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 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.