Student loan forgiveness is being taken seriously right now by the bourgeoisie.
The Federal interest rate going near 0% has led to a massive boom in housing construction. Student loan deferment has led to many people saving up for a down payment on a house. The housing market is carrying the US economy right now.
If student loan deferment ends, this space that Capital found for expansion will disappear. There will be an immediate crisis.
Also, the effort to privatize student loans has been a failure. Betsy DeVos has been the Secretary of Education most dedicated to privatization. She killed the Perkins Loan, which has led many new students to private loans.
Although, after her reign, 92% of public student loan debt are still held by the Department of Education. It is unlikely that the Biden SoE will be more successful at speeding up the process. Capital is in crisis now.
Forgiving public debts is a method of privatization in America, where a culture of indebtedness exists. They want everyone with public student loans to take out private mortgages, owned by JPMorgan, Citigroup, etc.
I'm not saying student loan forgiveness is good or bad. It is good for me. But it serves a purpose that we should understand.
Honestly I'm lucky enough to be able to pay off my loans in a lump sum due to the deferment. I now need to weigh my options if there's some forgiveness because it would help tremendously to free me from the boot of the landlord.
You saved up enough to pay off loans, or you already paid off loans?
saved enough to pay them off, was about to pay off, heard whipsers of some far off fairy tail of loan repayment, then thought for a second I might be able to save my money to get a little closer to the impossible 20% down payment and had second thoughts about paying them off at this moment.