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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.
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.
Seems like a pretty narrow field, but at least it's something.
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.
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.
Might also be worth noting that the $1B in debt relief comes out of a federal student debt pool of $1.6T
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.
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.
the highest amount of student debt forgiven by any admin ever.
You act like this is a problem that's been around a long time without getting drastically worse and that I flatiron isn't a thing...
We get crumbs right before an election, and that's better than nothing.
But don't try to pretend it's enough to make a difference.
Even if I take the 130 billion at face value, the total is over 1,770 billion.
This is the same thing that happened with Universal healthcare 80 years ago. And guess what?
It still hasn't expanded to everyone yet.
This isn't an action right before an elction. The 130 billion has been over the course of the admin. If not for the supreme court, total forgiveness would have been over 530 billion, or roughly 30% of that total. As is, its roughly 7%.
7% doesnt seem like much, but its about 7% more forgiven then any admin ever. No other admin comes even close to 1% of that total. Biden has forgiven at least 7x times as much student debt as Obama, and infinity more than any Republican.
Trump's admin blocked forgiveness almost totally, only allows a few dozen people at all, and refusing to process other people that qualified. The previous president literally refused earned forgiveness under much more stringent rules, and now we have Biden going harder than any other president ever by leaps and bounds and youre mad about it.
This skips all the huge improvements in loan repayment too, including 0% interest if you make monthly payments, doubling the amount of income people need before payments go above $0/month from 15k to 32k, allowing delinquent borrows to true up scot free, on and on. They have done tons of positive things for student loans, but because it wasn't everything, apprently it wasent enough for you.
You wanted $100 from previous admins and got $0. Biden tried to give you $30 before being blocked by political hacks, and has actually managed to give you $7 so far, but youre still pissed its not the whole $100. Okay then.
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.
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.
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
Now to hold up their end of the bargain, all of the borrowers must vote for him.
If they had two brain cells to rub together, they already would.
Yes, continuing the tradition of Citizens United, and making a vote a raw monetary transaction.
Forget the union busting and the genocide everyone! This one certainly isn't going to be struck down by the Supreme Court too!
Written like only a fool would. Sheesh, your other option sure is much better on breaks for the little guy and that whole Arab/ME file. FFS Americans are brain dead.