- $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
To be fair aren't there studies that say the people with less loans tend to be more burdened because they tend to be people who dropped out and scam schools? People with the huge loans tend to be doctors and lawyers.
Thing is the burden of loans is also a factor in why we usually have a deficit in public defenders and almost no MD family medicine practitioners in rural america (this is why nurse FNPs are becoming a greater proportion of family medicine providers in the last half decade). Heavy loan debt means that individuals that wanted to go into public service likely don't and instead go for higher paying positions within the bougie systems (i.e. your anesthetic nurses, NPs going into derm, physicians getting more into geriatric surgical specialties or just selling literal snake oil to elderly/desperate people). Loan debt is itself an evil of this systems and causes with it a cascading spiderweb of misery that varies but is always due to enforcing financial precarity upon people no matter their position as long as they are a worker selling their labor no matter what it is.
I'm hopeful that the 5% of income cap on payment helps this out somewhat
I was lucky enough to be able to not take loans after community college. So I have <$10k in debt. I could afford to pay that, but I absolutely see someone "just" getting a 2 year or a basic 4 year struggling from that.