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Started By
Message
re: Student loan relief contributing to 27% jump in projected federal budget deficit
Posted on 6/20/24 at 11:43 am to SlowFlowPro
Posted on 6/20/24 at 11:43 am to SlowFlowPro
quote:
Which?
Claiming this is all PSLF is incorrect. There are multiple avenues they are doing this, some legitimate and some not.
The Hill: Biden has forgiven billions in student loans. Who has gotten the relief?
quote:
The administration has forgiven $136.6 billion for more than 3.7 million student loan borrowers in the first three years of Biden’s presidency.
On Friday, the administration announced almost $5 billion in debt relief for almost 74,000 people, including $3.2 billion for those on the PSLF program, which is available to people in government jobs and certain nonprofit workers.
In total, the administration has forgiven $56.7 billion for 793,400 PSLF borrowers.
So, barely 1/3 has gone to PSLF borrowers.
quote:
About $1.7 billion of the forgiveness went to borrowers who have been paying on their student loans for 20 years on an IDR plan but have not received their forgiveness. In total, the administration said it has forgiven $45.7 billion in loans through the IDR plans for 930,500 borrowers.
These are "Income Driven Repayment" plans, where basically you pay the absolute minimum you can, often zero, and at the end of 20 years, the balance is forgiven.
quote:
Besides relief via the IDR and PSLF, the Department of Education said 513,000 borrowers have received forgiveness due to permanent disabilities, and $22.5 billion has been received by 1.3 million borrowers who were defrauded by their schools.
Should the government bail out people with disabilities or that are victims of fraud? Do they do that in other areas of life or business?
quote:
The Biden administration has also announced it will start forgiving student loans in February for borrowers on the Saving on a Valuable Education (SAVE) plan who took out less than $12,000 and have been paying on them for at least 10 years.
This one is the most controversial, because it was not authorized by law, but by executive action. It's a pure political stunt, because most of the balances are low and they can claim they forgave the loans of X number of people, and the gesture will appear greater than it actually is.
2
Posted on 6/20/24 at 11:48 am to Bjorn Cyborg
quote:
These are "Income Driven Repayment" plans, where basically you pay the absolute minimum you can, often zero, and at the end of 20 years, the balance is forgiven.
You can check me, but I think that's part of the same law from 2007, so it's a tomato/tomato scenario.
Posted on 6/20/24 at 11:52 am to SlowFlowPro
quote:
You can check me, but I think that's part of the same law from 2007, so it's a tomato/tomato scenario.
I don't know. You don't have to work for the government or public service for the IDR. It's basically for poor people that can't afford their loans. Regardless, this one appears to be legit and based on laws.
All of the other ones do not appear to be, and they make up about 1/3 of the loan forgiveness dollars so far.
Posted on 6/20/24 at 11:59 am to stout
The SC has already shot this down and ultimately those loans will have to be repaid. Every thing in between is a smoke screen to confuse the gullible.
Posted on 6/20/24 at 12:01 pm to AUauditor
quote:
My daughter is part of a program for school teacher where if they teach math, science, or special ed in a Title I school, then they will get $17,500 in student loans forgiven. THIS is an incentive-based program to get teachers in lower-income schools.
I hate all of this loan "forgiveness" crap, but this is part of a program that has been in place as law (approved by Congress) since the 90s.
She has had to deal with kids with virtually no parental support for five years now...she has earned this loan "forgiveness."
Downvotes...lol...how many of you downvoters did not accept the multiple $1,200 gifts from the US taxpayers for doing nothing but breathing air and filing a tax return?
Posted on 6/20/24 at 12:02 pm to Auburn1968
Not the PSLF & IDR loans that are being forgiven.
Posted on 6/20/24 at 12:04 pm to Auburn1968
quote:
The SC has already shot this down
wrong
Posted on 6/20/24 at 12:07 pm to stout
quote:
Work harder today so Biden can buy some more votes with your money, guys!
Anyone that had their loans forgiven under Biden’s admin did so pursuant to a Bush policy that has been in place for decades. It was the agreement made when they got the loans. 10 years public interest forgiveness or 20 years income based repayment then forgiveness. Like it or not, those were the rules and the contract entered into by those receiving loans.
Posted on 6/20/24 at 12:08 pm to stout
quote:
The letters they are sending out say "The Biden-Harris Administration has forgiven your loans"
Biden taking credit for something he had no role in. Surprising.
Posted on 6/20/24 at 12:09 pm to BBONDS25
quote:
Anyone that had their loans forgiven under Biden’s admin did so pursuant to a Bush policy that has been in place for decades.
This is false. Many did, but about 1/3 were forgiven under questionable methodology, and even more will be prior to the election under a new Biden executive order.
Posted on 6/20/24 at 12:11 pm to Flats
quote:
I've known a couple of people who could have declared bankruptcy and chose not to and repaid every single debt they had. Some people have the character to do that, some don't.
Do you think people who use the tax code to their advantage have low character?
Posted on 6/20/24 at 12:12 pm to stout
If our founding fathers knew that any President could unilaterally spend $145B without going through Congress they'd be spinning in their graves.
Posted on 6/20/24 at 12:13 pm to BBONDS25
quote:
Anyone that had their loans forgiven under Biden’s admin did so pursuant to a Bush policy that has been in place for decades. It was the agreement made when they got the loans. 10 years public interest forgiveness or 20 years income based repayment then forgiveness. Like it or not, those were the rules and the contract entered into by those receiving loans.
This fact is pointed out everytime. And subsequently ignored. Everyone here prefers the govt break their contract with the borrower.
Posted on 6/20/24 at 12:13 pm to Bjorn Cyborg
I think all of those "Extra" loans are still from the same 2007, just new regulations pursuant to that law.
Posted on 6/20/24 at 12:13 pm to rob0710
quote:
Why not take the higher paying job in the private industry and pay the loan back? My guess is you have a Bullsh*te degree.
More likely that you do. Tons of MDs and attorneys in that program.
Posted on 6/20/24 at 12:17 pm to Bjorn Cyborg
quote:
These are "Income Driven Repayment" plans, where basically you pay the absolute minimum you can, often zero, and at the end of 20 years, the balance is forgiven.
It’s only zero if you have no income. They get 10-15% of gross income.
Posted on 6/20/24 at 12:18 pm to Bjorn Cyborg
quote:
I don't know. You don't have to work for the government or public service for the IDR. It's basically for poor people that can't afford their loans. Regardless, this one appears to be legit and based on laws.
No it isn’t. It’s for anyone. They get 10-15 % of your income whether you make 50 grand or 500 grand.
Posted on 6/20/24 at 12:19 pm to MSMHater
quote:
This fact is pointed out everytime. And subsequently ignored.
Because it's not a fact. Making a contract 10 years ago and the administration adding new people to the "forgiveness" roles are two very different things. I have no idea why people want to equate them.
Posted on 6/20/24 at 12:20 pm to Flats
quote:
Because it's not a fact. Making a contract 10 years ago and the administration adding new people to the "forgiveness" roles are two very different things. I have no idea why people want to equate them.
What percentage of loans forgiven were not under the public service or income based repayment plans?
Posted on 6/20/24 at 12:20 pm to SlowFlowPro
quote:
I think all of those "Extra" loans are still from the same 2007, just new regulations pursuant to that law.
They're new regulations from 2007?
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