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“Pay off your own debt!” says a generation of pundits that went to school when classes were $100 and the minimum wage could finance a mortgage on a 2-bedroom home.
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Biden isn’t just forgiving a set amount of debt. He is also enacting a new policy that ends excess interest on student loans—as long as a borrower pays their minimum monthly payment (now capped at only 5% of their income), their balance will no longer increase.
This is huge.
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