August 24th: VERY BIG NEWS

Everyone: 

President Biden finally announced a loan cancellation action today.  They say they will cancel "up to $10,000" for everyone earning less than $125,000/year, and "Up to $20,000" for people who received the Pell Grant while in college. The repayment pause is also extended through the first of next year.

I hope that you all can appreciate the fact that this all started here, with our petition, and the first article ever written on the concept of loan cancellation by executive order in August 2019. We have been the driving force behind this since that time, and so you should be very glad that we have come to this point.  

I hope you are pleased & proud.

HOWEVER:  This proposal is extremely untrustworthy, ambiguous, and borderline unserious.  The "Up to" language they used could literally mean anything, and history has shown that if the Department of Education sees a way to NOT cancel loans, they will vigorously exploit it.  There will be an application, means-testing, and certainly all manner of other hurdles erected such that- if history is any guide- the large majority of borrowers will get very little, if anything. 

Please read the announcement for yourself with a critical eye. 

So unfortunately, this is definitely not the time to celebrate.  As long as the threat of bankruptcy remains gone from these loans, we are unlikely to see meaningful loan cancellation from the Biden Administration.

This is why we are fighting so hard for S.2598, and why we need your help to get it through.  We have until the end of the year, but the month of September is especially critical.  See the livestream we just did to understand this fully.
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Today's Action:

• Retweet this, this, and this.
• Do Monday's Action (Important).

This truly is the battle, folks.  Don't be fooled. 
Sincerely,
Alan
ps.  Please donate.