President Joe Biden on Tuesday launched a promotional blitz for his new program that helps student loan borrowers repay their debt, just weeks before millions of Americans are set to receive a loan bill for the first time since the beginning of the pandemic.
The Biden administration is mobilizing to convince borrowers across the country to sign up for the new income-driven repayment program — dubbed the “SAVE plan” — which caps interest accrual and lowers the monthly payment amount for many borrowers.
“It’s the most affordable student loan plan ever,” Biden said in a video released by the White House on Tuesday, describing the program as a major reform to a student loan system “that hurt borrowers for much too long.”
“If you’re eligible for the SAVE Plan, sign up now so you can lower your monthly payments in advance of payments resuming this fall,” Biden said.
As someone who has paid off my own students loans I gotta say I fully disagree. The system we have for paying for college is super predatory and creates incentives for all kinds of shitty, but still legal, behavior by colleges, loan companies, etc. School shouldn’t cost so damn much in the first place, it didn’t for our parents, it shouldn’t have for us, it damn well shouldn’t for our kids.
Yeah, and student loan forgiveness doesn’t change that at all, except possibly making it even worse by inflating future tuition costs.
You’re right, it isn’t sufficient to fix the problem but you can’t make it right without forgiveness for those stuck eternally with the bullshit loans they were coerced into.
It’s cart before the horse though. That shouldn’t be the priority.
Much easier to do though.
But then if we do that, all the middle income energy will evaporate. It will become the classic “fuck you, I got mine”. One time relief for millenials and nothing for zoomers?
In the whole time this has been part of the national discussion, I have literally - literally - never ONCE had a loan forgiveness supporter bring up systemic reform. Not even as an AFTERTHOUGHT. Y’all don’t care. You’re not about improving society. You just want your money.
I literally paid my debt. I’m not in this for money. They got my money. Does it fix all problems? No. Does it help the current massive buildup of debt that is clogging this generations ability to thrive economically? Absolutely. Do we need systemic solutions? For sure. Forgiveness of these loans is good even by itself.
I disagree. It’s a handout for a lucky few, and it’s making it worse for everyone else.
Now I’m not against the handout per se. Millenials were definitely shafted and deserve some recompense.
But systemic solutions should be paramount. Harness this anger to fix the problem for everyone.