Biden’s student debt plan lays a groundwork for future jubilees. It’s time to push for full debt cancellation.
in mid-August. “I don’t think I’ll be able to pay off these loans in my lifetime,” another debtor told me.
As I listened to these stories in a Zoom breakout room, I couldn’t help but feel overwhelmed by the conclusion that debt controls the lives of millions of people in the U.S., especially our most vulnerable. The Debt Collective, the nation’s first debtors’ union, is known for opening and facilitating powerful forums for conversation that enable folks to release the burden of shame and talk about how debt has impacted their lives.
For many people, canceling $10,000 will not even make a dent in their balance. Borrowers with high debt-to-income ratios — those who live paycheck to paycheck, who worry about making rent after their loan payments each month, who find it difficult to imagine ever being able to purchase a home — will barely feel the relief this policy was meant to offer. This particularly holds true for Black borrowers.
Moreover, Biden’s goal is to make it easier for people to keep up with their monthly payments by providing an IDR plan that cuts the total amount due in half. This is not the first time we have heard the promise that a new income-driven repayment plan will solve this crisis. In every case this has
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Biden's student loan forgiveness policy: How to apply, who qualifies, moreWhile borrowers should keep their eyes peeled for specific details from the Department of Education over the next few days and weeks, here is everything to know so far about Pres. Biden's student loan forgiveness policy:
Read more »
Ross: Biden's loan forgiveness plan surfaces an overlooked problem with universitiesPresident Biden has announced his plan to cancel certain student loan debt, and even though it’s a very limited program, it has ignited yet another debate about personal responsibility.
Read more »
Do I qualify for student loan forgiveness? Here's a primerPresident Biden's announcement to cancel some federal student loan debt has been met with celebration by some but grumbling by others who believe it will increase the federal deficit.
Read more »
How to have student loans forgiven if you don't qualify for Biden's forgiveness programPres. Biden fulfilled one of his campaign promises and announced a plan to cancel student loan debt for millions of Americans. For those who don't qualify or will still have student loans left, options are still available to reduce their debt.
Read more »
Help for elites at expense of plumbers? GOP seeks midterm gains by slamming Biden student debt planRepublicans are working to make President Joe Biden's historic action to forgive student loan debt an economic wedge issue in November's midterm elections.
Read more »