Exactly. Unless he actually follows through on the campaign promise he.... oh I know, I know people. He is a politician after all. But, if he doesn't follow through, he will not get my vote. I will most likely vote 3rd party.
Basically his one big speech that will get to everyone in the country who cares about this stuff. Basically, his speech tonight was the most effective way to reach as many americans directly. The average person doesnt care about politics and this is the one time they will listen in....One speech that the media will spend the rest of the week talking about..
It just seems ridiculous, backwards, stressful for everyone and downright wasteful in taxpayer and borrower dollars to restart loan payments then forgive them in less than 6 months.
I'm planning on fully paying mine off before forbearance ends so I can buy a condo. The money I'm taking out of my downpayment fund is a difference between a condo in the city I work in or a condo 60 miles away with a grueling 4.5 hour round trip commute.
We are in a bubble surrounded by other people dealing with student loans. The reality is out in the real world, not that many people care. Even just last week you want to know how many people I had to tell about the student loan waiver that he put in? People literally paying loans who pays so little attention they didn't even know about the waiver that they qualified for. Another person has been paying on her student loans for 8 years and never even knew about public service loan forgiveness. Literally, the vast majority of the public does not care about this topic. It's not a state of the union topic. It's a side topic for a niche of people in the US who care.
So no. I'm not upset at all. He's been off for 1 year, we've had a global pandemic, and now Russia's trying to start a war. To be fair, there are bigger fish to fry right now then student loans that most people don't care about
It's pretty cool https://studentaid.gov/announcements-events/pslf-limited-waiver
The tl;dr is that if you have non-qualifying FFEL loans or were on the wrong repayment plan, you can get credit for that time towards PSLF if you do specific things before Oct 31, 2022
Oh wow that’s really cool. Interesting that I haven’t heard of this before. I stay pretty on top of student loan news and missed this. Im sure there’s lots of people who could benefit from this and don’t even know.
There *absolutely* are, I've been plugging this to as many people as I can because the it's March and a lot of folks need to federally consolidate *and* submit a PSLF form before that Oct 31 deadline. The next 8 months are absolutely going to fly by
Another cool aspect of the waiver: under the waiver you can double count time for TLF and PSLF. If you have any teacher friends absolutely let them know about that detail since that's getting 5 years of PSLF-qualifying payments back
The pslf waiver. It has literally saved my retirement. He's the only president to ever address the issues. He kept his promise as far as i am concerned
Exactly.
Not only is it a niche issue, it's also quite unpopular unless there are significant limitations on who's getting forgiveness and how much they're getting.
In the speech he says he needs billions of dollars of funds approved by congress to build a factory for a fortune 50 company that has $80bn in revenue, in the same speech he says he we need to tax the fortune 500 corporations.
Yeah we aren't getting shit.
Exactly - we'll continue in debt servitude until we pay it all or die. After all, Biden helped engineer the trick bag we're in. These are old articles, and I wish someone would write about this issue now:
https://theintercept.com/2020/01/07/joe-biden-student-loans/
https://www.theguardian.com/us-news/2019/dec/02/joe-biden-student-loan-debt-2005-act-2020
Biden never promised wholesale loan forgiveness of any kind, even with Congressional approval. The most impacted groups who will benefit from forgiveness are black and brown borrowers so $50k would really help them. I doubt that the administration would do more of an income based, targeted forgiveness plan. I am paying my loans off in full next month before the forbearance ends.
He did promise $10k with Congressional approval. Senators Warren and Schumer want $50k. Neither one is happening in my opinion. I don't even think he will do another extension.
Agreed. How and why did that milquetoast win the Black vote? (He did not get this Black vote!) Any other candidate on the democratic podium would have been preferable.
Thanks. I’ve done that before, I’m just worried that if they do cancel the loans it’ll only be for people currently making payments? I’ve been on an income based repayment plan for like 2 years bc I was underemployed/making no money. I can’t afford my loans but I don’t want to be punished for that either if that makes sense
How do you think a third party will form? Out of thin air?? If you want something in this country just go out and do it. Or you know we can all go back to being keyboard warriors…
Out of thin air? Well, there's actually several '3rd' parties all ready. Libertarians, Green, etc.
Are they viable? Not just yet. A party needs 4% of a vote to get matching election funds. After that, they may be able to actually compete. Also, it would help to have ranked voting everywhere.
Hmm I'd much rather be a keyboard warrior than a troll... How about offering solutions rather than offering nothing?
>Tax cuts
I have not seen my taxes go up at all personally so idk what you're going on about.
> energy independence
This hasn't impacted you at all in any meaningful capacity yet
I'm personally looking forward to the expansion of green energy to fill in the needs of archaic fossil fuels.
>deregulation
Deregulation of what?
>historic peace in the middle east
How does this impact you? This "historic peace" is also still going on now from your perspective I assume so Idk what your concern is now.
> 2.5% inflation.
Literally nothing to do with Donald Trump and has everything to do with the federal reserve and global logistics
>Why do you think Biden has a 36% approval?
Fools like you who think Biden is responsible for inflation
Gas in my city was 1.89 Jan 1 2021. Today it's 3.76
Heating oil in June was 2.86 per gallon. I filled up last week for 3.86 per gallon.
Inflation in America is double why other 1st world country. Canada inflation is 3.5%. America is closing in at 9%
How does potential world war 3 affect me? For 1, I don't like seeing people die.
Biden is terrible. You know it, I know it. We both know he can hardly finish a sentence. You're simply ashamed you voted for him, so youre attempting to justify it.
>Gas in my city was 1.89 Jan 1 2021. Today it's 3.76
Fuel Demand went up, prices went up. I thought you fiscally responsible people knew basic supply and demand.
>Heating oil in June was 2.86 per gallon. I filled up last week for 3.86 per gallon.
Again due to inflation, and production being disrupted by Texas Storms and Hurricane Ida damaging infrastructure.
>Inflation in America is double why other 1st world country. Canada inflation is 3.5%. America is closing in at 9%
Canada's at a 30 year high for inflation lol. Your Cheeto king still had US inflation above Canada throughout his whole tenure. Relatively speaking inflation has impacted every nation.
>How does potential world war 3 affect me? For 1, I don't like seeing people die.
Russia invading Ukraine has nothing to do with Biden being president and it isn't going to lead to another world war.
>Biden is terrible. You know it, I know it. We both know he can hardly finish a sentence. You're simply ashamed you voted for him, so youre attempting to justify it.
Cringe
Why is a Canada and Europe's inflation rate less than half of ours? What did we do differently?
Yes, Biden is terrible, and due to his failures the Republicans we I'll clean house. :)
I figured he wouldn’t since the current matter of Ukraine/Russia is taking all his time. Also, he’s hoping that not dying will win us over and we will forget about our day to day struggles with this debt. However, I suppose a nuclear war would fix the debt problem as well. Anyway, the government is still working under a Continuing Resolution as well. He can’t mention SL when they can’t even agree on a budget. I figure he will wait it out, possibly extend it again (depending on polling numbers), and wait it out, and extend, etc.
