discussion NAACP slams Biden over limiting student debt forgiveness to $10k: "It will not help."

[Communion]

 

 

Edited May 13, 2022 by Communion

[Domination]

They should wait for this criticism for when he actually announces a cancellation cuz at this point it’s just being strung along.

[Pheromosa]

it would be half of my federal loans.

i'll take it 

[ultraviolence.xx]

get him jades

[luckythisway]

Student loan forgiveness was a farce to begin with so everyone who actually thought he would follow through with that empty promise needs a reality check. 

[Attitude]

That 10k discount is never coming. Maybe in 2024 they'll give us 2k off. 

 

 

[Sesame]

CLOCK his old, dusty ass.

[A Bomb]

Biden is screaming don’t elect me again, this point. The mostly old people that got him the Democratic nom aren’t enough to win the general, sir .

[Bloo]

$10,000 is such a small amount of money for the student debt issue. I'd be willing to bet that even cancelling the interest on student loans would have a more substantial impact for most borrowers than a flat $10,000 cancellation. I might be wrong though, so if anyone has a study looking into this, I'd appreciate it. I've just heard so many stories of people borrowing some amount of money, paying more than it back and still owing more than the original amount of debt.

[Archetype]

That’s cool and all but why does he keep talking about student loan forgiveness but doesn’t actually… do it?  His admin can pass stimulus checks with the snap of a finger but this is somehow taking over a year.

[Bethenny Frankel]

ok but like...is he actually going to do it?

[IBeMe]

Tbh at least 10k is something..then hopefully rhe next pres can run on removing another 10k and so on and so on until you end up getting a considerable amount of your student debt cancelled / forgiven. Patience children. I know it would be easy and the right thing for them to just wipe it all away but we know that aint happening lol

[Armani?]

I'll be surprised if he even does 10k, they've ignored it up to this point

[Communion]

27 minutes ago, Bloo said:

$10,000 is such a small amount of money for the student debt issue. I'd be willing to bet that even cancelling the interest on student loans would have a more substantial impact for most borrowers than a flat $10,000 cancellation. I might be wrong though, so if anyone has a study looking into this, I'd appreciate it. I've just heard so many stories of people borrowing some amount of money, paying more than it back and still owing more than the original amount of debt.

I imagine, even if it's just ("just" since it shows the horrors of the student debt crisis) focusing on black American borrowers, it's likely true:

 

I believe the same study found that he'd have to forgive at least $33k~ to cover half (51% exactly) of all black borrowers.

[GhostBox]

18 hours ago, onapearl said:

10k would wipe out my debt so I hope they don't decide to not bother

Right this would actually help alot of people ?

[vuelve88]

He’s not going to cancel anything. He’s trying really hard to appeal to nobody. 

[GhostBox]

I’m sure well off white doctors and lawyers don’t care about 10k forgiveness ??

 
it would be a lot of the not so well off (poor people) who would love even the 10k forgiveness. ?

 

[Communion]

1 hour ago, GhostBox said:

I’m sure well off white

 

What do you think the acronym NAACP represents?

[Katamari]

On 5/13/2022 at 5:49 PM, Pheromosa said:

it would be half of my federal loans.

i'll take it 

thats like 70 percent for me 

 

yall betta let this fool cancel 10k this so i can move on

[Bloo]

1 hour ago, Katamari said:

thats like 70 percent for me 

 

yall betta let this fool cancel 10k this so i can move on

Unfortunately, he's not even going to do $10,000. At best, Biden will put it up as a piece of legislation to pass through the Senate, it'll get voted down, and they'll he say you need to vote harder.

[Euterpe]

On 5/13/2022 at 7:19 PM, Bloo said:

$10,000 is such a small amount of money for the student debt issue. I'd be willing to bet that even cancelling the interest on student loans would have a more substantial impact for most borrowers than a flat $10,000 cancellation. I might be wrong though, so if anyone has a study looking into this, I'd appreciate it. I've just heard so many stories of people borrowing some amount of money, paying more than it back and still owing more than the original amount of debt.

It’s interesting you bring this up, because I’ve talked to people I’ve known about this before. Most people are paying the interest more than the principle loan, so cancelling interest would make a big difference. I think it would be significant to do that if not cancelling a specific amount of money.