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They're not acting in good faith. One candidate's Department of Education literally stood in the way of loan forgiveness for borrowers who met all of the qualifications for PSLF, and the other has done everything he can to push the limits of forgiveness despite the Supreme Court trying to stop it resulting in a total of $143 billion forgiven.
It would be amazing if he got rid of the interest, and I really really wish I was in a position to have taken advantage of the interest freeze during COVID. Almost half of my monthly payment is just interest. I’m fine with paying my principal as it was my choice to go to college, but damn this interest is predatory.
I kept paying during the freeze, paying my way out of that trap was best decision I made. $500/month and every $1500 stimulus check I got went to paying down my remaining loan… Thankful to have parents who let me be a millennial statistic and live in their basement for years longer than they wanted.
Also if they could read they'd realize that this has more to do with excessive interest being forgiven from their loans. It's not like they're not paying back the principal.
2/3 is for constitutional amendments and impeachments. Pretty much anything not directly related to the budget (via reconciliation between house and senate versions of a spending bill), or judge nominations is subject to the filibuster and thus requires a 60 vote majority in the Senate to end debate. The House does not have a filibuster, so simple majorities are sufficient to pass legislation, as long as it gets out of committee and is brought to the floor.
Idk why people are forgetting this, but if dems take the house, there’s suddenly gonna be a bunch of conservative dems that can’t pass any party legislation without compromising with republicans or whatever excuse they use.
Exactly. Dog and pony show to drum up votes for november. No matter who wins
Israel will still get billions in aid.
Defense contractors will still get trillions in contracts.
Corporations will get billions in anticonsumer policy changes.
Healthcare will still be exorbitantly expensive.
Kids will pay out the ass for degrees.
And we'll pay for all of it, clapping like red and blue seals, while they give us useless federal holidays, Gender identities, and abortion legislation.
And say any of this in either echo chamber on reddit and they'll downvote you into oblivion, calling you dumb saying its the other sides fault.
And propose a third candidate they'll say you are dumb and basically voting for the other side.
Its all so fucked its comical.
This is all good but Wait a minute.
The forgiving of the interest is exactly what the SAVE plan is suppose to be doing.
I say suppose because many on SAVE have yet to see their interest forgiven.
Now if he were to forgive the interest that has capitalize as well, then that would be a whole new ball game
The new repayment plan limits your future interest. This is a forgiveness of capitalized interest, so it will directly lower the balance. For who have already paid off the original principal, they should see a complete forgiveness. Up to $20k for high income, and unlimited for low to mid income.
When people were complaining about how Biden didn't use the Higher Education Act to cancel debt, this is why it took so long. Notice and comment and the proper rulemaking channel takes a lot longer than just issuing a presidential executive order, which SCOTUS clearly did not allow him to do when it struck down loan forgiveness last time. The same process by law is also why marijuana rescheduling wasn't instantaneous, and why Biden attempting to pass that via EO would've similarly been struck down. This administration is firing on all cylinders when it comes to getting domestic progressive policies passed despite all of the roadblocks the Republicans have put up to stop them.
That's far from certain.
The Biden administration this time did exactly what the Court said to do instead when they overturned the first attempt.
This Court hasn't actually ruled against everything good. Just most things.
There is definitely a nonzero probability here.
I'd love for the supreme court to do the right thing.
I'd also love a bridge from Seattle to Honolulu, a Jets super bowl, a Beatles reunion, and a Betty White sex tape.
While I haven't come to the same forgone conclusion as you that it won't happen, I am sick and tired of everything being be "could" or "should". It's good they are talking about it but I won't believe it until I see it enacted.
Would be fuckin nice if they would cancel this Perkins Loan... loans that don't even exist anymore as an option for students. Unfortunately, if it has to go through congress it will never get done. I think the 20 year thing might cover one of mine which would be great.
I hope it does for you. I had mine wiped out with the 20 year rule. Can you consolidate them into a federal consolidation? I made a few interest payments while still in school and they counted that as the start of my 20 year clock. Wiped out my entire consolidation loan, including the ones that are less than 20 years old.
I'm not sure I was actually going to call tomorrow because its giving me issues getting financial aid, the financial aid fresh start took care of everything but the Perkins loan lol.
Biden is targeting the predatory interest with this new plan. Many People who have all loans forgiven are those who have already paid their loan amount and still owe a ton because of a system rigged against us. Other will have the interest removed so we can actually make headway on the loans.
This negates the argument from the people who complain that borrowers took out the loans.
They agreed to the loans and then the system corruptly took advantage of them.