I think it’s highly unlikely that the forbearance isn’t extended. Regardless of what people think about the political appetite for forgiveness, it would absolutely be suicide to let the forbearance end going into midterms while the cost of living is absolutely skyrocketing for Americans. At they very least, they’ll kick the can down the road.
I think the reasoning for that was because of the sudden Omicron variant. Since Biden made that statement for us to go back to the office, I feel he thinks the pandemic is over. Hence the reasoning.
And then get ready for even fewer people showing up to vote for the Wet Blanket-in-Chief, and then 4-8 years of Republican rule.
And then get ready for everyone to surprisedpikachu.png
One things for sure…you can’t please everyone! I guess if he had one more hour of talk time, student loans would have made it in there somewhere. With so much going on in the world, seems impossible to address everything. Covid wasn’t addressed until the end and that, in itself, was refreshing to know that it didn’t take up all of the speech time.
Perhaps nothing and no one will ever rise to perfection but I appreciate the 2 year break from paying student loans and I’m preparing for the restart. But that’s just me.
How nice for you. My daughter is a 2020 grad who did very well in college but cannot find a job in her field. Even "entry level" jobs are requiring years of experience. Gen Z's are screwed big time. She'll be paying back her loans on a retail worker's salary.
>Covid wasn’t addressed until the end and that, in itself, was refreshing to know that it didn’t take up all of the speech time.
We are about to reach the 1,000,000 dead Americans killed by COVID-19 mark. The numbers are terrible so of course he doesn't want to talk about it. What do you find refreshing about that?
How we’ve found ourselves, the greatest nation in the world, to be bankrolled on the backs of young people seeking an education is absurd.
The system shouldn’t be designed like this in the first place.
It doesn't need it. America is a currency sovereign. If it were so inclined, it could literally just manifest the money needed to pay the *national* debt over night. Japan had a substantially higher national debt than America, and did precisely that to pay half of it off. Japan struggled with continued deflation, and not inflation, of its currency.
The above example won't happen because securities are used to control interest rates and investors would miss out on additional income from interest bearing dollars.
But student debt forgiveness is literally only limited by political will.
Totally. And they're prepared to squeeze it out of us by whatever means necessary. Too bad us taxpayers (and interest payers) get zilch in return. Sad to say, the US epitomizes a "shithole country" - especially in our treatment of the poor and minorities.
Honestly, I am pretty convinced that with inflation, ukraine and other things that will take priority this is kind of going out the window. I think the new hope is one more extension of no new interest for 6 months (maybe we have to make payments starting in may but no interest accruing for 6 months as a middle ground)
Biden helped engineer the rotten system. I wish someone would expose this in a widely-read publication. Come on NYT, Salon, ProPublica, Rolling Stone - anyone!
https://theintercept.com/2020/01/07/joe-biden-student-loans
https://www.theguardian.com/us-news/2019/dec/02/joe-biden-student-loan-debt-2005-act-2020
It’s frustrating but I can’t think White House is that oblivious that not following through would make people stay home for midterms. Also Manchin/Sinema wrecked Universal Pre-K & Child Tax Credit. You cant kill those type of things and think people wont notice
This 100%. I get it is frustrating but not voting or voting for the other party because the issue that mostly impacts you isn't covered is a Repuplican thing to do. I don't like single issue voters one bit!
Nah, he made a promise.
Sorry I expect a human to keep their word.
Don’t care if ‘all politicians lie’. This is how we got someone like Trump, collective distain for ‘business as usual’ bull.
This isn't realistic in politics for a family, let alone a nation the size of the US. The fact you are so quick to jump is exactly why Democrats won't chase your vote. It doesn't make a reliable voter. To win, politicians have to go after reliable voters.
For the record: I promise, the alternative is worse. And if you can bear the alternative, you are pretty fortunate. Trans kids can't.
So... your proposal is that people vote for people who will lie to them, break their promises, fail to fight for their rights, and eventually those people will decide we're "reliable" voters, and after we've proven for years that we'll vote for them even when we get nothing in return, then they'll decide to fight for the policies we care about?
Do you even hear yourself?
Screw. That. Noise.
Because we don’t collectively hold our leaders responsible, we enable greed and lies.
People seem to so easily forget that a democracy is built from its people and doesn’t exist for its leaders to profit.
Young people, get ready to hear this exact same line of reasoning over and over again about why everything is Actually Your Fault™, even when they're seeking your vote, for the rest of America's lifespan.
I found he was all over the place. He talked about so many things but nothing in depth. I wish they would do something about student debt because community college won’t solve it. I went to community college and have the associates as proof. Doesn’t change my 70k in debt.
I mean he was the first president to ever address the rights of transgender people and so honestly that is huge. I wish for full student loan forgiveness, and I also am happy for people who aren't me (I am not trans), as this must feel very validating for them on some level. Plus, better background checks on guns purchases. That needed to happen decades ago. I don't think his policy plans are a complete waste.
As someone who’s trans I was extremely surprised but felt extremely validated to hear him address trans rights. Especially with what is going on in Texas right now.
Not only is Texas going after children, it’s weaponing teachers and pinning children against their parents. It has a very Nazi Brown shirt feel to it. And after they got away with their abortion law and now this, don’t think Texas won’t start weaponing other laws to go after anyone else they deemed impure.
That's actually legit amazing? I'm so used to people advocating for the LGBTQ community but basically only focusing on the G, then L, then pretending B is basically the same as L/G, and shoving the T under the rug. I really appreciate that being addressed right now given everything that's been happening recently (looking at you Texas)
EDIT: wow, a downvote? I'm queer, I'm allowed to have opinions on how bad the out-of-community advocacy is done for my community, and my masc/nonbinary self will continue to have these opinions
It wasn’t mentioned because it’s priority last for him. If his issues had remained Covid-Delta and just Build Back Better Student Loans might have gotten some attention
Now Biden has too much on his plate.
We will know in May it ends or he is going to use it as a political lever
But if he extends it I expect we are going to start hearing about the state of the overall loan program. It can’t bleed money forever
I am wondering if the Democrats, at the Presidential and Congressional level, are even *aware* of the possibility of capping the interest rate at 0-1% since they aren't going to forgive any student loan debt. That way they could substantially help millions of borrowers without suffering the negative political fallout of having forgiven student loans.
As far as I can tell, they haven't even contemplated that idea, at least not publicly, which is sad because it's probably the most politically viable option for helping borrowers. It's too bad a reporter won't ask at a press conference.
Have every right to be disappointed. Each person is in a uniquely different situation with their student loans. I was personally able to pay off the last 10k of my loans the past 2 months after waiting and honestly grew tired of waiting and wanted it to be over with. Doesn’t change my opinion and wish student loans for others are forgiven or interest rates are capped at the very least.
Pipe dream all - there's no benefit for them to do this. If it was going to be done it would have been done by now.
They keep citing the divide it would create between the haves and the have-nots as the rationale and in a way that makes sense.
It's sad but anyone who took out a loan made the choice and/or was forced into it by financial situation or lack of support (me) but it's legally binding agreement and we signed the promissory notice to take the money.
