Student Loan Debt Forgiveness

[R0ckyRac00n]

I've dug around a little bit but I can't find anywhere where the president articulates his reluctance of enacting some kind of meaningful student loan debt relief. I think student loan payments picking back up in January is going to really be hard for some folks, (I know it will be for my son-and me!) and it's going to create some resentment at what was seen to be a campaign promise left unfulfilled. I believe Mr. Biden articulated support for at least 10,000 loan relief during his campaign.

I'm satisfied with the job the President has been doing in terrible circumstances, and I get frustrated about the media's coverage of his efforts, but this seems like a massive and avoidable mistake looming.

Any thoughts?

[blm]

1. I agree.

[Hoyt]

2. Until something is done, people should investigate income-driven loan repayment plans.

https://studentaid.gov/manage-loans/repayment/plans/income-driven

"How is my monthly payment amount calculated under an income-driven repayment plan?

"Generally, your payment amount under an income-driven repayment plan is a percentage of your discretionary income. The percentage is different depending on the plan. The chart below shows how payment amounts are determined under each income-driven plan.

"Depending on your income and family size, you may have no monthly payment at all."

[Claustrum]

4. I've said the same thing for months but no takers on this board.

It would ease some concerns for the conservative democrats and moderate republican (as if they exist lol).

I just don't get why someone in their 50s with a 50k salary gets 50k while the fresh engineering grad with a 6 figure salary job also gets 50k. I would rather money is allocated more toward the low income person. The 6 figure starting salary person is perfectly able to pay off his student loans. You can instead cap the interest rate for this person rather than a flat 50k payout.

[Hoyt]

5. Agree. Repayments based on discretionary income seems fair to me. Problem is, people just want

their debt eliminated. Don't think that is going to happen.

[R0ckyRac00n]

6. Then maybe he should have never said this in tweet:

"Additionally, we should forgive a minimum of $10,000/person of federal student loans, as proposed by Senator Warren and colleagues. Young people and other student debt holders bore the brunt of the last crisis. It shouldn't happen again." -Joe Biden

[Hoyt]

7. Agree, he shouldn't have said it. But I'm not going to bash him for it.

I suspect he’ll get $10K worth of relief before it’s over. Of course, then people will start asking for another $10K.

[WhiskeyGrinder]

3. This is going to shoot the economy right in the foot, and it's going to be ugly.

[cinematicdiversions]

8. Well inflation makes the debt cheaper to pay off.

Glass half full???

It needs to be linked to income certainly. A blanket forgiveness is a giveaway to some of the richest using taxes from the working class and the responsible.

[zuul]

9. I think Biden is saving this until

other, more difficult, legislation is passed. Forgiving student loan debt will be pretty easy for him.

If he forgives SLD too early, it might make it more difficult for him to do something about protecting voter rights, passing BBB, and other items on his agenda.

Especially since he has to deal with Manchin and Sinema, who can’t seem to be bothered to help average people.