I believe the idea is that young people are facing unprecedented hardship, and that student loan cancellation is a way to get them started in a tough economy (and brutal housing market) so an entire generation of our young folks doesn't fail. But medical debt is a great idea, too.
Enjoy your weekend up here in Santa Cruz. Lots of devoted followers and devoted doers here grateful for all you are doing to defend democracy’s ideals.
Forgiving $50,000 of every student loan will not help seniors who have been paying on their student loans for decades (in my case, 29 years). Our balances are well over $100,000, because only a tiny percentage of what is taken out of our Social Security goes toward the principal. In my case, $10 out of $175 goes toward the principal, and I'm sure this percentage is the norm for seniors. We are forgotten in the push for canceling loans. At 77, after working for 65 years, I still have to work almost full time to pay for rent, food, and car. Seniors need FULL forgiveness of their loans.
It is not useful at all for seniors who, as I said, have been paying for decades and whose balances are well over $100,000. If $50,000 of my loan balance is forgiven, that leaves, say, at least $50,000 left. The Treasury will continue to take out the same 15% from social security checks - until we die. If you want a fuller, real picture of this situation, please read Alan Michael Collinge's book, "The Student Loan Scam." John Boehner and Sallie Mae got together to perpetrate it, and Biden voted for the law that says student loans cannot be refinanced or discharged in bankruptcy. A further stipulation is that the borrower's license to practice whatever profession they have can be taken away. So we oldsters are stuck with as much as $300+ taken out of our social security when you include Medicare Part B. Life is hard for us, and we are simply not being considered in efforts to decrease/forgive student loans. And how do you think we feel when younger folks are freed from debt and we, who have worked all our lives, are still saddled with the debt?
Thank you for all the action-ideas. Why are we not asking ( instead) that Medical Debt be canceled.
I believe the idea is that young people are facing unprecedented hardship, and that student loan cancellation is a way to get them started in a tough economy (and brutal housing market) so an entire generation of our young folks doesn't fail. But medical debt is a great idea, too.
Enjoy your weekend up here in Santa Cruz. Lots of devoted followers and devoted doers here grateful for all you are doing to defend democracy’s ideals.
Thank you, Caroline!
Thanks, I did the Resistbot action! ~Denny from Minnesota
Thanks, Denny!
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Forgiving $50,000 of every student loan will not help seniors who have been paying on their student loans for decades (in my case, 29 years). Our balances are well over $100,000, because only a tiny percentage of what is taken out of our Social Security goes toward the principal. In my case, $10 out of $175 goes toward the principal, and I'm sure this percentage is the norm for seniors. We are forgotten in the push for canceling loans. At 77, after working for 65 years, I still have to work almost full time to pay for rent, food, and car. Seniors need FULL forgiveness of their loans.
I think that's a great idea! Although I would hazard that you would agree that 50K is a good start?
It is not useful at all for seniors who, as I said, have been paying for decades and whose balances are well over $100,000. If $50,000 of my loan balance is forgiven, that leaves, say, at least $50,000 left. The Treasury will continue to take out the same 15% from social security checks - until we die. If you want a fuller, real picture of this situation, please read Alan Michael Collinge's book, "The Student Loan Scam." John Boehner and Sallie Mae got together to perpetrate it, and Biden voted for the law that says student loans cannot be refinanced or discharged in bankruptcy. A further stipulation is that the borrower's license to practice whatever profession they have can be taken away. So we oldsters are stuck with as much as $300+ taken out of our social security when you include Medicare Part B. Life is hard for us, and we are simply not being considered in efforts to decrease/forgive student loans. And how do you think we feel when younger folks are freed from debt and we, who have worked all our lives, are still saddled with the debt?
Thank you so much for the explication. It sounds incredibly frustrating. Let me look for an action that better addresses this.