Department of Education to propose ‘student loan safety net’ alongside forgiveness. “The new proposal would cap payments for undergraduate loans at 5% of borrowers’ pay, cutting their bills in half, and require payments only for those who earn more than about $30,000 a year. As long as borrowers make their monthly payments, any unpaid interest would not be charged. The new plan would erase all remaining debt after 10 years for those who took out $12,000 or less in loans.” Biden’s college debt forgiveness plans are at the top of the in-box stack at the Supreme Court, where smart money says it’s going to lose. This smells like a similar debt reduction plan, which’ll do the same thing – shift the burden to the taxpayer who didn’t take out the student loan. While not as bad as outright loan forgiveness, it reduces the repayment amount, which means tax dollars destined for other areas will have to be used to fill the gap caused by his student loan payment reductions.
TwiceRetired.org - Commonsense Commentary
Common sense puts the money in your wallet. Use your vote to keep it there.
