From "No student debt" to "highest interest rates on student loans in over a decade"

This motherfucker is trying to lose, you can't convince me otherwise

Biden is doing everything in his power to ensure that "mass shooter" is the only available career path for US children born without generational wealth.

But Biden is canceling student debt for another 4327 people, somehow none of which are still anybody I know.

The rise in interest rates could complicate the Biden administration’s efforts to get the student loan crisis under control and relieve borrowers of the pain of interest accrual, experts say.

He's the one DOING this! What do you mean his "efforts to get the student loan crisis under control" he's actively making it worse. Big "Biden isn't doing enough to restrain Netanyahu" energy. Every bad thing this motherfucker does is framed as him not doing the opposite, good thing, enough.

Jesus Christ 8% people will never get out from under that

I have paid more in interest than my principal and I'm locked in at 5%

It's fucking criminal that they charge at all for education but the interest rate spread between the 30 year Treasury note and student loans is extra egregious because these loans are federally backed. It's a naked wealth transfer from low and middle income students to finance capital.

As someone who paid off their student debt, student debt should be illegal and everyone who is in complicit in its existance should be lined up and shot no questions asked

I started my undergraduate just after the worst of the '08 market crash when rates were also at this level. Saddling a teenager with paying off tens of thousands of dollars at 7.5% interest literally crippled me. These rate increases are just kicking the can down to road to a future generation so that they can espouse headlines that they've done something beneficial while doing nothing to help fix the problem. All of the "forgiveness" pieces we've been seeing are just them fixing the broken promises through the 10 year repayment forgiveness and PLSF programs anyway.

6.5% is (edit) nearly higher then mortgages. (Looks like Mortgages are about 6.5-7% right now. lol) Might be cheaper to become a landlord then to go to school. Really pushing the downfall of society with this one.

Nearly 10% is getting into loan shark territory.

Im still not opening the emails they send me

the coolest thing about the federal student loan program, besides how the servicing of the loan has been privatized since god knows when and is naturally rife with complaints and scandal, is that for as far back as i can remember, the "subsidized" rate that the federal government will loan a qualifying (low-income) college student money has always been higher than the interest rate someone can get from a private loan to buy a house. and of course the loans at the subsidized rate are not enough to cover costs at an in-state school, so you also have to take out "unsubsidized" loans from the federal government, which are like double the interest rate of the subsidized loans. and, those are not often enough either, to cover housing, so then you get into private loans.

and none of these can be discharged due to bankruptcy, specifically due to the efforts of the senator from MBNA, Joe Biden.

Listen Jack, the economy is so good it wont hurt anyone to pay a little extra

The harm reduction candidate, ladies and gentlemen.

I just graduated and most of the people I was going to school with agreed that, regardless of if we pay these loans or not, the crisis is so bad that they'll have to forgive us all eventually anyway. So the only people even entertaining the idea of paying these things off are people with internships to ghoulish corporations or non-profits. Otherwise, we are all just acting like they simply ✨ do not exist ✨

maybe education shouldn't be a profit center

"You can't afford to pay back your loans? Well, how about we make the bullshit made up number increase over time arbitrarily faster? That sweeten the deal a bit?"

Bunch of fucking brainworms.

Forgive the debt you fucking ghouls.

I don't relish coming to Brandon's defense but this doesn't matter as much as it might seem. Everyone taking these loans (except parents taking out for their kids, maybe?) will be eligible for the SAVE plan where any interest remaining after making your monthly payment will be wiped out. It doesn't matter if it's at 6.5% or 100%, your debt will not grow because of interest.

Of course it matters in that it can extend the amount of payments you have to make to pay off your loans (like if only $37 is going towards principal instead of $40) but for most cases where the principal is large enough for the interest to be particularly impactful, you'll be shooting for the blanket forgiveness after 20 years of payments rather than paying it off regularly.

Nice job Biden you solved the student loan crisis!

"Conglomo Corp. - We own you!"

Biden admin is on a lowest % of the pop vote as an incumbent since Hoover achievement quest right now I stg.