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In before legal challenges stop it again.
- those who owe more money than they did at the start of their repayment
- borrowers who started paying more than 20 years ago
- those already eligible for existing loan forgiveness or discharge programs but haven’t yet applied
- and borrowers facing economic hardship.
My wife qualifies under #2, so that’s good! Not sure about #1. She still owes $40,000 after paying 20+ years. O_o She never had a good paying job and was only able to use her degree (print journalism) once for all of a 90 day probationary period.
“The first element of the new plan would allow any borrower, regardless of their income, to cancel up to $20,000 in interest.”
That would be good too.
“In addition, low and middle-income borrowers who are enrolled in an income-driven repayment plan would have all of their interest forgiven. This group of borrowers includes single borrowers earning $120,000 or less a year, and married borrowers who make $240,000.”
That would help her too… since we got married, she doesn’t qualify for most income assisted programs because I make too much money. But combined, we come in under the $240K cap.
Still no talk of parent plus loans getting fixed :/
I JUST told this story in another thread…
When my kid was getting ready to go to college, we went to all the FAFSA seminars and filled out all the forms and what not.
He got accepted by his top three schools, UC Davis, Lewis and Clark, and the University of Oregon Honors College.
Each one of them came back and told us the same thing…
“Well, with student assistance, scholarships, and so on, we think you should take out parental plus loans of $56,000 a year.”
And my reaction was:
a) That’s oddly specific.
Followed by:
b) Wow, what are the chances that one out of state school and two in-state schools all commonly decided on the same oddly specific number?
Why it’s almost like it’s about “How much can we milk them for?” instead of “Here’s how much college costs.”
So we said “fuck that noise” and enrolled him as a normal student at the University of Oregon.
Tuition was $10,000 a year, he had a scholarship that paid $5,000, I ran the other $5,000 through my Amazon card for points, gave him a 2nd card for expenses and rent, and 4 years later he had a degree and 0 debt.
He’s now a data scientist in the AI field and paid me back in cash. LOL.
But I could see OTHER parents going “Well, three schools all told us $56,000 a year, I guess that’s just what school costs now…”
More than 25 million borrowers, the administration said, owe more in student loans now than they took out originally, due to what Cardona called “runaway interest.” The first element of the new plan would allow any borrower, regardless of their income, to cancel up to $20,000 in interest.
If every borrower really gets that it would fix a lot, especially if it stayed true for new borrowers.
But if it was anyone that owes more than they got, that number would be a lot higher than 25 million.
The prior paragraph doesn’t help much
The announcement spelled out efforts aimed at four groups of borrowers: those who owe more money than they did at the start of their repayment, borrowers who started paying more than 20 years ago, those already eligible for existing loan forgiveness or discharge programs but haven’t yet applied, and borrowers facing economic hardship.
But I don’t expect anything to happen before the election, and if Biden wins it won’t be brought up again till midterms. But I’m just going off of decades of watching the Dem party fail to follow thru.
You had me until the end there, the dems absolutely tried to make it work, the GOP shut it down with their packed court judges
Biden waited two years till midterms, did something last minute that didn’t work…
And ignored it for another 2 years till an election was coming.
Why would anyone believe this will be different?
Why would we believe moderates actually want to fix something when all evidence shows it’s just them looking for votes around elections?
