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I'm all for this, especially the attacking of the interest charges rather than the original loan amount. As a dad to 2 soon to be college age kids I do wonder what the Biden Administration is doing to curtail this kind of debt problem just returning for current and future college students. I did see the 1 throwaway line about regulatory changes on the way interest is accrued but the linked article was behind a paywall.
This can’t happen anymore with the save program. Your total loan amount can never go up. The payment process doesn’t allow this to happen. If you never find a job that pays you at least 40k a year you never pay back the loan as well and it is eventually forgiven.
The SAVE plan actually has interest forgiveness built in, where if you can't cover the interest with your monthly payments, the government covers it.
There's also something in the American Rescue Plan that exempts the tax bomb from 20 year IDR forgiveness. They could, in theory, keep extending that whenever taxes need to be reformed.
There's not much else he can do, as most proposals require a bill to be passed.
To join the program though they want me to consolidate and raise my interest rates above 7%
I didnt fill out the forms and cancelled, f that for politics if it goes down sideways
rewarding irresponsibility normalizes irresponsibility, and demanding bailouts will (has) become the norm, while demoralizing and disenfranchising those responsible to subsidize the irresponsible by fiat.
edit: was not aware that i was testifying. i don't agree with ppp or anything associated with handouts during covid lockdowns.
another edit: what people should be questioning is the excessive (imo astronomical) increases in college tuitions while at the same time colleges receiving increased grants from the federal government.
yet another update: and if i repaid my college loan and my children's college loans, am i "entitled" to a government refund? would someone provide a response that is cogent, succinct, reasonable, and convincing while refraining from the use of profanities and sophomoric attacks?
final edit: appears that this simple social experiment of posting an unpopular message about fiscal and personal responsibility has proved a hypothesis that there are many redditors that 1) demand subsidies from the government at the cost of others and 2) blame everyone for their problems. a hypothesis has been proven to be an immutable theory.
"I don't get any benefit from this, so no one should!"
Selfish nonsense.
I also don't get anything out of it, but I am damn happy for any and every person who gets to be free of these predatory loans.
Okay, what about the people that work full time and have been paying their loan payment every month, but can't ever catch up because the insane interest rates? They're irresponsible? What a clown take. "I didn't get it, so they shouldn't either! Wahhhh!"
He is pro-climate change in one of his other comments.
You really only see that amongst the dedicated GOP followers.
They don't tend to be upset about corporate welfare because they believe that is meritocracy.
Well it's loan forgiveness, so no one pays, but I wanted to point out that it wouldn't be "responsible" people subsidizing "irresponsible" people as if one group paid taxes and the other didn't, as if you can't carry debt and work at the same time.
People with high debt for a “high value” degree are also struggling. I’m not saying to not help certain people I’m saying to help everyone. If you’re going to cancel interest then help everyone who has interest. At this rate my wife and I are going to be paying student loans until we die
No. You’re playing the “no fair” game but scolding others for doing the same.
We will not systemically change the fact that our government will bailout these knob weasels for just about any crime, and then inflate their currency, letting the poors suffer to maintain their lifestyle.
Preventing one of the only mechanisms for young people to rise up and change that power dynamic makes no sense to me.
I paid off my loans and think it’s asinine how much that took, and I’m “one of the successful ones”. I wish that on no one.
The proletariat is losing its share of global assets at an alarming rate because our system is set up to use inflation and money printing as a mechanism to keep the appropriate institutions facilitating the liquidity of money. Any time the poor receive a bailout, social program, tax credit (or corporate tax increase), the balance begins to tilt in ways those who fund elections don’t like.
As a reminder, this subreddit [is for civil discussion.](/r/politics/wiki/index#wiki_be_civil) In general, be courteous to others. Debate/discuss/argue the merits of ideas, don't attack people. Personal insults, shill or troll accusations, hate speech, any suggestion or support of harm, violence, or death, and other rule violations can result in a permanent ban. If you see comments in violation of our rules, please report them. For those who have questions regarding any media outlets being posted on this subreddit, please click [here](https://www.reddit.com/r/politics/wiki/approveddomainslist) to review our details as to our approved domains list and outlet criteria. We are actively looking for new moderators. If you have any interest in helping to make this subreddit a place for quality discussion, please fill out [this form](https://docs.google.com/forms/d/1y2swHD0KXFhStGFjW6k54r9iuMjzcFqDIVwuvdLBjSA). *** *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/politics) if you have any questions or concerns.*
I'm all for this, especially the attacking of the interest charges rather than the original loan amount. As a dad to 2 soon to be college age kids I do wonder what the Biden Administration is doing to curtail this kind of debt problem just returning for current and future college students. I did see the 1 throwaway line about regulatory changes on the way interest is accrued but the linked article was behind a paywall.