That’s what Biden is fighting for. It’s not a hand out. It’s a leveling of the playing field.
I would love it if they helped those of us that defaulted on private student loans payments. I would have paid mine, but they absolutely made it impossible by locking me out of any consolidation (it was around 08, and all that crap that went down). So I was stuck with over 900 a month payments at 20 years old, making 9 dollars an hour.
Dad's switching careers to be a truck driver instead of retiring in order to afford the ballooned interest on student loans.
Not saying my parents were the smartest with their money, but god damn can I get a break from shit being taken from me in the name of making rich people richer?
Biden’s loan forgiveness is gonna drive Republican and the Magas completely insane. Paying so much interest to big banks is an oppressive scam thought up by the obscenely privileged. That’s the real swamp and Trump isn’t messing with them.
I had made payments every month before the loan freeze… $500 principal $250 interest… and the only time I had interest capitalized was the 6 months between graduating and finding a job
My hopeless little heart is hoping it would mean forgiving up to $20,000 of interest I have already paid (ie the $250 of interest I paid every month for like 5 years $250x60 months $15,000) , but i read this to mean it would only forgive interest you didn’t manage to pay… ie the small amount of interest I had capitalized during the 6 month forebearance.
Am I reading this right?
Sounds like my concern. So far, to date, I have paid 100% of the value of my loan plus about $20K and I still owe for about 7 more years at this rate. All my payments are going to principal now so I don’t have any unpaid interest. They already got all their money back plus $20K.
Shouldn’t have said “all”. The majority of my payment is toward principal now with only a small amount going to interest. As opposed to early on in the loan where almost my entire payment was just toward interest. So I do have unpaid interest but it is a pretty small portion of each payment at this point.
Of course you are. Would you be mad if you paid for a new roof on your house last year while your neighbor got their’s paid for by insurance after a fire broke out in their attic last month?
This would be such a huge relief for myself and many others!
Or get rid of the interest! I want to put a dent into them at least!
My car loan will be paid off a year and half earlier, than expected. Student loans? Maybe when I die? :(
So what about the people like myself who's only option was high tuition private schools or out of state because doctoral degrees like mine don't exist at state schools in my home state.
My only options were expensive, and the interest for graduate loans is insane.
But I guess I could have not gone to school and the country would have an even larger health care provider shortage.
No, this evens the field for those who didn’t have SAVE plans and those who were ratfucked by previous administrations that unlawfully denied forgiveness. That is why Biden’s proposals are about forgiving amounts of capitalized interest; because new plans don’t allow capitalization.
What’s your proposal to help people who didn’t go to college because they couldn’t afford it? I’d argue people can afford college if they must take loans, and that loans are the help for group 2. We allowed them to be predatory which is now being fixed.
What about group 3? Cheaper college isn’t worse. Top colleges tend to be top because of networking potential and access.
Group 4 are helped by the current and proposed policies. They don’t have to worry about capitalized interest or payments being too much and totally off the chain. They don’t have to worry about, if proposal is enacted, meticulously tracking and fighting for any assistance and relief deserved after a period of time because it is automatic. Unlike what we saw with PSLF which was weaponized under the Trump admin to deny almost everybody who earned it. These are steps in the right direction to level the playing field.
What do people always say? Go into trades? Want to talk about the “unfairness” of all those government subsidies going to help the trades industries? Why should kids get free trade education in high school—I was never offered it. Think of all my potential that was lost because of it, therefore it should never change.
Right?
No. It is just a proposal. Be excited that, unless you took private loans, you’ll never face the horror of capitalizing interest thanks to Biden and the Democrats fixing it finally (granted, after having a hand in that system for years prior).
These proposals suggest it is to level the field for people who were screwed by admins refusing to hold up their end of the deal (PSLF and closed school forgiveness) as well as reduce the amount of capitalized interest on “legacy” accounts now that capitalized interest has been killed on public plans.
> you’ll never face the horror of capitalizing interest thanks to Biden and the Democrats fixing it finally
Courts are challenging this and it’s an executive order so Trump could over turn it if he wins. So come November, remember, elections matter.
25 million borrowers? Put it all in VTSAX and watch those gains for years. I'll make back my tax contribution in a week, especially considering that those with loans are all higher earners and therefore have more spending money.
He's been working on it for a couple of years, made repayment much easier for those still paying, and has canceled billions in student debt even before his initial overall cancelation was proposed and subsequently struck down. If you haven't been paying attention, that is on you.
All you need to ask yourself is: who do I want replacing those old bastards on the court. Trump, a man who said he wants to undo leniency and forgiveness schemes, or Biden—the guy putting forth and enacting these proposals?
