Student loan forgiveness. Republicans can’t bear the thought of providing relief for working-class and middle-class Americans.
During the Covid pandemic, we all supported the Paycheck Protection Program (PPP). PPP helped business owners who lost money because of the pandemic. It was a worthy program.
With PPP loans came Republicans who got hundreds of thousands of dollars for themselves in relief because of PPP loans. These are the same Republicans who don’t want to grant loan relief to students. Won’t we cover $10K in student loans for a high school teacher?
Several members of Congress got over a million dollars. All those loans have been erased. Zero due.
This is a good time to remind you that the PPP program costs double what President Biden proposed for student loan forgiveness. And his program would’ve helped 40 million Americans.
Also, half of that money went out to Republican congress members for fraudulent loans. And we know this because the FBI started investigating where the money went towards the end of the pandemic.
Trump was like, “Nah, I gotta hide this. It’s gonna make me look bad for reelection.” So he got rid of all the PPP flags meant to identify people that weren’t needing the money.
Hope Is Coming – Biden’s Plan
President Biden really wanted student loan forgiveness to work. He wanted to give this relief, and the Republicans don’t want you to have nice things. Sixteen million applications had been approved and were ready to go. Sixteen million Americans got robbed by the Supreme Court.
Here are Biden’s next steps:
- First: The Department of Education is pursuing an alternate path to debt relief through the Higher Education Act. This is a process that’s going to take time. There are going to be public hearings, but probably not until July 2023.
- Second: The president announced a new income-driven repayment plan called SAVE. This plan is going to enable low-income borrowers to pay nothing every month. Other borrowers are going to see reduced payments. And you can sign up in the fall before payments restart.
- Third: The administration will implement what they’re calling a temporary on-ramp. So for the first year, after payments resume in September 2023, they will make it as painless as possible.
They will withhold harsh penalties. Your credit won’t get a ding if you miss a payment. They’re going to work to increase Pell Grants. Republicans will fight that every step of the way.
Go to studentaid.gov to find out more.
President Biden is doing everything he can to uphold student loan forgiveness.