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(Photo by Mike Coppola/Getty Images)
If you’ve been following the student loan noise recently…no let me restart.
If you make under 125k a year, you have been following the Biden administration’s every word on this student loan debt situation. From student loan deferral to cancellation, we needed to know what was up. And after revealing that he’d be cancelling $10-20k in student loan debt I, I mean others, had this immediate response.
Those others include Alexandria Ocasio-Cortez.
“It was YOUR pushing, YOUR pressure, YOUR organizing that got them to this point,” Ocasio-Cortez wrote in an Instagram post, referring to Biden’s student-loan forgiveness. “It is up to us, and to you, to decide if we are going to stop here, or if we are going to keep pushing.”
She added: “I am very grateful for this watershed moment of a first step – it is so encouraging, thrilling, and has already changed SO many people’s lives. But I am also thinking about how this still leaves a question mark for those in the highest amounts of debt, who need the most amount of help. So let’s celebrate and keep going.”
I am a card holding member of Camp Holding Politicians Accountable To What They Said They’d Do Is Fair Game — it is an honor to know that at least some of our representatives are also members of this great group.
It is also worth noting that Biden isn’t just getting pushback from the left, the right are sharing their discontent as well.
Listen, if you are making less than $125k and will have to pay back these student loans, please do not listen to Smart Money Bro. Let him roll as he chooses to, especially if you fall in the Pell Grant recipient bucket, do not listen to him.
Don’t you dare be ashamed either. People far well-er off than you and I take bailouts from their Uncle Sam all the time — take a gander.
If it is good enough for our representatives, it is good enough for me. I’m also surprised that the same representatives who are complaining that the repayment takes advantage of “middle class Americans” given this proviso.
To put this in laymen’s terms, This Is Fucking Huge. People with just a smidgen of numerical knowhow could explain that compound interest is what really screws you over. I am not one of them — however I do know how to make a good appeal to authority when the situation calls for it.
Like most internet appeals to authority, there is doubt on if Einstein ever actually said this, but the point is made regardless. For folks with high balances, doing away with compound interest is arguably a bigger boon than the initial $10-20k reduction.
We’re walking a fine line here. As important as it is to take notice of wins and progress, we should also check back in with the initial goals set and promises made. There is still work to be done. The support of representatives like AOC and voters who hold politicians accountable to their campaign promises are the only chance we have of turning those goals into reality.
AOC Vows To Keep Pushing For More Student-Loan Forgiveness, Saying Biden’s Relief ‘Still Leaves A Question Mark For Those In The Highest Amounts Of Debt’ [Business Insider]
Chris Williams became a social media manager and assistant editor for Above the Law in June 2021. Prior to joining the staff, he moonlighted as a minor Memelord™ in the Facebook group Law School Memes for Edgy T14s. He endured Missouri long enough to graduate from Washington University in St. Louis School of Law. He is a former boatbuilder who cannot swim, a published author on critical race theory, philosophy, and humor, and has a love for cycling that occasionally annoys his peers. You can reach him by email at cwilliams@abovethelaw.com and by tweet at @WritesForRent.
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