Biden announces student loan forgiveness plan, 'final' payment pause extension President Joe Biden announced Wednesday his plans to deliver on a campaign promise to provide $10000 in debt cancellation ...
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President Biden announcing student loan forgiveness August 24, 2022
As we know President Biden announced last Wednesday the federal government would implement student loan forgiveness up to $10,000 for borrowers who earn less than $125,000 a year, up to $20,000 for Pell Grant recipients, reduce interest rates and caps income-based payments at 5% of income.
So it does do something. But lest we forget Biden's campaign platform promised to wipe out all student debt. On April 9, 2021 Biden said, "I propose to forgive all undergraduate tuition-related federal student debt from two-and four-year public colleges for debt-holders earning up to $125,000, with appropriate phase out-outs to avoid a cliff".1 The student loan forgiveness Biden proposed last Wednesday doesn't come close.
For sure many with modest student loans will benefit from this limited student loan forgiveness. Yet how about those who have college student debt obligations in multitudes of thousands, some in the $100,000 range. Biden's loan forgiveness plan doesn't do anything for them.
Yes campaign promises are often smoke screens, con jobs hoping to entice certain groups of people to vote for him, her.
However with college student loan debt now at some 11/2 $trillion how many people are now going to back Biden whose loan forgiveness program actually reneges on his campaign promise.
So much of what the Democrats offer often ends up as a half measure.
Take health care. Most people would like Medicare for all. In 2009 when health care costs were skyrocketing and Dems in control of Congress they were under pressure to do something.
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