The move followed a decision last year that the Biden administration had overstepped its authority by trying to forgive more than $400 billion in student loans.
It reduced the required payments for undergraduate loans to 5 percent from 10 percent of the borrower’s discretionary income, and it redefined discretionary income to be above 225 percent of the poverty line. People making less than that pay nothing. Loans of $12,000 or less are canceled after 10 years — down from 20 or 25 years — so long as the borrower made payments if required to do so.
Seems insane to me that these sensible changes are blocked.
20 year forgiveness is ok, but 10 years is wrong? 5% is where the line is drawn?
The previous income repayment plan was actively harming people and a drag on the economy and people’s futures.
Kids were pushed for decades to take large loans at age 18 because they were told constantly that if they didn’t go to college, they’d be stuck flipping burgers, digging ditches or whatever. Of course they’d take the loan at that point. Honestly, they’ve been set up to fail. This is just another tool used to trap people in wage slavery. Forgive the damn debt. I don’t care if it’s “unfair” to those who don’t have college debt. I don’t, but I still want it to happen.
That debt and no real direction in life was why I dropped out before it became insurmountable.
It does me less harm for the debt to be forgiven than pursued.
Can we pack the court yet?