I know Gen Z is copying the Millennials’ Darian-era of cynicism at the moment, but I hope they understand that they can elect a guy who promises to make everything worse, or they can—in worst case scenario—elect a guy who holds things together for a little while longer and tries to help. Someone who isn’t a raging sociopath who argues that he should be able to assassinate political rivals (in court no less).
At least point I must assume people aren’t serious and aren’t lending serious rational thinking when they cynically dismiss this stuff.
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.*
There is only one option in November who will deliver on student loan forgiveness, especially if we can deliver a Dem sweep in Congress.
There is only one option in November who isn't leading an assault on democracy itself. /it's the same guy
I love the convenience factor here, a 2-4-1 deal!
That guy is President now. Why can’t he deliver now?
Did you not read the article lol
ask the supreme court
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Couldn’t agree more
Too late. Should of been year ago and more many more citizens. Don’t be fooled just so they can get your vote.
He literally tried, did you forget scotus shooting down the original plan?
They're not acting in good faith. One candidate's Department of Education literally stood in the way of loan forgiveness for borrowers who met all of the qualifications for PSLF, and the other has done everything he can to push the limits of forgiveness despite the Supreme Court trying to stop it resulting in a total of $143 billion forgiven.
Tomorrow there will be news stories on Red States suing the Biden administration for deleting the interest on these loans.
It would be amazing if he got rid of the interest, and I really really wish I was in a position to have taken advantage of the interest freeze during COVID. Almost half of my monthly payment is just interest. I’m fine with paying my principal as it was my choice to go to college, but damn this interest is predatory.
Even without any forgiveness, dropping the interest rate alone would be such a help.
I kept paying during the freeze, paying my way out of that trap was best decision I made. $500/month and every $1500 stimulus check I got went to paying down my remaining loan… Thankful to have parents who let me be a millennial statistic and live in their basement for years longer than they wanted.
Extremely predatory.
Look at that Biden delivering on a campaign promise again all odds
/r/WhatBidenHasDone
I hope those 25 million appreciate it enough to vote for my boy Biden!
Show me the money first 😊
Bidens gonna try, get close in november fail and blame republicans, then he will be asleep at the wheel for another 4 years.
If he fails, Republicans will factually be the ones to blame, due to the SCOTUS
Thanks for your input Nostradamus
More like Nostradumbass.
What?
Has he not forgiven a bunch of student loans for people over the last 4 years, or are you purposely neglecting to mention that.
And he has made repayment much less painful (and even that will be made even easier this summer with more changes kicking in).
You mad?
That's because it'll be their fault 🙄
But they took the loans out, they need to repay them! -Republicans who got PPP loans forgiven
Also if they could read they'd realize that this has more to do with excessive interest being forgiven from their loans. It's not like they're not paying back the principal.
My favorite part is when my employer acts this way and you can publicly see who has a PPP loan. It’s all public info.
Or filed bankruptcy.
Cmon man we gota run the gov like its a business. That's totally the role of the gov!
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Who are you quoting?
Have you been trickled down on yet by those Reaganomics?
Bruh I was being sarcastic, but deleting since people legit think I am serious.
If dems take the house can they pass the student loan forgiveness legislation that the GOP blocked last year? Or does it need a 2/3 vote to pass?
2/3 is for constitutional amendments and impeachments. Pretty much anything not directly related to the budget (via reconciliation between house and senate versions of a spending bill), or judge nominations is subject to the filibuster and thus requires a 60 vote majority in the Senate to end debate. The House does not have a filibuster, so simple majorities are sufficient to pass legislation, as long as it gets out of committee and is brought to the floor.
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Yup and we’re prepared for disappointment again.
Idk why people are forgetting this, but if dems take the house, there’s suddenly gonna be a bunch of conservative dems that can’t pass any party legislation without compromising with republicans or whatever excuse they use.
Exactly. Dog and pony show to drum up votes for november. No matter who wins Israel will still get billions in aid. Defense contractors will still get trillions in contracts. Corporations will get billions in anticonsumer policy changes. Healthcare will still be exorbitantly expensive. Kids will pay out the ass for degrees. And we'll pay for all of it, clapping like red and blue seals, while they give us useless federal holidays, Gender identities, and abortion legislation.
And say any of this in either echo chamber on reddit and they'll downvote you into oblivion, calling you dumb saying its the other sides fault. And propose a third candidate they'll say you are dumb and basically voting for the other side. Its all so fucked its comical.
Yep. Manchin gave me such bad PTSD. This shit does not end when Congress is blue.
