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.
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.
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.
They’ll take your social security money
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.
BoTh SiDeS!!1!
What would it cost him to cancel the genocide too, right?
As if he’s the president of Israel. Where have you people been while Yemen, Myanmar, Sudan, etc. all experience genocide?
Did we supply those countries with weapons to commit genocide?
I personally think it’s stupid to not vote for Biden but your argument doesn’t really make sense.
Yes, the USA literally sent weapons to the Saudis to bomb Yemen,
Also if you don’t supply weapons to a country, they shouldn’t have sympathy??? You are the one who doesn’t make sense
Education should be free. This is at least a better situation.
This is why I am seriously considering studying overseas.
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.
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.
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.
Imagine if someone took every mistake you ever made and magnified it as if you weren’t allowed to grow or change.
That’s you, that’s what you sound like
These are the things that he’s proud of. He’s not ashamed of these policies. Not one bit.
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.
1978 is reaching way back. Were you even alive then? Do you know what our society was like, what the options were? Have you changed at all over the last 46 years?
He didn’t vote on this, he co-wrote it. Wake up man…
In 1978 I stole a free battery from Radio Shack. Does that make me a lifelong thief?
He stole the battery in 1978, 1990, 1998 , 2005. If you can’t see the pattern, then I can’t help you.
Most people went to school before he was president
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.
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?
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.
Thank you for sharing all this.
While I’m under no illusions that Biden is my friend, in the current political climate, I can’t shake the feeling that he’s my friendliest enemy.
Can you shed any more light on that 1990 business?
While I have no familiarity with it, the circumstances suggest that it’s possible that the added clause was added as a bit of trade-off to other members of Congress to get the crime bill over the finish line. Not that that makes it any less bitter a pill for borrowers, but if that’s how it happened, that’s much less “Biden hates borrowers” and much more the political game in DC.
It’s not that Biden hates borrowers or students. The problem is, that even way back then, he owed too much favours, so he drafted legislation that “the big guys” (his quote) wanted.
Results from Cca 1990 being easier to criminalize young people, and young people with records could not wipe debt/much harder to do. (if I understood it correctly).
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.
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
It’s a 1 day old account with this as its only comment.
So, what’s your point? Yeah, I just joined Lemmy, why is that such a big deal?
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?
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.
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.
Literally this person’s only post.
Screams bot dunnit?
No bot here, I just joined lemmy
A bit
