Biden’s Student Debt Plan Is An Absolute Mess

Just forgive the loans, Joe! What are we doing here?

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They filed briefs the other day in the Supreme Court case over student debt relief. That's not gonna happen, we're not going to have a resolution for that for another four or five months. but a separate thing is if you have student loans you know I don't know what percentage is of people maybe like a fourth maybe about 25 percent of people who have student loans are in an existing plan that is based upon income. The Biden Administration is proposing to get rid of all those plans and put them into one plan called the Repay. it is as of now the most affordable of the five plans that exist and it's going to be made more affordable. The plan is actually sort of good relative to what exists now. but as you read through the details you get halfway through and you're just like oh God dude forgive all the loans. like you can it's just so punitive in some respects and just Petty sounding. but essentially what it is I'll just go over it now because people need to know. Essentially what it is is it is available for both undergraduate and graduate loans. it is not available to parents who borrowed money to pay for their children's loans. it's only for people who were the students pers exactly specifically. they're calculated on your earnings and household size. so if you are in the bottom thirty percent of earners or with families with earnings of less than twenty-nine thousand you will qualify for payments that are 83 percent lower per dollar borrowed over their lifetimes. if you are in the top 30 percent of earners families with earnings exceeding ninety thousand dollars you'd see only a five percent reduction. so a single borrower with an income of thirty thousand five hundred or less per year would not be required to make any monthly payments.