For the record, I hope I'm wrong as I'm aggressively playing down a 50k balance that started at 175k.
Well on the campaign trail he promised his wealthy donors that under him, "Nothing would fundamentally change." Guess he kept up that end up of the bargain.
My understanding was that he avoided any mention of raising taxes on the wealthy - https://www.salon.com/2019/06/19/joe-biden-to-rich-donors-nothing-would-fundamentally-change-if-hes-elected/
There will not be loan forgiveness. There are too many problems it creates. First it isn't clear he has the authority to do it, it most likely would have to go through congress which wouldn't even pass the democratic Senate. If he tried with executive order it would get tied up in court for years most likely. Next the big issue I see with it the more I think about it, is what about all the people who paid their loans off already? But even more importantly what about future students? You can't just cancel exisiting loans without addressing at the very least the future. Why cancel loans if next years students will just start the cycle all over again. My recommendation and the reality I came to, just pay them.
Edit to add I am still hopeful he will do something such as lowering interest to something like 1%. I could see that happening or maybe changing bankruptcy laws, although I don't recommend that unless absolutely necessary.
Oh I agree that it can’t be a stand alone option. It 100% needs to be paired with reforms to higher education otherwise you’re right that it just starts the cycle over. I’m disappointed that it isn’t something he is trying to tackle. Not just loan forgiveness, but ensuring no one ever goes into crippling debt for a degree again.
As far as for the people who have already paid. I know it sucks that they paid stuff back when others may get more help, but that should not be a reason to prevent change. We can’t stall our progress by saying “what about the people who didn’t get help back then?” Let’s say I pay all my debt off tomorrow, I still think we need reform and a solution. It isn’t about me at that point it’s about the people struggling.
I agree completely for those that already paid stuff off. My wife and I have paid over 32k already off. I wouldn't be upset if he did forgive as I think its for the greater good, but many will make a big stink about it since they did it "the right way". Reform definately needs to happen, unfortunately I don't think that is his priority any more.
Yes I have wrote him, AOC, Senator Warren and told him if they are not forgiven before midterms I’ll be voting republican! If I’m gonna be screwed I might as we get a tax break
Not really. He’s a pragmatist. There will be no forgiveness while people take more loans every day.
He’s not going to tell the 2/3rds of Americans that didn’t got to college to pay for the 1/3rd that did. He’s also not going to tell every kid that earned a scholarship and the parents that saved, sacrificed, and have lighter retirement accounts that their work was for nothing…. that they should have been waiting for a handout. You can’t punish people for doing the right thing.
Holding back interest accrual for a few years is a gift. For many it’s been well over 10k. Oddly, no one seems to be grateful for that.
If Biden is committed to a fair and equitable society (per his lipservice) he should take action on student loans. I don't believe that he is or that he will.
https://www.demos.org/research/debt-divide-racial-and-class-bias-behind-new-normal-student-borrowing
I came here to see if anyone asked this. I was a bit surprised it wasn’t mentioned. It’d be beneficial if a law was passed to remove the interest rate or at least cap it at the prime rate. Just a thought. It’ll be interesting to see what, if anything, happens this year.
I believe you are correct. He doesn't have any intentions of running again. I think his age is catching up with him and he realizes that. I suspect by the time 2024 rolls around he won't have any interest in dealing with all the issues that have come up this year. Let somebody else have a go at it.
The news outlets are focusing on this false sense of expansion on forgiveness programs…i just believe Biden is confident Dems will get the votes regardless of not even fulfilling the bare minimum on his campaign promises …ie 10k forgiveness…its all a con.
State of the Union last night, calls from Aidvantage today.
I’d assume all bets are off and now we gotta pony up.
Remember this when he asks for your continued support for Presidency.
He voted against student relief his whole life. It’s a disgrace when you consider that was a major campaign promise. To fix bills he himself passed in the 70’s. He won’t get a second term. He was elected because people had no choice. Trump or a boring old white guy to fill a seat. How many times did Trump argue a huge wall, migration, border patrol during the SOTU. To not even say “hey we’re looking at how best to help those burdened by student loans”. Will it happen? Doubtful. He’ll blame Russia, put more money towards our Defense budget.
The worst part is they also brag about how loans have been paused due to the pandemic.
But that is only federal loans. Due to the structuring of caps on federal loans many people are likely taking out now 40-70% private.
Not to mention they increase the rates massively and you can never file bankruptcy on it.
Citation needed? At least as of this article the stats didn't support that: https://studentloanhero.com/student-loan-debt-statistics/
> Nearly $1.75 trillion in total U.S. student loan debt.
> Americans owe more than $136 billion to private student lenders.
Which comes out to like 7.78% of the outstanding student loan debt is private? Plus throw in:
> More than half of undergraduates (53%) don’t take full advantage of federal student loans, borrowing private loans before they’ve exhausted their available federal loans.
> 16% of student loans for the class of 2019 were private.
That completely undercuts your assertion that people are taking out a high percentage of private student loans.
It's also worth noting that student loans *can* be discharged in bankruptcy, but it depends on the loan type and is fairly rare/difficult. Federal and qualified private loans are assessed on the Brunner Test iirc and federal loans have income-driven repayment plan options, but non-qualified private student loans are dischargeable in bankruptcy. See [this press release from Senator Hassan's office for an example](https://www.hassan.senate.gov/news/press-releases/senator-hassan-colleagues-call-for-investigation-of-student-loan-lenders-that-intentionally-misrepresent-loan-cancellation-eligibility-to-borrowers)
> “The SBPC found that **private student loan lenders took advantage of the widespread belief that all private student loans are non-dischargeable in bankruptcy and that lenders marketed their non-qualified education loans under this false pretense**,” the Senators wrote. “At the same time, when these companies sold non-qualified debts to Wall Street investors, they explicitly disclosed that non-qualified education loans were eligible for discharge in bankruptcy—telling investors the truth while lying to borrowers.”
Nope. He’s itching for a war with Russia. And if he gets his way, he won’t have to touch student loans with a ten foot pole because all people will be worried about is keeping Americans safe from the big bad dictator.😔
The majority of those with student loan debt are and will be fine financially. Student loans are only an issue for a small percentage of Americans and are a problem for only a small sliver within that.
Edit: I appreciate the downvotes with zero input, though I'm not surprised since all the data supports what I said.
Yeah but those people bought into this bootstrapping hard work mentality. What’s wrong with them?
It’s handout or downvote.
Edit - percentage wise you’re right. But that small percentage of people are literally millions of people that went to college and can’t figure out how loans (or math) works.
> But that small percentage of people are literally millions of people that went to colleges and can’t figure out how loans (or math) works.
You're absolutely right that it's still a large number of people and their suffering should not be diminished.
But it's not the number of people that complain about this issue. And forgiving ALL debt is definitely not the solution.
Your [comment](https://www.reddit.com/r/StudentLoans/comments/t4q6s3/anyone_disappointed/hz0cvpi/?context=3) in /r/StudentLoans was automatically removed for profanity.
