Biden Announces Student Loan Debt Relief Plan

President Biden announced he will cancel up to $10k in student loan debt for certain borrowers, up to $20k for Pell Grant recipients and will extend the pause on repayment through December 31st. Rep. Ro Khanna, who struggled to pay back more than $100,000 in his student loans, joins.

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#msnbc #biden #studentloandebt

[bryan]

“The President doesn’t have the power to forgive student debt. That has to be an act of congress.” — Nancy Pelosi

[debrabrookham]

Most Americans have never made anywhere near $125, 000 a year in their entire life. Why should we pay for someone earning this kind of money? Think how many homeless or Vets could be helped. Only the rich could think that this is a proper baseline amount because they can't relate to the average salary of the every day working person.

[rleslie]

UPS drivers, plumbers, and warehouse workers paying for idiots who over borrowed to become well rounded losers.

[BenjiOrthopedic]

Just because someone pays back their loans doesn't mean they can't be really happy for those who were unable to. Not everyone is rich, not everyone can just put themselves thru school or get jobs that pay six figures a year. Not everyone has family members that pay for their education. And the interest rates the people are forced to pay on top of it - at 6-8% or even half that, the balance never gets paid down with a huge principal. The student loan system was very much broken for decades. For one thing, you don't extend that much credit to someone - actually, a whole population of people - who clearly have zero way to pay it back. It was predatory lending. Just the GOP trying to bury the middle class, that's all it ever was. Remember the days when you could graduate college with a Bachelors degree, buy a home, have kids, and have more than enough to put them all thru college and pay off your mortgage, take 2 vacations a year and have 2 paid-for cars? NOT ANYMORE! The result? Debt galore - and many people who live in apartments and never can own a home. Anyhow, these debtors didn't get their student loan debt erased but Biden definitely made a good start with it. I'm happy for those people. Maybe because I'm a Democrat and not a sadistic Republiclown. Predatory lending is all student loans is. Biden accomplished something with this - no other POTUS had the balls to do it. Obama created some income-based repayment options but did not fix that broken system.

[thecommenter]

Is tuition the only thing that's expensive right now? What about housing? That's basically unaffordable too. What about cars? What about food? What about furniture? What about the crashing stock market? Are there going to be forgiveness programs for all of those too? In economics 101, the first thing you learn is the following: "There is no free lunch"

I'm not saying that people aren't struggling. I'm saying the opposite - EVERYBODY is struggling. by rewarding certain people instead of others based on arbitrary criteria of what one administration thinks is important, all you do is make life more unaffordable for everyone else. So instead of everyone having an equal opportunity to achieve the American Dream, we all fall to the lowest common denominator and become equally poor because there will ALWAYS be someone who is struggling.

When will we enforce accountability and responsibility? My first couple years after graduating college, I lived like a bum and dedicated the majority of my savings to pay back my student loans. You can do it too. People work 2 or sometimes 3 jobs to do it, but it's what you signed up for. It's wrong to abandon your responsibility and pass it off to people who are already struggling as-is.

[clearfield]

I had a $26, 000 loan to finish my last year undergrad. The bank encouraged me to defer payments when my income was low. Did not deal with the high interest and penalties because I hoped to have higher income and pay in full. My stop and start employment kept me on deferment. The media doesn't report on the high interest and penalties. My loan is now $75, 000. A $25k loan is now $76k. That is the real issue. In addition in the 1990s Wall Street created "SLABS" - student loan asset backed securities which increase in value as debt increases. No one in the media - not even Democracy Now - is covering this.

[realtalk]

Funny how we don't hear the same complaints when institutions and corporations are bailed out on the public dime. We all pay for public education but to subsidize a portion of student debt is too much? Who pays for subsidies to big oil?

[Bobo-jopk]

When you realize midterms are around the corner so you need to buy votes by making other people pay for peoples student loan debt.

[charlesalden]

Buying votes whos going to pay for this ? TAX PAYERS

[ad]

Vote for open boarders vote for solar energy vote for high gas prices vote for more IRS agents vote for special laws for the few vote for a rise in inflation vote for lies and keeping us stupid vote DEMOCRAT

[miketexas]

Wait what about people that actually paid back their loans.. We don't get a check?! Well boy do I feel stupid for doing the right thing.

[frankpro]

"8 years of gender studies was put to an end when they asked " what is a woman?" on the final exam"

[markphillips]

For all those talking crap about Biden, don't take the relief since he sucks you don't need his help 😂😂😂 call trump

[zipperadventures]

Tax payers should not have to pay for your bad decisions

[chuck_in_socal]

Lube up the money printing machines. Here comes more inflation.

[buyselltrade]

So you borrow money for a service and I get to pay for it?

[rca]

The average millionaire files bankruptcy 3.5 times during their lifetime

[erinkalousdian]

Why is it assumed that everybody who's going to get student debt relief through this a "deadbeat"? I think it's a difficult choice this country puts on kids to force them into a situation at the ages of 16/17 to make arguably one of the biggest financial decision of their lives - whether to go to college and/or what college to go to. Who truly knows what they want to do at age 17? How can a 17 year old comprehend what the difference between paying back a $25, 000 loan and a $50, 000 loan is when most of them don't even file their own taxes yet? The system is flawed from the start. I don't think the answer is forgiving ALL student debt, but there needs to be more education and prep in the school system going forward for students to be able to comprehend what a life changing financial decision they're getting themselves into.

Oh and just because you already paid off your student debt doesn't mean people shouldn't be allowed to accept help when it's presented. If y'all had the opportunity you'd be just as happy and the generation before you would say the BS you're saying now.

[steinson]

I just can't wait until he rolls out the auto loan cancellation and mortgage cancellation. It's gonna be awesome!

[jackbauer]

So what these people are saying is screw the hard working tax payer and with the increased taxes, increased food bills for a large family, and huge gas bills we should shut up abd pays these kids bills. Where is my help. Make these kids enlist to pay it off. Don't give away my hard earned money for free. This guy is single handedly destroying the hard working person.