- $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
Even if they ever manage to do anything good it’s always in the most convoluted stupid way possible
I was just thinking the other day that they're taking a long time with this because they have to engineer a way to do a good thing while still pissing everyone off.
The number of people on Reddit complaing because they paid off their loans or didn't go to college makes me so sad. Really we are no better than toddlers that are mad because we didn't get what others had.
I may have been on /r/economics so that may have something to do with it haha.
Always remember that reddit is majority filled with reactionary libs and chuds, tbh only antiwork, some parody communist subs, and collapse have chances for good takes on this type of shit.
all of them lmao.
/r/politicaldiscussion and /r/economics are full of CHUDS. I really wish masstagger was brought back to flag these assholes.
i was almost sad but my loan was private so it probably wouldnt be forgiven.
Why would you have taken a private loan when federal loans were so much cheaper? You probably are thinking of an FFEL loan, which would be forgiven
I ended up getting private loans because they were the only things available at the school I was going to since it was just a dressed up scam school really. They're the ones that have hurt the most to be honest.
i couldnt get a public loan for a 2nd bachelor degree, i chose to not get a master degree because my 1st degree was in history and i didnt want to do anything with it really. i just like the topic/field.
I always remember that research about how Americans are okay with a social safety net unless it helps minorities.
And wouldn't you know it? Student loan forgiveness helps minorities.
Snarkiness aside, I don't find a society this inherently selfish a healthy one. Shit's gonna blow up.
What's funny is how strategically weak this is. For most people with student loans this won't affect their day-to-day at all, they'll still need paying their monthly payments. The emotional impact of having your loan wiped clean today rather than you'll be paying your loan off for three years rather than four is incomparable. For most people this won't actually change their lives until after the midterms or even potentially after his term is up entirely.
At $50k he could have brought an army on non-voters online who all collectively experienced getting a $500-1000 a month raise. Instead a few people actually wipe their debts and he has this albatross around his neck to defend during record inflation.
Don't get me wrong this is objectively good, but he just can't help himself to not to the entire good thing even if it would help him politically.
Excuse me that would be populism and doing things that people like is bad because uh trump
You joke, but a lot of liberals think that politics always has to result in a hackneyed compromise policy that everyone loathes. Anything unilateral would be abusing their power or would prevent conservatives from working with them down the road, which...lmao.
Throwback to Greta Thunberg who, upon being asked what she would have Biden do if she were given a blank check, responded that she wouldn't have him do anything because that would be undemocratic.
Yes, the planet is a derelict lump of superheated ash, but for a beautiful moment in time we created a lot of rules based order for our liberal democracies!
Just think of the stories we'll be able to tell our children about how the Parliamentarian helped decide what could and could not happen in Congress!
And then they'll say "This is why we're pulling the plug"
Loans are paused and the pause is extended to December. Most people aren't making monthly payments just now. Technically even a full cancellation wouldn't affect my day to day since I'm not paying
That's interesting, I don't live i the US I assumed pausing loans was just an optional thing people could opt into if they had trouble with funds.
Has been been paused since the beginning of the Pandemic. Each time the deadline came up either Trump or Biden has delayed it. Now the Sept deadline is moved to December
Aren't most people who aren't struggling financially still making payments though?
Edit: Oh I get it due to inflation it's better to bank that money and then put it toward payments after the freeze.
Yes, and the interest is frozen too so it's basically free money as long as you don't have to pay
You can go into deferment (and only under specific conditions for a certain time) but the interest still accrues, hooray
For many Americans Joe Biden will be the reason they’re forced to make their first student loan payments
For students who graduated in Fall 2019 onwards I guess
It would effect your credit score. I could maybe get a mortgage if they wiped out all of my student loans
During the pause it does not affect your credit score. I haven't been missing payments, I haven't had payments to pay.
Funny thing, this will probably actually hurt my already shitty credit. The average age of accounts will drop significantly when my student loans are gone.
In totalitarian China, having less debt hurts your social credit score…
This is exactly what I was telling people. Like yeah this is definitely better for me, but my life doesn't really change because I still have significant debt and payments to make.
They can't help but do half measures.
Yeah like people famously struggle with connecting emotionally with future benefits.
people with student loans this won’t affect their day-to-day at all, they’ll still need paying their monthly payments.
Every loan has a period of payment. If total loan amounts are reduced, the monthly payments are reduced.
if you don’t live in the US how can you say you’re informed enough to deem this not good?
That's only if you're making the minimum payments, no?
I'm not sure what special powers living in the US would grant me. Also I did say it's objectively good.
That’s only if you’re making the minimum payments, no?
Not sure I follow you here.
I’m not sure what special powers living in the US would grant me. Also I did say it’s objectively good.