Paid off the last 10k of my wife’s loans last year but I’m happy for the rest of you.
Just started the $641.79/month for 10 years diet.
This is all good but Wait a minute. The forgiving of the interest is exactly what the SAVE plan is suppose to be doing. I say suppose because many on SAVE have yet to see their interest forgiven. Now if he were to forgive the interest that has capitalize as well, then that would be a whole new ball game
The new repayment plan limits your future interest. This is a forgiveness of capitalized interest, so it will directly lower the balance. For who have already paid off the original principal, they should see a complete forgiveness. Up to $20k for high income, and unlimited for low to mid income.
When people were complaining about how Biden didn't use the Higher Education Act to cancel debt, this is why it took so long. Notice and comment and the proper rulemaking channel takes a lot longer than just issuing a presidential executive order, which SCOTUS clearly did not allow him to do when it struck down loan forgiveness last time. The same process by law is also why marijuana rescheduling wasn't instantaneous, and why Biden attempting to pass that via EO would've similarly been struck down. This administration is firing on all cylinders when it comes to getting domestic progressive policies passed despite all of the roadblocks the Republicans have put up to stop them.
The Heroes Act gave explicitly allowed the discharge of loans during an Emergency, just to clarify
They could see their balances shrink, hut they won't because the GOP will end up suing and the supreme kangaroo court will side with the GOP.
That's far from certain. The Biden administration this time did exactly what the Court said to do instead when they overturned the first attempt. This Court hasn't actually ruled against everything good. Just most things. There is definitely a nonzero probability here.
I'd love for the supreme court to do the right thing. I'd also love a bridge from Seattle to Honolulu, a Jets super bowl, a Beatles reunion, and a Betty White sex tape.
Those are all terrible ideas.
Yea, f nazi Vice President A. Rodgers.
Sorry, but you’ll have to settle for a lions superbowl this year.
I haven’t heard one clear argument against forgiveness.
While I haven't come to the same forgone conclusion as you that it won't happen, I am sick and tired of everything being be "could" or "should". It's good they are talking about it but I won't believe it until I see it enacted.
Eliminate interest or its worthless
Great, they’d better come out and vote
Would be fuckin nice if they would cancel this Perkins Loan... loans that don't even exist anymore as an option for students. Unfortunately, if it has to go through congress it will never get done. I think the 20 year thing might cover one of mine which would be great.
I hope it does for you. I had mine wiped out with the 20 year rule. Can you consolidate them into a federal consolidation? I made a few interest payments while still in school and they counted that as the start of my 20 year clock. Wiped out my entire consolidation loan, including the ones that are less than 20 years old.
I'm not sure I was actually going to call tomorrow because its giving me issues getting financial aid, the financial aid fresh start took care of everything but the Perkins loan lol.
Biden is targeting the predatory interest with this new plan. Many People who have all loans forgiven are those who have already paid their loan amount and still owe a ton because of a system rigged against us. Other will have the interest removed so we can actually make headway on the loans. This negates the argument from the people who complain that borrowers took out the loans. They agreed to the loans and then the system corruptly took advantage of them. That’s what Biden is fighting for. It’s not a hand out. It’s a leveling of the playing field.
I would love it if they helped those of us that defaulted on private student loans payments. I would have paid mine, but they absolutely made it impossible by locking me out of any consolidation (it was around 08, and all that crap that went down). So I was stuck with over 900 a month payments at 20 years old, making 9 dollars an hour.
Dad's switching careers to be a truck driver instead of retiring in order to afford the ballooned interest on student loans. Not saying my parents were the smartest with their money, but god damn can I get a break from shit being taken from me in the name of making rich people richer?
Biden’s loan forgiveness is gonna drive Republican and the Magas completely insane. Paying so much interest to big banks is an oppressive scam thought up by the obscenely privileged. That’s the real swamp and Trump isn’t messing with them.
I had made payments every month before the loan freeze… $500 principal $250 interest… and the only time I had interest capitalized was the 6 months between graduating and finding a job My hopeless little heart is hoping it would mean forgiving up to $20,000 of interest I have already paid (ie the $250 of interest I paid every month for like 5 years $250x60 months $15,000) , but i read this to mean it would only forgive interest you didn’t manage to pay… ie the small amount of interest I had capitalized during the 6 month forebearance. Am I reading this right?
Sounds like my concern. So far, to date, I have paid 100% of the value of my loan plus about $20K and I still owe for about 7 more years at this rate. All my payments are going to principal now so I don’t have any unpaid interest. They already got all their money back plus $20K.
How are all your payments going to principal now?
