Biden asks student-loan borrowers to ‘do their part’ in preparing for payments to resume on May 1 as pressure for broad cancellation ramps up again
Yep. DNC gonna throw it in the midterms.
If student loans are so bad that we need to forgive them, why on earth are we still making them?
The system needs a complete overhaul.
Student Loan Asset Backed Securities lol
Maybe give a break on interest instead of mass forgiveness? That seems more palatable for Washington.
Lol, what about his part on promising 10k forgiveness?
The Dems are never going to get reelected with us.
**Biden asks poor students to do their parts so his big financial institutions donors can get richer.**
There. Fix the headline for ya.
You know who should do their part, business owners who too out PPP loans.
Make them non interest bearing then
**He do be lying though**
[Joe Biden Outlines New Steps to Ease Economic Burden on Working People – April 9, 2020](https://medium.com/@JoeBiden/joe-biden-outlines-new-steps-to-ease-economic-burden-on-working-people-e3e121037322)
**Forgiving student debt for low-income and middle class individuals who have attended public colleges and universities**
I’ve also directed my team to develop a plan to forgive federal student debt relating to the cost of tuition currently held by low-income and middle-class people for undergraduate public colleges and universities, as well as private Historically Black Colleges and Universities (HBCUs) and private, underfunded Minority-Serving Institution (MSIs).
The concept I’m announcing today will align my student debt relief proposal with my forward-looking college tuition proposal. Under this plan, I propose to forgive all undergraduate tuition-related federal student debt from two- and four-year public colleges and universities for debt-holders earning up to $125,000, with appropriate phase-outs to avoid a cliff. The federal government would pay the monthly payment in lieu of the borrower until the forgivable portion of the loan was paid off. This benefit would also apply to individuals holding federal student loans for tuition from private HBCUs and MSIs.
This proposal would be in addition to my existing student debt proposals:
Immediately cancel a minimum of $10,000 of student debt per person, as proposed by Senator Warren in the midst of the coronavirus crisis.
Those earning less than $25,000 per year will not have to make monthly payments and will accrue no interest
Those earning more than $25,000 per year will pay no more than 5% of discretionary income toward payments
After 20 years, the remainder of federal student loans will be forgiven without any tax burden Those who participate in public service will be eligible for additional federal loan forgiveness, including $10,000 per year of forgiveness for up to five years.
I would finance this new student debt proposal by repealing the high-income “excess business losses” tax cut in the CARES Act. That tax cut overwhelmingly benefits the richest Americans and is unnecessary for addressing the current COVID-19 economic relief efforts.
…maybe do the part you campaigned on bud.
I think uncle Biden would have acted by now. I don’t see any big actions in his term on student loans.
Not possible right to do my part.
Remember when you voted for Biden because he said he would cancel up to $10k in student debt?
Remember when you voted for Biden because he said that student debt is crippling our younger generation, and that he’d work to solve the problem?
Remember when Biden said that he requested the DOE to inform him on the constitutionality of relieving $10k in student debt via executive order, and the response was that he could… and he didn’t?
The government is in the business of student loans. Look up the federal flow of funds pie chart. Look at the revenue they depend on yearly. They can talk about forgiveness but they know they will never do it
Can he regulate institutional prices from needing loans. I mean fix the crux first end interest and pay it all back as penance for letting our populaces go uneducated.
Generation civil war ahead. If Millennials get their loans forgiven but GenZ doesn’t.
Do YOUR part in actually following up on your campaign promises of eliminating $10k
At the risk of getting down voted to hell, and as a fellow borrower, why should american tax payers pay our school bills?
Biden can fuck himself. And that’s coming from someone that voted for him. He needs to do his walking corpse part, realize that the people that voted for him won’t vote for him again if they sit there doing nothing and throwing up their hands saying “but Joe Manchin” all the time. I’m a hardcore left commie pinko liberal whatever and I’ll sit it out even if it’s Biden against Trump if he doesn’t do this shit. Fuck them, they need to be punished and lose power if they don’t do what they’re told to. Every mother fucking time.
Biden can’t get rid of student loans because wall street is leveraging student loan debts (SLABS) like they did with mortgages back in the 08 crash.
The simple fact that setting interest to 0, and forgiving accrued interest would allow people to have a shot should be telling to old Joe here. We had opportunity for change, but all his administration has been thus far is trying to go back to a status quo that was pre-Trump.
So Biden lied when he was running. Don’t fall for that twice, folks.
This is for federal school loans. What about non federal schools loans too? Fannie Mae now Navient and others are running rough-shot and not letting up!
“Sorry jack, fuck off.”
Do your part poors. The beast is hungry.
Do our part? You mean like becoming educated members of American society that contribute to the GDP? Investing in American citizens is the greatest way to invest in America and its future. You accomplish that by making sure American citizens are educated and healthy.
Can someone kindly enlighten/educate a non-American on the student loan problem? It feels strange to me. So people took out a loan to go to school because school are expensive, they signed the loan contract with the agreed term and interests, and after graduation people get a job and use salary to pay the loan back. If cannot payback, they ask for bank forgiveness and not pay back and that’s it? The thing I’m not understanding as a non-American is that it looks like people has lots and lots of courage to question why their loan won’t be forgave when they are the one owning the money.
Lol. I’m gonna do my part by not voting for your joker ass or your fucking party at the national level in the midterms. When you get fucking wiped out, don’t come to my generation looking for a fucking bailout or a scapegoat. You did this to yourself. You’re gonna condemn your party to relegation for an entire generation if you refuse to act on this fucking crisis.
Borrowers have had two years to set aside payments while accruing 0% interest.
Seems a lot of grads are just bad with money (or don’t want to pay — which is very logical!)
But the average grad makes $55k and unemployment is around 4%.
The only argument for universal forgiveness is stimulating the economy, but that’s a blunt tool when it would go to the most well off in society (over the long run).
Then there’s the argument people who oppose forgiveness are selfish, but it’s odd, borrowers aren’t advocating for another round of stimulus checks or increasing the safety net for people worse off. They tend to only be vocal about loan forgiveness.
At the very least get rid of all federal student loan interest going forward, period. Otherwise you can fuck off.
Which might answer a lot of questions about why we are the way we are.
The government would like you all to do your part by paying them back asap and getting as much covid as possible.
“Do their part”? Joe, for God’s sake, are you asking them to vote for the GOP?
And so ends any chance of a second term or anything other than the GQP getting the presidency, let alone the midterms.
Dammit, there were only a handful of things of he needed to do, but he needed to do ALL of them.
I’m a fucking teacher, I don’t earn anything to pay back. Get fucked Biden
Why doesn’t he do his part and cancel the fcking $10k he promised?!
I’d be storming the Capitol like the Trumpers if I owed >$100k in student loan debt that I had no hope of being able to repay.
But then again, I’m not a fucking idiot, so I went to a state school and got a degree that allowed me to actually get a job. So now I have no need to have the American taxpayer bail me out.
I’ve done my part. I’ve been fucked over by navient and all the rest. Also: the public dis-investment in higher ed, because POC and women started going to college in droves is reprehensible and should be “evened out”
I’m not from the USAbut I wouldn’t be surprised if the concept of University is completely dead in your country by the next generation
Fuck this guy.