Biden has said he doesn’t believe he has the authority to cancel that much debt. In April, his administration asked the Department of Education to draft a memo on legal issues surrounding debt cancellation. While student debt relief will likely be left out of his annual budget, experts say that’s probably because he is waiting for the report, not because cancellation is totally off the table. In the meantime, student debt is still affecting the lives of many people around the country.
To do that, though, he had to go into more debt. Despite working through law school and going to a state school, he now has around $190,000 in debt. Jess Gawrych and Arielle Atherley, both 28, met at Boston University and have been together ever since. After college, they both pursued master's degrees at George Washington University, in Washington, D.C., where they now reside and work.
To get $100,000 wiped out would “help with a lot of the typical life things that people want,” Atherley said, such as marriage, a house, kids. With their loans in forbearance because of the pandemic, the couple was able to buy a car — something they couldn't have done with the hefty monthly loan payments.
"I have lupus. I have to be seen by a doctor almost every week, those payments do add up," Vilegas-Ocampo said. Alicia Corby, 38, took out more than $225,000 in federal student loans to attend law school. Her current balance now is somewhere around $350,000.“I owe about $40,000 a year in interest,” Corby, of California, said. The interest rates on her original loans were between 7 and 13 percent. She consolidated them, and now they hover between 6 and 8 percent. Still, “it’s almost impossible to pay the principal balance unless you’re making a ridiculous amount of money.
Imagine that giving 50k to someone helps. I’d imagine if you gave 50k to pretty much anyone they’d appreciate it.
let me share what getting a job, making some sacrifices, and PAYING all my school loans did for me and my self esteem.
Can I share what it is like to be responsible for my own debts and paying off my student loans? Lazy ass SOBs....
Hey, could you find 5 Americans who paid off their loans and don't expect others to do it for them? You know, for balance?
Student loan debt prevents young Americans from participating in the housing and stock markets, marriage, starting families, large purchases like cars - THIS AFFECTS EVERYONE, NOT JUST THE INDEBTED! Our population is falling - who will be tomorrow’s caretakers for seniors?
If we can bail out private companies we should be able to forgive every dollar owed by students who have been victimized by predatory lending and education costs beyond belief. EVERY CENT FORGIVEN.
How about eliminating student loans? Greedy Universities would be forced to drop tuition. Simple as the new math.
These people all chose to go to expensive private colleges. They could have attended much cheaper public universities. They have huge student debt because they were reckless and irresponsible. They should not be bailed out.
What's in it those of us who (without our parents help) worked our behinds off to pay off our student loans?
Just hire an attorney in Florida, you can steal money, burn businesses to collect insurance money, and take someone’s child away from them. Seems to get a good laugh out of the judge.
Student loans are investments into one’s self. If you can not make the payments on your loan, then you made a bad investment. We need to fix the cost of a higher education before we even think about student loan forgiveness.
Imagine picking a degree that won't even be able to pay back the loans you took out once you graduate. 🤦🏾♂️ Did you not do any research before you went to college or did you think your happy thoughts would pay the bills. 🤔
That’s ABSURD. Millions of Americans have paid off their student loans. It’s a complete waste of tax payer money to hand out free money to those people who are not responsible enough to pay off their student loans. They received their education. It’s time for them to pay for it.
You couldn't pick a worse example to support debt relief. GW and BU? They need to pay every penny they borrowed to attend those very expensive schools.
😂🙄
Better question. - What would a fiscally sane and responsible government who takes care of it's citizens while respecting the planet mean to you?
No one needs to pay for another person’s stupid decisions
Hell, 10k would make a difference! Politicians stop bargaining with our students fragile futures! SenWarren POTUS FLOTUS We their planet to save.
Hey, don't forget to include me. I owe $150k in mortgage payments. I didn't know all I had to do was whine over and over again and then some idiot SenateFloor would work so hard to rid me of my financial obligations. NOT!! payurownstudentloans
MSNBC A successful lawyer making 6 digits in Hawaii wants low and midddle class minorities to pay for his $40k of student loans. 👍👍
Fuck the student loan forgiveness that only helps some students & screws millions of others. UBI helps EVERYONE & is a much better idea.
