 Well student loan cancellation is back in the news and cancel student debt is currently trending on Twitter as I film this video and For good reason we are supposedly going to get an announcement from the Biden administration tomorrow about his plans to cancel student loan debt and extend the repayment program and a lot of people are mad following this announcement for a variety of reasons some people like myself Don't think that this goes far enough and other people think that this goes too far Namely individuals like Ben Shapiro and Steven Crowder, but we'll get to their reactions in a second first I want to give you the details about this plan So as the Hill reports the White House is expected to announce a plan to cancel a chunk of student loan debt on Wednesday in addition to an extension of the existing payment pause three sources with knowledge of the situation told the Hill sources said president Biden's intended measure will include at least $10,000 in loan forgiveness for borrowers who make less than $125,000 annually as well as another payment freeze for roughly four months now This has not been confirmed as of yet, but that payment freeze is supposedly going to be the final Payment freeze. So after these four months repayments will indeed resume like it or not and It's convenient that they are set to resume after the midterm elections Now to be very clear here if you are an individual who makes more than $125,000 per year, you will not qualify if you're a family that makes $250,000 per year you also will not qualify now I'm thankful that I personally qualify the problem is that Biden's decision to means test this is going to complicate the entire program for everyone because rather than just having the Department of Education send all of us a letter letting us know That $10,000 of student debt will be cancelled The problem is that now we have to opt in and this is because the Department of Education doesn't actually have financial data They don't know the incomes of student loan borrowers. So how are they supposed to know who does and doesn't qualify? Well, you have to create some sort of a system where people opt in or sign up for loan forgiveness Which complicates it it makes us jump through more hoops and more importantly it means that people who need this Might not actually get access to it if they don't sign up or they don't know about this particular program So it's a problem and there's no need to means test this Cancel $10,000 across the board if you're going to do that because the people who make more than $250,000 per year They're going to View this as a welfare program and they're going to hate it and this is why people don't like welfare programs when you means test things And you stop access to it universal programs are much better because they're more popular and they're just easier to implement but Biden doing this is Obnoxious, but again, I'm going to take it happily so but $10,000 is not enough now If he's not going to cancel $50,000 or at all what he should at least do is zero out the interest rate The federal government holds more than 90% of all Student loan debt so there's no reason why they can't just unilaterally get rid of all of our debt and one fell swoop like that via executive order or Say we're no longer paying interest because the interest is really what keeps people in debt Because individuals who take out say $30,000 Will they pay that off after a number of years or they pay that amount after a number of years? And they end up owing more because the interest rate is so high That they can never catch up and we'll get to a video of people's stories here But first I want to react to how conservatives responded to news that biden would be canceling a measly $10,000 if you look to what student loan activists are saying Well, they don't think this is enough. It's insufficient I mean the $10,000 that he's canceling will be back within a couple of years just because of interest So it's insufficient. He's not even trying to actually meaningfully address This issue But still conservatives are mad that he's doing the bare minimum So ben Shapiro tweeted out. I have a controversial idea about paying off student loan debt Don't take out debt You will likely be unable to pay off and don't ask others to pay off your debts Now before I tell you why he's a hypocrite. First of all, I just want to respond to his argument here Um education is a human right higher education is a human right and millions and millions of people were told That the way that they get a good paying job Was to get a degree the way that you climb your way up the economic ladder The way that you escape poverty is you go to college That's what I was told And that didn't necessarily bear out for a lot of us So to blame us for doing what we were told to do What historically has been the correct thing to do if we want it to be successful Is incredibly gross but on top of that these loans aren't like other loans These are loans that are nearly impossible to discharge You can't file bankruptcy on student loans other loans You can do that if you take out a loan for a car You can file bankruptcy on that and get that loan discharged But student loans in large part due to biden's bankruptcy bill when he was a senator you can't get rid of them So these aren't just like other loans. They are predatory and they are necessary If you want to get a degree, which again Is important But let me explain to you why ben chipiro is the biggest hypocrite on the planet As chaotic leftist points out he took out a low interest PPP loan from the government during covid And the entirety of that loan along with the interest it accrued was forgiven. So ben chipiro Who got thousands and thousands of dollars from big daddy governments? Had other people paid that off Had the taxpayers pay off that loan He was just given free money by the government and now he's complaining that student debt holders Shouldn't get the same luxury that he received That's just insane, especially considering he runs a news podcast I run a podcast that was not impacted by the pandemic. I mean, I Talked to a camera. Well, you can still do that regardless if they're social distancing shut down rules These loans were intended for smaller businesses who were hurting during the pandemic because they were forced to shut down There's an arcade outside of portland that was shut down because they couldn't actually open during the beginning stages of the pandemic This was meant for those types of small businesses But you have rich ass multi-millionaires like ben chipiro not only taking that loan but getting it forgiven And then condemning other people who want the same thing that he got Unreal, but he's not alone because steven crowder also tweeted student loan forgiveness sounds really nice to illegal immigrants People with no life experience people who don't have families yet and people who use preferred pronouns Okay, I don't see how any of that is related But it also sounds like a right-wing propagandist like steven crowder who had the entirety of his $70,000 plus pvp loan Including the interest Forgiven by big daddy government now after providing the internet with these receipts Lance from the serfs points out every single right winger who is complaining