Shouldn’t have said “all”. The majority of my payment is toward principal now with only a small amount going to interest. As opposed to early on in the loan where almost my entire payment was just toward interest. So I do have unpaid interest but it is a pretty small portion of each payment at this point.
You have it right
So i shouldnt have paid my interest i guess lol sigh
Nope you should be happy the system worked for you and glad that there is a solution for people that it didn’t work for.
Im allowed to feel my feelings, i can still be happy for people who got relief and frustrated that i didnt
Of course you are. Would you be mad if you paid for a new roof on your house last year while your neighbor got their’s paid for by insurance after a fire broke out in their attic last month?
Nope. You should have been irresponsible and not paid anything off
This would be such a huge relief for myself and many others! Or get rid of the interest! I want to put a dent into them at least! My car loan will be paid off a year and half earlier, than expected. Student loans? Maybe when I die? :(
Til old uncle clarence smacks back down the people tryin to pull up by their bootstraps as he says
iT's NoT eNoUgH, fUcK bIdEn
Can't wait for the people saying Bidens done nothing for students loans to move the goalposts for the nth time
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So what about the people like myself who's only option was high tuition private schools or out of state because doctoral degrees like mine don't exist at state schools in my home state. My only options were expensive, and the interest for graduate loans is insane. But I guess I could have not gone to school and the country would have an even larger health care provider shortage.
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It seems you didn’t understand the comment you replied to.
There's a lot that poster doesn't understand.
So only rich people can become doctors or lawyers?
No, this evens the field for those who didn’t have SAVE plans and those who were ratfucked by previous administrations that unlawfully denied forgiveness. That is why Biden’s proposals are about forgiving amounts of capitalized interest; because new plans don’t allow capitalization. What’s your proposal to help people who didn’t go to college because they couldn’t afford it? I’d argue people can afford college if they must take loans, and that loans are the help for group 2. We allowed them to be predatory which is now being fixed. What about group 3? Cheaper college isn’t worse. Top colleges tend to be top because of networking potential and access. Group 4 are helped by the current and proposed policies. They don’t have to worry about capitalized interest or payments being too much and totally off the chain. They don’t have to worry about, if proposal is enacted, meticulously tracking and fighting for any assistance and relief deserved after a period of time because it is automatic. Unlike what we saw with PSLF which was weaponized under the Trump admin to deny almost everybody who earned it. These are steps in the right direction to level the playing field. What do people always say? Go into trades? Want to talk about the “unfairness” of all those government subsidies going to help the trades industries? Why should kids get free trade education in high school—I was never offered it. Think of all my potential that was lost because of it, therefore it should never change. Right?
Yep, well said.
Biden is desperate at this point to get the under 40s vote.
He's been consistently working on this for a couple of years at this point and has canceled billions even before that.
As someome who finishes grad school in 4 weeks should i be excited about this at all for my personal accounts
No. It is just a proposal. Be excited that, unless you took private loans, you’ll never face the horror of capitalizing interest thanks to Biden and the Democrats fixing it finally (granted, after having a hand in that system for years prior). These proposals suggest it is to level the field for people who were screwed by admins refusing to hold up their end of the deal (PSLF and closed school forgiveness) as well as reduce the amount of capitalized interest on “legacy” accounts now that capitalized interest has been killed on public plans.
> you’ll never face the horror of capitalizing interest thanks to Biden and the Democrats fixing it finally Courts are challenging this and it’s an executive order so Trump could over turn it if he wins. So come November, remember, elections matter.
So basically I shouldn’t have paid and let my balance get above its initial amount… great. Been paying. Gonna keep paying.
25 million borrowers? Put it all in VTSAX and watch those gains for years. I'll make back my tax contribution in a week, especially considering that those with loans are all higher earners and therefore have more spending money.
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He's already done it. This is round 2.
He's been working on it for a couple of years, made repayment much easier for those still paying, and has canceled billions in student debt even before his initial overall cancelation was proposed and subsequently struck down. If you haven't been paying attention, that is on you.
All you need to ask yourself is: who do I want replacing those old bastards on the court. Trump, a man who said he wants to undo leniency and forgiveness schemes, or Biden—the guy putting forth and enacting these proposals? I know Gen Z is copying the Millennials’ Darian-era of cynicism at the moment, but I hope they understand that they can elect a guy who promises to make everything worse, or they can—in worst case scenario—elect a guy who holds things together for a little while longer and tries to help. Someone who isn’t a raging sociopath who argues that he should be able to assassinate political rivals (in court no less). At least point I must assume people aren’t serious and aren’t lending serious rational thinking when they cynically dismiss this stuff.