Ridiculous. I had to pay for my education. Tell these whinny ass kids to buckle down, STOP eating out every meal, drive an old car, economize and pay your debts.
Refund the ones that paid back too. Otherwise would be unfair.
Who cares! Unless they’re going to pay back their own debt, all they are is freeloaders looking for everyone else to shoulder their monetary obligation. Pathetic and irresponsible is what they are!
They did not pay my school cost I don’t want to pay their school costs
It would be a blessing for any of us with student loans.
We don't need to read a story, what would $50,000 of debt relief due to anybody?
It would mean that I expect to get back all I paid into paying off mine and my daughter’s!!!!
I'm sure it would be, unfortunately we not canceling student loans. If you reward them by canceling loans you must reward those that did pay off their loans
The thing about a student loan is you have to work to pay it back, which means you serve that debt, not your own destiny. John Adams said to his son (Quincy) 'You will ever remember that all the End of study is to make you a good Man and a useful Citizen.'
And the corresponding 10 Americans who didn't go to college will ask 'why should we?' and continue to vote Republican because they think Democrats are off their rocker. Play winning football guys. $50k forgiveness is too focused a group of people.
Can you share what my tax bill will be to pay for this?
would make a huge difference
This forgiveness is total BS and the people will not stand for it
That mean I can get back all my money I already repaid
If you do for one you have to do for all. We can’t afford to pay for everyone else’s choice. This idea is ridiculous. If you want to pay someone’s tuition, start a grant yourself for a local high schooler.
Maybe people shouldn’t go to a school they can’t afford. They are morons!!!
Pay your bills. Shit isn't free. Nobody makes you go to college
Nothing is free. Taxpayers pay final tab
It would fundamentally alter my life, and allow me to pursue the work I was trained to do.
This American can share what $50K of MORTGAGE loan forgiveness would mean to him. I worked my way through college. Guess I should have taken out a student loan and paid cash for a house.
it would turn my world right side up
I mean they could get a job and live with their parents
You know what it would mean to me? Nothing but my taxes have to pay for it and my kids have a $0 balance on their loans. So why are you so privileged to have yours paid for by me and I didn’t pay a dime for my kids?
Ask 5 taxpayers what it would mean to them!!!
For complete Forgiveness of my student loans. I'll give up the Next 8 years of tax rebates, and any bonus Credits + pay $50 per month. Lets make deals. not argue over who did it best.
We have LIVING people from the Tulsa Massacre whom probably would’ve been Millionaires/Billionaires now had their families been able to prosper but student debt is the topic 🤔🧐 WTH
This is a lazy way to solve! We have a homeless problem, how about we allow loan forgiveness to those that work in Americorp helping the homeless. Grads get great experience; there’s need for many disciplines (MD’s, councilors, psychologists, nurses, teachers, etc.)
Why don’t you ask ALL of those Americans who paid their just debts, what they would now do with $50,000.00. Then let’s compare for a much greater understanding. This is not “News” reporting, this is agenda based propaganda, but NBC clearly understands this. ! Sad
It’s a dream that will never happen - Republicans who own the loan companies would flip out and ruin the stock market to punish everyone’s 401k Just like Republicans encourage inflation now to win the midterms It’s all sabotage to get power
POTUS CancelStudentDebt
lol it will never happen
I'm sure doctors and lawyers would really appreciate it..
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'Journalism'
'forgiveness' should be illegal on so many different levels any politician who runs on forgiveness should be disqualified or impeached since: 'vote for me, & i will erase $10k or $50k' is 'buying a vote'. 40+ million ppl have $10k or more debt. enough to swing an election
This enrages me. The media chooses to ignore the voices of those young people who sacrificed, and made wise decisions to avoid this. These mature young people should not be penalized for being responsible by comparison.
Next do homeowners 🏡 Surely many homeowners would love to have $50K of their home loan ‘forgiven’
🤦♂️Not this shit again.
Honestly I’m wondering if Biden will ever do it... he’s don’t everything else but not this
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