Until I actually see people's balances get reduced on some official letterhead, I'm not holding out any hope.
I can't wait for some insane SCOTUS ruling stopping any possibility of cancellation and the Biden administration being like "oh no, well see we wanted to do one good thing, but I guess you just need to vote harder"
Well, they did use some weird provision of the 2021 Recovery Act to justify it, not the 50+ year-old law that gives the Biden admin authority to cancel student loan debt.
Also pretty fucked that they didn't build in protections to prevent states from taxing people as if they are actually getting an extra $10K.
I don't know if they can since states can do a lot of goofy things with taxes
they could reduce your federal taxes to a commensurate amount idk the govt is only powerless when it's the fucking democrats in charge
Chud states with no income taxes malding that they can't find some way to screw people on this.
I have a feeling this is the whole "capital taking a haircut to keep things going" scenario playing out again.
Loan servicers don't appear to be fighting this given how slow the legal challenges seem to be rolling out. I think the game is to take the $10K per person write-off as long as it gets the payments restarted again without any type of structural tuition reform or total debt cancellation.
:this: any possibility of full forgiveness or education finance reform is gonna go out the window for another decade after this. All the ibr stuff can be rewritten by the next administration making this whole thing a poison pill for anyone who will have any considerable debt left over.
Exactly. I look to healthcare as an analogue. The Dems passed the GOP's healthcare plan for them going on 13 years ago now. Unsurprisingly, it's been woefully inadequate. Healthcare costs and medical debt have only increased. A global pandemic killed 1M+ people in the US, a third of which would likely be alive if the US had a humane healthcare system. Despite all that, any possibility of single-payer or even a milquetoast public option isn't just off the table, it's not even in the fucking building. :doomer:
As a big steamy pile of shit once said, "This is a big fucking deal." :biden-troll:
Yea I also heard its written in a way so that the supreme court has an easy layup on stopping it from going into effect. We will see, but I don't have much hope that anyone will get their debts cleared.
Sorry didn't mean to be a downer, I'm just tempering my expectations of dem establishment. I do hope it goes through, though.
I was just looking that up earlier today and as you can imagine finding any info on it was frustrating. I was too poor to go to college so I've got no horse in this race, but it's still shit they couldn't even do this
Average student loan debt per borrower is about 30k. Rather worrisome how many people didn't realize it was a divide and conquer tactic right off the bat.
I fully expect it to be walked back either the day before or the day after midterms
Yep, no dollars yet. Applications apparently become available in October
I think the changes to income based repayment (govt pays the interest and people pay 5% of their income, no payments for people making 225% of federal poverty line) are in place
When your politics is based on idialism vs materialism.
