $125k annually
- $20k cancellation for Pell Grant recipients
- Student loan pause extended until December 31st
- 5% of monthly income cap on student loan payment (optional?)
Honestly pretty sick for me and my family. Wipes out my debt, my mom's debt, and most of my sister's. Wish we could've gotten more, since there's no good reason not to go to at least $50k, but from a selfish PoV it's hard to complain in the moment
Oh cool now I still have 10-15k (idk i don't log in to check this bullshit) that I'm never gonna be able to afford to pay or desire to pay
Thanks for more half measure bullshit Joe can't wait to be told how I need to :vote: for eternity because of it
the govt is restructuring income payment plans. if you're on the plan, it looks like monthly payments are 5pct of (discretionary?) income now, and if on the plan, interest will not accrue.
you can do it dude.
I would much rather continue paying nothing considering that I consider the loans to be just as predatory as any other credit bullshit, I didn't ask to be told for 18 years by every authority figure ever that I need to go to college or I'm a failure for life, fuck em, they're getting nothing from me until they start garnishing wages
i mean, you'd probably just do better paying 5pct than however much they take percentage-wise thru garnishment, not to mention you'd rehab your credit, and eventually the outstanding debt would just evaporate after the necessary number of payments.
10K debt is very easy to pay if you’re making more than 40K a year. Like you def could do it
I've never made more than 20k a year
The new payment would be 5 percent of your income, with the govt covering any unpaid interest
5% of my income is more than I've paid on them so far so thanks for nothing Biden
"Raise the amount of income that is considered non-discretionary income and therefore is protected from repayment, guaranteeing that no borrower earning under 225% of the federal poverty level—about the annual equivalent of a $15 minimum wage for a single borrower—will have to make a monthly payment."
dog, if you're income's very low, you'll not be counted for having any discretionary income, and constructively get counted for making payments, while actually paying nothing out of pocket. and interest will stop accruing. opt into this when possible/ if needed. srs.
all of these words make me very angry that they don't just forgive it instead of setting up all these hoops I gotta jump through that also rely on me staying poor