From Joe Biden's release (See next post if you just want my take on it):
Providing Borrowers Relief From Crushing Student Debt Student debt is holding millions of Americans back. The COVID-19 pandemic and President Trump’s recession are making it harder for those with student loans to make ends meet right now. Democrats will work to authorize up to $10,000 in student debt relief per borrower to help families weather this crisis. Beyond that immediate relief, Democrats will also take steps to ease the burden of high monthly student loan payments by pausing monthly billing and stopping interest from accruing on federal student loans for people earning less than $25,000, and capping payments at no more than 5 percent of discretionary income for those earning more than $25,000. After 20 years, remaining federal student loan debt should be automatically forgiven. We will empower the Consumer Financial Protection Bureau to take action against exploitative lenders and will work with Congress to allow student debt to be discharged during bankruptcy. Democrats support modernizing and improving the public service loan forgiveness program,including making the enrollment process automatic for people who work in schools, government agencies, and non-profit organizations. We will also make the program more generous by forgiving up to $10,000 in student debt per year for up to 5 years. The Trump Administration has let for-profit colleges and universities once again prey uponstudents with impunity by repealing important protections. Democrats will crack down on predatory for-profit higher education programs, including by issuing requirements that these programs be able to demonstrate their value and effectiveness before becoming eligible for federal student loans. We will call upon the Secretary of Education to use her authority to forgive debt carried by students who were ripped off by predatory schools, including by programs that defrauded students or that misrepresented program offerings or program outcomes, as well as debt held by the permanently disabled. And we will protect veterans and servicemembers from being steered into low-performing for-profit higher education and professional programs.
re: uspol, long
So to sum it up, a $10,000 one time payment. That's good. There's no question about that, but for the majority of us, it doesn't even come close to easing our debt. I've been paying down (more or less--mostly less) my student loans for over 10 years already, and that's not even a third of what I currently owe. But okay, it's better than nothing.
But the next part is about how they'll freeze payments for anyone making less than $25,000/yr. What a ridiculous fucking statement. Do you know what people making less than $25k do about their student loans? Ignore them. And if you ever start to get your life on track again, and go over that limit, bam, you're being crushed by student loan debt again. What a fucking joke.
Go to hell, Joe. Stop pretending you care about working class americans.
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