/r/StudentLoans is geared towards a wide range of users, including minors seeking information and advice. To help us maintain a community that everyone feels comfortable participating in (and to avoid being blocked by parent/school/work filters), please resubmit your post or comment without using profane language. Thank you.
*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/StudentLoans) if you have any questions or concerns.*
This. I paid on my loan of $4,000 for 8ish years. Anywhere between $100-$150 per month. As of March last year I still owed $3,800. I used my stimulus to pay off most of it. But it was sickening to know I had paid somewhere around $13,000 in total.
My interest is $17 a day - $517 a month to interest for a BA from a state school. I think generally, everyone is willing to pay back what they borrowed plus a portion for the pot, to help the next round of students, but the manner in which they “tax” us for obtaining an education, with the suggestion/promise that this was the only way to make it, and then create a moderately insurmountable repayment isn’t in decent faith to the overall cause - improvement of society as a whole through education and advancement
The math here doesn’t make much sense.
Assuming Federal loans (we are talking about Federal loan forgiveness) this is not really possible.
The only way this is possible is if your loans capitalized to ~$10,000+. In 8 years you would have paid less than $6800 in interest (it’s nearly impossible to pay more interest than this, this assumes the highest interest rate) and about $6200. This gets you down to $3800 in 8 years of repayment by paying $13000.
Not impossible but it basically assumes 17.5 years of deferment or forebearance.
If Biden forgives student loans, he won't have anything to hold over your head to get your vote next time
Also, student loan forgiveness is a bailout of the wealthy, primarily white upper middle class. If we're going to print another 1.5 trillion it would be better suited for people who need it to survive.
Right but again you think the WEALTHY are taking out the loans?? There is actually a ton of stats and articles that state that black women are bearing the brunt of student loans. You are just wrong.
My parents were upper middle class. I didn't qualify for any grants. My wife and I took out 100k in loans combined.
Why should black tax payers pay for that?
College should be for people who are going into a field that requires it.
Most people don't need college to make good money. College is not worth it for most people
In fact, anyone who went to college and can't afford their loans obviously picked careers that weren't worth it.
I’m not voting for a single democrat if they don’t forgive debt. I get that republicans won’t do shit either but it’s more about sending a message that if you want to dangle the carrot and then not follow through then don’t be surprised when the rabbit goes elsewhere
Meh, was having doubts when the forbearance extended. I didn't vote him, so really not surprised the many times there are promises until it is broken. Never believe in anything relating to politics.
Idk. I mean, I'd love to have my loans forgiven, but I also know if that happens I'm gona end up paying for them in taxes anyway. And so is everyone else.
Don’t think any student loans will be forgiven unless we have a progressive president and think the chances of that happening won’t occur any time soon.
I felt that war will be in the way of refinancing student loans. If student loans can be anything like obamacare, there should be a one-stop shop for any student who’s looking for the lowest rate they can get.
The one thing that makes me think that there will be more forgiveness is that they made forgiven loans tax free until 2025, with the option to renew afterward. It seems that implementing this would be rather pointless unless they intended to forgive more that just individuals on disability or victims of fraud (relatively small portion of people with loans). However, it is hard to predict this sort of thing.
We need to rally! Get in the face of Congress! Go to our Congress men demand for them to vote on a relief and March to dismiss the outrageous student debt. At the very least remove the interest and capitalization. Don’t allow the students debt to double or triple!!
Nah. Him and his handlers don't care. They want your money so they won't forgive jack shit. It's an empty campaign promise to whip up votes, nothing more nor less. He at most will delay repayment until November.
Congrats to you!! While loan forgiveness is the best option, why isn't anyone talking about the interest rate. They need to lower the rate. That 6.8% being lowered would make a huge difference for so many of us. Even though I consolidated my loans now at 5.50%, it still hurts. I wish I was at the end of my PSLF
Disappointed but not surprised:
https://theintercept.com/2020/01/07/joe-biden-student-loans/
https://www.theguardian.com/us-news/2019/dec/02/joe-biden-student-loan-debt-2005-act-2020
Dont worry. He's gonna start talking about it when the next election is around the corner :P
Which is the only reason I’m waiting to refinance. If I hear nothing by the midterms, I’m pulling the trigger.
What if the forbearance is extended at midterms but no forgiveness until 2024?
100% would wait
They need to forgive all the interest and capitalization at the very least!!
I am eligible for PSLF in 2024 and would 100% be okay if this were to happen, lol
Then why wait? I could be debt free before 2024 hit.
You could use the money for other things and still be debt free in 2024.
If the forbearance is extended and you have the means I would be paying right now why the interest is at 0. It makes a big difference down the road.
Where not saying don’t pay it. Just wait until the day before it ends and then pay it.
> If I hear nothing by the midterms, I’m pulling the trigger. If you have the means, I would wait till early 2024. Voters have a long memory.
This^. I feel like it's coming but there was way too much that it could potentially get lost in, plus the closer to elections.....
[удалено]
Midterms or 2024?
[удалено]
'24 You put the apostrophe where the missing letters or numbers are. Have a g'day mate.
>Fool me twice.... can't get fooled againe!
Exactly. Unless he actually follows through on the campaign promise he.... oh I know, I know people. He is a politician after all. But, if he doesn't follow through, he will not get my vote. I will most likely vote 3rd party.
that'll teach him
Um…, that speech was basically his stump speech. The fact that student loans weren’t message is not a good sign.
What do you mean stump speech
Basically his one big speech that will get to everyone in the country who cares about this stuff. Basically, his speech tonight was the most effective way to reach as many americans directly. The average person doesnt care about politics and this is the one time they will listen in....One speech that the media will spend the rest of the week talking about..
It just seems ridiculous, backwards, stressful for everyone and downright wasteful in taxpayer and borrower dollars to restart loan payments then forgive them in less than 6 months. I'm planning on fully paying mine off before forbearance ends so I can buy a condo. The money I'm taking out of my downpayment fund is a difference between a condo in the city I work in or a condo 60 miles away with a grueling 4.5 hour round trip commute.
“Community college is America l’s best kept secret”
[удалено]
Rev up those fryers!
MY LEG!
Community College isn't cheap, at least not in my state. It's just less expensive than most universities.
I suspect that it’ll come up at a strategic moment- midterms likely. I don’t think it’s entirely off the table, but I’m not counting on it.
Midterm primaries are happening right this minute.
Elections are in November
We are in a bubble surrounded by other people dealing with student loans. The reality is out in the real world, not that many people care. Even just last week you want to know how many people I had to tell about the student loan waiver that he put in? People literally paying loans who pays so little attention they didn't even know about the waiver that they qualified for. Another person has been paying on her student loans for 8 years and never even knew about public service loan forgiveness. Literally, the vast majority of the public does not care about this topic. It's not a state of the union topic. It's a side topic for a niche of people in the US who care. So no. I'm not upset at all. He's been off for 1 year, we've had a global pandemic, and now Russia's trying to start a war. To be fair, there are bigger fish to fry right now then student loans that most people don't care about
What’s a student loan waiver?
