Debt relief is available to people who took out more than $12,000, too. For every $1,000 more that borrowers take out, one year is added to their repayment plan — so people who took out $14,000 could see their debt wiped clear after paying for 12 years.
That just seems like a really low amount…
I’m curious how many people would actually get forgiveness thru this.
What is like to see is capped total interest. Like, no matter how long it takes to pay back you’d never owe more than 25/50/75/whatever % of the original loan amount.
Borrow 10k and once you’ve paid back 15k, there’s just no more interest.
I pulled up a calculator, for 12k to take a decade, payments would be $110 and you’d end up paying about 150% of your loan amount.
Is this just for people who failed out after freshman year?
It feels like something that won’t help hardly anyone, but now Biden can claim he did something before the election.
If people don’t point out how little this helps, we won’t get any more. We’re only getting this because of complaining in the first place