Today Biden announced his new plan to eliminate $39 billion for student borrowers...
From CNN
The Biden administration announced Friday that 804,000 borrowers will have their student debt wiped away, totaling $39 billion worth of debt, in the coming weeks due to fixes that more accurately count qualified monthly payments under existing income-driven repayment plans.
“For far too long, borrowers fell through the cracks of a broken system that failed to keep accurate track of their progress towards forgiveness,” Education Secretary Miguel Cardona said in a written statement.
There are currently several different kinds of income-driven repayment plans for borrowers with federal student loans, which base payments on a borrower’s income and family size – regardless of their total outstanding debt. After reaching a set forgiveness threshold of 20 or 25 years, a borrower’s remaining balance is then wiped.
“By fixing past administrative failures, we are ensuring everyone gets the forgiveness they deserve, just as we have done for public servants, students who were cheated by their colleges, and borrowers with permanent disabilities, including veterans,” Cardona added in the statement.
While not part of today’s actions, the Department of Education is also moving ahead with a separate and significant change to the federal student loan system that will enable Americans to enroll in a new income-driven repayment plan.
Once the plan is fully implemented, people will see their monthly bills cut in half and remaining debt canceled after making at least 10 years of payments
13 comments:
Where’s his plan to reinstate affirmative action
Ignore the Repub bot at 2:58. Anyway, nice to hear there’s a plan.
I hope it includes money for those who received Pell Grants. Some students have to repay Pell Grants if they received other financial aid.
I hope my student loan is included with that. After all the school was caught doing fraudulent loans, they were also discredited, they defrauded many students including myself, the interest tacked on to my student loan, more than triples my loan. That is some criminal s*it.
They need to erase all student loans, education should be free, there are many countries with free colleges, I can understand the cost of books not being covered, and when you graduate, you can work for a couple of years free, with a small stipend. No one should ever be in debt to a school loan.
@ 3:07 pm…. Really? So anybody that has a question or disagrees with the democrats is a bot? 🤣
@5:39. YT will never allow that in this country. The more educated we are, the less valuable their education is. I agree with you, but I just don’t see it happening.
Up through the 60’s the first two years of college were free in California, and the rest were cheap. Reagan destroyed the system
I'm still not voting for him.
5:39 This is a start, but I whole heartedly agree!
From the Daily News.
After the Supreme Court struck down his blatantly unconstitutional bid to have the taxpayers pick up $430 billion in student-loan debt, President Joe Biden on Friday came back with a scheme to pay off “just” $39 billion, plus unknown billions more as long as he remains in the White House.
It looks to be on firmer legal ground, but as a matter of policy and even politics it’s a giant middle finger to average Americans.
His original scheme at least would’ve meant some relief to the younger folks it was designed to please.
This one only covers some 800,000 people who’ve been paying for at least 20 years, so no one under 40 wins.
And nearly everyone over 40 (especially those who’ve kept up their payments for decades) is financially secure enough to keep paying.
These winners don’t need the help.
Biden must figure that if you were foolish enough to vote Democrat thanks to his earlier plan, maybe you won’t notice that this one doesn’t help you at all.
^^^Mufuka, couldn’t you just write a post expressing your thoughts on this instead of direct quotes from from a NY tabloid? Next y’all will be quoting the Daily Mail.
Fake News
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