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.
But then if we do that, all the middle income energy will evaporate. It will become the classic “fuck you, I got mine”. One time relief for millenials and nothing for zoomers?
In the whole time this has been part of the national discussion, I have literally - literally - never ONCE had a loan forgiveness supporter bring up systemic reform. Not even as an AFTERTHOUGHT. Y’all don’t care. You’re not about improving society. You just want your money.
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I disagree. It’s a handout for a lucky few, and it’s making it worse for everyone else.
Now I’m not against the handout per se. Millenials were definitely shafted and deserve some recompense.
But systemic solutions should be paramount. Harness this anger to fix the problem for everyone.