If you look at student loans and how much those kids have to pay. And if you take into affect most of the people who will get this money are making less than $75K. How about that? A lot of them are making less than $75K.
And I think they only get $10K forgiven or something like that. Not all of it.
It's insane how much they have to pay. They will
1. Never save enough for retirement
2. Have children and that's becoming a problem. Biden's solution will help fix that problem.
3. Never be able to afford to own a home
Are you pro middle class? This student loan forgiveness thing was very pro middle class. Of course the Supreme's are going to strike it down. And of course Republicans are against it.
I was against it at first too but then I educated myself.
I don't particularly agree with Biden's approach as to the debt forgiveness in that I am not sure it is the most effective approach to take, but I think his proposed repayment changes may have some lasting benefit if it goes through. Some of his other proposals like the one time payment count adjustment I like too.
Here is my experience with it all. I did undergrad, a second degree, then grad school. Once you leave school the first time, the interest rate kicks in whether you are making payments or are in deferment from then on. That compounding interest is murder when it gets capitalized. Suddenly by the time you are out of grad school, your undergrad loans have doubled. When they change servicers, they don't send over the payment history, so people on PSLF or income contingent loans were being held into repayment much longer than they were supposed to be because the servicer's payment counts were only for payments made to them and not earlier servicers.
Now I paid both ours off when I came about as close to hitting the lottery as I ever will. I bought a piece of property at an intersection between a residential area and feeder road with a crap building on it thinking I could fix it up that had been for sale for years and less than a year later a major pharmacy chain offered me an insane amount of money for it so they could build on that corner. Otherwise, I would have been one of those chumps who have been paying for years, paid back more than they every borrowed, and still be six figures in student loan debt. People just don't get how messed up that student loan system can be and once you have big balance student loan on your credit report, lenders are oh hell no even if you are making payments as scheduled.