No one wants to talk about student loans. It’s a depressing subject, but people have (long ago) reached the point where they have to talk about student loans, and this probably shouldn’t happen the way that Marco Rubio once did (by only wanting to forgive loans for people who survive terror attacks) or the way that Trump Education Secretary Betsy DeVos did it (by almost delighting in how screwed people feel by the system). Elizabeth Warren and Bernie Sanders continue to push for total cancellation of student loans, but everyone knows that won’t happen. However, President Biden is about to announce something, and we’ll likely hear about this plan within a few days.
As the current memoriam is set to expire on August 31, NBC News reports that Biden is prepared to announce what people essentially expected to hear. That would be a $10,000 trim off balances for those federal borrowers whose incomes don’t exceed $125,000. Reportedly, Biden will also extend the moratorium through midterm elections, but (obviously) none of this is set in stone until Biden makes the announcement.
True, this outcome is better than no forgiveness at all, and an extension on the due date will help Americans during a time of ridiculous inflation, but people cannot help but feel disappointed. Their disappointment sources from the predatory terms of these loans, and so many people are sharing how this isn’t simply a matter of “you pay what you borrowed plus some reasonable interest.” In fact, a lot of people have been paying (on time) for several years, or over a decade, or even longer, and they still owe more than they borrowed despite the payments stretching them to the limits.
This is disappointing and heartbreaking, but there’s at least some collective awareness that comes from sharing these stories, along with hearing how underwhelmed people feel by the reported upcoming announcement:
To the folks against student loan forgiveness. If you took out a mortgage or car note and you have made your payments EVERY month for x amount of years, and now you owe more than what you borrowed. Wouldn’t you call that predatory? #CancelStudentDebt
— Jay Guillory, M.Ed. (He/Him) (@JayGuilloryMEd) August 18, 2022
Joe Biden taking 10k off my student loans pic.twitter.com/9pkLDLGEHr
— Oluwajomiloju (@JomiAdeniran) August 23, 2022
Dear @POTUS. I’m a social worker. I left graduate school 20 yrs ago with over $52,000 in student loans. I’ve made every payment since and still owe $42,000. It’s almost all gone to interest…I’ve paid $48,000 but still owe $42,000😩☠️ 😭🤦🏻♀️ #CancelStudentDebt @DebtCrisisOrg
— Michelle Elizabeth (@Echelon_MEW) August 16, 2022
https://twitter.com/I_am_Just_Blunt/status/1559620331924504578
My student loans are paid and I support loan forgiveness. I can remember only being able to make minimum payments and watching the debt monster grow for years. No one should have to live with that stress. #CancelStudentDebt
— B Powers (@BP_Counselor) August 18, 2022
I have paid nearly $30,000 towards my student debt, and I still owe $39,000. Once the repayments begin, that $39k is going to start accruing 6% interest. I will likely be paying these predatory loans off for the rest of my working life. #CancelStudentDebt
— Drevv (@drevv__) August 23, 2022
millions of people have paid back more than the priciple of their student loans, and still owe… more than the principle of their student loans.
takes an absolute monster to oppose cancelling that bullshit
— Gallifreyan Jedi (@JediofGallifrey) August 21, 2022
I've been paying student loans for 19 years now. I just sent a kid off to college. I'm scraping every dime I have to send her debt free. After 19 years I still owe 80% of what I borrowed. My monthly payment is more than 2/3 interest each month. #haltpredatorystudentloaninterest
— TemporaryReject (@therejectisback) August 23, 2022
Not a single voice against cancelling student loans even acknowledges that most people HAVE paid their initial loan amount back already but still owe double the original loan amount due to insane, always changing interest rates
— Amy ☭ (@Amysaysfuckalot) August 17, 2022
Dear @POTUS. I left college 15 yrs ago with over $50,000 in student loans. I’ve made every payment since and still owe $42,000. It’s almost all gone to interest…I’ve paid $48,000 but still owe $42,000
Am I just going to pay till I die? 😩☠️ 😭#CancelStudentDebt @DebtCrisisOrg
— Niko Exxtra (@nikoexxtra) August 17, 2022
It's such a fucking scam that you can't make principal payments for student loans. Your money has to go towards interest first and then the principal once/if that interest disappears.
And people wonder how others have paid the amount of their original loans and still owe.
— rocojrivera (@rocojrivera) August 21, 2022
Let's even go further…how are student loans costing the govt money when someone can pay the equivalent of the balance over 10 years and still owe more than the original loan amount??? pic.twitter.com/7mN3Tmdyd4
— Jen & Juice🧃 (@JenChaoticZen) August 23, 2022
(Via NBC News)