capping repayments at 5% income could indeed cause lenders to tighten up. again, minor stuff that wont fix the underlying terrible market situation, but its not just free cash.

Yeah man, because if everyone had this mentality we would never get anywhere.

Typical boomer mentality "if i had it hard, you should too" instead of trying to make the world a better place and improve our current processes for future generations. Just stupidity...

Ur an uneducated pleb bro you know nothing about economics or literally anything about the tax code. No need to write paragraphs fam.

a small cohort may do so, but $10k-$20k max isnt moving the needle for the vast majority.

meanwhile the next generation of student loan takers will need to absorb at least $10k more in loans due to increased tuition prices (lenders wont lose, schools wont, govt wont)

10-20k relief is the big headline, but the 5% income cap down from 10% is the bigger deal imo.

Because someone who makes 110k a year really needs this relief...

That's what I am a bit confused about. The average income in the USA is what, around 62K ish?

That seems like quite a high cap. I suppose though to get to that earnings level you likely had an entry level job for years and during that time you were probably only making interest only payments if that and got further behind the eight-ball.

its a message play imo.

imagine you set the cap at 75k, then people cry because in NYC there is a struggling mother who makes 76k but has 3k in rent every month and 12 kids to feed and the republicans make her a martyr and have her on Tucker Carlson to highlight how out of touch Biden is.

set it at 125k and no person is going to cry for a single person who gets cut off, sea to shining sea.

Before y'all start saying 125k is too low, you're forgetting those who are in this country whose parents gave up literally everything to give their child a good start. You'd be surprised how many families, one person is making 125k and they're supporting themselves and their parents. Sometimes their brothers, sisters too etc etc.

Not to mention, if those parents are in a retirement home and that person is paying that too because there's literally no where else for them to go.

That's a very common scenario for immigrants and minorities.




And yes, in all likelihood, that person spent 10+ years making 20k-30k before "making it"

This post was edited by Gala32 on Aug 25 2022 12:14pm

You act like $110K is a lot. Especially in big higher cost of living cities where it's the minimum.