2y ago

Biden to announce $9 billion more in student debt relief

www.reuters.com

U.S. President Joe Biden plans to announce on Wednesday that his administration has approved an additional $9 billion in student debt relief for 125,000 borrowers, the White House said.

Biden has said he will pursue new measures to provide student loan relief to Americans after the Supreme Court blocked his plan to cancel hundreds of billions of dollars in debt.

The president's announcement, planned for 1 p.m. EDT at the White House, will bring the total approved debt cancellation by the Biden administration to $127 billion for nearly 3.6 million Americans, the White House said.

155 comments

In 2020 I voted against Trump, in 2024 I'm voting for Biden.
- Is there someone better running for a change?
  
  How about just anyone under the age of 60
  Between 40 and 50 would be ideal.
  
  We need Bernard Sanders.
  
  There always has been but people are afraid to vote 3rd party because of the oligarchy's brainwashing
- I was approved for relief but thanks to fucking Supreme Court and weak as Biden I am forced to pay student loans. Fuck him. He should of canceled all the debt.
  
  How is it the result of “weak” Biden? How does a “stronger” president overrule the Supreme Court?
  
  And how is it Bidens fault the supreme court is corrupt?
  
  Terrible take. Biden was poised to cancel student loan debt, and the Supreme Court said no. You know how the branches of government work, right?
$9 billion for 125k borrowers is $72000 per borrower
Would be nice if they would vanish the 40k in loans I have that I've been paying on since the Obama years. I've paid in far beyond the total amount I ever borrowed, while the compound interest just added it all back over the years. Progress has been very slow for me to pay that off, started payments with about 50k loans, after being ballooned up from the original principal from several years of economic hardship forbearance where the interest still gets capitalized.
- You should look into the Income Driven Repayment plan: https://studentaid.gov/idr/
  It's one of the new major programs from the Department of Education and can help a lot with reducing repayments while eventually being eligible for full forgiveness.
  
  I filled out the application and both the payment and interest doubled for me, not sure where is the benefit here. Hell, maybe I lucked out with my 30 year loan
  
  That's nice for those who it can help, but I don't really need help making the payments. I'm just fed up with having to pay them at all since I've already paid back much more than I ever borrowed.
Just cap the interest rate, my man. That would solve the entire problem.
- Just cap the interest rate
  at zero. If the loan is risk free it shouldn't be profitable, to do anything else is to funnel public money into the banks.
  
  At 0% interest, no bank would offer loans, because it would literally just be them losing money managing loans they make nothing from.
- That requires legislation and we do not currently have a House that can even consider legislation
- Biden had a really good plan. Zero interest as long as you pay at least something, and the payment being as low as $1 with a sliding scale based on income.
  It's more fair than just forgiveness to people without loans since the debt isn't eliminated. I'm personally fine with eliminating the debt to have a more educated society, but a lot of people aren't, and that's a good middle ground.
According to a White House fact sheet, the new measures include:
$5.2 billion in additional debt relief for 53,000 borrowers under Public Service Loan Forgiveness programs
nearly $2.8 billion in new debt relief for nearly 51,000 borrowers through fixes to "income-driven repayment," which the White House says are borrowers who made 20 years or more of payments "but never got the relief they were entitled to."
And $1.2 billion for nearly 22,000 borrowers who have a disability who have been identified and approved for discharge through a data match with the Social Security Administration.
- This is what I was curious about. Thank you.
Finally a bailout that is for the people! You da man Biden!! Yeeyee!!
- At least not bailing out some huge corpos that short-term themselves to bankruptcy.
What a monster lol
The world's on fire.
cool, how about a living wage tho
- That’s not his job, that’s congress’s job. He can propose a bill, but wtf is the point when the house doesn’t even have a speaker and the current majority hasn’t brought a single bill to the floor for a vote.
- Fight to put a solid majority of Dems in Congress, and you’ll get that. President can’t constitutionally do that.
- I got fined by the city for violating the ordinance against having my trash bin sitting in the street. THANKS SLEEPY JOE!
  —You
  In case you weren't aware, the President isn't allowed to draft and ratify his own legislation.
- Choo choo!!!! It's a gravy train! Cuz gravy will be the most fancy thing you'll ever be able to afford again.
The standard debt relief stuff that every administration does as it is required by law, but doesn't bluster about. For example, one cannot just choose to not pay public service benefits as that is part of the deal those workers signed up for.
- No, the Trump administration repeatedly blocked loan forgiveness that was already in law. Betsy Devos had to be brought to court multiple times and sometimes ignored court orders to pay for years. I wouldn't trust a republican administration to even live up to the bare minimum of what's required by law.
  In addition to not fighting loan forgiveness laws already existing, the Biden administration has also broadened existing forgiveness rules to apply to more people people. They're also crafting a new rule to again try to do what the supreme court blocked in broader forgiveness under a different law that also grants the executive branch power to modify loans to try and get around the ruling.

155 comments