Bloomberg Wants To Take Your Student Loan Payments Directly Out of Your Paycheck

In These Times ^ | 2/19/20 | ANN LARSON

[Libloather]

Billionaire Michael Bloomberg launched his campaign for president by spending hundreds of millions of dollars on advertisements to boost his poll numbers. Yesterday, he released a policy proposal to address the cost of higher education.

Unsurprisingly, Bloomberg would not cancel student debt or make all public colleges free (as Bernie Sanders proposes). Instead, he would place all student debtors in an income-driven repayment plan so that payments are taken directly from borrowers’ paychecks.

This plan is a neoliberal technocrat’s wet dream. It would treat student debtors as isolated individuals who must make payments tailored to their specific situations and according to means-tested formulas.

Bloomberg’s education payment plan would also eliminate the possibility of student debt strikes. This is an outcome that I am particularly concerned about.

In 2015 I helped organize the first student debt strike in U.S. history as part of the Debt Collective, an organization for debtors that I co-founded. That strike helped win more than $1 billion in debt relief for people who had attended predatory for-profit colleges.

[grey_whiskers]

https://twitter.com/wkeithcampbell/status/1229943734239928320?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1229943734239928320%7Ctwgr%5E&ref_url=https%3A%2F%2Fdisqus.com%2Fembed%2Fcomments%2F%3Fbase%3Ddefaultf%3Dpj-instapunditt_i%3D1-358868t_u%3Dhttps3A2F2Fpjmedia.com2Finstapundit2F3588682Ft_e%3DOPEN20THREAD3A2020Commenters2C20take20the20wheel.t_d%3DInstapundit20C2BB20Blog20Archive20C2BB20OPEN20THREAD3A20Commenters2C20take20the20wheel.t_t%3DOPEN20THREAD3A2020Commenters2C20take20the20wheel.s_o%3Ddefaultl%3Dversion%3D2523079e0120251bd2790d37728f14be

“Question on college:
Daughter #1 receives nice letter from Yale saying to apply. Includes cost calculator. Cost for her is $306,000.

If she invests 306k and surfs for 30 years she ends up with 2.5 million (age 48) 5 mill at 56 and easy 10mil at 65.
Why would she pick Yale?”