Biden pushes new income-driven repayment plan as student loan bills loom for tens of millions
www.politico.com
The effort to boost enrollment in the income-driven repayment program comes as student loan payments resume for the first time since March 2020.

President Joe Biden on Tuesday launched a promotional blitz for his new program that helps student loan borrowers repay their debt, just weeks before millions of Americans are set to receive a loan bill for the first time since the beginning of the pandemic.

The Biden administration is mobilizing to convince borrowers across the country to sign up for the new income-driven repayment program — dubbed the “SAVE plan” — which caps interest accrual and lowers the monthly payment amount for many borrowers.

“It’s the most affordable student loan plan ever,” Biden said in a video released by the White House on Tuesday, describing the program as a major reform to a student loan system “that hurt borrowers for much too long.”

“If you’re eligible for the SAVE Plan, sign up now so you can lower your monthly payments in advance of payments resuming this fall,” Biden said.

  • Cryophilia@lemmy.world
    211·
    11 months ago

    Dude you have a mortgage. You are not paycheck to paycheck, you have assets you can pull equity from at any time. You may not be saving cash but you are saving assets.

    You are not poor.

    Let me say that again.

    YOU ARE NOT POOR.

    Tired of all these upper middle class people pretending like they’re lining up at food banks. You’re good, dude. You made it. You are doing better than most. You don’t need relief. You know who needs relief? The dude who never had the opportunity to go to college in the first place and is making $20,000 a year.

    • Flying Squid@lemmy.world
      5·
      11 months ago

      I never said I was poor. But going into more debt would make us poor.

      I’m certainly not upper middle class.

      • Cryophilia@lemmy.world
        18·
        11 months ago

        If you can afford to get a mortgage on a house nowadays, you are upper middle class.

        • Flying Squid@lemmy.world
          3·
          11 months ago

          Nowadays? We bought it 10 years ago. In a depressed small city with high unemployment. It’s also only worth about $200,000. You know how low that is for a house right now?

          Maybe don’t make assumptions.

              • Cryophilia@lemmy.world
                19·
                11 months ago

                Liar. There’s practically no markets in the country that have seen such low appreciation over 10 years. That doesn’t even match inflation.

                Either you’re stupendously unlucky (in which case my point still stands) or you’re a liar (more likely, and again my point still stands).