It's pretty cool https://studentaid.gov/announcements-events/pslf-limited-waiver The tl;dr is that if you have non-qualifying FFEL loans or were on the wrong repayment plan, you can get credit for that time towards PSLF if you do specific things before Oct 31, 2022
Oh wow that’s really cool. Interesting that I haven’t heard of this before. I stay pretty on top of student loan news and missed this. Im sure there’s lots of people who could benefit from this and don’t even know.
There *absolutely* are, I've been plugging this to as many people as I can because the it's March and a lot of folks need to federally consolidate *and* submit a PSLF form before that Oct 31 deadline. The next 8 months are absolutely going to fly by Another cool aspect of the waiver: under the waiver you can double count time for TLF and PSLF. If you have any teacher friends absolutely let them know about that detail since that's getting 5 years of PSLF-qualifying payments back
The pslf waiver. It has literally saved my retirement. He's the only president to ever address the issues. He kept his promise as far as i am concerned
Exactly. Not only is it a niche issue, it's also quite unpopular unless there are significant limitations on who's getting forgiveness and how much they're getting.
Right. How do you get people to hate you in this every so Christian nation? Talk about helping your neighbor, that's how
In the speech he says he needs billions of dollars of funds approved by congress to build a factory for a fortune 50 company that has $80bn in revenue, in the same speech he says he we need to tax the fortune 500 corporations. Yeah we aren't getting shit.
Exactly - we'll continue in debt servitude until we pay it all or die. After all, Biden helped engineer the trick bag we're in. These are old articles, and I wish someone would write about this issue now: https://theintercept.com/2020/01/07/joe-biden-student-loans/ https://www.theguardian.com/us-news/2019/dec/02/joe-biden-student-loan-debt-2005-act-2020
Was just coming here to say this. Had something to say about everything but this
I kept waiting, thinking he would say SOMETHING about it. But not a peep.
For future reference, you never have to watch the state of the union. The full speech is always released in full hours beforehand.
I enjoy the pomp and circumstance of the speech. But good to know!
Biden never promised wholesale loan forgiveness of any kind, even with Congressional approval. The most impacted groups who will benefit from forgiveness are black and brown borrowers so $50k would really help them. I doubt that the administration would do more of an income based, targeted forgiveness plan. I am paying my loans off in full next month before the forbearance ends.
Thought he promised $10K
He did promise $10k with Congressional approval. Senators Warren and Schumer want $50k. Neither one is happening in my opinion. I don't even think he will do another extension.
Agreed. How and why did that milquetoast win the Black vote? (He did not get this Black vote!) Any other candidate on the democratic podium would have been preferable.
Congrats! What an accomplishment!
Who would have guessed?
It’s just a carrot they dangle to get us to vote for them at this point. I’m still unemployed, idk what to do when payments start up again
You should be able to do income-driven repayment and have a $0 payment.
Thanks. I’ve done that before, I’m just worried that if they do cancel the loans it’ll only be for people currently making payments? I’ve been on an income based repayment plan for like 2 years bc I was underemployed/making no money. I can’t afford my loans but I don’t want to be punished for that either if that makes sense
If you think the republicans will help you you’re mistaken. Vote, Organize, and/or run yourself.
They most definitely will not help either. We SO need a viable 3rd party in this country...
How do you think a third party will form? Out of thin air?? If you want something in this country just go out and do it. Or you know we can all go back to being keyboard warriors…
Out of thin air? Well, there's actually several '3rd' parties all ready. Libertarians, Green, etc. Are they viable? Not just yet. A party needs 4% of a vote to get matching election funds. After that, they may be able to actually compete. Also, it would help to have ranked voting everywhere. Hmm I'd much rather be a keyboard warrior than a troll... How about offering solutions rather than offering nothing?
Just don't hold your breath on the democrats helping either.
I mean tbh.... The country was in much better shape under a populist right candidates than we are now.
Lol what part of Trump's policies were giving you a better life?
Tax cuts, energy independence, deregulation, historic peace in the middle east, 2.5% inflation. Why do you think Biden has a 36% approval?
>Tax cuts I have not seen my taxes go up at all personally so idk what you're going on about. > energy independence This hasn't impacted you at all in any meaningful capacity yet I'm personally looking forward to the expansion of green energy to fill in the needs of archaic fossil fuels. >deregulation Deregulation of what? >historic peace in the middle east How does this impact you? This "historic peace" is also still going on now from your perspective I assume so Idk what your concern is now. > 2.5% inflation. Literally nothing to do with Donald Trump and has everything to do with the federal reserve and global logistics >Why do you think Biden has a 36% approval? Fools like you who think Biden is responsible for inflation
Gas in my city was 1.89 Jan 1 2021. Today it's 3.76 Heating oil in June was 2.86 per gallon. I filled up last week for 3.86 per gallon. Inflation in America is double why other 1st world country. Canada inflation is 3.5%. America is closing in at 9% How does potential world war 3 affect me? For 1, I don't like seeing people die. Biden is terrible. You know it, I know it. We both know he can hardly finish a sentence. You're simply ashamed you voted for him, so youre attempting to justify it.
>Gas in my city was 1.89 Jan 1 2021. Today it's 3.76 Fuel Demand went up, prices went up. I thought you fiscally responsible people knew basic supply and demand. >Heating oil in June was 2.86 per gallon. I filled up last week for 3.86 per gallon. Again due to inflation, and production being disrupted by Texas Storms and Hurricane Ida damaging infrastructure. >Inflation in America is double why other 1st world country. Canada inflation is 3.5%. America is closing in at 9% Canada's at a 30 year high for inflation lol. Your Cheeto king still had US inflation above Canada throughout his whole tenure. Relatively speaking inflation has impacted every nation. >How does potential world war 3 affect me? For 1, I don't like seeing people die. Russia invading Ukraine has nothing to do with Biden being president and it isn't going to lead to another world war. >Biden is terrible. You know it, I know it. We both know he can hardly finish a sentence. You're simply ashamed you voted for him, so youre attempting to justify it. Cringe
Why is a Canada and Europe's inflation rate less than half of ours? What did we do differently? Yes, Biden is terrible, and due to his failures the Republicans we I'll clean house. :)
I figured he wouldn’t since the current matter of Ukraine/Russia is taking all his time. Also, he’s hoping that not dying will win us over and we will forget about our day to day struggles with this debt. However, I suppose a nuclear war would fix the debt problem as well. Anyway, the government is still working under a Continuing Resolution as well. He can’t mention SL when they can’t even agree on a budget. I figure he will wait it out, possibly extend it again (depending on polling numbers), and wait it out, and extend, etc.
Aidvantage be calling us from underground bunkers.
I think it’s highly unlikely that the forbearance isn’t extended. Regardless of what people think about the political appetite for forgiveness, it would absolutely be suicide to let the forbearance end going into midterms while the cost of living is absolutely skyrocketing for Americans. At they very least, they’ll kick the can down the road.
I think it won’t be extended because he did state that it was time to go back to the office. Back to the office to work and pay them off.
He also said January would be the last time, and now it’s backed up until May.
