U.S. President Joe Biden plans to announce on Wednesday that his administration has approved an additional $9 billion in student debt relief for 125,000 borrowers, the White House said.
Biden has said he will pursue new measures to provide student loan relief to Americans after the Supreme Court blocked his plan to cancel hundreds of billions of dollars in debt.
The president's announcement, planned for 1 p.m. EDT at the White House, will bring the total approved debt cancellation by the Biden administration to $127 billion for nearly 3.6 million Americans, the White House said.
Just cap the interest rate, my man. That would solve the entire problem.
Just cap the interest rate
at zero. If the loan is risk free it shouldn't be profitable, to do anything else is to funnel public money into the banks.
At 0% interest, no bank would offer loans, because it would literally just be them losing money managing loans they make nothing from.
Zero percent and govt covers operating costs with a stipend per loan. Granted figuring out the rate to pay would be a task, and keeping that from being a gouge itself… but better than passing it along to borrowers.
Yeah if you give them a way to turn some sort of profit I think this idea could have some legs. Even something small like OP costs plus a flat thousand or so per loan processed could still keep the game running.
Loan values would still keep going up, but the price would be much more understandable to those taking them out.
IMHO, college tuition and student loans should be handled the way that the healthcare marketplace of the ACA should've been handled: less carrot, more stick.
To the banks/insurance companies:
"If you want to continue to do business with the American public, you must offer competitively priced insurance packages/low or zero interest loans for education on a government run portal. If you don't serve the public in this way, you'll be prohibited from accessing the American people as a market for your for-profit business."
Honestly, the American Consumer Is the greatest driver of global economic growth and domestic economic stability in the world, and the American government's single most valuable economic asset. That the government chooses, through its policy decisions to exploit and abuse this asset rather than protect it, grow it, and prosper alongside it speaks to who's really calling the shots.
Sure, it would piss off the hard-line "free market" advocates, but small businesses pay taxes at a level that impacts their profitability in a way that larger corporations simply don't. I feel it's more than fair to level that playing field by some small degree by locking access to the American consumer behind the condition of having to contribute to the betterment of that market.
That requires legislation and we do not currently have a House that can even consider legislation
Definitely a good start until we can get education costs under control.
Biden had a really good plan. Zero interest as long as you pay at least something, and the payment being as low as $1 with a sliding scale based on income.
It's more fair than just forgiveness to people without loans since the debt isn't eliminated. I'm personally fine with eliminating the debt to have a more educated society, but a lot of people aren't, and that's a good middle ground.
an additional $9 billion in student debt relief for 125,000 borrowers
$72,000 each
Finally a bailout that is for the people! You da man Biden!! Yeeyee!!
At least not bailing out some huge corpos that short-term themselves to bankruptcy.
What a monster lol
The world's on fire.
In 2020 I voted against Trump, in 2024 I’m voting for Biden.
Is there someone better running for a change?
We need Bernard Sanders.
We can do better. Dr. Cornel West gets my vote.
You aren’t actually serious right?
Cornell has bumbled his micro campaign into irrelevance within weeks of it starting. He’s shown no political savvy. He has run for and won no prior office. He’d be a disaster.
Fetterman, or literally any progressive who has won a federal election is a better option.
I’m voting for cornel west because I like what he says, not what people say about him. but the people talking shit on him cement my belief he’s the right guy.
This some ignorant ass shit, but I’m not worried.
You don’t really strike me as the “actually votes” type.
I live in a swing state. you can buy my vote for $20,000
Not true at all, still polling at 5% and will get at least that in the general.
Not surprised someone who thinks a walking corpse like Fetterman is a better option would be so ignorant.
Damn man, he didn’t say you were stupid, he just said he disagreed with you. Don’t need to sling mud for a different opinion.
He did insult someone who has likely accomplished 1000x more with his life, Dr. West. So no, I’m not the one slinging mud here.
Dude, if Fetterman ran I’d vote for him in an instant. Doubly so if he took the oath of office in shorts and a hoodie
You shouldn’t, He just entered federal Politics. He needs experience and more importantly he needs to be stabilize his Health before he would even dream of going to the next level.
He just won his election against a TV host bullshit artist.
He’s playing the game excellently. He’d be a great candidate.
Richard Wolff gets mine.
I’d happily vote for Dr. Wolff.
As I’d happily vote Dr. Cornel West, comrade.
