Biden cancels nearly $6 billion in student debt for 78K public service workers
Biden cancels nearly $6 billion in student debt for 78K public service workers
The White House has approved nearly $144 billion in federal loan forgiveness for about 4 million borrowers in total, according to the administration.
The White House has approved nearly $144 billion in federal loan forgiveness for about 4 million borrowers in total, according to the administration.
President Joe Biden announced Thursday that the White Househas approved the cancellation of nearly $6 billion in federal student debt for thousands of public service workers.
The 78,000 eligible public service workers include teachers, nurses and firefighters, according to the White House.
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It's the latest student debt cancellation move through Public Service Loan Forgiveness programs, which allow eligible borrowers to have their remaining debt forgiven if they have made a certain number of payments and are working for approved employers.
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Last year, the Supreme Court invalidated Biden's more far-reaching student loan debt relief plan, arguing that it was unlawful because Congress did not explicitly approve the move.
John Oliver just had a good show student loans that talked about this program...
Something like 95% of people are denied for this program, and one woman had her servicer under charge her by $0.01 a month, and said none of those counted towards forgiveness. Another person had the same thing, challenged, and waited 3 years before her case was looked at. She had to keep making payments the whole time. But they fuck up so much, there's an insane backlog.
So it's good some people are getting forgiveness from this, but most of the people getting it now, were supposed to have already gotten it years ago. After years of having to keep making payments they likely don't get refunded.
And it's still barely even a rounding error in the total of 1.77 trillion.
There's nothing wrong with being happy about this, but it's nowhere near enough and it took a shit ton of noise for Biden to come this far. We can't stop pushing or they'll go back to ignoring it.
From personal experience, refunds aren't off the table. My wife has been a nurse for over 10 years. She just got a refund check from the Treasury stating that she over paid on her student loans. It wasn't an insignificant amount.
So she got forgiveness, and then got the refund?
Yeah, I figured with the forgiveness aspect they'd just be canceling the remaining
That's awesome they're making it right if that's the case
My issue is that these are years overdue, how does this man have a press conference every month about student loans, and every time its loans that would have been cancelled without him or should have been cancelled years ago. Which begs the next question, is it a win that it took three years in office to fix this? And next month when a new student loan press release comes out, what will be different?
Edited to Add because I already see downvotes and people think I am being excessive: March: https://www.whitehouse.gov/briefing-room/statements-releases/2024/03/21/statement-from-president-joe-biden-on-nearly-6-billion-in-student-debt-cancellation-for-78000-public-service-workers/
No comment for November, I guess to avoid reminding people their loan repayments started.
Centrists didn't want this. Progressives did. Biden listened to progressives. When he encountered a setback, he could have announced he tried and given up forever, and no one would have been surprised. Hell, it's exactly what I expected would happen.
Instead he had a contingency plan ready to go and followed it up with other plans.
He listened to progressives and didn't give up. This remains the high point of the Biden presidency.
Yes but are you aware of this conflict in the middle east? Checkmate /s
Yeah but my loans weren't canceled!!! /s
Ok, but what about the price of gas? $3.38 a gallon to fill my massive truck I don't need is killing my wallet. (on that one probably doesn't need a /s)
In all seriousness, I agree, Biden continues to push hard for his agenda in a very productive way. Go Joe!
Don't put words in my mouth just because you don't want Biden to be subject to any scrutiny.
I'm happy with him when he listens to progressives and doesn't give up. Which has pretty much been this one issue.
I appreciate the efforts Biden is making here. I was looking forward to the $20k loan forgiveness for my wife's student loans, but the new IBR plans reduced my monthly payments by 85% and has them going to be forgiven entirely in a few years. That right there sealed my vote for him, even though he hit roadblocks to the original plan.
Could you be so kind as to provide more information, especially concerning that 85% reduction in payments. The white house when introducing the new plan estimated a top reduction of 83% in payments if you managed to make the stars align for the maximum benefit. I am interested on how its going for an average person because people I know with loans have only had complaints and no reductions or relief.
