DennyT wrote:
Did you read the whole report you posted
“ Debt cancellation: Individuals earning less than $125,000 (or $250,000 for families) a year will be eligible for up to $10,000 in debt cancellation. Pell Grant recipients earning less than $125,000 (or $250,000 for families) a year are eligible for up to $20,000 in debt reduction.
Forbearance: Student loan forbearance extended through December 31, 2022.
New Income-Driven Repayment (IDR): This plan proposes:
Capping monthly payments to 5% (relative to the current rate of 10% or more) of the discretionary income for undergraduate loan borrowers;
Covering the borrower’s unpaid monthly interest so that debt balances will not grow even when monthly payments are zero;
Raising the amount excluded from the calculation of discretionary income from 150% to 225% of the poverty line; and,
Forgiving loan balances after 10 years of payments, instead of 20 years, for borrowers with original loan balances of $12,000 or less.this
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Did you read the whole report you posted br br “ ... (
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Why should my children be required to repay the debt taken on by others Denny, I am sure that there are plenty of elderly and low income home owners who are having difficulty with their federally insured home loans, should we absorb all their debt as well? I would argue that they are probably more deserving of the financial help.