this post was submitted on 24 Aug 2022
16 points (100.0% liked)
Politics
10181 readers
16 users here now
In-depth political discussion from around the world; if it's a political happening, you can post it here.
Guidelines for submissions:
- Where possible, post the original source of information.
- If there is a paywall, you can use alternative sources or provide an archive.today, 12ft.io, etc. link in the body.
- Do not editorialize titles. Preserve the original title when possible; edits for clarity are fine.
- Do not post ragebait or shock stories. These will be removed.
- Do not post tabloid or blogspam stories. These will be removed.
- Social media should be a source of last resort.
These guidelines will be enforced on a know-it-when-I-see-it basis.
Subcommunities on Beehaw:
This community's icon was made by Aaron Schneider, under the CC-BY-NC-SA 4.0 license.
founded 2 years ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
this seems extremely substantial, beyond what i expected of biden. a lot of people are pell grant recipients so a ton of people will be getting $20k here instead of $10k. the 5% monthly cap appears to be a halving of the current federal payment cap, which is 10%, so that's also substantial. they doubled household income for joint filers, so this applies to couples with an income below $250k; also, none of this is taxable.
I wish I could have had this! It took me 21 years to pay off my student debt and it was a HUGE burden.
estimates are in now that this wipes out 20 million people's debt, and impacts another 27 million people, which is crazy. that's a ton of people who will be out from underneath this
That should bolster the economy as well, right?
almost certainly yeah. this frees a lot of money that otherwise goes to monthly payments to go toward literally anything else.