this post was submitted on 21 Feb 2024
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347
Biden administration cancels student loans of more than 150,000 borrowers under new plan (www.nbcnews.com)
submitted 8 months ago by LopensLeftArm@sh.itjust.works to c/news@lemmy.world
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[–] givesomefucks@lemmy.world 44 points 8 months ago* (last edited 8 months ago) (3 children)

A borrower can qualify for the forgiveness if they're enrolled in the administration’s Saving on a Valuable Education (SAVE) repayment plan and "have been making at least 10 years of payments, and have originally taken out $12,000 or less for college," a White House fact sheet said. It also said that "for every $1,000 borrowed above $12,000, a borrower can receive forgiveness after an additional year of payments."

As an example, the fact sheet said, "a borrower enrolled in SAVE who took out $14,000 or less in federal loans to earn an associate’s degree in biotechnology would receive full debt relief starting this week if they have been in repayment for 12 years."

Better than nothing.

There's 10 of millions of Americans struggling with it, for a total over $1.77 trillion. $1.2 Billion only sounds like a lot till you realize it's not even a rounding error in the total amount.

[–] mosiacmango@lemm.ee 32 points 8 months ago* (last edited 8 months ago) (5 children)

This 1.2 billion follows up on 130 billion his admin has already forgiven, the highest amount of student debt forgiven by any admin ever. Its also slowly moving toward the 400 billion his admin tried to forgive enmass with the 10k/20k plan that the supreme court shot down.

Turns out he still hasent stopped trying to get student debt forgiveness done, even with an extremely hostile court ignoring what the law says he can do.

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[–] Trainguyrom@reddthat.com 1 points 8 months ago

I think the bigger part is how it reduces payments and covers any interest that would otherwise go unpaid. For example, I went back to college and just graduated with an associates degree last year with $8k in student loans. My income for my family size may well land me at $0 payments. If my income never increases noticably I would pay $0 for a decade then have no student loan debt. If my income increases I may have to start making payments but most importantly, my balance will not grow due to unpaid interest and will be forgiven after a decade. This is a significant improvement over the $80/mo I would be paying on my student loans before this legislation (but obviously several steps back from the full waiver I would have received as a Pell Grant recipient)

[–] SeaJ@lemm.ee 1 points 8 months ago

This is only a small portion of the forgiveness the administration has done. They were not able to do it all at once so they are chipping away where they can.

[–] homesweethomeMrL@lemmy.world 40 points 8 months ago

Biden administration: Gives people what they want

Corporate news: runs photo of angry people protesting

Cheers, corporate news, your repbuliQan masters are less angry with you for a few minutes.

[–] doggle@lemmy.dbzer0.com 26 points 8 months ago (2 children)

For borrowers with debt <= $12,000, who have been making payments for at least 10 yrs and are enrolled in SAVE plan, if you're curious if you're affected.

[–] Buffaloaf@lemmy.world 9 points 8 months ago (1 children)

Seems like a pretty narrow field, but at least it's something.

[–] SeaJ@lemm.ee 9 points 8 months ago* (last edited 8 months ago) (1 children)

He's been chipping away to make good on his campaign promise since doing it in one big go was shot down. The effect will be similar overall but each time it is going to be narrow shit like this. Overall it has been more than $130 billion forgiven.

[–] UnderpantsWeevil@lemmy.world 3 points 8 months ago* (last edited 8 months ago)

Crazy that earning north of $67k/year qualifies you as "high income".

Should also be noted that an enormous part of that $138B is

Fixing the Public Service Loan Forgiveness program so that borrowers who go into public service get the debt relief they’re entitled to under the law. Before President Biden took office, only 7,000 people ever received debt relief through PSLF. After fixing the program, the Biden-Harris Administration has now cancelled student loan debt for nearly 800,000 public service workers.

Cancelling student loan debt for more than 930,000 borrowers who have been in repayment for over 20 years but never got the relief they earned because of administrative failures with Income-Driven Repayment Plans.

Which was debt relief already provided for under prior administrations that the Trump admin simply ratfvcked during his term in office. This isn't new money and it isn't even "forgiveness" in a broad sense. These are loans that have already been paid back to their face value and are persisting entirely due to the high interest rates preventing lenders from hitting the principle.

[–] UnderpantsWeevil@lemmy.world 4 points 8 months ago

Might also be worth noting that the $1B in debt relief comes out of a federal student debt pool of $1.6T

[–] sugarfree@lemmy.world 11 points 8 months ago (36 children)

Now to hold up their end of the bargain, all of the borrowers must vote for him.

[–] LopensLeftArm@sh.itjust.works 26 points 8 months ago

If they had two brain cells to rub together, they already would.

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[–] kinther@lemmy.world 6 points 8 months ago (1 children)

Pulling an old meme out of the hat

Thanks Biden

But seriously given all the people fighting him to NOT do this, as well as people actively shitting on him for not doing enough, this is great. Don't let good be the enemy of perfect, people.

[–] HardNut@lemmy.world 1 points 8 months ago (5 children)

Has anyone ever told you why they think it's a bad idea to cancel debt that wasn't just about unfairness that other people get stuff? Because honestly, I hear that argument straw manned on the left way more often than I hear it used on the right, and I feel that those who support this decision and condescend on those who don't haven't actually heard the more legitimate concerns with it.

Simply put, this - in my opinion and most economists - is a horribly irresponsible economic decision that will genuinely cause real problems. If you're interested in hearing why, I'd love to explain my stance from it, as long as you know that it comes from a place of genuine concern for everyone including students with debt

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