Biden administration cancels student loans of more than 150,000 borrowers under new plan
Biden administration cancels student loans of more than 150,000 borrowers under new plan
Those who qualify must be enrolled in the administration's Saving on a Valuable Education repayment plan, which was launched last summer.
A borrower can qualify for the forgiveness if they're enrolled in the administration’s Saving on a Valuable Education (SAVE) repayment plan and "have been making at least 10 years of payments, and have originally taken out $12,000 or less for college," a White House fact sheet said. It also said that "for every $1,000 borrowed above $12,000, a borrower can receive forgiveness after an additional year of payments."
As an example, the fact sheet said, "a borrower enrolled in SAVE who took out $14,000 or less in federal loans to earn an associate’s degree in biotechnology would receive full debt relief starting this week if they have been in repayment for 12 years."
Better than nothing.
There's 10 of millions of Americans struggling with it, for a total over $1.77 trillion. $1.2 Billion only sounds like a lot till you realize it's not even a rounding error in the total amount.
This 1.2 billion follows up on 130 billion his admin has already forgiven, the highest amount of student debt forgiven by any admin ever. Its also slowly moving toward the 400 billion his admin tried to forgive enmass with the 10k/20k plan that the supreme court shot down.
Turns out he still hasent stopped trying to get student debt forgiveness done, even with an extremely hostile court ignoring what the law says he can do.
the highest amount of student debt forgiven by any admin ever.
You act like this is a problem that's been around a long time without getting drastically worse and that I flatiron isn't a thing...
We get crumbs right before an election, and that's better than nothing.
But don't try to pretend it's enough to make a difference.
Even if I take the 130 billion at face value, the total is over 1,770 billion.
This is the same thing that happened with Universal healthcare 80 years ago. And guess what?
It still hasn't expanded to everyone yet.
This is only a small portion of the forgiveness the administration has done. They were not able to do it all at once so they are chipping away where they can.
I think the bigger part is how it reduces payments and covers any interest that would otherwise go unpaid. For example, I went back to college and just graduated with an associates degree last year with $8k in student loans. My income for my family size may well land me at $0 payments. If my income never increases noticably I would pay $0 for a decade then have no student loan debt. If my income increases I may have to start making payments but most importantly, my balance will not grow due to unpaid interest and will be forgiven after a decade. This is a significant improvement over the $80/mo I would be paying on my student loans before this legislation (but obviously several steps back from the full waiver I would have received as a Pell Grant recipient)
Biden administration: Gives people what they want
Corporate news: runs photo of angry people protesting
Cheers, corporate news, your repbuliQan masters are less angry with you for a few minutes.
For borrowers with debt <= $12,000, who have been making payments for at least 10 yrs and are enrolled in SAVE plan, if you're curious if you're affected.
Seems like a pretty narrow field, but at least it's something.
Might also be worth noting that the $1B in debt relief comes out of a federal student debt pool of $1.6T
Now to hold up their end of the bargain, all of the borrowers must vote for him.
If they had two brain cells to rub together, they already would.
Yes, continuing the tradition of Citizens United, and making a vote a raw monetary transaction.
Forget the union busting and the genocide everyone! This one certainly isn't going to be struck down by the Supreme Court too!
Pulling an old meme out of the hat
Thanks Biden
But seriously given all the people fighting him to NOT do this, as well as people actively shitting on him for not doing enough, this is great. Don't let good be the enemy of perfect, people.
Has anyone ever told you why they think it's a bad idea to cancel debt that wasn't just about unfairness that other people get stuff? Because honestly, I hear that argument straw manned on the left way more often than I hear it used on the right, and I feel that those who support this decision and condescend on those who don't haven't actually heard the more legitimate concerns with it.
Simply put, this - in my opinion and most economists - is a horribly irresponsible economic decision that will genuinely cause real problems. If you're interested in hearing why, I'd love to explain my stance from it, as long as you know that it comes from a place of genuine concern for everyone including students with debt
Cancel culture strikes again.
No wonder young people are abandoning him
I read this as a joke. But seeing you've been down voted pretty bad it seems most people are reading it literally. So either your hilarious or fucking weird.
Hivemind is sensitive to unspecified sarcasm. Specifying that you're being sarcastic murders the fucking joke.
Exactly