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Welcome folks, to the Biden administration!

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Well at least I have until new year to start laying mine back! I figured I would not be included in any forgiveness so always planned to start once this period ended
 
Oh man, someone paid the bots to be on Twitter today. They are not happy and it warms my heart!
 
Looks like my youngest will get the 10K. That will get her close to paying off her loans already. She just graduated last year.
 
The loans my daughter took out for herself for her teaching degree, after she became independent, will be paid off. The loans I took out for her undergrad will not.

Good. That's how it should work; I can afford it, she can't.
 
Also included

Proposes a new income-based repayment plan which caps payments at 5% of discretionary income (down from the current 10%).

New IBR plan covers monthly interest so long as payments are made on time, meaning the loan would not grow due to interest even if the payment is $0.

New IBR plan forgives loan balances of $12,000 or less after 10 years instead of 20.
 
ScoobyDoo said:
People are losing their **** over this. The same people that don't care about the massive amount of handouts to the wealthy.
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The main point I'm seeing from DERPs in my circle is that they are jealous basically. They have all made comments about wanting $10k taken off their mortgage, car/truck payment, etc.
 
RaceBoarder said:
The main point I'm seeing from DERPs in my circle is that they are jealous basically. They have all made comments about wanting $10k taken off their mortgage, car/truck payment, etc.
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The morons will hate this because it's basically like military spending: it's relief directed overwhelming to one political faction. But just this once it isn't the orcs.

I'd rather support people getting an education than people learning how to murder their neighbors.

I want to see a lot more of this. let's start directing gubmint spending to the worthwhile activities and citizens rather than the converse. They've told us they hate the feds. Fine. We listened.

I want a Right small enough that I can drown it in a bathtub. Stop subsidizing the enemies of our democracy.
 
One thing I think they could have done a better job explaining is for the vast majority of borrowers it is just reducing the amount of interest they pay and doesn’t reduce the principal at all. The only people who are making out like bandits are those that just graduated in the last year or two.
 
Drew S. said:
One thing I think they could have done a better job explaining is for the vast majority of borrowers it is just reducing the amount of interest they pay and doesn’t reduce the principal at all. The only people who are making out like bandits are those that just graduated in the last year or two.
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What in the fuck are you talking about?
 
Drew S. said:
One thing I think they could have done a better job explaining is for the vast majority of borrowers it is just reducing the amount of interest they pay and doesn’t reduce the principal at all. The only people who are making out like bandits are those that just graduated in the last year or two.
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This is absolutely and completely untrue.
 
Swansong said:
This is absolutely and completely untrue.
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It depends on the term and amount obviously. Keep in mind interest accrues while someone is in school so when they graduate part of the balance is interest accrued(and interest keeps accruing on it) and not just principal.
 
French Rage said:
This order reduces the principal you fucking halfwit.
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Let me give you a simple example. If you borrowed $10k a year you would owe around $45k when you graduate. If you paid it off over 10 years the total cost of the loan would be just under $60k, $20k more than what you borrowed. If $10k is forgiven somewhere in the middle the total cost of the loan is still somewhere around $45k so you’ve still paid back all the money you owed and then some.
 
You said "it is just reducing the amount of interest they pay and doesn’t reduce the principal at all"; it reduces principal.
 
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