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The Debt Collective 🟥 Profile picture
@StrikeDebt
Dec 8, 2021 • 8 tweets • 2 min read • Read on X
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Good morning. Biden's law degree cost about $1,500.
He likely does not have a grasp on the comparative cost of college today.
It gets worse
*clears throat*
Virginia Foxx is always the first to criticize student debtors. She never mentions college was 313% cheaper when she went to UNC...
*sigh*
we'll just leave this here.
These prices are only compared to 2016 costs. But remember, tuition has risen expeditiously in just the past 5 years!

Find other members here:
demos.org/sites/default/…

Join our action in January to demand full student debt cancelation and free College.
actionnetwork.org/forms/sign-up-…

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More from @StrikeDebt

The Debt Collective 🟥 Profile picture
Dec 28, 2024
The next four years of the Trump administration will be very, very tough. With the few weeks Biden has left, he needs to do everything he can to mitigate harm. We need an unprecedented level of foresight and protection before Trump's unprecedented level of damage.
If Trump uses the Comstock Act to ban abortion nationwide, we should not have to look back and ask why Biden never used his powers to preemptively pardon anyone considered to have "violated" the act's abortion provisions. Or why he didn't enshrine repro rights in the Constitution
If Trump garnishes Social Security checks from seniors who can't afford to pay their student loans, we shouldn't have to ask why Biden never canceled the debt of older borrowers on his way out. Or why he never fired MOHELA, the servicer that gives Rs legal standing to sue.
Read 5 tweets
The Debt Collective 🟥 Profile picture
Dec 3, 2024
This is a good question, and a reasonable response if you're actually following along. To get what we're saying, you should understand how Biden's first attempt at relief actually went down.

Biden *announced* relief but never actually canceled any debt. A shorter thread:
Biden made an announcement that he would cancel $10k-$20k for all.

A week went by. 2 weeks went by. Then a month.

FIFTY DAYS passed. And *then* an application to apply for relief came out. People started applying—even getting approved. And then lawsuits came.
Many of those lawsuits didn't stick, but one did. They got an injunction and halted the process of relief before it could get out the door.

This is important to understand: nobody's debt was ever canceled.

So what does that mean? And what are we saying?
Read 7 tweets
The Debt Collective 🟥 Profile picture
Dec 3, 2024
We often tweet "cancels student debt" and then someone replies with "the Supreme Court stopped Biden, he can't do that!"

A few reasons why that's not true. First, you need to understand what the court said to understand why this response doesn't hold water:
The Supreme Court ruled Biden could not cancel student debt *using* the HEROES authority *at* that time because they said COVID was no longer.

(Probably didn't help that Biden was also going around saying COVID is over while arguing in court that there's an ongoing emergency)
So if there were *a different* emergency going on — say, a climate emergency or national public health emergency or war or something! — Biden could use HEROES and try again.

This also means Biden can cancel student debt with *a completely different legal authority.*
Read 9 tweets
The Debt Collective 🟥 Profile picture
Oct 1, 2024
Today, 40M student debtors fall back into the throes of the student debt crisis. Student debt payments resumed in October 2023—but borrowers had a 1yr grace period: no hits to credit, wage garnishment or default. Half of debtors didn't pay.

Those protections ended yesterday.
The pause has ended + broad scale relief never happened.

In many ways, we are back to the crisis we had in 2019—the crisis every Dem presidential candidate raced to promise to solve.

Except today is worse than 2019: There is no repayment plan option because of court litigation.
Today is worse than 2019: Student loan servicers are not only unresponsive, they're actively colluding with Republican politicians to stop relief—and profit along the way.

Today is worse than 2019: COVID + inflation happened and debtors didn't get relief from that economic hit.
Read 5 tweets
The Debt Collective 🟥 Profile picture
May 20, 2024
We're the nation's first union of debtors, organizing to cancel unjust household debts like student, medical, housing and criminal legal.

We believe debt cancellation is crucial for resetting the moral and economic order—plus, that means workers taking home a bigger paycheck.
Canceling debt is important—and we've been able to get debt canceled both through pressuring local and federal governments and by erasing debt for pennies on the dollar ourselves.

But the true goal is free, reparative public goods so nobody goes into debt in the first place.
You can join the Debt Collective by becoming a dues-paying member of $0/month—or whatever you can give.

Join our organizing efforts, get access to advice, and be connected to the first digital "factory floor" for debtors—which wouldn't otherwise exist!
debtcollective.org
Read 4 tweets
The Debt Collective 🟥 Profile picture
Apr 30, 2024
People are wondering if they should consolidate their student loans before the April 30 deadline. The answer is yes!!!

Do so here ASAP. It takes 10 min:

Here is a thread with answers to common questions we are seeing 🧵studentaid.gov/loan-consolida…
Will consolidating restart my loans to zero?

No! This used to be the case, but it no longer is. Never fear. If I consolidate, will that reset my payment count for IDR and PSLF? Not right now. If you apply for consolidation by April 30, 2024, the adjustment will count periods of repayment on your loans prior to the consolidation toward IDR forgiveness and (for eligible borrowers) PSLF. This differs from the earlier approach, in which consolidating your Direct Loans would reset your payment count to zero. After the adjustment has been applied to all borrower accounts in 2024, accounts will be treated in accordance with the regulations in place at that time. If you recently consolidated your loans...
Will my interest rate go up?

Not really. Your new interest rate will be a weighted average of the underlying loans (rounded up to the nearest 1/8%
Read 6 tweets

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