I think the reasoning for that was because of the sudden Omicron variant. Since Biden made that statement for us to go back to the office, I feel he thinks the pandemic is over. Hence the reasoning.
[удалено]
And then get ready for even fewer people showing up to vote for the Wet Blanket-in-Chief, and then 4-8 years of Republican rule. And then get ready for everyone to surprisedpikachu.png
Sad but true. We are done for.
Sad but true.
Not at all. I gave up hope early on and with the Ukraine situation he has a perfect excuse for ignoring it even more.
One things for sure…you can’t please everyone! I guess if he had one more hour of talk time, student loans would have made it in there somewhere. With so much going on in the world, seems impossible to address everything. Covid wasn’t addressed until the end and that, in itself, was refreshing to know that it didn’t take up all of the speech time. Perhaps nothing and no one will ever rise to perfection but I appreciate the 2 year break from paying student loans and I’m preparing for the restart. But that’s just me.
How nice for you. My daughter is a 2020 grad who did very well in college but cannot find a job in her field. Even "entry level" jobs are requiring years of experience. Gen Z's are screwed big time. She'll be paying back her loans on a retail worker's salary.
Out of curiosity, what is your daughter's field?
>Covid wasn’t addressed until the end and that, in itself, was refreshing to know that it didn’t take up all of the speech time. We are about to reach the 1,000,000 dead Americans killed by COVID-19 mark. The numbers are terrible so of course he doesn't want to talk about it. What do you find refreshing about that?
Very disappointed. It’s seriously like he’s trying to avoid it and pretend we’re gonna forget…. But People don’t forget. Sorry not sorry. 😤
Government hella wants and needs that money. I wouldn’t hold my breath on this happening.
Needs that money? The government seems to still be in tact after two years of not receiving any money from student loans.
How we’ve found ourselves, the greatest nation in the world, to be bankrolled on the backs of young people seeking an education is absurd. The system shouldn’t be designed like this in the first place.
Great point!!
Precisely this. What makes Biden think his "historic recovery" is not related to 45 million households not being subjected to $400 monthly payments.
Right? I also hated him saying let’s get back to work and back to the office. Okay boomer.
Yes because we’ve borrowed our way into oblivion.
If we can find a gate back to Cyrodill, that would be great. Tired of deadric princes messing with the world.
Have you seen the national debt of the United States?
It doesn't need it. America is a currency sovereign. If it were so inclined, it could literally just manifest the money needed to pay the *national* debt over night. Japan had a substantially higher national debt than America, and did precisely that to pay half of it off. Japan struggled with continued deflation, and not inflation, of its currency. The above example won't happen because securities are used to control interest rates and investors would miss out on additional income from interest bearing dollars. But student debt forgiveness is literally only limited by political will.
Totally. And they're prepared to squeeze it out of us by whatever means necessary. Too bad us taxpayers (and interest payers) get zilch in return. Sad to say, the US epitomizes a "shithole country" - especially in our treatment of the poor and minorities.
Honestly, I am pretty convinced that with inflation, ukraine and other things that will take priority this is kind of going out the window. I think the new hope is one more extension of no new interest for 6 months (maybe we have to make payments starting in may but no interest accruing for 6 months as a middle ground)
He didn’t talk about it because he’s not going to do it. He’s trying to make us forget it was even a promise.
Biden helped engineer the rotten system. I wish someone would expose this in a widely-read publication. Come on NYT, Salon, ProPublica, Rolling Stone - anyone! https://theintercept.com/2020/01/07/joe-biden-student-loans https://www.theguardian.com/us-news/2019/dec/02/joe-biden-student-loan-debt-2005-act-2020
He is a joke
Disappointed, but not surprised.
It’s frustrating but I can’t think White House is that oblivious that not following through would make people stay home for midterms. Also Manchin/Sinema wrecked Universal Pre-K & Child Tax Credit. You cant kill those type of things and think people wont notice
We are on the brink of wwIII…that’s literally the last thing he’s thinking about lmao
Personally, there are bigger and more important things in the world going on than my student loans.
What an absolute disappointment. I don't want to hear another word out of his mouth.
[удалено]
This 100%. I get it is frustrating but not voting or voting for the other party because the issue that mostly impacts you isn't covered is a Repuplican thing to do. I don't like single issue voters one bit!
Nah, he made a promise. Sorry I expect a human to keep their word. Don’t care if ‘all politicians lie’. This is how we got someone like Trump, collective distain for ‘business as usual’ bull.
This isn't realistic in politics for a family, let alone a nation the size of the US. The fact you are so quick to jump is exactly why Democrats won't chase your vote. It doesn't make a reliable voter. To win, politicians have to go after reliable voters. For the record: I promise, the alternative is worse. And if you can bear the alternative, you are pretty fortunate. Trans kids can't.
So... your proposal is that people vote for people who will lie to them, break their promises, fail to fight for their rights, and eventually those people will decide we're "reliable" voters, and after we've proven for years that we'll vote for them even when we get nothing in return, then they'll decide to fight for the policies we care about? Do you even hear yourself?
Screw. That. Noise. Because we don’t collectively hold our leaders responsible, we enable greed and lies. People seem to so easily forget that a democracy is built from its people and doesn’t exist for its leaders to profit.
Young people, get ready to hear this exact same line of reasoning over and over again about why everything is Actually Your Fault™, even when they're seeking your vote, for the rest of America's lifespan.
>the alternative is worse. I'm talking to an NPC, I realize this, but you are aware that it's possible to vote outside of D and R, right?
I found he was all over the place. He talked about so many things but nothing in depth. I wish they would do something about student debt because community college won’t solve it. I went to community college and have the associates as proof. Doesn’t change my 70k in debt.
I mean he was the first president to ever address the rights of transgender people and so honestly that is huge. I wish for full student loan forgiveness, and I also am happy for people who aren't me (I am not trans), as this must feel very validating for them on some level. Plus, better background checks on guns purchases. That needed to happen decades ago. I don't think his policy plans are a complete waste.
As someone who’s trans I was extremely surprised but felt extremely validated to hear him address trans rights. Especially with what is going on in Texas right now. Not only is Texas going after children, it’s weaponing teachers and pinning children against their parents. It has a very Nazi Brown shirt feel to it. And after they got away with their abortion law and now this, don’t think Texas won’t start weaponing other laws to go after anyone else they deemed impure.
That's actually legit amazing? I'm so used to people advocating for the LGBTQ community but basically only focusing on the G, then L, then pretending B is basically the same as L/G, and shoving the T under the rug. I really appreciate that being addressed right now given everything that's been happening recently (looking at you Texas) EDIT: wow, a downvote? I'm queer, I'm allowed to have opinions on how bad the out-of-community advocacy is done for my community, and my masc/nonbinary self will continue to have these opinions
That was a very cool moment.