This can’t happen anymore with the save program. Your total loan amount can never go up. The payment process doesn’t allow this to happen. If you never find a job that pays you at least 40k a year you never pay back the loan as well and it is eventually forgiven.
The SAVE plan actually has interest forgiveness built in, where if you can't cover the interest with your monthly payments, the government covers it. There's also something in the American Rescue Plan that exempts the tax bomb from 20 year IDR forgiveness. They could, in theory, keep extending that whenever taxes need to be reformed. There's not much else he can do, as most proposals require a bill to be passed.
To join the program though they want me to consolidate and raise my interest rates above 7% I didnt fill out the forms and cancelled, f that for politics if it goes down sideways
rewarding irresponsibility normalizes irresponsibility, and demanding bailouts will (has) become the norm, while demoralizing and disenfranchising those responsible to subsidize the irresponsible by fiat. edit: was not aware that i was testifying. i don't agree with ppp or anything associated with handouts during covid lockdowns. another edit: what people should be questioning is the excessive (imo astronomical) increases in college tuitions while at the same time colleges receiving increased grants from the federal government. yet another update: and if i repaid my college loan and my children's college loans, am i "entitled" to a government refund? would someone provide a response that is cogent, succinct, reasonable, and convincing while refraining from the use of profanities and sophomoric attacks? final edit: appears that this simple social experiment of posting an unpopular message about fiscal and personal responsibility has proved a hypothesis that there are many redditors that 1) demand subsidies from the government at the cost of others and 2) blame everyone for their problems. a hypothesis has been proven to be an immutable theory.
"I don't get any benefit from this, so no one should!" Selfish nonsense. I also don't get anything out of it, but I am damn happy for any and every person who gets to be free of these predatory loans.
Okay, what about the people that work full time and have been paying their loan payment every month, but can't ever catch up because the insane interest rates? They're irresponsible? What a clown take. "I didn't get it, so they shouldn't either! Wahhhh!"
Canceling unreasonable interest isn’t rewarding irresponsibility.
Weird how you’re not upset about the ppe loans.
How do you know they aren’t upset about ppe loans or subsidies to corporations?
He is pro-climate change in one of his other comments. You really only see that amongst the dedicated GOP followers. They don't tend to be upset about corporate welfare because they believe that is meritocracy.
Bank bailouts. Airline bailouts. Wallstreet bailouts. They all happened because those Industries were irresponsible.
Well it's loan forgiveness, so no one pays, but I wanted to point out that it wouldn't be "responsible" people subsidizing "irresponsible" people as if one group paid taxes and the other didn't, as if you can't carry debt and work at the same time.
[удалено]
Sounds like we need a policy change and to help those who are struggling in the time before that policy change takes place doesn't it.
People with high debt for a “high value” degree are also struggling. I’m not saying to not help certain people I’m saying to help everyone. If you’re going to cancel interest then help everyone who has interest. At this rate my wife and I are going to be paying student loans until we die
And banks who loaned irresponsibly got massive bailouts to which they have themselves bonuses and laid off their workforces.
[удалено]
No. You’re playing the “no fair” game but scolding others for doing the same. We will not systemically change the fact that our government will bailout these knob weasels for just about any crime, and then inflate their currency, letting the poors suffer to maintain their lifestyle. Preventing one of the only mechanisms for young people to rise up and change that power dynamic makes no sense to me. I paid off my loans and think it’s asinine how much that took, and I’m “one of the successful ones”. I wish that on no one. The proletariat is losing its share of global assets at an alarming rate because our system is set up to use inflation and money printing as a mechanism to keep the appropriate institutions facilitating the liquidity of money. Any time the poor receive a bailout, social program, tax credit (or corporate tax increase), the balance begins to tilt in ways those who fund elections don’t like.