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Posted on 4/9/24 at 6:30 am to Falco
quote:
Let's go, give me something for once
Do you fall into one of these groups?
VOX - Biden Administration's Plan B for "Student Loan forgiveness"
quote:
Who would get student loan forgiveness under Biden’s plan?
This plan would target five kinds of borrowers, and in most cases it would not require them to fill out an application; the Education Department would use data it has on hand to implement the forgiveness once the plans are finalized.
People who now owe more money on their loans than they originally borrowed. These borrowers would have up to $20,000 of debt from interest erased, regardless of their income. They would still have to repay the original amount they owe. Individuals making less than $120,000 a year, or couples making less than $240,000, would qualify to have full forgiveness of their interest.
People who have owed on loans for at least 20 years. If a borrower entered repayment for undergraduate debt 20 years ago or more, they would qualify for full forgiveness. If a borrower of graduate school debt entered repayment 25 years ago or more, they would also qualify.
People who took out loans to enroll in “low-value” academic programs. These borrowers took out loans for institutions or programs that were deemed by the federal government to have low financial value. The White House defines this as programs or schools that “lost their eligibility to participate in the Federal student aid program” or were deemed to have cheated their students, or left graduates with loan payments on earnings after school that were not better than what someone with a high school diploma could earn.
People who would qualify for a preexisting loan forgiveness program but aren’t enrolled in one right now. This option would automatically enroll borrowers who qualify for forgiveness through the revamped income-driven or public service forgiveness programs.
People experiencing financial hardships. This option is a little vaguer, but it is meant to apply to borrowers for whom other forgiveness and repayment programs don’t apply. Hardships include medical debt, expensive child care, and those at risk of default.
Vox is even questioning how much this is actually going to work since it uses programs already established and won't do as much as they're making it appear.
Posted on 4/9/24 at 6:48 am to Falco
quote:
Let's go, give me something for once
How does it feel to be a bum?
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