about government handouts or student loan forgiveness Are monstrous hypocrites their grift depends on selling you big government and social programs bad While they love taking advantage of them exactly and to be clear This is somebody who also runs a podcast How were you affected? How was your business in particular affected during the pandemic steven crowder? In fact, he was down playing covet 19 He's an anti-vaxxer. He complained about masking. So if anything, I mean, you should be the least affected by this pandemic I get that you have employees, but business was still running. Was it not? So why did you need this 70 thousand dollar loan from the government that was eventually forgiven? I mean the way that we could have had our loans forgiven If we're, you know Being honest here is we could have just started podcasts and taken out pvp loans And then paid off our student debt with that zero interest. I mean we saw how they've all been forgiven It's just Ridiculous. I could have done that. I have a podcast, but I'm actually an honest person And it doesn't cost very much money to run a podcast if I need equipment that breaks down Sure That's an expense But to take loans that were offered to small businesses during a pandemic when they were forced to close when they work with the public That's just gross, but that didn't stop these right wingers. They did in any way And now they're complaining about other people who want their loans forgiven It's just infuriating But it's not just right wingers to be fair because back in late may the muller she wrote podcast responded to widespread disappointment over news that the biden administration was not going to cancel $50,000 in student debt With a thread saying if biden forgives $10,000 in student debt And you have decided you won't vote for democrats because you want $50,000 I have a favor to ask and I'm being 100 serious Call up a parent of a slaughtered student or a loved one at rob Or in buffalo or a family member of someone at sandy hook or colorado or ame And tell them you've decided to help elected republicans who will keep a long mass burn Or it's because you didn't get enough debt relief then speak to a friend That's a member of the lgbtq plus community and explain to them how you'd really like to help preserve their rights and marry who they love But you just can't because you only got 10,000 free dollars Now the thread goes on and on and on But it's bizarre that this person can't empathize with the suffering and disappointment of others because in this week There were reports that biden may cancel $50,000. He told louis cardona That he's going to be very pleased with the amount that he announces But come to find out the next day. He said no, it's not going to be $50,000. So a lot of people were disappointed But this person Apparently doesn't care Despite the fact that they had their loan forgiven because they took out a ppp loan as well And as poppy haze asks in response to this thread Hey quick question How do you respond to the fact that you took a loan of $52,000 from the government via the ppp And had it forgiven yet want to deny forgiveness to others? And as you can see here, their $52,000 ppp loan was forgiven in its entirety interest in all so this person This podcast again, which doesn't need this loan for small businesses during a pandemic took out that loan and then had it forgiven but now is uh Bemoaning others who dare to vocalize disappointment that biden is just doing the bare minimum And really it's arguable to say that he's doing the bare minimum because if you just cancel $10,000 But you don't actually grapple with the interest rates and how high they are Then really we're never going to be able to pay this debt off. We're never going to be able to discharge it So I I hate these people who have this fuck you. I got mine attitude. It's so incredibly disgusting But this is the conversation. These are the types of things that we see whenever this comes back up Now we don't know what the final details will be. We'll find out tomorrow But this is important now. I want to play a video clip for you This is from um student debt crisis organization I played this a couple of weeks ago on the program, but nobody watched it But this video encapsulates Exactly why these student loans are predatory and must be forgiven because at the rate that we're going They will never be forgiven. And that is something that you can't have. This is a crisis And to just allow the crisis to continue Is not acceptable. So watch these stories walking away on a commencement day meant I had a diploma in one hand and an invoice for a six-figure student loan debt in the other The loan was originally a $24,000 loan Currently I owe over $45,000 and I've been paying it off for about six years now I've paid 103 on $82,000 debt and I still want $45,000 That's money that I can't put toward retirement. A student loan It's not coming down. It's going up. My debt started off at $33,000. It is now somewhere closer to $200,000. I probably will be paying them until I'm 80 years old at this point. I graduated in 1998 with $29,000 A student loan debt. This year my student loan debt has accumulated to Almost $52,000 after paying on it all these years. I was able to get rid of this debt It would set me up for a more successful future Cancel all student debt. Let us do the financial contributions to our economy that we want to do that we're trying to do Present body and we need help. $10,000 is not going to do it. You bailed out people with money You bailed out the big banks, but you won't bail out the everyday person such as myself That right there is important. That is incredibly important You heard from people who took out student loans Decades ago and they still have not been able to pay those loans back and they owe more now Than the loan that they took out This is a catch 22. This is a scam. But yet when we talk about student debt cancellation Right-wingers and other individuals liberals clutch their pearls If we dare to vocalize Disappointment that it's not more than a measly $10,000 which barely scratches the surface For most of us now again, I'm going to take the $10,000 happily. So it's better than nothing But it's not actually going to meaningfully help me put a dent in the student loans That I have and I'm not alone here a lot of people have a lot of student loans This this proportionally affects people of color. So to not actually really cancel a bulk of it most of it or address the interest payments This low this crisis will continue. So that's where we're at in this country where even cancelling $10,000 is controversial When it should be controversial because it's not sufficient There shouldn't be anyone angry about this decision because it's too much Everyone should collectively agree that this is insufficient and if we're ever serious About getting student debt holders out of debt and letting them live their lives move on stimulate the economy purchase homes cars Then we have to cancel all of it or at a very very minimum Zero out the interest payments or the interest rates rather because the interest alone is enough to keep people in debt Forever aside from the fact that you can't discharge these loans Unlike other types of loans americans are able to take out