Current Events > Biden Announced $7.4 Billion in Student Loan Relief

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https://www.usatoday.com/story/news/nation/2024/04/12/joe-biden-student-loan-debt-forgiveness-coming/73300517007/

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?

lolife67 posted...

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?

He's already given over 140 billion in relief you just aren't paying attention

lolife67 posted...

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

Keeps announcing them but none have taken effect and never will

lolife67 posted...

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

MistyKnight posted...

Keeps announcing them but none have taken effect and never will

That's just not true.

MistyKnight posted...

Keeps announcing them but none have taken effect and never will

Many people have already had it happen

not me unfortunately

AlphaWhelp posted...

He's already given over 140 billion in relief you just aren't paying attention

Yes, that's why I asked. Thanks!

TimeForAction posted...

Many people have already had it happen

not me unfortunately

Where who they keep getting paused as challenged

MistyKnight posted...

Where who they keep getting paused as challenged

What?

MistyKnight posted...

Where who they keep getting paused as challenged

Read 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.

MistyKnight posted...

Keeps announcing them but none have taken effect and never will

Be wrong more.

MistyKnight posted...

Where who they keep getting paused as challenged

Don'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

emblem-man posted...

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.

FolkenRawr posted...

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.

MistyKnight posted...

Where who they keep getting paused as challenged

I guess Navient must have just given me a $10000 discount because they were feeling generous

lolife67 posted...

Yes, that's why I asked. Thanks!

You did more than ask a question, but backpedal away I guess lol

FolkenRawr posted...

It's honestly wild how powerful the GOP propaganda is.

Sadly, its not just rightwing propaganda

That's like 32k per person. Pretty remarkable.

MistyKnight posted...

Where who they keep getting paused as challenged

That 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.

But here he's able to bypass their ruling by doing these smaller isolated instances, instead of a broad sweeping one.

Got the email from dept of education this morning confirming mine are being forgiven :D

Doesn't apply to my loans I guess. Oh well.

DipDipDiver posted...

You did more than ask a question, but backpedal away I guess lol

I 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 really wish he hadn't restarted student loan payments.

GuitaristMatt posted...

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.

im currently at 148/month. The IDR puts me at 90/month for 10 years. SAVE puts me at 450/month(lol) for two years but the payment gets halved to 225 after July 1st. I went with save because I just want to be done with it early.

main concern is that this is administrative action that can be undone the minute Trump takes office.

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

Even for people who didnt get their balance wiped out just the limits on interest payments is suitable. People are going to be paying what they owe, what changes is the interest scheme that keeps them drowning goes away. The benefits of this are profound

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 decade

And the new plan actually increases my payment and increases the time for loan forgiveness

LSGW_Zephyra posted...

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 decade

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?

What is considered a low value program?

emblem-man posted...

Were you on an income based plan during those years?

Yes

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.

TimeForAction posted...

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.

It went up. I don't know what to tell you.

Humble_Novice posted...

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

Uh... which one is it?

Hopefully mine will actually get canceled this time.

MistyKnight posted...

Keeps announcing them but none have taken effect and never will

This a good example of why ignorance isn't "bliss", it's dangerous.

You don't know what you're talking about and I'm sure you've said this other people who mistook your ignorance as knowledge, thus you increased the level of non-information.

The USSC stopped him doing it for one particular route he was seeking, Biden has already forgiven billions of student debt for millions of borrowers before that decision even happened, it's just that they're more selectively chosen per the program used than what the USSC shot down and our shitty ass media barely reports on it when he succeeds because they have this fucked up agenda against celebrating Democratic success.

streamofthesky posted...

Uh... which one is it?

The first quote is for the most recent forgiveness.
The second quote applies to a wide range of people including those in public service who've been paying for something like a minimum of 20 years.

They can (and are) both be right.