Joe Biden knows very well that he is able to cancel student loan debt by executive order, without congressional approval. Every day he doesn't, he's personally, consciously inflicting untold suffering on the American people. People are losing their lives over this stuff. It's not a fucking joke, and him treating it like some political game is disgusting.
There is a few issues that AOC is not being super upfront about... Things that need to be reconciled before you just write an exec. order...
What does that do to current loan/borrowing standards for the future? Banks/federal institutions just wont lend to students anymore, all loans will have to stop. Do we turn this into a tuition subsidy program? I'm not sure but something has to change. Does cancelling student loans devalue higher education? based on the outcome of question #1 I proposed, if everyone has access to high education without the need of having to take out loans, does a 4 year degree/technical degree become like the new high school diploma, is that the new bare minimum standard for entry level jobs? It's hard to see how this with play out. Does cancelling student loans actually solve the problem? or maybe just canceling interest and creating refinancing standards based on a certain cap amount (lets say $15k for a theoretical example) So you only have to pay back 15k max, no interest, at your own minimum payment amount based on income (use IRS data) ... So that way banks/federal loan programs will only loan up to 15k, covers about 2 years of public college costs. Associates degrees become the new norm and if you complete your 2 year, you then get access to MORE LOANS at 0% interest. Incentive based.
finalgarlicdis on March 16th, 2021 at 18:27 UTC »
Joe Biden knows very well that he is able to cancel student loan debt by executive order, without congressional approval. Every day he doesn't, he's personally, consciously inflicting untold suffering on the American people. People are losing their lives over this stuff. It's not a fucking joke, and him treating it like some political game is disgusting.
diewithyourdebt on March 16th, 2021 at 18:50 UTC »
This would literally be life changing for me and my wife. Student loans are a huge drag on the economy.
unreal9520 on March 16th, 2021 at 22:45 UTC »
There is a few issues that AOC is not being super upfront about... Things that need to be reconciled before you just write an exec. order...
What does that do to current loan/borrowing standards for the future? Banks/federal institutions just wont lend to students anymore, all loans will have to stop. Do we turn this into a tuition subsidy program? I'm not sure but something has to change. Does cancelling student loans devalue higher education? based on the outcome of question #1 I proposed, if everyone has access to high education without the need of having to take out loans, does a 4 year degree/technical degree become like the new high school diploma, is that the new bare minimum standard for entry level jobs? It's hard to see how this with play out. Does cancelling student loans actually solve the problem? or maybe just canceling interest and creating refinancing standards based on a certain cap amount (lets say $15k for a theoretical example) So you only have to pay back 15k max, no interest, at your own minimum payment amount based on income (use IRS data) ... So that way banks/federal loan programs will only loan up to 15k, covers about 2 years of public college costs. Associates degrees become the new norm and if you complete your 2 year, you then get access to MORE LOANS at 0% interest. Incentive based.