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Originally Posted by A. Spectre
Katzchen:
Sen. Elizabeth Warren (D-Mass.)
Sen. Elizabeth Warren has proposed some of the most robust plans for tuition and student loan debt reform of any of the candidates so far. In April 2019, Warren and her team published a proposal on what she would do to solve these issues:
*Mass student loan forgiveness. Warren proposed forgiving up to $50,000 in federal student loans for all borrowers with a household income of $100,000 or less. Her plan would offer partial forgiveness to those who make between $100,000 and $250,000, and no forgiveness to those who make more than $250,000.
Warren’s campaign website now has an interactive tool that shows borrowers how much loan forgiveness they could receive under her student loan cancellation plan.
Joe Biden, former vice president and former U.S. senator
*Simplify income-driven repayment plans, and allow student loan borrowers who make less than $25,000 to reduce their payments to $0 without accruing interest on their debt. Borrowers who make more than $25,000 annually would pay just 5% of their discretionary income (the current plans cap payments at 10% or more) and be eligible for forgiveness after 20 years.
*Simplify the Public Service Loan Forgiveness program and allow eligible borrowers to get $10,000 in forgiveness annually for up to five years
Sen. Bernie Sanders (I-Vt.)
*Cancel all outstanding U.S. student loans, totaling $1.56 trillion, regardless of borrowers’ income levels, a move which Sanders says would boost the economy by about $1 trillion over the next 10 years and create 1.6 million new jobs annually. He also says canceling student debt would give millions of Americans the resources they need to buy a home, purchase a car or start a small business.
*** Information above is NOT what these candidates will do for present and future school loan holders. Hope this helps you and the others vote for what is in your personal interest.
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Thanks!
Here is the problem that is I see with all their so-called remedies: That Loan Forgiveness piece? There is no such thing as getting your loans forgiven under the long-held remedy of working for a company that offers to have your loans forgiven if you work X amount of years and make timely payments during those X amount of years. I've spoken with a number of call centers with loan servicers who service my 6-figure school loans and all of them confirm that there is no such remedy, which used to be a remedy offered to people who took jobs in the government sector (which paid low wages, yet offered health benefits you ordinarily can not get with the standard American employer).
Second problem: Every year I apply for an Income Driven Repayment plan, especially since that horrid person took office in the WH, loan servicers (FedLoan, Navient, US Dept of ED, etc) -- each agency used to have reliable inter-office communication practices whereby each agency used the same set of data stored on file, but now they don't. It's like none of them talk to each other like they used too all along. Now you have to print off three or more copies of the same document and ship them out to each loan servicer so they can all be on the same page, yet they are not on the same page.
It's like some mind boggling chess game they play with student loan borrowers, hoping to trip the levers that spell: Default, whereby then? They raid all of that person's earnings and leave no earnings for the loan borrower to survive on, even if they are lucky to have an extra job or several 'side hustles' to earn extra money to live on. It all spells serious trouble, if you ask me.
I have six figures in Student Loans. I earn less that the imaginary amount of $50K. None of the plans offered by *any* presidential contender stand out to me as a plan that will go into effect IF they are elected to be POTUS.
What is said, is not always what goes down. That's my experience.
I think the last lines of your post A. Spectre state it perfectly because it is exactly the experience I have been experiencing for the past several years (see quote below):
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Information above is NOT what these candidates will do for present and future school loan holders.
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This is why I am having trouble believing any of the 'promises' any contender uses as their party-line platform to attract voters.
None of their plans work. Not of those plans ever worked in the past.
It's maddening and terribly frustrating and I find it insulting that they think student loan borrowers (with all our yearly issues of hurdling paperwork by any loan servicer) cannot connect the proverbial dots as to whether their plan will work or not.
But thanks my friend, I appreciate you.