Although it’s an end run around the SCOTUS ruling, “ Under Biden's plan, those making less than $125,000 a year would have gotten $10,000 relief while Pell Grant recipients would have gotten $20,000 wiped.”
I would think that any Dr or Lawyer would be making more than $125k/year after 20-25 years of paying student loan debt. It’s a meaningless gesture meant only for political brownie points!
LOL $20k wiped wouldn't make a dent in my debt, thanks to capitalization of interest.
You don't get to pay back what you borrowed. You don't get to pay back what you borrowed plus a reasonable, understandable amount of interest.
Instead, they periodically take the interest, add it to your loan, and PRETEND IT IS PRINCIPAL. I am not making this up. This way they accelerate the deepening of the debt, and continue forever to charge ever-increasing amounts of interest on interest...on interest on interest...without end.
They put a 25-year time limit on the scheme, after which they're supposed to drop it...and then when that time elapses, they keep billing. Thanks, Uncle Government!
At least the debt stops when you die. So there is that to look forward to. For now, anyway. I expect Congress will find a way to fix that before too long. :p
So, only doctors and lawyers?
Although it’s an end run around the SCOTUS ruling, “ Under Biden's plan, those making less than $125,000 a year would have gotten $10,000 relief while Pell Grant recipients would have gotten $20,000 wiped.”
I would think that any Dr or Lawyer would be making more than $125k/year after 20-25 years of paying student loan debt. It’s a meaningless gesture meant only for political brownie points!
LOL $20k wiped wouldn't make a dent in my debt, thanks to capitalization of interest.
You don't get to pay back what you borrowed. You don't get to pay back what you borrowed plus a reasonable, understandable amount of interest.
Instead, they periodically take the interest, add it to your loan, and PRETEND IT IS PRINCIPAL. I am not making this up. This way they accelerate the deepening of the debt, and continue forever to charge ever-increasing amounts of interest on interest...on interest on interest...without end.
They put a 25-year time limit on the scheme, after which they're supposed to drop it...and then when that time elapses, they keep billing. Thanks, Uncle Government!
At least the debt stops when you die. So there is that to look forward to. For now, anyway. I expect Congress will find a way to fix that before too long. :p