President Joe Biden announced another batch of student loan forgiveness Friday for 277,000 borrowers. The canceled debt adds up to $7.4 billion.
Most of those borrowers signed up for the presidents signature income-driven repayment plan Saving on a Valuable Education, or SAVE. Through SAVE, people who originally borrowed a small amount ($12,000 or less) and have been paying it off for at least a decade are eligible for relief.
Others affected are 65,700 borrowers participating through other income-driven plans who should have qualified for relief but did not because their loan servicers wrongfully put them into forbearance. Fixes to those plans account for nearly half of the loans forgiven in the announcement Friday.
The final bucket includes a few thousand borrowers participating in Public Service Loan Forgiveness, which relieves the loans for people working in government jobs or positions that give back to the community. Biden has been working to fix various administrative problems that have long plagued the program, and the discharges announced Friday are the result of one such adjustment.
The latest batch of student loan debt relief brings the total amount forgiven under Biden to $153 billion. In all, the administration says nearly 4.3 million Americans have had their student loans relieved thanks to its actions.
That works out to about 1 in 10 federal borrowers whove been approved for relief.
From day one of my administration, I promised to fight to ensure higher education is a ticket to the middle class, not a barrier to opportunity, Biden said in a statement Friday. I will never stop working to cancel student debt no matter how many times Republican elected officials try to stop us.
Earlier this week, Biden announced the details of a separate proposal to provide broad relief to targeted groups of borrowers. The result of a federal rulemaking process that began last year, the plan would bring forgiveness to 30 million borrowers total. The president pursued the rulemaking route after the U.S. Supreme Court struck down his original plan for mass student loan forgiveness, which used a law that gives the president special authority during emergencies such as the COVID-19 pandemic.
So is this actually going to happen this time or just putting it out before the election and it'll go away like last time?
So is this actually going to happen this time or just putting it out before the election and it'll go away like last time?It's already happened
So is this actually going to happen this time or just putting it out before the election and it'll go away like last time?Learn how to read the news, man
Keeps announcing them but none have taken effect and never willThat's just not true.
Keeps announcing them but none have taken effect and never will
He's already given over 140 billion in relief you just aren't paying attentionYes, that's why I asked. Thanks!
Many people have already had it happenWhere who they keep getting paused as challenged
not me unfortunately
Where who they keep getting paused as challenged
Where who they keep getting paused as challengedRead the story
Most of those borrowers signed up for the presidents signature income-driven repayment plan Saving on a Valuable Education, or SAVE. Through SAVE, people who originally borrowed a small amount ($12,000 or less) and have been paying it off for at least a decade are eligible for relief.
Others affected are 65,700 borrowers participating through other income-driven plans who should have qualified for relief but did not because their loan servicers wrongfully put them into forbearance. Fixes to those plans account for nearly half of the loans forgiven in the announcement Friday.
The final bucket includes a few thousand borrowers participating in Public Service Loan Forgiveness, which relieves the loans for people working in government jobs or positions that give back to the community. Biden has been working to fix various administrative problems that have long plagued the program, and the discharges announced Friday are the result of one such adjustment.
Keeps announcing them but none have taken effect and never will
Where who they keep getting paused as challengedDon't speak unless you know what you're talking about.
The sad part is, most voters are so uniformed as to think Biden has not done any loan cancellation
It's honestly wild how powerful the GOP propaganda is. Everyone the last few weeks I've talked to irl has done a 'yea but the immigration problem!' as a defense of the GOP. It's insanity.The posters in this topic alone prove how effective the propaganda is.
Where who they keep getting paused as challenged
Yes, that's why I asked. Thanks!You did more than ask a question, but backpedal away I guess lol
It's honestly wild how powerful the GOP propaganda is.
Where who they keep getting paused as challengedThat was his single declaration that all student loan debt by the federal government would be wiped away. The compromised SCOTUS rescinded that on faulty grounds, as the President has the legal authority to wipe away student loan debt, but that didn't matter to them.
You did more than ask a question, but backpedal away I guess lolI was mistaken and corrected. No big deal. I wasn't backpedaling.
The save plan was pretty much double what other plans would be, so I picked a different IDR. I'm glad those people who have been working on paying it for so long are getting some relief.
I've had my student loans paused again but I haven't actually seen any debt relief. Like, nothing has reduced my balance. I started off owing something like 27k and I owe like 32 after a decadeWere you on an income based plan during those years?
And the new plan actually increases my payment and increases the time for loan forgiveness
Were you on an income based plan during those years?
My payments went up because Im not considered low-middle income anymore and SAVE is income based. But my years went down because I got credit for the payments I made while I was in ibr plans during all the years when I was struggling.
if youve been making payments in an ibr plan then theres no reason your term length should go up because it counts those past payments
its also possible that your loans arent eligible because not all types of loans are.
Most of those borrowers signed up for the presidents signature income-driven repayment plan Saving on a Valuable Education, or SAVE. Through SAVE, people who originally borrowed a small amount ($12,000 or less) and have been paying it off for at least a decade are eligible for relief.
littlebro07 posted... This has to be pissing off republicans even more than his original $10-20k forgiveness lol
Theres people still owing six figures that had it wiped out from these new guidelines
Keeps announcing them but none have taken effect and never will
Uh... which one is it?The first quote is for the most recent forgiveness.