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It was a stupid plan to begin with:
"Under the SAVE plan, borrowers whose original principal balances were $12,000 or less will receive forgiveness after 120 payments (the equivalent of 10 years in repayment)," the White House explained in a statement in August."
So... if you borrowed $12,000 or less... First, who does that on a student loan?
AND, if you made monthly payments for 10 years...
AND if you still owed money...
It could be forgiven.
This was just a way for them to say they were doing something about student loans, but really do nothing about student loans.
2.5 million people qualified for this plan, one of 5 that were put in place.
The plan was largely targeting dropouts, because they tend to be most trapped by loans. They don't get any income benefit from a college degree, and tend to have lower paying jobs. If you're doing income based repayment at minimum wage, it's possible for your loan principle to grow continuously.
I'm not saying it's perfect, but it definitely would have helped people.
They claim 2.5 million but I doubt the real numbers would have been that high or, after 10 years of payments, that the outstanding debt would have been anything significant.
You are underestimating the amount of people who make very low payments based on their income. My SO can pay off their loan in 5-6 years based on our income, but if they didn’t have a proper job they could make minimum payments and pay off the loan in 25 years. You obviously will pay a lot in interest but people do that if they don’t earn a lot of money or make bad financial decisions.