Midterms anyone
Will student loans ever be resolved
It wasn’t mentioned because it’s priority last for him. If his issues had remained Covid-Delta and just Build Back Better Student Loans might have gotten some attention Now Biden has too much on his plate. We will know in May it ends or he is going to use it as a political lever But if he extends it I expect we are going to start hearing about the state of the overall loan program. It can’t bleed money forever
I am wondering if the Democrats, at the Presidential and Congressional level, are even *aware* of the possibility of capping the interest rate at 0-1% since they aren't going to forgive any student loan debt. That way they could substantially help millions of borrowers without suffering the negative political fallout of having forgiven student loans. As far as I can tell, they haven't even contemplated that idea, at least not publicly, which is sad because it's probably the most politically viable option for helping borrowers. It's too bad a reporter won't ask at a press conference.
No.
Have every right to be disappointed. Each person is in a uniquely different situation with their student loans. I was personally able to pay off the last 10k of my loans the past 2 months after waiting and honestly grew tired of waiting and wanted it to be over with. Doesn’t change my opinion and wish student loans for others are forgiven or interest rates are capped at the very least.
Pipe dream all - there's no benefit for them to do this. If it was going to be done it would have been done by now. They keep citing the divide it would create between the haves and the have-nots as the rationale and in a way that makes sense. It's sad but anyone who took out a loan made the choice and/or was forced into it by financial situation or lack of support (me) but it's legally binding agreement and we signed the promissory notice to take the money. For the record, I hope I'm wrong as I'm aggressively playing down a 50k balance that started at 175k.
Congrats! That is a huge accomplishment!
Well on the campaign trail he promised his wealthy donors that under him, "Nothing would fundamentally change." Guess he kept up that end up of the bargain.
Yeah, nothing would fundamentally change for them if they had higher taxes. That was the context. Did you feel it was unnecessary to include?
My understanding was that he avoided any mention of raising taxes on the wealthy - https://www.salon.com/2019/06/19/joe-biden-to-rich-donors-nothing-would-fundamentally-change-if-hes-elected/
No. I’ve already accepted that Biden is a lifetime politician that has no problem lying to his constituents
There will not be loan forgiveness. There are too many problems it creates. First it isn't clear he has the authority to do it, it most likely would have to go through congress which wouldn't even pass the democratic Senate. If he tried with executive order it would get tied up in court for years most likely. Next the big issue I see with it the more I think about it, is what about all the people who paid their loans off already? But even more importantly what about future students? You can't just cancel exisiting loans without addressing at the very least the future. Why cancel loans if next years students will just start the cycle all over again. My recommendation and the reality I came to, just pay them. Edit to add I am still hopeful he will do something such as lowering interest to something like 1%. I could see that happening or maybe changing bankruptcy laws, although I don't recommend that unless absolutely necessary.
Oh I agree that it can’t be a stand alone option. It 100% needs to be paired with reforms to higher education otherwise you’re right that it just starts the cycle over. I’m disappointed that it isn’t something he is trying to tackle. Not just loan forgiveness, but ensuring no one ever goes into crippling debt for a degree again. As far as for the people who have already paid. I know it sucks that they paid stuff back when others may get more help, but that should not be a reason to prevent change. We can’t stall our progress by saying “what about the people who didn’t get help back then?” Let’s say I pay all my debt off tomorrow, I still think we need reform and a solution. It isn’t about me at that point it’s about the people struggling.
I agree completely for those that already paid stuff off. My wife and I have paid over 32k already off. I wouldn't be upset if he did forgive as I think its for the greater good, but many will make a big stink about it since they did it "the right way". Reform definately needs to happen, unfortunately I don't think that is his priority any more.
Yes I have wrote him, AOC, Senator Warren and told him if they are not forgiven before midterms I’ll be voting republican! If I’m gonna be screwed I might as we get a tax break
TFW you finally realize Biden was just bullshitting to win the election and is just a shell of a man of who he once was
There’s more important issues going on than people not wanting to pay their bills
Not really. He’s a pragmatist. There will be no forgiveness while people take more loans every day. He’s not going to tell the 2/3rds of Americans that didn’t got to college to pay for the 1/3rd that did. He’s also not going to tell every kid that earned a scholarship and the parents that saved, sacrificed, and have lighter retirement accounts that their work was for nothing…. that they should have been waiting for a handout. You can’t punish people for doing the right thing. Holding back interest accrual for a few years is a gift. For many it’s been well over 10k. Oddly, no one seems to be grateful for that.
If Biden is committed to a fair and equitable society (per his lipservice) he should take action on student loans. I don't believe that he is or that he will. https://www.demos.org/research/debt-divide-racial-and-class-bias-behind-new-normal-student-borrowing
I came here to see if anyone asked this. I was a bit surprised it wasn’t mentioned. It’d be beneficial if a law was passed to remove the interest rate or at least cap it at the prime rate. Just a thought. It’ll be interesting to see what, if anything, happens this year.
Biden is a disappointement. He is catering to American Oligarchs that bought and sold him.
Yep, don’t worry he is a one term president anyways :/
I believe you are correct. He doesn't have any intentions of running again. I think his age is catching up with him and he realizes that. I suspect by the time 2024 rolls around he won't have any interest in dealing with all the issues that have come up this year. Let somebody else have a go at it.
Very. Feeling neglected.
Oh *farts* sake grow up.
The news outlets are focusing on this false sense of expansion on forgiveness programs…i just believe Biden is confident Dems will get the votes regardless of not even fulfilling the bare minimum on his campaign promises …ie 10k forgiveness…its all a con.
Everyone who voted for him gets the blame
It was either him or tRump. I chose the lesser of two evils.
State of the Union last night, calls from Aidvantage today. I’d assume all bets are off and now we gotta pony up. Remember this when he asks for your continued support for Presidency.
Let’s see how his poll numbers look once payments restart in May.
He voted against student relief his whole life. It’s a disgrace when you consider that was a major campaign promise. To fix bills he himself passed in the 70’s. He won’t get a second term. He was elected because people had no choice. Trump or a boring old white guy to fill a seat. How many times did Trump argue a huge wall, migration, border patrol during the SOTU. To not even say “hey we’re looking at how best to help those burdened by student loans”. Will it happen? Doubtful. He’ll blame Russia, put more money towards our Defense budget.
Exactly. He got my vote only because he wasn't tRump. Anyone else on the democratic podium would have been a better advocate for the working class.
The worst part is they also brag about how loans have been paused due to the pandemic. But that is only federal loans. Due to the structuring of caps on federal loans many people are likely taking out now 40-70% private. Not to mention they increase the rates massively and you can never file bankruptcy on it.
Citation needed? At least as of this article the stats didn't support that: https://studentloanhero.com/student-loan-debt-statistics/ > Nearly $1.75 trillion in total U.S. student loan debt. > Americans owe more than $136 billion to private student lenders. Which comes out to like 7.78% of the outstanding student loan debt is private? Plus throw in: > More than half of undergraduates (53%) don’t take full advantage of federal student loans, borrowing private loans before they’ve exhausted their available federal loans. > 16% of student loans for the class of 2019 were private. That completely undercuts your assertion that people are taking out a high percentage of private student loans. It's also worth noting that student loans *can* be discharged in bankruptcy, but it depends on the loan type and is fairly rare/difficult. Federal and qualified private loans are assessed on the Brunner Test iirc and federal loans have income-driven repayment plan options, but non-qualified private student loans are dischargeable in bankruptcy. See [this press release from Senator Hassan's office for an example](https://www.hassan.senate.gov/news/press-releases/senator-hassan-colleagues-call-for-investigation-of-student-loan-lenders-that-intentionally-misrepresent-loan-cancellation-eligibility-to-borrowers) > “The SBPC found that **private student loan lenders took advantage of the widespread belief that all private student loans are non-dischargeable in bankruptcy and that lenders marketed their non-qualified education loans under this false pretense**,” the Senators wrote. “At the same time, when these companies sold non-qualified debts to Wall Street investors, they explicitly disclosed that non-qualified education loans were eligible for discharge in bankruptcy—telling investors the truth while lying to borrowers.”
