Given all the news about cancelling student debt, a plan that could possibly pass in congress. I want to know your thoughts on the idea.

Basically, what do you think of the following resolution of loan forgiveness?

Make the amount of loan forgiveness like an inverse tax bracket thing. I didn’t think too deeply about the numbers yet, but for the first (let’s say) $10k in student debt, 50% of it is cancelled. For the next $40k, 60% is cancelled, for the next $50k, 75% of it is cancelled. And any debt above $100k is then cancelled.

So if I have $55k in loans right now, I’d then instead owe $22.25k ($10k times .50 plus $40k times .40 plus $5k times .25).

I actually have under $10k in loans still, but Biden’s plan of canceling only $10k per person is not enough to address the issue. People with large loans are struggling, and that barely dents the loans for them. Cancelling all debt is great, but doubtful it would pass in our congress.

So yeah, thoughts on this idea? And on how likely you think this could get support in congress?

Submitted January 13, 2021 at 07:48AM by AnonAndHappy https://ift.tt/3qmci6x