410
Biden says he is forgiving $5 billion in student debt for another 74,000 Americans
(www.cbsnews.com)
this post was submitted on 19 Jan 2024
410 points (96.2% liked)
News
22903 readers
5292 users here now
Welcome to the News community!
Rules:
1. Be civil
Attack the argument, not the person. No racism/sexism/bigotry. Good faith argumentation only. This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban.
2. All posts should contain a source (url) that is as reliable and unbiased as possible and must only contain one link.
Obvious right or left wing sources will be removed at the mods discretion. We have an actively updated blocklist, which you can see here: https://lemmy.world/post/2246130 if you feel like any website is missing, contact the mods. Supporting links can be added in comments or posted seperately but not to the post body.
3. No bots, spam or self-promotion.
Only approved bots, which follow the guidelines for bots set by the instance, are allowed.
4. Post titles should be the same as the article used as source.
Posts which titles don’t match the source won’t be removed, but the autoMod will notify you, and if your title misrepresents the original article, the post will be deleted. If the site changed their headline, the bot might still contact you, just ignore it, we won’t delete your post.
5. Only recent news is allowed.
Posts must be news from the most recent 30 days.
6. All posts must be news articles.
No opinion pieces, Listicles, editorials or celebrity gossip is allowed. All posts will be judged on a case-by-case basis.
7. No duplicate posts.
If a source you used was already posted by someone else, the autoMod will leave a message. Please remove your post if the autoMod is correct. If the post that matches your post is very old, we refer you to rule 5.
8. Misinformation is prohibited.
Misinformation / propaganda is strictly prohibited. Any comment or post containing or linking to misinformation will be removed. If you feel that your post has been removed in error, credible sources must be provided.
9. No link shorteners.
The auto mod will contact you if a link shortener is detected, please delete your post if they are right.
10. Don't copy entire article in your post body
For copyright reasons, you are not allowed to copy an entire article into your post body. This is an instance wide rule, that is strictly enforced in this community.
founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
Let's do all of it, and put in place a solution for all future student loans. They are robbing us blind right now, and costing future generations a chance at a debt free life.
He did do a lot more! I mentioned it in another comment a week ago, but look into what his save plan does. Lowers costs, lowers interest, increases forgiveness, etc. etc.
Save plan lowered my effective interest rate to around 2%. I'll still have to pay a lot over the next 20 years, and if the tax bomb is not removed it will be another 100,000. However my cash flow is much improved and how much I pay total has decreased drastically.
Still fighting with my student loan servicer to set me up on the plan correctly, but that is a different can of worms. The servicers need to have their contracts nullified for how terrible they have been.
Definitely better than a kick in the teeth, but it’s a shame the Supreme Court nixed the bigger loan forgiveness plan. I’m glad to see Biden is still trying to live up to his promise as much as he can given the obstructionist Congress and Supreme Court.
Here in Australia, our student loans are given and managed by the Australian Tax Office, and while they technically don’t accrue interest they are “indexed” according to inflation (CPI specifically) once per year, every year. Our repayments just come out of or income like regular income taxes - that means that the repayments are tax-deductible too. We usually get indexed around 2-3% per year but last year it was almost 8% which hit really hard. Most degrees also fall under the Higher Education Commonwealth Support (HECS) program which drastically reduces their total cost too.
Yeah, but that's progressive...
We keep electing democrats that think fixing something at once would be too disruptive.
So they stretch the smallest amount of progress as long as they can, even if that doesn't make up for damage Republicans do.
Its been like 80 years since moderate Dems told FDR that it was too soon for universal healthcare and Americans had to wait a few more years to make sure it's a good idea.
And they're still fucking saying they need to look into it more. It'll never be time. Student Debt relief shows every indication that it's going to be the same thing.
I’m not sure why this comment is so controversial. It’s exactly what’s happening. We’ve been talking about this now for forever and almost nothing is happening. It’s wonderful that 74,000 people get some relief but that’s a drop in the ocean. I want it badly but I’ve almost accepted the fact that it’s probably not going to happen.
Lots of moderates want to keep copying the Republican party, even the part where no one is allowed to question any politician who has the right letter next to their name.
They think it's better to live with the problems and not talk about them let alone solve them.
Which is pretty much the whole problem.
You're allowed to ask questions. You just don't like the answers.
In this case, the answer is that debt forgiveness is happening, but you weren't paying attention.
There's 1.77 trillion in student loan debt...
https://www.usatoday.com/money/blueprint/student-loans/average-student-loan-debt-statistics/
Do you think enough is being done?
Especially when every year a shit ton of students enter college into the same shit show?
I couldn't find a source for how much total Biden has forgiven, but I'd be shocked if the percentage doesn't start with a decimal point.
Before you can forgive $1.77 trillion, you need to forgive $136 billion.
80 years ago moderates said before we could all have universal healthcare, we should settle for orphans, widows, and those with disabilities.
And that in a few years we might get it for everyone else after they looked into it.
Couple generations later and moderates are still saying they're looking into it...
Why do you think Student Loan debt will be different?
Medicare covers everyone over 65, not just orphans, widows, and people with disabilities.
The reason we didn't have universal health care 80 years ago is that it wasn't popular 80 years ago. Even today, support for single payer is shaky, depending on the details.
Yeah, ok...
People kept voting FDR into office so often we had to put a limit on how many times a person could be president because his main campaign issue was unpopular....
Medicare was popular because it was specifically aimed at retired people.
It also did not pass under FDR. In fact, FDR thought health care was too controversial to include in his Social Security proposal.
Medicare had to wait until 1965, when it was signed by Lyndon Johnson.
74,000 in addition to the 3.4 million people who already had student loans forgiven. That's not nothing.
This may be a shock to you, but there are other branches of government in the US. One of which is not elected and that's the one that recently struck down Biden's HEROS plan that would have eliminated $460B in student loan debt.
https://www.ncsl.org/state-legislatures-news/details/supreme-court-strikes-down-student-loan-forgiveness-program
Good thing we elected a career politician who said his decades of Senate experience meant he could get Republicans in the Senate and house to vote for progressive legislation...
Oh, that's right...
I forgot Dems had the Senate, House, and presidency for 2 years....
But that highly experienced career politician told us trying to change even a single politicians mind (even if they were in his own party) was an impossible task so he wouldn't even try.
Welp, at least we're not running him again since the whole reason he said he was the man for the job turned out to be something he was lying about...
That would seem like a terrible plan
He said he could work with Republicans to get bipartisan legislation passed. And he has, including the Electoral Count Reform Act.
In addition to bipartisan legislation he has also passed progressive legislation, but as everyone expected that was along party lines.