#CancelMyDebt trends on Twitter as emotional student loan debtors took to the popular micro-blogging website their frustrations on the debts they are still paying and urged the government to pay off their student loans.
Twitter erupts with poignant posts of Americans paying off their student loans and how their debts affected their lives following their graduation. The angered netizens expressed their opinions on the tax plan that granted America’s 1% with a $1.5 trillion tax cuts while the government turns blind eyes over the student loan problem that the youth has been facing.
The apparent hashtag came after U.S. Senator Elizabeth Warren encouraged students and graduates to share their stories using the #CancelMyVote hashtag to support her plan to cancel student loan debts of 95% of Americans currently paying for it. Warren’s policy to cover the student loan repayment from an additional tax on top of the top 0.1%.
“I paid off my student loans after 10 years, but it took me getting a six-figure book deal to do it. Folks shouldn’t have to hope for the equivalent of winning the lottery to have a future. #CancelMyDebt” wrote @nkjemisin on Twitter.
President Donald Trump signed the “Tax Cuts and Jobs Act” into law on December 2017 and have brought significant tax reforms. “For the wealthy, banks and other corporations, the tax reform package can be considered a lopsided victory given its significant and permanent tax cuts to corporate profits, investment income, estate tax, and more. Financial services companies stand to see huge gains based on the new, lower corporate rate (21%) as well as preferential tax treatment of pass-through companies. Some banks have said that their effective tax rate will drop under 21%.,” Investopedia explained.
As the current tax plan consistently accommodates the rich, student loan debtors remain in limbo as the increasing interest rates and the piling debt are crippling their financial presents and even their futures. Student loans are a form of financial aid used to help students access higher education. Student loan debt in the United States has been snowballing since 2006, rising to nearly $1.56 trillion by 2019. Shockingly, the entire total loan debt of American equals 7.5% of the country’s GDP.
There are approximately 45 million Americans who have an outstanding student loan of $37,172 on average at the time of graduation. On top of that, student loan also appears not to be evenly distributed and is disproportionately concentrated on the for-profit college sector.
Now, student loan debtors are calling for the government to default their debts. They argue that as the outstanding student loan debt totals 1.5 trillion and the tax cut equals the same, the government can afford to pay off all of student loan debts.
People tweeting #CancelMyDebt clarifies, however, that they are not asking for a loan default because they did not owe anything. They said that call was intended for the government to take actions to destroy the systems that allow student loan companies to exploit people with dreams.
“My reality is paying $1200 a month for my student debt ALONE and working 7 days a week over 4 different jobs. I’m not asking for a “hand out,” I’m asking that we as a country address the insane cost those who are not wealthy have to pay to get higher education #CancelMyDebt,” said @steeltoejilly on a Twitter post.
Another Twitter user also chimed in saying that interest hikes have ballooned her student loan debt even if she’s paying them religiously. “I have four jobs in the education field right now. I graduated in 2005 with $100,000 in student loans. After a decade of payments, undergrad debt is over $200,000 bc of interest rates. I can’t lease a car to get to work, so I walk. I don’t own a bed. #cancelmydebt.”
However, sentiments are polarized. A huge chunk of posts bearing the hashtag talks about their disagreement to Warren’s plans. Most of them argued that student loans are student’s decisions, and the government should not be burdened to pay for their obligations.
“#CancelMyDebt? Uh, no. Nobody forced you to take out student loans. Nobody forced you to major in something that won’t land you a good job. Nobody else is responsible for your debt. It’s your debt; it’s your responsibility.” Joe Walsh tweeted Wednesday.
Kurt Schlichter, a veteran, chimed in saying that Americans can serve in the military and reap the benefits of GI Bill as he did. “Well, you could have served your country and earned GI Bill benefits like I did. But you didn’t. So I’m kind of unclear why you think I owe you anything.#CancelMyDebt? Nah. How about you #PayYourOwnDebt?” /apr