I owe 100k+ for graduate school...but I would be grateful for 50k off - it would lower my payments and help so many others buy houses and just be able to live.
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Schumer to hold a press conference with Warren, Omar, Pressley, and more progressives to reintroduce proposal to cancel up to 50k in student loan debt
- Thread starter Slash
- Start date
You'd be surprised then.
I'd wager most of the people I went to law school with had an easy 100K+ in undergrad debt before their first $29K tuition bill for fall semester 1L.
Couldn't have been me -- literally, couldn't afford it.
Making this part of a more general education reform bill would probably make it ineligible for the use of reconciliation and thus the filibuster reers it's ugly head. Reconciliation has a few requirements. You can pass one bill each through reconciliation on the following issues: Spending, Revenue, and the federal debt limit. The COVID stimulus being done right now is being done under the spending side, so that leaves revenue and debt limit, but the latter is pretty irrelevant to most discussions on reconciliation for obvious reasons
So this bill could be done because it affects revenue (specifically the revenue obtained from federal student loans). But affecting revenue isn't enough for reconciliation to be applicable. If any of these apply to a specific bill it is ineligible
If you made it about general education reform it would probably be ineligible for rule 4 since the main focus of the bill is no longer on an issue of revenue which is now only one small aspect of the bill
So I'm not up to date on who champions what plan - would this this include graduate school debt?
Last I recall, Biden's plan was 10k for 'any' loans, with more speciifcally oriented towards undergrad up to (potentially) 50k, but I feel I must be misremembering.
Last I recall, Biden's plan was 10k for 'any' loans, with more speciifcally oriented towards undergrad up to (potentially) 50k, but I feel I must be misremembering.
Same could be said of $15 minimum wage, and yet that's happening. Actually same could be said of the ACA, and it passed by budget reconciliation.
This is a new plan and we don't know the details.
It's not very difficult to get 50k in debt just for undergrad. When I started college at a public state university, it was about $18,000 per year for tuition and living expenses. By the time I graduated, that number inflated to nearly $30,000 per year. If your family doesn't help out with education expenses, but the government thinks they can contribute, good luck.
i just looked at where i graduated and 50k is one year. state school is 18k in state and 36k out. now maybe if you take into account of scholarships and any financial aid you get that could be true, but getting 50k in debt for tuition alone isn't that crazy.
I stand corrected.
Damn, my BA only cost me 30k. Did have some scholarships, though.
If they do Reconciliation, it would have to be next year, right? It can't be added to the current package...
I'm at 43K with just my undergrad. Another two semesters and I'd be above 50K for just my undergrad. I was a shit student and took six years to get my degree, but yeah, I wouldn't be surprised if there are people with 50K+ with just their undergrad or no degree.
Aren't there federal FFELP loans? Those can't be forgiven?
Are these not federal loans? I have two FFELP loans for about $8k total that were purchased or whatever by Navient. I assume these would qualify.
I questions about this.
What if I'm currently going to college for my Bachelors and will have to take out a federal student loan for living expenses?
I'll be in school for at least the next 2.5 years.
Am I covered if my loans would be less than 20k by graduation?
What if I'm currently going to college for my Bachelors and will have to take out a federal student loan for living expenses?
I'll be in school for at least the next 2.5 years.
Am I covered if my loans would be less than 20k by graduation?
IIRC- when the FFELP program ended, a sizable portion of the loans were snatched up by private lenders.
Before 2010 many of the ffelp loans were administered by banks with Government backing. apparently there is a bit of a void there as 6 million or so people found out the cares act stuff did not apply to them due to the bank loophole
They haven't had the conference yet. Nobody knows anything.
Are your loans covered by the pause on payments from the CARES Act and subsequent extensions? That's the litmus test, I believe.
Yep. I'm one of those 6 million. It stinks. Not like I ever had any choice in the matter.
6 of our loans are Direct and FFELP and are paused and show up in our Federal Inbox. Our Private Inbox has 1 FFELP loan, and it's not on pause. I assume the FFELP in the Federal category are forgivable if they are paused?
I'd probably take the money I've got and put it into a down payment on a house. So, I guess if you want to save the urban housing market, it's one way.
Anything that's federal will be covered. Here's hoping they find a way to cover the rest. Leaving 6 million people out in the cold because a private lender snatched up their Perkins loan or the like isn't great.
If they can help me get my Bachelors degree for free and help with my living expenses, that would be great.
Otherwise, I'll join the student debt loan gang since by debt burden (calculated by FAFSA) is projected to be low.
Yes please! I am paying for my and my wife's student loans, so $100k removed would make a big difference in our lives. We'd still owe some, but it wouldn't be suffocating anymore.
You probably would have gotten a notice from your lender last ~May if pausing payments was an option. You may wanr to check w/ your lender to be sure.
2008-2010 isn't so sure about that, but I'm looking at things from a more radical perspective
This would be great. I only have 1 year of school to go and my loans are under 10k but this will mean I can start saving for a house sooner.
I would fucking cry. Having all my loans removed and all my girlfriend's public loans, we could look for a house years sooner than we currently anticipate.