President Joe Biden on Tuesday launched a promotional blitz for his new program that helps student loan borrowers repay their debt, just weeks before millions of Americans are set to receive a loan bill for the first time since the beginning of the pandemic.
The Biden administration is mobilizing to convince borrowers across the country to sign up for the new income-driven repayment program — dubbed the “SAVE plan” — which caps interest accrual and lowers the monthly payment amount for many borrowers.
“It’s the most affordable student loan plan ever,” Biden said in a video released by the White House on Tuesday, describing the program as a major reform to a student loan system “that hurt borrowers for much too long.”
“If you’re eligible for the SAVE Plan, sign up now so you can lower your monthly payments in advance of payments resuming this fall,” Biden said.
Let’s start with those huge PPP loans then.
PPP loans were provided to businesses so that their employees werent immediately fired wholesale - which is what would have happened to many businesses when the customer base dried up during lockdown/covid. businesses are a net gain to the economy - they provide economic stimulus.
students eventually provide economic stimulus but are a net detriment until they are capable of adding back to the economy & that includes paying off their student loans.