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At the same time, he added, any broad-based forgiveness would be like saying that "a handful of people that are struggling here, let's get rid of the debt for everybody."Īn income cap on who qualified for any loan forgiveness would be a "no brainer," Gillen added, because it would help target the relief towards lower-income struggling debtors.īiden is reportedly considering capping forgiveness to those who earned less than $125,000 or $150,000 as individual filers the previous year, The Washington Post reported recently. For couples filing jointly, the cap would be around $250,000 or $300,000. whereas at graduate level, because those students can borrow virtually without limit." "The other thing that would also be a no-brainer is having different criteria for graduate loans than you do for undergraduate loans," Gillen said, "because we really do restrict how much you can borrow at the undergraduate level. The proposal "is nothing more than a welfare program for the upper class," Bach said. "The people who have responsibly saved and paid for college will not benefit from this at all."īach, who worked as a police officer for five years after college, added that he took on student loans to pay for his MBA in finance and paid it off within a few years of graduating.
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He currently is a certified financial planner and financial adviser. Critics ignore the privilege that allowed them to be debt-free: academicĪdvocates pushed back against critics of Biden's plans to cancel debt. “I'm sorry we weren’t able to win cancel student debt sooner," Melissa Byrne, a political organizer and an activist pushing for student debt cancellation, told Yahoo Finance. But I'm not sorry we’re about to hopefully get a win now." by Anonymous "I'm sorry that political operatives in the '70s and the '80s caved to Ronald Reagan and let folks defund higher education. Kevin Samuels, famous for dishing out controversial dating advice on social media, is dead, sources have confirmed to TMZ.