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Biden administration cancels student loans of more than 150,000 borrowers under new plan
(www.nbcnews.com)
this post was submitted on 21 Feb 2024
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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.
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)
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.
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.
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.
It also doesn't cover certain student loans.
I have loans from the early 2000's via Navient. Because the "loans" were structured differently in 2000 or whatever, none of the "plans" that will wipe away any of the rest of my debt apply to me. So, no matter what, I'm stuck paying the rest of it, because somehow "these loans are just different."
It's a load of fucking bollocks. I'm broke as shit and I don't have money to be pissing away on these old loans that are 90% paid off. I would have technically had loan discharge from nearly all the things he's done to discharge student loan debt, but SOMEHOW not a single one has applied to my loans, and everyone I have talked to tells me "Welp, too bad for you."
Yeah, but that means you're gen x...
If you haven't noticed, Biden is just throwing crumbs to demographics he's doing terrible with. Hell, as soon as this was posted someone commented that now everyone who got it has to vote for Biden.
It's why there's nationwide problems with infrastructure like internet and safe water, but Biden is just trying to help a few red states he has a chance of winning. Everyone else can fuck off.
Biden is doing terrible with millennials, so he's going to keep tossing crumbs hoping it will buy votes in November. His campaign thinks people wont expect him to give up as soon as the election is over.
It's the neoliberals life cycle. The only time shit gets done is the last year of the first term.
Technically, I'm a millennial, but I get what you're saying.