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Message
Biden announces new student debt relief plan for millions of borrowers
Posted on 4/8/24 at 8:33 am
Posted on 4/8/24 at 8:33 am
LINK
quote:
The Biden administration announced new student loan plans Monday that would provide relief to millions of Americans if finalized.
The proposed plans would largely affect those with “runaway interest,” as well as borrowers who have been paying on loans for 20 years, qualify for forgiveness under income-driven repayment (IDR) plans and those experiencing hardship.
The plans would give borrowers $20,000 in loan forgiveness for balances that have grown due to unpaid interest since entering repayment, regardless of income. Those who qualify for the SAVE IDR plan would get the full balance of their unpaid interest forgiven.
This would result in 25 million Americans getting relief from balance growth that was garnered by unpaid interest, with 23 million seeing their full balance growth canceled.
The administration is also aiming for automatic debt relief for those who qualify under the SAVE plan, Public Service Loan Forgiveness program and other loan forgiveness programs but have hit red tape in receiving their relief. It is estimated 2 million Americans would get full loan forgiveness through this option.
Lastly, the administration wants to give relief to those who were enrolled in low-financial-value education programs that have been deemed insufficient by the Department of Education, and borrowers who are experiencing hardship in paying back loans, such as those at high risk of defaulting on loans and families burdened with other debt, such as medical debt.
quote:
“The Biden-Harris Administration plans to release proposed rules on these plans over the coming months. If these plans are finalized as proposed, this fall the Administration would begin canceling up to $20,000 in interest for millions of borrowers and full loan forgiveness for millions more,” the administration said in its announcement.
Posted on 4/8/24 at 8:35 am to WPBTiger
I want a fricking $20k refund for paying mine off if this shite passes. frick me for being intelligent and responsible.
Posted on 4/8/24 at 8:39 am to WPBTiger
Will probably be struck down by the Supreme Court but this is all about the optics over the substance in an election year.
Posted on 4/8/24 at 8:43 am to WPBTiger
Political games.
Propose a blatantly unconstitutional plan and then blame republicans when it gets shot down.
Propose a blatantly unconstitutional plan and then blame republicans when it gets shot down.
Posted on 4/8/24 at 8:59 am to LuckyTiger
quote:
Will probably be struck down by the Supreme Court
Again? It's not like they listened to the last ruling.
Posted on 4/8/24 at 9:00 am to dakarx
quote:
It's not like they listened to the last ruling.
Huh? Biden hasn't violated that order.
Posted on 4/8/24 at 9:03 am to SlowFlowPro
quote:
Huh? Biden hasn't violated that order.
It is not "debt relief" or "loan forgiveness". It is a transfer of debt from the worthless freeloaders to the American taxpayer.
Posted on 4/8/24 at 9:06 am to Orange Rock
quote:
It is not "debt relief" or "loan forgiveness". It is a transfer of debt from the worthless freeloaders to the American taxpayer.
Funny how us “dumbasses” who didn’t fall for the college scam and instead went to trade school now have to pay for all of these “educated geniuses” school loans.
Posted on 4/8/24 at 9:15 am to DownshiftAndFloorIt
quote:
I want a fricking $20k refund for paying mine off if this shite passes. frick me for being intelligent and responsible.
If Republicans were smart, they'd introduce a bill to give anyone who paid off their student loans a one time massive tax credit to address those who took care of their debt.
Posted on 4/8/24 at 9:30 am to WPBTiger
If it’s such a predatory program…..
Why are they still giving out student loans?
Why are they still giving out student loans?
Posted on 4/8/24 at 9:35 am to Orange Rock
quote:
It is not "debt relief" or "loan forgiveness". It is a transfer of debt from the worthless freeloaders to the American taxpayer.
Understood, but my comment stands.
Biden hasn't violated the Supreme Court order
Posted on 4/8/24 at 9:36 am to Achilles Hill
quote:
If it’s such a predatory program…..
Why are they still giving out student loans?
Can't indoctrinate at mechanic school.
Posted on 4/8/24 at 9:40 am to LuckyTiger
quote:
this is all about the optics over the substance in an election year.
Back in the day we just called it 'vote buying.'
Posted on 4/8/24 at 9:42 am to WPBTiger
I just sold my condo and paid off all my loans once and for all with a majority of the proceeds
Frick Biden and this vote buying scheme
Frick Biden and this vote buying scheme
Posted on 4/8/24 at 2:14 pm to SlowFlowPro
It isn’t new debt per your last ridiculously stupid argument on inflation so it doesn’t matter
Posted on 4/8/24 at 2:20 pm to WPBTiger
a one trick pony...and he cant even perform the trick...
Posted on 4/8/24 at 2:20 pm to DownshiftAndFloorIt
quote:
frick me for being intelligent and responsible.
Bruh. That's considered white supremacy now.
Posted on 4/8/24 at 3:38 pm to Rip Torner
quote:
It isn’t new debt per your last ridiculously stupid argument on inflation
wut
Posted on 4/8/24 at 5:02 pm to WPBTiger
In one of the examples the guy makes 38k a year but still has 25k left on his loan.
You didnt have to go to college to make 38k a year, wtf?
He makes less than a fast food worker. And that goes back to everyone will need a raise.
You didnt have to go to college to make 38k a year, wtf?
He makes less than a fast food worker. And that goes back to everyone will need a raise.
This post was edited on 4/8/24 at 5:10 pm
Posted on 4/8/24 at 6:15 pm to ksayetiger
quote:
Can't indoctrinate at mechanic school.
COVID didn’t change your opinion on that? They are mini dictators
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