A Republican-led effort to block one of President Joe Biden’s student loan debt relief programs in court has succeeded just days before it was set to go into effect.
Decisions by U.S. District Judges John Ross in Missouri and Daniel Crabtree in Kansas, both appointees of former President Barack Obama, on Monday sided with GOP state attorneys general in thwarting Biden’s Saving on a Valuable Education (SAVE) plan, according to Reuters.
The SAVE plan, which was set to go into effect on July 1, was initially announced by Biden in 2022 alongside a since-canceled larger plan that would have erased up to $20,000 in student loan debt for tens of millions of borrowers.
So I’m not going to go into detail. Instead I’m going to ask you to truly challenge your belief here and look into it personally. Consider the interest rates, average wage, rate of inflation, and total cost for rent and other bills. Factor in food and gas costs appropriately.
I say this as someone who has had multiple sub-$12,000 loans and never taken over 10 years to pay off.
That doesn’t matter though. I do celebrate that you have managed to pay off several loans succinctly without defaulting. Sincerely, well done. However, that in no way relates to what I asked.
It’s up to you, of course. No one here can force you. All I did was challenge you to examine what you are certain you know, that’s all.
I am certain, after paying to put my kid through college, that student loans are more than $12,000.
He graduated from a state school in 2018, his tuition was $10,000 a year, and he had a scholarship that paid $5,000 a year. I paid the other $5,000, laundered through my Amazon card for points. ;) But if we had done a loan, it would have been $20K.
So problem #1 - I’m not buying the stated number about how many people it will help. $12K is NOTHING when it comes to student loans.
Problem #2 is how much of that sub-$12K loan is still out there after 10 years.
In the end, it doesn’t matter since it’s all shut down anyway.