Federal student loan borrowers can expect “the most affordable student loan plan ever”, Biden said in a video address on Tuesday announcing significant changes to the debt from higher education held by over an eighth of the country.
To me, the biggest wins is that interest cannot overcome your payment. So many people have loans that are more than they started with. Holding steady isn’t great, but it’s still a massive step forward. The forgiveness rules do mean that effectively some people have to pay until death. There’s no upper limit for forgiveness. More loans means longer payments. I was hoping for a cap help cool the cost of college because lenders would think twice with the interest cap and a known end of life.
More affordable than total elimination?
“Most affordable ever” does not mean “most affordable possible.” He tried that. SCOTUS stopped him. He’s doing what he can to make the situation better.
Fed loans should be scrapped, the reason college is so expensive is colleges see that the gov will give loans to anyone and back them up. The second that this became the norm, these colleges just saw a blank check.
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poverty line is such a joke now, just like the inflation numbers. they have to double and triple it to get to a more realistic figure.
Biden also launched a significant increase to both interest rates and payments. His plan is worse than how things were when he took office.
Whenever a politician says the word affordable in quotes, I get nervous.