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So, does the interest just start accruing again after it’s cancelled? Until a future president decides to throw another bone?
And I don’t really like that the long-promised 20-year forgiveness plans are being portrayed as dependent on the whims of a benevolent president. That shit needs to be locked in as the permanent bare minimum light at the end of the tunnel for borrowers who signed up for it in the first place, whether it’s today or 20+ years ago.
It is. Just Devos et al just kept rejecting all applications, denying all forgiveness, even to those that already qualified under the law. While this is not the blanket forgiveness promised, they tried that and the radical courts said no. So they have to work with what they have until a new (functional) Congress is voted in or someone blows up the supreme Court. What it really shows is that every official appointment matters.
And don't forget all this student debt is Reagan's fault. Picked a fight with Berkeley, called em commies, reduced public funding for colleges and then made the people of California pay tuition for the first time. All just to keep "the wrong kind of people" out of college.
Not sure discharged loans work that way, but Biden's SAVE plans already eliminated interest for the most vulnerable, and already promised erasure after 20 years.
Not sure that's something that will be made permanent with the way congress works...