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.
I think this part is what everyone takes exception to. Especially in gen x, no one warned us that “Maybe college isn’t for you because you won’t want a payment that takes 15% of all of your income each month when you’re also trying to scrounge up enough money to buy a house”.
The message was more “you’re going to be begging groceries at Piggly Wiggly like your cousin Bert if you don’t get a degree in something”
Bert now has more in his 401k than I’m even close to. Feels like we’ve been bamboozled.
Not just gen x. Millennial here, and I remember college being pushed on us as an idea in middle school up to high school graduation as a “make or break” thing for our futures. You either go to college or you end up a deadbeat.
Bamboozled we definitely were.
Top end of Gen Z here (graduated HS in 2017) and it’s the same here. College was the only option presented. Everything else was an alternative to college, not a standalone thing and was also still extremely expensive.
I suppose then it’s a lesson on whom you should trust when you’re planning on making life-altering financial decisions. presumably the lesson was learned?