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Forum » Biden's new plan to cancel student debt
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Thread: Biden's new plan to cancel student debt

post 1690870143 09-29-2023, 08:18 AM
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Biden's new plan to cancel student debt

The Biden administration announced on Friday the next step in its new plan to cancel people’s student debt after the Supreme Court struck down its original policy in June.

The U.S. Department of Education released its initial agenda of policy considerations for its second attempt at delivering Americans student loan relief.

It appears that the Biden administration will focus on certain groups of borrowers in its new plan, including those suffering from financial hardship or who entered in repayment decades ago.

https://www.cnbc.com/2023/09/29/bide...dent-debt.html
post 1690876543 09-29-2023, 10:27 AM
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  1. BuckNakedinBama
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"Borrowers may not see relief until July 2025"

lol, of course he wants to promise benefits to get elected again, and again not deliver a damn dime. Not that anyone deserves a dime - sure, lower rates, but no forgiveness or that crap. He's just a POS trying to buy votes.
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post 1690876963 09-29-2023, 10:35 AM
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What shocks me is there are tons of people with actual college degrees that actually believe this.

Doesnt say much for the education they got at these places of higher learning.
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post 1690877683 09-29-2023, 10:47 AM
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He doesn't have the authority to do so. The debt he has actually cancelled has been too small to challenge in court, so regulators don't bother. This has to be done by Congress. SC Justice Roberts said that already. So why would this take 20 months? Lulz if anyone falls for another bribery scam.
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post 1690878993 09-29-2023, 11:09 AM
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Borrowers in need will be addressed first

Biden’s original debt forgiveness plan offered up to $20,000 in debt relief for individual borrowers earning less than $125,000 a year. Administration officials told reporters they are not trying to “narrow the conversation” on who should get debt relief, but they are focusing on more targeted relief first.

ED outlined questions about five specific groups of borrowers whose needs the committee will prioritize. Those are:

1 Borrowers who owe balances larger than what they originally borrowed

2 Low-income borrowers who would be eligible for forgiveness under programs like income-driven repayment, but have not applied

3 Borrowers who took out loans to attend programs that wound up not providing a financial value sufficient to make loan payments affordable

4 Borrowers who entered repayment before benefits were created

5 Borrowers with hardships not currently addressed by the student loan system

“Today, after considering more than 26,000 public comments on how to tailor this relief, we are releasing this additional information about this effort,” Secretary of Education Miguel Cardona said in a statement. “We’re committed to standing up for borrowers and making sure that student debt does not stop anyone from climbing the economic ladder and pursuing the American dream.”

https://www.cnbc.com/2023/09/29/bide...ups-first.html
post 1690879343 09-29-2023, 11:16 AM
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  1. sfgiants13
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Keep dangling that carrot in front of his low IQ voters. Sad thing is it will work like always.
post 1690879853 09-29-2023, 11:27 AM
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Originally Posted By sfgiants13⏩
Keep dangling that carrot in front of his low IQ voters. Sad thing is it will work like always.
Srs totalitarianism is a better idea than democracy in a country full of low IQ voters LOL.
post 1690880093 09-29-2023, 11:31 AM
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Originally Posted By crupiea⏩
What shocks me is there are tons of people with actual college degrees that actually believe this.

Doesnt say much for the education they got at these places of higher learning.
A college degree does not impress me. It shouldn’t impress anyone tbh
post 1690880523 09-29-2023, 11:40 AM
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My take: So certian groups, probably the protected groups will get priority. If you are a straight white male, forget about it. They will probably write off loans from people they know they will never get their money back from anyways so he can act like he did something and might even claim he reduced the total amount of student loan debt to try to say he did something.
Originally Posted By BuckNakedinBama⏩
"Borrowers may not see relief until July 2025"

lol, of course he wants to promise benefits to get elected again, and again not deliver a damn dime. Not that anyone deserves a dime - sure, lower rates, but no forgiveness or that crap. He's just a POS trying to buy votes.
Yep you better vote for Biden in 2024 or no "relief" for you.
Originally Posted By crupiea⏩
What shocks me is there are tons of people with actual college degrees that actually believe this.

Doesnt say much for the education they got at these places of higher learning.
If they had a real education they wouldn't need this "relief".
post 1690885733 09-29-2023, 01:33 PM
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Originally Posted By greenleaf⏩
3 Borrowers who took out loans to attend programs that wound up not providing a financial value sufficient to make loan payments affordable
With a vague description like that every undergrad degree that is a liberal arts or humanities degree would be covered.
And since this is being done once, it will need to be done every 5 years to bailout recent graduates. Surely colleges won't up their prices even faster if this unconstitutional program sticks. No way they'd do that

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post 1690886243 09-29-2023, 01:40 PM
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Rse ad rie agn unt lbs becm lons

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post 1690887193 09-29-2023, 01:55 PM
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Those who earn less than 31k or so, no longer have to pay a cent due to his new program anyways.
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post 1691108093 10-04-2023, 08:07 AM
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Another 125,000 votes in the bag...


Biden cancels $9 billion in student debt for 125,000 borrowers

President Joe Biden announced on Wednesday that he’d approve $9 billion in student loan forgiveness for 125,000 Americans.

The relief is a result of his administration’s fixes to a number of programs, including the income-driven repayment plans and Public Service Loan Forgiveness.

More than $5 billion of the aid will go to 53,000 borrowers who’ve worked in public service for a decade or more; $2.8 billion of the forgiveness is for 51,000 borrowers enrolled in income-driven repayment plans; and another $1.2 billion of the cancellation will go to 22,000 borrowers with disabilities.

https://www.cnbc.com/2023/10/04/bide...orrowers-.html
post 1691127263 10-04-2023, 01:52 PM
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Pretending to give a flying f*ck about students livelihoods while continually stealing taxpayer dollars and sending it to Ukraine, & destroy whats left of oil and gas, and causing criminal levels of inflation across the board.
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