Campaign promise fulfilled: student loan forgiveness

[Lemon Drop]

Biden's plan will forgive federal student loan balances by $10k for singles who make under $125k or $250 for marrieds, and an additional $10k for Pell grants.

Payment suspension is also extended at least to Jan
2023.

[vision63]

Huzzah. The Pell Grants part is a nice touch. They called it The Basic Grant when I got it before renaming it.

[Acer]

I have a couple kids who will be grateful for this. They are just a few years out of college, working hard, in their degree field, but making well under 125k. $10k is a big help when you are 25.

[mrbigstuff]

this has the possibility of becoming a real fustercluck, which may be part of the reason it took some time to announce such a program. if the IDR payments system is not reformed, it will mean little to future college bound students.

[C(-)ris]

Yet again rewarding those who didn’t work their way through life doing what they could afford. How about those who ate ramen for 10 years, lived in a shared apartment, and only bought what they could afford who paid their $50k in loans off on time?

[Acer]

We really need college education funding reformed, because forgiving $10K now does nothing to address the cost for new students. But that takes Congress.

[Acer]

C(-)ris wrote:
Yet again rewarding those who didn’t work their way through life doing what they could afford. How about those who ate ramen for 10 years, lived in a shared apartment, and only bought what they could afford who paid their $50k in loans off on time?

Found the boomer. Guess what...those $10K borrowers are also eating ramen and working two jobs and sharing apartments...AFTER they graduate.

[C(-)ris]

Acer wrote:
We really need college education funding reformed, because forgiving $10K now does nothing to address the cost for new students. But that takes Congress.

It is called going to a community college for 2 years and then transferring to a 4 year state school. Work your way through and pick up some scholarships or tuition assistance.

There are PLENTY of good, affordable, college education choices that don’t cost $40k a year.

[vision63]

mrbigstuff wrote:
this has the possibility of becoming a real fustercluck, which may be part of the reason it took some time to announce such a program. if the IDR payments system is not reformed, it will mean little to future college bound students.

Already stated

[C(-)ris]

Acer wrote:
[quote=C(-)ris]
Yet again rewarding those who didn’t work their way through life doing what they could afford. How about those who ate ramen for 10 years, lived in a shared apartment, and only bought what they could afford who paid their $50k in loans off on time?

Found the boomer. Guess what...those $10K borrowers are also eating ramen and working two jobs and sharing apartments...AFTER they graduate.
As they should be. What they shouldn’t be doing is getting $10k for not living within their means in the first place.

Oh, and I am definitely not a boomer. Not even close. Just a responsible millennial who has had a job since I was 16, worked 60+ hour weeks with two jobs(FT and PT), and made good life choice decisions and am sick and tired of people who make poor choices and have no work ethic being rewarded.