President Joe Biden’s plans to deliver widespread student debt relief were dealt a serious blow last year when the Supreme Court struck down his one-time student loan forgiveness program. But he has still managed to cancel more federal student loan debt than any other president.

TLDR: Totalling roughly $144 billion for about 4 million borrows.

Article is from March 29th, 2024

  • givesomefucks@lemmy.worldEnglish
    72·
    9 months ago

    Theyre canceling interest…

    Like you said, if they borrowed that little and paid back so long. There’s no way they haven’t paid the original loan back.

    I feel like being honest about that, wouldn’t make Biden look as good, but will make more people support it.

    Limit the amount of interest, say 50% of loan amount, after that the balance never increases and principle just goes down.

    If you borrowed 12k and have paid over 18k, you’re done.

    The interest is what’s killing people, not the principals.

    • jordanlund@lemmy.worldM
      6·
      9 months ago

      When my kid was getting ready to go to college, we went to all the FAFSA seminars and filled out all the forms and what not.

      He got accepted by his top three schools, UC Davis, Lewis and Clark, and the University of Oregon Honors College.

      Each one of them came back and told us the same thing…

      “Well, with student assistance, scholarships, and so on, we think you should take out parental plus loans of $56,000 a year.”

      And my reaction was:

      a) That’s oddly specific.

      Followed by:

      b) Wow, what are the chances that one out of state school and two in-state schools all commonly decided on the same oddly specific number?

      Why it’s almost like it’s about “How much can we milk them for?” instead of “Here’s how much college costs.”

      So we said “fuck that noise” and enrolled him as a normal student at the University of Oregon.

      Tuition was $10,000 a year, he had a scholarship that paid $5,000, I ran the other $5,000 through my Amazon card for points, gave him a 2nd card for expenses and rent, and 4 years later he had a degree and 0 debt.

      He’s now a data scientist in the AI field and paid me back in cash. LOL.

      But I could see OTHER parents going “Well, three schools all told us $56,000 a year, I guess that’s just what school costs now…”

      • laurelraven@lemmy.blahaj.zone
        3·
        9 months ago

        Or see that and think “they’ll have better opportunities going to a better university” when for the most part people don’t really care where you got the degree, just that you did, it’s vaguely relevant, and accredited

        If you can do that for a fifth the cost and no outstanding debt, seems foolish to pay what the big unis are commanding

        Also, congrats to your kid, that’s a great field to be in right now