Have you taken out student loans? Have you taken student loans from the US federal government? This would kind of help in making an observation about the logistics of loan payments.
Oh wowie slightly reduced payments on my still exorbitant debt I'm so happy thank you lord Biden
What is this
yes this means that im blue dog dem, i love biden pls let me suck on ur cock presidente
Lathe time: Given that you have to apply for it, I can already see this being done in some sort of refinance package that still fucks everyone over.
From my understanding this apparently covers about half of the population with student loans? I don't think that's "most people won't notice" levels then.
but prescribing a cure to a cancer patient would be unfair to all the people who already died from terminal cancer :frothingfash:
Still means tested of course, but I honestly expected nothing, so yay I guess?
lmao I forgot about this, and also how he said he'd veto M4A during a pandemic.
$20k cancellation for Pell Grant recipients
Neat. Still not voooting for you and I will continue to hope for/ work toward your demise.
This strikes me as Biden trying to thread the needle between securing the midterms and not scaring loan collectors.
Like I think he gets thay no one's ever going to pay back their student loans at this point anyway. The loan repayment pause will become de facto permanent because restaring them would be short-term suicide for whichever party is in power, but so long as that ourstanding debt still de jure exists, the loan sharks can keep on getting 17-year-olds to sign on to a $20K per year ponzi scheme.
No disrespect, but I :doubt: it.
What makes you so sure they'll restart then?
I mean maybe, but they also said they were going to restart payments this month, and in May, and last October. The midterms will be over by January, so yeah that could be when they decide to drop this particular kayfabe. But if they manage to extend the repayment pause into 2024 they can both make it the Republicans' problem and get a fresh new bit of controversy to fundraise on.
So the question becomes, just where exactly do the Democrats fall on the incompetence - malice spectrum?
I suppose we'll see. The Dems wanting to slowly defund Covid infrastructure also supports your point, if their ultimate goal is to try and brute force a return to the pre-pandemic politcal and economic status quo.
Just hope Brandon brain broke enough to forget he said it when come January
Because he literally said one final time in his tweet, unless he lie, then I welcome this lie
the democrats lose the midterms and then blame the republicans for restarting the debt machine even if they're still in power and then we hear all about how we need to :vote: :vote: :vote: :vote: :vote: :vote: for the next two years because life is hell
How are they gonna blame the gop for something that Brandon could do via EO
the same way they keep doing that exact thing and liberals do not question it
The big one going forward is that if you are at 225% of the poverty line for 10 years your loans go away period.
That is roughly 35-40k a year for a single person.
No, you could complain. They just recently fucking send billion to bail out chip company which probably uses that for stock buy back and sending billions to Ukraine, giving you crump while sending their buddy money, probably a way to keep the lids from totally going off because the economy right now is very fragile.
This is more than I thought we would ever see and is genuinely a good thing.
Give them a day to enjoy it before we start bullying him again
So they're not gonna be Lucy and swipe the football right before it gets kicked off, right? Gonna be a lot of happy people if it's actually a universal 10k wipe edit: for people making under 125k which is still kinda fucky
As someone else commented on the article yesterday that was the predecessor to this, I'm not believing it until I get an email from my loan servicer.
And as the article itself notes, he's only JUST NOW putting together a plan for this, they haven't actually done shit yet.
That would be insanely self destructive to do right before midterms. Then again, it is the Democrats...
Incredibly funny if it happens in the usual sense of bleak humor, but I just want to hope there's been enough geriatrics harassed enough to get it through their split pea soup brains they're gonna be dining on shit for brunch of they continue doing nothing that tangibly and materially improves the lives of the working class
Honestly i think they saw trump give away money during covid, and now Desantis giving away money to basically buy votes in Florida, and maybe they’re like oh ok maybe we can actually do that too.
As always, the dems never do anything good unless the republicans give them permission, like the smol beans that they are.
Maybe, but since another user said they've essentially announced they're "just starting plans on" doing this, I think there's enough time to watch them start their negotiations low and deliver even less
The loan payments are delayed until next year so there's no reason to swipe the football until after the midterm if they really want to
Their whining boogie donors might kick up enough fuss between now and then, but we'll just have to wait and see with time
They also should fix the root cause of this, which is exorbitant price for college education. Fix that crap.
That would mean liquidating the jobs of the democrat’s strongest voting base
long dead slaveowners didnt say the fed govt should be involved in education so therefore the federal govt is not allowed to do anything.
/r/neoliberal is melting the fuck down over this. Several posters there have said this decision has made them switch their votes to the GOP lmao.
:shocked-pikachu: mfw the very thin veneer of r/neoliberal users being progressive immediately washes off the moment biden supports the slightest progressive policy and they immediately turn to supporting the fascists
Lol incredible. Paltry crumbs to young people and these people flip the fuck out
