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Biden administration canceling student loans for another 160,000 borrowers (apnews.com)

submitted 11 months ago by [email protected] to c/[email protected]

30 comments fedilink hide all child comments

The Biden administration is canceling student loans for another 160,000 borrowers through a combination of existing programs.

The Education Department announced the latest round of cancellation on Wednesday, saying it will erase $7.7 billion in federal student loans. With the latest action, the administration said it has canceled $167 billion in student debt for nearly 5 million Americans through several programs.

…

The latest relief will go to borrowers in three categories who hit certain milestones that make them eligible for cancellation. It will go to 54,000 borrowers who are enrolled in Biden’s new income-driven repayment plan, along with 39,000 enrolled in earlier income-driven plans, and about 67,000 who are eligible through the Public Service Loan Forgiveness program.

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[–] [email protected] 0 points 11 months ago* (last edited 11 months ago) (1 children)

JOE BIDEN PLAYED a central role in the creation of the student debt crisis...

https://theintercept.com/2020/01/07/joe-biden-student-loans/

Edit, here is some more information if you would like to see more concrete examples:

https://bigthink.com/the-present/joe-biden-student-debt/

In 1978 he co-wrote a bill that introduced the first limit on how students could use bankruptcy law to reduce their debt burden.

In 1990 he helped author the Crime Control Act, which is famous for stepping up sentencing guidelines, included an entirely unrelated clause that further lengthened the time students had to wait before they could declare bankruptcy on their student loans.

In 1998 they introduced an “undue hardship” clause to federal student loan bankruptcy proceedings; making it even more difficult to declare bankruptcy on student debt.

To top all of this off, he supported adding the undue hardship clause to private student loans in 2005.

[–] [email protected] 0 points 11 months ago (1 children)

Most people went to school before he was president

[–] [email protected] 0 points 11 months ago (1 children)

https://bigthink.com/the-present/joe-biden-student-debt/

In 1978 he co-wrote a bill that introduced the first limit on how students could use bankruptcy law to reduce their debt burden.

In 1998 they introduced an “undue hardship” clause to federal student loan bankruptcy proceedings; making it even more difficult to declare bankruptcy on student debt.

To top all of this off, he supported adding the undue hardship clause to private student loans in 2005.

[–] [email protected] 0 points 11 months ago (1 children)

And now, he's changed his stance in response to a changing society and pressure from voters.

Isn't that a good thing? Don't we want politicians who are demonstrably responsive to voters?

[–] [email protected] -1 points 11 months ago (1 children)

He hasn't changed his stance, hes doing the bare minimum to garner positive headlines in an election year.

He needs to actually change stances if he wants to prevent another Trump presidency.

[–] [email protected] 0 points 11 months ago (1 children)

Biden has been working to cancel or eliminate student debt for pretty much the whole of his term.

What, exactly, more do you want from him? A heartfelt apology for having a different opinion 20 years ago?

[–] [email protected] -1 points 11 months ago

Some self-reflection and an apology would be a nice bonus, sure.

He was the lead senator that passed legislation so that student loans could no longer be discharged in bankruptcy, after all.

But what I really want is determined efforts to eliminate student debt, not half-assed efforts to get positive headlines.

[–] [email protected] 0 points 11 months ago (1 children)

The problem with this debt forgiveness by a thousand cuts is spending hours researching it then finding out you arbitrarily don't qualify because some highly technical reason.

This technocrated BS isn't helping any but the lucky few that end up qualifying.

[–] [email protected] 0 points 11 months ago (1 children)

So just stop paying 🤷 I have over 80k and I haven't paid anything in over a decade. I just don't care. They can cancel it, or not, makes no difference to me, I'll never pay anything.

[–] [email protected] 0 points 11 months ago (1 children)

They'll take your social security money

[–] [email protected] -1 points 11 months ago

More than that, they'll garnish your wages eventually. It happened to me once when I was barely getting by. I had to go to court and show my finances on public record and be humiliated to get them to back off.

[–] [email protected] 0 points 11 months ago (1 children)

Education should be free. This is at least a better situation.

[–] [email protected] 0 points 11 months ago (1 children)

This is why I am seriously considering studying overseas.

[–] [email protected] 0 points 11 months ago* (last edited 11 months ago) (1 children)

A few Australian universities attend college fairs in the USA, because even after you include the price of the flights, accommodation, and the uni itself, studying in Australia can still end up cheaper than the USA. Americans seem to love the idea of going to Australia, too.

[–] [email protected] 2 points 6 months ago

Sorry just seeing this, thanks for the recommendation.

I found out that the Nordic countries and Germany have full ride scholarships for International students. Germany has a national program called DAAD. Though they probably give most of them to domestic students. Some of the Nordics even help with other expenses, which is necessary due to their high cost of living.

Makes sense since Australia is also English speaking. Great idea I need to look into.

[–] [email protected] -1 points 11 months ago (2 children)

Awesome, so everyone who couldn't afford to go to college now has to pay for the people who went to college making more money than the person paying off their debt. Yeah, that seems legit.

[–] [email protected] 0 points 11 months ago (2 children)

Did you hear how much was spent on the Iraq war? Maybe the 2008 debt crises? Maybe the PPP loan forgiveness? Surely you’ve heard of one that dwarfed those in comparison. Obvious troll is obvious

[–] [email protected] 0 points 11 months ago (1 children)

It's a 1 day old account with this as its only comment.

[–] [email protected] -1 points 11 months ago

So, what's your point? Yeah, I just joined Lemmy, why is that such a big deal?

[–] [email protected] -1 points 11 months ago (1 children)

Yeah, so what that there's been more money spent on other things. That has nothing to do with this. Why does that make it okay to take money from people who couldn't afford to go to college and give it to people that went to college that have a higher income than the person they took it from?

[–] [email protected] 0 points 11 months ago (1 children)

You’re right , Its almost as if college should be free, along with healthcare and many others. Perhaps the rich should pay for it similar to other first world countries.

[–] [email protected] -1 points 11 months ago

I don't see why colleges aren't forced to lower their tuition costs. They already get billions in taxpayer money every year. Imo, to take even more taxpayer money to pay off student loans is just theft.

[–] [email protected] -1 points 11 months ago (1 children)

Literally this person's only post.

[–] [email protected] 0 points 11 months ago (1 children)

Screams bot dunnit?

[–] [email protected] -1 points 11 months ago

A bit