Federal student loan borrowers can expect “the most affordable student loan plan ever”, Biden said in a video address on Tuesday announcing significant changes to the debt from higher education held by over an eighth of the country.

    • Frozengyro@lemmy.world
      link
      fedilink
      arrow-up
      11
      ·
      1 year ago

      Do you still pay interest on those loans with low monthly payments? Because that will just make the problem worse in the long run.

      • mctit@lemmy.world
        link
        fedilink
        arrow-up
        15
        ·
        edit-2
        1 year ago

        Yes, but the interest charged per month can’t be higher than what you pay, so your balance can never increase if you’re making payments.

      • randon31415@lemmy.world
        link
        fedilink
        arrow-up
        2
        arrow-down
        1
        ·
        1 year ago

        It would be simpler, but then we would be subsidizing the 1% student loans. We already have that problem with social security: giving out massive payments to rich people while the program slowly runs out of money.

        • aport@programming.dev
          link
          fedilink
          arrow-up
          1
          arrow-down
          1
          ·
          1 year ago

          The 1% pays more in taxes, presumably, but their cost of education is not higher than anyone else. So who is subsidizing whom?

        • afraid_of_zombies@lemmy.world
          link
          fedilink
          arrow-up
          2
          arrow-down
          3
          ·
          1 year ago

          Who cares? This is how they fuck us. We can’t help anyone because someone who doesn’t need help can get it? Life is unfair you don’t make it less fair by making us all suffer.

          The vaccine is available for free to everyone, as a result people who wanted it got it. That means the homeless and billionaires.