Federal student loan borrowers can expect “the most affordable student loan plan ever”, Biden said in a video address on Tuesday announcing significant changes to the debt from higher education held by over an eighth of the country.
Biden also launched a significant increase to both interest rates and payments. His plan is worse than how things were when he took office.
Anyone know how this affects a homemaker that still has student loans. Is the income based on the household income or the loan holder whose current income is 0?
Edit:
From a nerdwallet article I found this:
Benefits for some married borrowers. Spousal income for borrowers who are married and file taxes separately will be excluded from IDR payment calculations; spouses no longer required to co-sign your IDR application.
So it looks like maybe filing separate can be a possibility though have to research any other tax implications.
Whenever a politician says the word affordable in quotes, I get nervous.
This actually seems quite managable. ICR loans are used for student debt in the UK too.
There just shouldn’t be an interest rate. It’s for education, you’re not investing it in commodities except ur big brain.
Sounds great, but someone would sue again. A loan servicer if not a republican
Not someone. It was CATO. it was CATO that sued twice. Their argument was that with less needy people they would have problems hiring. This is from their filing btw.
Just so anyone is unaware, under the old system if you worked for CATO you were working for a non-profit which meant after dla decade you would be eligible for a lot of student loan breaks.
We are paying people to work for a lobbyist and when there was talk of stopping that the lobbyist sued. Never ever ever forget that it was CATO that did this. Not just someone.
Let them. Let republicans sue and drive the youth vote away further, let loan servicers emphasize how fucking ghoulish they actually are. Let it fuel actual legislation to change this shit.
They aren’t trying to win the current youth vote really, they’re already enacting sweeping educational changes in Republican controlled states to just indoctrinate the next round of youth voter at the start.
