Just read it on the Biden website yourself instead of what other people are interpreting it as. Here are some bits I pulled out:
More than halve payments on undergraduate federal student loans by simplifying and increasing the generosity of today’s income-based repayment program. Under the Biden plan, individuals making $25,000 or less per year will not owe any payments on their undergraduate federal student loans and also won’t accrue any interest on those loans. Everyone else will pay 5% of their discretionary income (income minus taxes and essential spending like housing and food) over $25,000 toward their loans. This plan will save millions of Americans thousands of dollars a year. After 20 years, the remainder of the loans for people who have responsibly made payments through the program will be 100% forgiven. Individuals with new and existing loans will all be automatically enrolled in the income-based repayment program, with the opportunity to opt out if they wish. In addition to relieving some of the burden of student debt, this will enable graduates to pursue careers in public service and other fields without high levels of compensation. Biden will also change the tax code so that debt forgiven through the income-based repayment plan won’t be taxed. Americans shouldn’t have to take out a loan to pay their taxes when they finally are free from their student loans.
Make loan forgiveness work for public servants. Public servants do the hard work that is essential to our country’s success – protecting us, teaching our children, keeping our streets clean and our lights on, and so much more. But the program designed to help these individuals serve without having to worry about the burden of their student loans – the Public Service Loan Forgiveness Program – is broken. Biden will create a new, simple program which offers $10,000 of undergraduate or graduate student debt relief for every year of national or community service, up to five years. Individuals working in schools, government, and other non-profit settings will be automatically enrolled in this forgiveness program; up to five years of prior national or community service will also qualify. Additionally, Biden will fix the existing Public Service Loan Forgiveness program by securing passage of the What You Can Do For Your Country Act of 2019. Biden will ensure adjunct professors are eligible for this loan forgiveness, depending on the amount of time devoted to teaching.
Make public colleges and universities tuition-free for all families with incomes below $125,000. Biden has long said that when it comes to public education in America, we’re starting too late and ending too soon — and that if we were building the public education system in America today it would extend from pre-k, starting with 3 and 4 year olds through ensuring 16 years of education is affordable. Biden has added to his education beyond high school agenda by adopting Senator Sanders’ proposal to make public colleges and universities tuition-free for all students whose family incomes are below $125,000. This proposal, part of Senator Sanders and Congresswoman Pramila Jayapal’s College for All Act of 2017, will help roughly 8 out of every 10 families.
Crack down on private lenders profiteering off of students and allow individuals holding private loans to discharge them in bankruptcy. In 2015, the Obama-Biden Administration called for Congress to pass a law permitting the discharge of private student loans in bankruptcy. As president, Biden will enact this legislation. In addition, the Biden Administration will empower the Consumer Financial Protection Bureau – established during the Obama-Biden Administration – to take action against private lenders who are misleading students about their options and do not provide an affordable payment plan when individuals are experiencing acute periods of financial hardship.
as of 1/1/23
If they somehow take debit card payments, yeah it would - just got to use PayPal Key! Unfortunately I don't think they do, at least mine don't.
as much as I like debt forgiveness, especially to college graduates with no career in their fields. I think it's a very bad president to be sending that "higher education" should be free and "refunded". I mean our system is already chalked with inequalities and many minorities are already using the system as they are intended.
What I'm really saying is that millions or what I heard was 2 trillion dollars could be better spend elsewhere for the poor and uninsured. Nothing like giving a college level educated person a leg up so they can "just cheat" the system. If you look at our current system let's say people like me, an asian minority if they preform well in school 4.0 GPA etc.. might qualify for already free college tution or almost free with FA assistance as "first time/generation" student. Let's say they miraculously finish college and let's say their parents are well off, and do the classic asian thing with their kids' FA, as in "Buy Honda Civics" and "invest in a small business".
By time they graduate and move out they are like stealing up to like $30-50,000 from the local state government and moving out of state for a 100K job in NYC or LA. So basically small states and towns are promoting their own "generational genocide". Let's say they get really high up or w/e do tax evasion thing or go private, you'll never see those tax dollars again to help "reinvest" to the country as they are bought up by private companies and organization and vapourate from the fold. Sure they are still paying taxes but can we really see their footprint anymore. It's like all these people with FA or state sponsored "college students" just dissappear into the private industries instead of being "hired" back into government sponspored work or w/e to "invest" in the future people. And we're getting crumbier and crumiber state and federal workers to boot etc as these are the "rejects" of society. Just my two cents.
