Plan targets borrowers who accrued high level of interest on debt and those who have been in repayment for at least 20 years

Plan targets borrowers who accrued high level of interest on debt and those who have been in repayment for at least 20 years

Archived version: https://archive.ph/wuLke

  •  Fester   ( @Fester@lemm.ee ) English
    15•3 months ago

    So, does the interest just start accruing again after it’s cancelled? Until a future president decides to throw another bone?

    And I don’t really like that the long-promised 20-year forgiveness plans are being portrayed as dependent on the whims of a benevolent president. That shit needs to be locked in as the permanent bare minimum light at the end of the tunnel for borrowers who signed up for it in the first place, whether it’s today or 20+ years ago.

    •  Midnitte   ( @Midnitte@beehaw.org ) English
      5•3 months ago

      Not sure discharged loans work that way, but Biden’s SAVE plans already eliminated interest for the most vulnerable, and already promised erasure after 20 years.

      And after 20 or 25 years, any remaining debt gets erased.

      Not sure that’s something that will be made permanent with the way congress works…