Bullshit
50k....woof.
i really dunno if its gonna be 50k. 30k max. 50k and we rapidly hit a wall of angry people who lose out on a lot of money. (im okay with any amount of debt relief but i know 100% the higher the amount, the likelihood we get a backlash.
if you want 50k, there needs to be some sort of requirement for it.
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.
Forgiving $10,000 in student loans would eliminate all outstanding student loans for over 16 million people, or a third of all current student loan borrowers. That level of student loan forgiveness would also reduce the balances of another 9.3 million people by half. Ultimately, over 50% of outstanding student loan borrowers could see significant relief with just $10,000 in student debt cancellation.
You should start /r/studentloanbetsPart of me says I should really apply for the master's I've been putting off now (depending on what exactly this entails, it would cost me around 12-14k and that combined with my remaining debt from my BA would only be around 35k), the other part of me says being completely debt free aside from my car payment would be nice too.
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.
- Black and African American college graduates owe an average of $25,000 more in student loan debt than White college graduates.
- Four years after graduation, 48% of Black students owe an average of 12.5% more than they borrowed.
- Black and African American student borrowers are the most likely to struggle financially due to student loan debt, with 29% making monthly payments of $350 or more.
Actually made me lol
Knowing this is a troll. . . But for anyone else who may read this.
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.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.
Why would they? It'd cost more money and it'd help the economy if they didn't
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
I would like to point out that more than 10k forgiveness helps minority students more especially Black students.
So it can flagship an overall reform I guess? Plus EO's like that can get challenged? Plus it allows more leeway on scopeThey, 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
Yes please. That would make me feel better about losing money on Doge.
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.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