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Biden says he is forgiving $5 billion in student debt for another 74,000 Americans
(www.cbsnews.com)
this post was submitted on 19 Jan 2024
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Let's do all of it, and put in place a solution for all future student loans. They are robbing us blind right now, and costing future generations a chance at a debt free life.
He did do a lot more! I mentioned it in another comment a week ago, but look into what his save plan does. Lowers costs, lowers interest, increases forgiveness, etc. etc.
Save plan lowered my effective interest rate to around 2%. I'll still have to pay a lot over the next 20 years, and if the tax bomb is not removed it will be another 100,000. However my cash flow is much improved and how much I pay total has decreased drastically.
Still fighting with my student loan servicer to set me up on the plan correctly, but that is a different can of worms. The servicers need to have their contracts nullified for how terrible they have been.
Definitely better than a kick in the teeth, but it’s a shame the Supreme Court nixed the bigger loan forgiveness plan. I’m glad to see Biden is still trying to live up to his promise as much as he can given the obstructionist Congress and Supreme Court.
Here in Australia, our student loans are given and managed by the Australian Tax Office, and while they technically don’t accrue interest they are “indexed” according to inflation (CPI specifically) once per year, every year. Our repayments just come out of or income like regular income taxes - that means that the repayments are tax-deductible too. We usually get indexed around 2-3% per year but last year it was almost 8% which hit really hard. Most degrees also fall under the Higher Education Commonwealth Support (HECS) program which drastically reduces their total cost too.