Americans who are struggling to repay federal student loans because of financial hardship could get some of their debt canceled under President Joe Biden’s latest proposal for widespread loan forgiveness.
Several categories of borrowers would be eligible for relief under Biden’s second try at widespread cancellation after the Supreme Court rejected his first plan last year. Those with older loans or large sums of interest are being targeted for relief, for example. On Thursday, the Education Department expanded its proposal to include those who face financial hardship.
The plan was expanded amid pressure from advocates and Democrats who said the proposal didn’t do enough for struggling borrowers who don’t fit into one of the other cancellation categories.
This is a literal write-off, the plan so far is to only forgive their lowest quality loans that are either defaulted or will in next 2 years, aka another bailout due to poorly underwritten loans (Privatize the gains, socialize the losses). Every Month I hear about how either Biden waived oh so many student loans, or how is he going after whats left, never how he refuses to take executive action to get rid of the loans he promised to get rid of while campaigning. Meanwhile Biden can use executive action to fund Israel’s genocide, but not the student loans that many people say he won on. I do not feel represented by these kinds of actions and can not support them, we can fund Genocide and Bank losses but not the regular joe.
So, it’s useless because it didn’t benefit you? Are you serious?
I am arguing that it is useless because it is really only benefitting the banks by paying off their worst loans. If this was about regular folks why is it limited to loans that would be losses to banks and not to say everyone?