I got a huge reduction, about 90%. What the white house didn't factor in is loan servicers are terrible at calculating what you needed to pay, and I was being overcharged on my IBR plan pre-pandemic versus being properly charged under the SAVE plan now.
Still haven't affected me yet but I'm glad there's some forgiveness. I just keep waiting for mental health practitioners forgiveness. Since most don't work in "non profit" hospitals they have been missing out on the forgiveness. Even though most make little when large amounts of debt from maters programs.
I'm still happy there is some forgiveness though
Reading comments on Youtube and so forth, I actively lose brain cells. Fun facts to counter sour right-wing talking-points:
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Those forgiven under this fall under the DoE's discretion in lieu of the Public Service Loan Forgiveness (PSLF) program that was legislation signed into law under... George W. Bush. The Biden Administration is just streamlining and actively using a system that was already in place but unused.
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It's nice to see the working class get bailed out for once instead of banks and big corporations.
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Tuition has risen since the boomers' time, and in addition to that unregulated private diploma mills have taken advantage of many people all the while contributing to degree-inflation.
Edit: You guys are too kind to have not pointed that out lmao.
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Is this the cancel culture I keep hearing about?
if this is "cancel culture" then give me more
BoTh SiDeS!!1!!1!
Had student loan debt and the chance to become a public servant at the beginning of my career. It would’ve meant making regular payments for a long time until eventually the debt was forgiven. It also would’ve meant sticking with the government and the low government salary. I decided I didn’t trust the government to actually forgive the loans and why make that bet when the government salary is low anyway?
Under Trump, the DoE basically thumbed its nose at people in this program and claimed only some handful actually qualified. I took that as a sign that I was right.
In any case, I’m glad to see people actually getting their loan forgiveness, even if it is a bad deal.
The original Bill Clinton idea was to forgive loans for public service.
This is the best summary I could come up with:
WASHINGTON — President Joe Biden announced Thursday that the White House has approved the cancellation of nearly $6 billion in federal student debt for thousands of public service workers.
"These public service workers have dedicated their careers to serving their communities, but because of past administrative failures, never got the relief they were entitled to under the law," Biden said in a statement touting the move.
“From day one of my Administration, I promised to fix broken student loan programs and make sure higher education is a ticket to the middle class, not a barrier to opportunity,” Biden continued.
“I won’t back down from using every tool at my disposal to deliver student debt relief to more Americans, and build an economy from the middle out and bottom up.”
Starting next week, the White House will also email about 380,000 borrowers to inform them that they are on track to have student debt canceled within two years.
Last year, the Supreme Court invalidated Biden's more far-reaching student loan debt relief plan, arguing that it was unlawful because Congress did not explicitly approve the move.
The original article contains 275 words, the summary contains 184 words. Saved 33%. I'm a bot and I'm open source!
A lot of these should have already been forgiven but weren't because of shady reporting processes by loan processors. That should be investigated and stopped
5 digits worth of people with 10 digits worth of debt? What a scam
In totality, Biden has forgiven billions in loans for over 3 million people.
Source: John Oliver's. I think it's called Last Week Tonight.
Gotta do something to offset the bad press from genocide
Well you know what? This topic has nothing to do with genocide.
More money going to the steadily employed and no missed payments crew, i.e. those who need relief the least.
I wish I got this much credit for half assedly fixing problems I helped create.
Imagine trying to do practically anything but you have some guy in football gear that's trying to block you from going anywhere or doing anything, even something as simple as replacing a lightbulb becomes difficult.
With the level of obstruction Biden's administration has faced from Republicans over his term, in the courts and especially their non-functional House of Representatives, I'd say he's managed to accomplish a hell of a lot when you put that into consideration.
I know you were being metaphorical, but Tommy Tuberville nearly brings your scenario to life. It'd be hilarious if it wasn't real life.
This isn’t a new program, it’s an extension of a program signed into law by GWB. Go ahead and tell me all about how the republicans are obstructing it though. While you’re at it, go look up who’s responsible for making it impossible to discharge student loan debt through bankruptcy.
Most people don't read history. Anyone who has read Biden's record in the Senate would know he's an unbelievable piece of shit. It scares me how little people read about the actions of people they support.