Biden administration cancels $7.7 billion in student debt for 160,500 people. Here’s who qualifies.
https://www.cbsnews.com/news/student-loan-forgiveness-7-7-billion-heres-who-qualifies-biden/
Biden administration cancels $7.7 billion in student debt for 160,500 people. Here’s who qualifies.
https://www.cbsnews.com/news/student-loan-forgiveness-7-7-billion-heres-who-qualifies-biden/
30 comments
160k people holding almost 8 BILLION in debt. The system is so broken, but at least some more relief is on the way.
Well, well, well! Looks like some lucky ducks are getting their student debt cancelled.
Hell ya. Biden has never given up on student loan forgiveness. Even after the corrupt right-wing Supreme Court tried to block him, Biden keeps finding ways to forgive more debt. Love to see it.
Well, that’s one way to make a dent in those student loans! I bet those 160,500 people are feeling pretty relieved right about now.
It pains me to think that a good number of those receiving debt cancellation still won’t vote for Biden, because of “reasons”
Better complain about how Democrats are buying votes instead of appreciating that government can help people even if it isn’t always you.
I just got my 80k debt canceled.
Student debt is a national security issue. As millennials age into more senior government and corporate positions, large debt like this can be leveraged by foreign actors. Why Biden won’t forgive all student (endless) debt based on a national security issue is beyond me.
I saw this statement earlier today: “President Biden delivered on two major policies I never thought I would see in my lifetime: student loan forgiveness and marijuana pardons. If Gen Z and Gen Alpha don’t vote for Biden, they’ll be telling every politician in America passing policies younger voters care about doesn’t matter.”
And that’s how you stimulate the economy. Those 160,000 people, now free from the burden of debt, can now conduct proper economic activities without being drowned by debt. Congratulations to those 160,000 folks. That moment when they’ll see on screen or paper that the debt is gone. That’s a life altering moment.
Again: get out and vote for him. Voting decision was never this easy.
How do you actually tell if you’re one of them? I’m enrolled in SAVE but no idea if this will affect me
I just paid my student loans off this year. Some of which I had to rob Peter to pay Paul as it were, but now it’s no longer student loan debt. Just regular debt…
>Here’s who qualifies
Not me. I have state loans. But guess what? I still think this is a good thing!
You don’t have to be personally impacted by a policy to see it’s benefit. ALL the conservatives I hear saying, “but what about the people who paid their loans off honestly?” Good for them! Now other people can be in their position. If you’re fortunate enough to be able to pay them off, count your blessings. You’re doing well!
But both sides are the same.
Hopefully they keep working at this and land on a plan close to the original. This targeted relief is pretty exasperating as someone who had a life changing $20k dangled in front of them but barely doesn’t qualify for any of this forgiveness.
It’s nice to see them doing it for people who need it. The government spends so much time giving money to the richest people, it’s almost unheard of to see them doing it for average people.
Gotta love the Republicans who received PPP loans (that equaled way more than individual student’s debt) that were forgiven that say this is a terrible thing and no loans should ever be forgiven
This is incredible, but let’s remember that Elizabeth Warren (and to a lesser degree, other progressives) fought long and hard for this to happen. She deserves a great deal of the credit.
>Another 39,200 borrowers will have $1.9 billion forgiven through adjustments to their income-driven repayment plans. These plans were sometimes mismanaged by loan servicers, which made it more difficult for some borrowers to achieve forgiveness.
This number is far too low. “Sometimes mismanaged” is a gross understatement and it’s essentially an open secret that EVERY loan servicer – including the US government – went out of their way to “mismanage” IDRPs in order to milk more interest and profit.
Good. This won’t have an immediate impact. It will allow people to participate more in the economy. They could potentially purchase a home and maybe start a family. People will have more money to save and hopefully lift themselves out of poverty.
We’re bailing out companies all the time. We’re giving away money to defense contractors, the pharmaceutical industry, and oil companies. Huge companies applied and received PPP loans when they damn well did not need them. Elected officials even benefited. We should be having that conversation. People are more upset about helping others than enriching profitable companies who take advantage of us every day.
I’m not sure it was covered but I have students loans and have been on the SAVE program for a year but I just got out of school. Is it for people who have been on IDR for 20yrs? Or is it the amount of debt?
The interest each month on my loans is more than the monthly payments.
Next move is to fix what made college so expensive and impossible to pay off and how freely all the loans were given out.
I have no problem with this, but I think that this really should be happening for Medical Debt as well
Grew up poor and had to take out loans all through grad school. All that was available to me were high interest variable rates. My first year out of school i paid $14k in INTEREST alone. When i called and asked why my rate kept changing, the person on the phone said “because we can.” Sometimes my monthly payments ended up being $3000.
It unfortunately waited five years to refinance with SoFi so i could lock in a stable payment every month.
I’ve been paying at least $1100 per month for 13 years. I’ve been blessed with stable, high paying employment to be able to pay and not have to stress about it, but it’d be nice if this extended to everyone.
The system needs an overhaul.
“Who qualifies?” Not me but I still support this 100%, and hope to see legislation that addresses the underlying issues that cause this mess.
I worked through the pandemic and continued my payments and paid off my loan after working for several years as a teacher
I’m not benefiting from this and I don’t care. I am happy for those this is helping. This is amazing.
I got an email that my debt was cancelled because the school engaged in bad faith enrolling, the school also shutdown like 5+ years ago. I don’t see that included in this article, but the email seemed legit, will need to double check everything but seems like I got 40k debt waived plus possibility of refund of past payments.
Art institute of Pittsburgh for anyone curious
I have a friend who’s been dutifully paying their student loans… since 80s. Not even a four year degree, but their loan has been bought and sold and the interest rates continually raised. Hoping this brings them resolution.
Next step, cancel all student debt. But thank you President Biden for doing this much to end student debt. 👍