Biden Administration Cancels Another $7.7 Billion in Student Loans
Biden Administration Cancels Another $7.7 Billion in Student Loans
The announcement applied to 160,000 borrowers and brings the total debt canceled by the administration to $167 billion.
"Of the total announced on Wednesday, $5.2 billion in forgiveness went to about 66,900 borrowers who qualified through adjustments that the Education Department made to the Public Service Loan Forgiveness program. It aids teachers, firefighters, and other government and nonprofit workers.
About $600 million in relief will go to around 54,300 borrowers who are enrolled in the SAVE plan, which ties monthly payments to income and household size, and who took out smaller loans for graduate school. All borrowers enrolled in the plan can receive forgiveness after 25 years at the most, but borrowers who took out $12,000 in loans or less can qualify after 10 years of payments."
Awesome seeing this all go to long term payers and public service workers!! Helping loyal citizens is exactly why we institute a governing body
Awesome seeing this all go to long term payers and public service workers!!
I mean...
This program has existed for decades...
It's just the government put loan servicers in charge of it. You know, the people with a financial incentive to not forgive any loans.
So through intentional and wilfully incompetence, they just weren't forgiving loans they should have.
The people getting forgiveness today, should have gotten it a long time ago, and the government is still paying the inflated costs so the servicers are still getting more than they should. And there are a lot more that have fulfilled their obligations but don't have forgiveness yet.
Is finally doing what we should have done a long time ago better that not doing it?
Absolutely.
However acting like this is progress and something new that people are getting isn't really correct.
I'd hate to see how much of these amounts is interest accumulated after the loan should have already been forgiven.
The government should have ordered back pay from servicers to the borrowers including interest. As well as an investigation and criminal charges if evidence shows they were intentionally failing to forgive loans intentionally. And the government should be returned any funds they paid these servicers to operate PSLF.
We can be happy the bare minimum was done for some people, but we shouldn't stop asking for what we deserve
"The government should have ordered back pay from servicers to the borrowers including interest. As well as an investigation and criminal charges if evidence shows they were intentionally failing to forgive loans intentionally. And the government should be returned any funds they paid these servicers to operate PSLF."
Love this idea
Funny you mention exactly what I tell folks who push back against this - these programs already existed and have for awhile. They're good programs designed to help justify people entering the public sector as opposed to everyone starting a private for-profit practice!Always one person to complain about anything.
They need to get these folks to do commercials for the campaign. Nobody trusts authority or institutions, but seeing real people who have been really helped might make an impact.
Love to keep seeing this. Not sure when it is going to come to me and my family but I am sure its life changing for people today. Good for them and lets keep this gravy train going.
I'm not holding my breath on it, but paying $30 a month is a lot better than the $200 I was paying before.
Yeah, the blanket forgiveness they tried to do was struck down in the Republican-controlled courts, so they're doing it piecemeal, which makes it harder for everybody.
Inb4 "Biden is paying college students to organize antisemitic protests at campuses!"
It's a shit take, but we have to assume that they'll at least attempt that one on Fox News or similar. They might even somehow find a way to include Soros in the chyron.
On here, it's not so much the Faux News crowd but the tankies trying to "one issue" Trump back into power.
It's an unholy alliance of both, I'd argue.
Did you see this affects around 66,900 people? Hmm, Biden is running for the third time in a presidential election. The third number there was 9. All of Biden’s policies are putting us upside down. If you turn that nine upside down you get 6. Trump is 100 times better than Biden. If you divide those numbers you get 666, Biden is the devil confirmed!! - some GQP person probably….