of really important ideas in the bill. and i was very, very enthusiastic about income-based repayment approaches. - oh, yeah, income-based repayment i d seen some of those fun videos. - payments are based on your income. so if you make little, you pay little. - with these helpful-looking programs, maybe there d be no need for bankruptcy. just use the federal government s simple, convenient tools instead. - let s say you win the lottery, maybe just pay your loans off. but if your situation changes, this might lower your payments substantially. - lower monthly payments? now, that sounds like a deal. i hear about these income- contingent repayment plans, or income-based repayment plans, or a public service loan forgiveness what s the matter with those? - they are all cruel jokes, and the borrowers are the punch line. millions of borrowers who have tried for these various income- driven repayment programs have been disqualified for one reason or another.
- oh, yeah, income-based repayment i d seen some of those fun videos. - payments are based on your income. so if you make little, you pay little. - with these helpful-looking programs, maybe there d be no need for bankruptcy. just use the federal government s simple, convenient tools instead. - let s say you win the lottery, maybe just pay your loans off. but if your situation changes, this might lower your payments substantially. - lower monthly payments? now, that sounds like a deal. i hear about these income- contingent repayment plans, or income-based repayment plans, or a public service loan forgiveness what s the matter with those? - they are all cruel jokes, and the borrowers are the punch line. millions of borrowers who have tried for these various income- driven repayment programs have been disqualified for one reason or another. - and even if you do get into these programs, they still have ways to enrage you. - i had an income-based repayment plan.
in just ways that we never could have foreseen. - but i think we teed up a lot of really important ideas in the bill. and i was very, very enthusiastic about income-based repayment approaches. - oh, yeah, income-based repayment i d seen some of those fun videos. - payments are based on your income. so if you make little, you pay little. - with these helpful-looking programs, maybe there d be no need for bankruptcy. just use the federal government s simple, convenient tools instead. - let s say you win the lottery, maybe just pay your loans off. but if your situation changes, this might lower your payments substantially. - lower monthly payments? now, that sounds like a deal. i hear about these income- contingent repayment plans, or income-based repayment plans, or a public service loan forgiveness what s the matter with those? - they are all cruel jokes, and the borrowers are the punch line. millions of borrowers who have tried for these various income- driven repayment programs
biden administration to do? you know, as we look at the repayment programs, it s really important that we work with those most marginalized in our communities, recognizing that the impact is going to be disproportionate. so we recognize there are still some hoops and barriers, income caps, means testing, things of that nature that exclude a lot of people from the opportunity to see their debt cancelled. looking at the fact that black borrowers on average have 53,000 dollars of student debt in our campaign. we advocated for the cancellation of 50,000 or more. we recognize again this is furthering the conversation that we have been having. we know our data shows that if we re able to cancel student debt we will be working towards reducing the racial wealth gap, which our president is committed to making sure that we are working towards seeing racial equity in america. and how about the cost of college because that seems to be incredibly inefficient system, tuition keeps going up, tha
problem. i m so glad to have you, what it s going to mean for the bigger picture and the bigger problem when it comes to the education system in this country and access to education. talk to us a little bit about that, how this might just be the first step but what more needs to happen. yeah, when you think about the sort of higher education, there are a couple of issues that we had that we have had for the last several decades. one of them is the sort of student loan debt crisis. what do you do with the people who have already taken on student loan debt. but the second part of it is how do you ensure that americans don t end up in the same situation again, right? i think that the biden administration, one of the things that they did in this most recent announcement, the headlines were all about the debt cancellation but they also helped reform the income-driven repayment programs to 5% of your discretionary income over a shorter period of time. the last piece of that was always h