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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
OP
OP
I disagree with that. What if you owed 60k? That would be over 80% of your debt gone. Even for people who owe 100k, it's half.
I sorta get what you're going for, but for the majority of those in student debt 50k would either wipe it off the books entirely, or at the very least, be a very substantial amount that is no longer accruing interest.
It is quite literally the opposite of 'nothing'. It's a hell of a start, but the entire education system and student loan trap needs to be completely overhauled.
I dunno, I assume the only people who would be really mad about this would be yokels who are already confused and frightened by higher education.
The economic stimulus effect would probably be big enough that it would be a non-issue for any doubting moderates pretty fast.
I understand others may be mad but that doesn't mean we should make caveats for relief.
Hell statistically 10k alone would wipe out loans for 1/3 of people and cut loans by half for around 19-20+%
Biden Says He Is “Unlikely” To Cancel $50,000 In Student Loan Debt By Executive Order
Biden made his first public comments today in response to an ongoing campaign by progressive Democrats and consumer advocates to convince the President-Elect to enact sweeping student loan forgiveness.
www.forbes.com
Let alone what 50k would do. Barring the fact that obviously 50k relief is still really substantial for anyone who owes more than 50k, people who owe above that are a relatively small % anyway.
I'm guessing many of them have student load debt, or kids in college.
I don't care what their walk of life is, working class people having more money left over after paying bills would be a rising tide that provides them benefits. Even if indirectly.
I think they'll get over it.
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I owe nothing, and I'd do anything to support any amount of debt relief. Millennials, gen Z, everyone in the future...we need this.
50k is the pipe dream of pipe dreams. I owe close to 30k in public and private loans but I would be all over a 10k forgiveness.
Hell statistically 10k alone would wipe out loans for 1/3 of people and cut loans by half for around 19-20+%
Biden Says He Is “Unlikely” To Cancel $50,000 In Student Loan Debt By Executive Order
Biden made his first public comments today in response to an ongoing campaign by progressive Democrats and consumer advocates to convince the President-Elect to enact sweeping student loan forgiveness.
Let alone what 50k would do. Barring the fact that obviously 50k relief is still really substantial for anyone who owes more than 50k, people who owe above that are a relatively small % anyway.
I would like to point out that more than 10k forgiveness helps minority students more especially Black students.
Can anyone explain to me why the Biden executive branch can't just do this with a stroke of a pen themselves? I don't think we have to pass new legislation to cancel student debt
That would be almost half what my wife owes.
Both our loans were 450k+. Only 110k left. I'm tired.
Both our loans were 450k+. Only 110k left. I'm tired.
Knowing this is a troll. . . But for anyone else who may read this.
Forgiveness of 50K would cover a majority of student loan debtors, but would leave about 25% with higher balances, normally those are individuals in graduate programs, like MBAs, JDs, and medical programs. Usually higher earners.
Furthermore, this would goose almost all state level economies as many economies have 50% of their workforce with student loan debt.
Same. Lucky enough to have a decent job and cheap living during college and paid it off when I graduated but I would fight hard for this.
Why would they? It'd cost more money and it'd help the economy if they didn't
They, likely, can. The Secretary of Education has the ability to cancel debt. Not sure why Biden wants legislation.
Doubt it and I hope not.
So it can flagship an overall reform I guess? Plus EO's like that can get challenged? Plus it allows more leeway on scope
I assume it's for overall reform, yeah. But legislation can get challenged just as easily as an EO.
Give it to me bb. My credit score would skyrocket 🚀 (was a dumb kid and put off paying for a while. I'm paying on 'em now ofc)
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It's just that they believe it's more likely to be overturned if Biden does it alone and since no one's paying their federal student loans right now anyway they may as well take the longer, safer route.