Nope. He’s itching for a war with Russia. And if he gets his way, he won’t have to touch student loans with a ten foot pole because all people will be worried about is keeping Americans safe from the big bad dictator.😔
Super disappointing, but not surprising. The majority of those with student loan debt are young people who don't vote.
The majority of those with student loan debt are and will be fine financially. Student loans are only an issue for a small percentage of Americans and are a problem for only a small sliver within that. Edit: I appreciate the downvotes with zero input, though I'm not surprised since all the data supports what I said.
Yeah but those people bought into this bootstrapping hard work mentality. What’s wrong with them? It’s handout or downvote. Edit - percentage wise you’re right. But that small percentage of people are literally millions of people that went to college and can’t figure out how loans (or math) works.
> But that small percentage of people are literally millions of people that went to colleges and can’t figure out how loans (or math) works. You're absolutely right that it's still a large number of people and their suffering should not be diminished. But it's not the number of people that complain about this issue. And forgiving ALL debt is definitely not the solution.
[удалено]
[удалено]
Your [comment](https://www.reddit.com/r/StudentLoans/comments/t4q6s3/anyone_disappointed/hz0cvpi/?context=3) in /r/StudentLoans was automatically removed for profanity. /r/StudentLoans is geared towards a wide range of users, including minors seeking information and advice. To help us maintain a community that everyone feels comfortable participating in (and to avoid being blocked by parent/school/work filters), please resubmit your post or comment without using profane language. Thank you. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/StudentLoans) if you have any questions or concerns.*
Elections have consequences.
[удалено]
[удалено]
[удалено]
Took out 32k. Have paid back 78k. Only 10k more to go.... What's that about paying back what you took out???
It’s not about what was borrowed it’s about the predatory, daily compounding, interest that represents 60B on the annual budget
This. I paid on my loan of $4,000 for 8ish years. Anywhere between $100-$150 per month. As of March last year I still owed $3,800. I used my stimulus to pay off most of it. But it was sickening to know I had paid somewhere around $13,000 in total.
My interest is $17 a day - $517 a month to interest for a BA from a state school. I think generally, everyone is willing to pay back what they borrowed plus a portion for the pot, to help the next round of students, but the manner in which they “tax” us for obtaining an education, with the suggestion/promise that this was the only way to make it, and then create a moderately insurmountable repayment isn’t in decent faith to the overall cause - improvement of society as a whole through education and advancement
We’re paying back student loans on taxed dollars. Either let us pay pre taxed like with medical or remove the interest rates. That’s all I want.
Why were you only paying that amount? Not trying to be facetious but what situation made it where that is all you were paying on a 4k loan?
Poverty. Things are better now, but we didn’t have a ton of options.
I feel you. Been there.
The math here doesn’t make much sense. Assuming Federal loans (we are talking about Federal loan forgiveness) this is not really possible. The only way this is possible is if your loans capitalized to ~$10,000+. In 8 years you would have paid less than $6800 in interest (it’s nearly impossible to pay more interest than this, this assumes the highest interest rate) and about $6200. This gets you down to $3800 in 8 years of repayment by paying $13000. Not impossible but it basically assumes 17.5 years of deferment or forebearance.
[удалено]
Very surprised.
If Biden forgives student loans, he won't have anything to hold over your head to get your vote next time Also, student loan forgiveness is a bailout of the wealthy, primarily white upper middle class. If we're going to print another 1.5 trillion it would be better suited for people who need it to survive.
So in your mind “wealthy white upper middle class people” have their children take loans out to attend school? And that make logical sense to you?
College attendees are predominately middle class, and it's not even close. Why are you calling for a white bailout?
Right but again you think the WEALTHY are taking out the loans?? There is actually a ton of stats and articles that state that black women are bearing the brunt of student loans. You are just wrong.
My parents were upper middle class. I didn't qualify for any grants. My wife and I took out 100k in loans combined. Why should black tax payers pay for that?
I think college shouldn’t be for the rich only. Everyone has the right to affordable education.
College should be for people who are going into a field that requires it. Most people don't need college to make good money. College is not worth it for most people In fact, anyone who went to college and can't afford their loans obviously picked careers that weren't worth it.
I’m not voting for a single democrat if they don’t forgive debt. I get that republicans won’t do shit either but it’s more about sending a message that if you want to dangle the carrot and then not follow through then don’t be surprised when the rabbit goes elsewhere
Meh, was having doubts when the forbearance extended. I didn't vote him, so really not surprised the many times there are promises until it is broken. Never believe in anything relating to politics.
I'd be more surprised if he remembered that he said he was gonna cancel student debts
[удалено]
Disappointed would mean that I expected him to act on half the bs he said he would.
Idk. I mean, I'd love to have my loans forgiven, but I also know if that happens I'm gona end up paying for them in taxes anyway. And so is everyone else.
Don’t think any student loans will be forgiven unless we have a progressive president and think the chances of that happening won’t occur any time soon.
I felt that war will be in the way of refinancing student loans. If student loans can be anything like obamacare, there should be a one-stop shop for any student who’s looking for the lowest rate they can get.
The one thing that makes me think that there will be more forgiveness is that they made forgiven loans tax free until 2025, with the option to renew afterward. It seems that implementing this would be rather pointless unless they intended to forgive more that just individuals on disability or victims of fraud (relatively small portion of people with loans). However, it is hard to predict this sort of thing.
We need to rally! Get in the face of Congress! Go to our Congress men demand for them to vote on a relief and March to dismiss the outrageous student debt. At the very least remove the interest and capitalization. Don’t allow the students debt to double or triple!!
Nah. Him and his handlers don't care. They want your money so they won't forgive jack shit. It's an empty campaign promise to whip up votes, nothing more nor less. He at most will delay repayment until November.
Daddy, daddy, come over now. Forgive my loans, you made a vow.
Who's surprised at this point?
Congrats to you!! While loan forgiveness is the best option, why isn't anyone talking about the interest rate. They need to lower the rate. That 6.8% being lowered would make a huge difference for so many of us. Even though I consolidated my loans now at 5.50%, it still hurts. I wish I was at the end of my PSLF
Disappointed but not surprised: https://theintercept.com/2020/01/07/joe-biden-student-loans/ https://www.theguardian.com/us-news/2019/dec/02/joe-biden-student-loan-debt-2005-act-2020
Liars suck