President Biden is starting to do what millions of people have been waiting for.
From a political standpoint, I can see why the Biden administration would want to have a cap on who receives this relief. But it won’t stop the attacks from conservatives.that Biden’s plan will mean that “welders, plumbers, laborers, & other Mississippians will be forced to pay off the debts of Harvard doctorate degree gender studies majors living in California.”
It’s a play at class division that might gain traction, even if built on lies like the one Reeves is pushing. That argument says nothing about, say, a plumber or welder who took out $10,000 in loans to attend community college but opted to go into a trade instead and is still working to pay off that debt, or those who took out federal student loans specifically to attend an eligible trade or career school. This relief will help them just as much as it will liberal arts majors.
The Education Department needs to email every federal student loan debt holder who qualifies to show them the reduction in their total bill and how much faster they’ll be able to pay off the total. The next step the Education Department needs to take is email every federal student loan debt holder who qualifies to show them the reduction in their total bill and how much faster they’ll be able to pay off the total. It may be harder to sell a future benefit than one taking effect today, but officials need to start trying as soon as possible.
That job will be made easier by the income cap on monthly student loan repayments, a part of the program that may be easily overlooked. The average monthly payment for a bachelor’s degree holder is around $450,
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