Current Events > Biden will email 153,000 student loan borrowers: I'm canceling your debt

(+) Yeah! (+)

President Joe Biden on Wednesday will announce $1.2 billion of student debt relief for nearly 153,000 borrowers and hes sending emails to make sure they know whom to thank for it.

The administrations latest tranche of loan forgiveness covers borrowers who are enrolled in Bidens new loan repayment program, initially borrowed $12,000 or less and have been repaying their debt for at least 10 years.

Biden will tout the relief and his administrations broader efforts to cancel student loan debt for tens of millions of Americans during remarks in Los Angeles on Wednesday.

The White House said the event will include some of the borrowers who will benefit from the announcement as well as those whove previously had their debts canceled by Biden.

The administration says that it has now approved loan discharges totaling nearly $138 billion for nearly 3.9 million borrowers through dozens of administrative actions since coming into office.

Congratulationsall or a portion of your federal student loans will be forgiven because you qualify for early loan forgiveness under my Administrations SAVE Plan, says the email message from Biden that the Education Department plans to send on Wednesday to the latest group of borrowers receiving loan forgiveness.

Previously, borrowers under federal income-driven repayment programs would have to make payments for 20 or 25 years before having their remaining balances forgiven.

But Bidens SAVE plan reduces that timeline for many borrowers. The Education Department announced earlier this year it would implement that benefit automatically for borrowers about six months ahead of schedule.

Under the plan, borrowers who originally borrowed $12,000 or less start receiving a discharge of their remaining balance after making 10 years of payments. That amount of time increases by one year for each additional $1,000 borrowed. For example, borrowers who initially borrowed $13,000 would need to repay for 11 years before receiving forgiveness, for example.

Borrowers must be enrolled in the SAVE plan to receive that relief. The Education Department said it planned to reach out to borrowers theyve identified who would be eligible for loan forgiveness immediately if they sign up for the SAVE program.

The department said that about 7.5 million borrowers are currently enrolled in the SAVE plan. About 4.3 million of those borrowers have income that is low enough to quality them for a $0 monthly payment.

Republicans have slammed Bidens SAVE program as unfair and fiscally irresponsible, blasting the hundreds of billions of dollars the program is expected to cost.

House Republicans passed legislation last year to nullify the program, though the effort fell short in the Senate.

where did ur personality go

He already emailed me about it.

Imagine getting this email and thinking it's some kind of scam.

Imagine getting this email and thinking it's some kind of scam.

Cocytus posted...
He already emailed me about it.
Nice.
Was it already expected or did you benefit from the reduced time requirement?

How about doing that for all 43 million of them

Good.

Now do the same for the people that aren't working for the Government.

I wish this type of cancel culture would affect my student debts

He tried. Supreme Court blocked it

I didn't get any email.

wtf

Sodo I need to sign up for the new repayment stuff to qualify? Ive been on a set IDR plan, not under SAVE, for years.

i don't know how i qualified but i did

Good.

Now do the same for the people that aren't working for the Government.

It takes zero effort to be a good person.

Why do I feel like my tax dollars are working to get everyone paid but me

Why do I feel like my tax dollars are working to get everyone paid but me

Do you work for a non profit?

no i work for a pizza retailer

but i have been actively filling out deferments and forbearances rather than being delinquent

Is this still for 12k or under borrowers?

You seem very high effort.

• People with loans who worked in public service were supposed to get loans forgiven after 10 years but that law wasnt administered properly. People did their ten years, submitted the paperwork, and didnt get relief. The Biden Administration went back and fixed it, giving public servants the debt relief they should have gotten. Sure, it's not new, and he's essentially taking credit of existing programs, but doing the boring and good work of making sure programs are being implemented correctly is an important part of any govt program and it should be celebrated. The boring but influential parts of govt bureaucracy should be hyped up more. We don't get increase government state capacity if we can't identify failures and correct them, and celebrate the fixes
• He's then also deceased the requirements of the income based repayments programs from 20 years to 10 years. I'm actually curious if he can legally reduce that to like 5 years or lower. That would be pretty cool