The Department of Homeland Security announced that the Biden administration leveraged sweeping executive power to waive 26 federal laws in South Texas.
The only thing that applies to me here is the new SAVE IDR plan. But hey, it still lowers my monthly payment a little bit AND let’s payments actually go to principal instead of just shaving off interest. It’s not nothing.
I would still like to see full debt relief, but I think that has to be a matter of legislation if I understand correctly. And I’ll take baby steps over nothing at all.
And its also fucking nothing. A drop in the bucket compared to the $10,000 promised to all. “Much supreme court” we know damn well there’s more he can do
… it’s literally not. You’re taking a single paragraph out of context. I’m assuming what you’re reading is:
The cancellations announced Wednesday come through three different existing debt relief programs that have been plagued with problems in the past. The White House is conducting what it calls “fixes” to a “broken student loan system."
They are also new cancellation through existing programs. They are not just administrative errors.
I’ll go ahead and paste the rest of the article’s text since apparently so many people are happy to vote without clicking.
Washington CNN —
The Biden administration has approved debt relief for an additional 125,000 student loan borrowers, totaling $9 billion in forgiveness, the White House said Wednesday.
The announcement comes just days after federal student loan payments restarted after a three-plus year pause.
Though the Supreme Court struck down President Joe Biden’s hallmark student loan forgiveness program, which promised up to $20,000 in debt relief for low- and middle-income borrowers, the administration has continued to find other ways to provide debt relief.
The cancellations announced Wednesday come through three different existing debt relief programs that have been plagued with problems in the past. The White House is conducting what it calls “fixes” to a “broken student loan system.”
An additional 53,000 borrowers will receive debt cancellation under the Public Service Loan Forgiveness program, which wipes away remaining student loan debt after qualifying public sector workers make 10 years’ worth of monthly payments.
Nearly 51,000 borrowers, who have been in repayment for at least 20 years, are getting relief thanks to a recount of their past payments. The administration has found that these borrowers already qualified for student loan forgiveness but were missing out because of past administrative errors.
And nearly 22,000 borrowers who have a total or permanent disability have now been approved for an automatic debt discharge through a data match with the Social Security Administration.
Biden, who made a campaign pledge to cancel some student loan debt, spoke about his administration’s recent efforts on Wednesday. His remarks were, in part, an effort by the White House to draw a contrast with the Republican-driven chaos on Capitol Hill, where Republican Rep. Kevin McCarthy was ousted as House speaker Tuesday.
“This kind of relief is life changing for individuals and their families, but it’s good for our economy as well. By freeing millions of Americans from the crushing burden of student debt, it means they can go and get their lives in order,” Biden said.
“They can think about buying a house, they can start a business, they can be starting a family. This matters, it matters to their daily lives,” he added.
A White House official said that the new discharges bring the total approved debt cancellation to $127 billion for nearly 3.6 million borrowers so far during Biden’s time in office.
“For years, millions of eligible borrowers were unable to access the student debt relief they qualified for, but that’s all changed thanks to President Biden and this administration’s relentless efforts to fix the broken student loan system,” Secretary of Education Miguel Cardona said in a statement.
He added that the announcement “builds on everything our administration has already done to protect students from unaffordable debt, make repayment more affordable, and ensure that investments in higher education pay off for students and working families.”
In this June 2019 photo, a student works in the library at Virginia Commonwealth University in Richmond, Virginia.
What happens if you don’t pay your student loans?
The Biden administration has also made efforts to make monthly student loan payments more affordable. This month, about 28 million borrowers will be required to make payments for the first time since accounts were frozen under the Trump administration to help people struggling financially due to the Covid-19 pandemic.
This summer, the administration launched a new repayment program that promises to lower bills for millions of borrowers. And a recently released Department of Education rule, which is set to take effect next year, aims to keep tuition at for-profit colleges and career programs in check.
The Biden administration is also pursuing another pathway to providing some student debt relief, but it’s not clear who would be eligible or how much debt would be canceled. Last week, the Department of Education said a potential new program could focus on certain groups of borrowers, like those who have seen their balances grow larger than what was originally borrowed despite making payments.
This pathway requires the Department of Education to undertake a formal rule-making process, which typically takes months or even years – and could still face legal challenges
An additional 53,000 borrowers will receive debt cancellation under the Public Service Loan Forgiveness program, which wipes away remaining student loan debt after qualifying public sector workers make 10 years’ worth of monthly payments.
Nearly 51,000 borrowers, who have been in repayment for at least 20 years, are getting relief thanks to a recount of their past payments. The administration has found that these borrowers already qualified for student loan forgiveness but were missing out because of past administrative errors.
And nearly 22,000 borrowers who have a total or permanent disability have now been approved for an automatic debt discharge through a data match with the Social Security Administration.
Who’s being smug? All I’ve done is throw your own words back at you. You’re just wrong. The people in the second paragraph are your “administrative errors.” The others are people being newly granted relief.
A far cry from the sweeping relief promised during the campaign, but also far from just correcting errors.
That is literally just them correcting admistrative errors not new relief
The only thing that applies to me here is the new SAVE IDR plan. But hey, it still lowers my monthly payment a little bit AND let’s payments actually go to principal instead of just shaving off interest. It’s not nothing.
I would still like to see full debt relief, but I think that has to be a matter of legislation if I understand correctly. And I’ll take baby steps over nothing at all.
Can’t find any mention of that. As far as we know this is new relief.
Its literally in the article you linked
And its also fucking nothing. A drop in the bucket compared to the $10,000 promised to all. “Much supreme court” we know damn well there’s more he can do
Like what? What can he do specifically? I’m curious
… it’s literally not. You’re taking a single paragraph out of context. I’m assuming what you’re reading is:
They are also new cancellation through existing programs. They are not just administrative errors.
I’ll go ahead and paste the rest of the article’s text since apparently so many people are happy to vote without clicking.
Washington CNN —
The Biden administration has approved debt relief for an additional 125,000 student loan borrowers, totaling $9 billion in forgiveness, the White House said Wednesday.
The announcement comes just days after federal student loan payments restarted after a three-plus year pause.
Though the Supreme Court struck down President Joe Biden’s hallmark student loan forgiveness program, which promised up to $20,000 in debt relief for low- and middle-income borrowers, the administration has continued to find other ways to provide debt relief.
The cancellations announced Wednesday come through three different existing debt relief programs that have been plagued with problems in the past. The White House is conducting what it calls “fixes” to a “broken student loan system.”
An additional 53,000 borrowers will receive debt cancellation under the Public Service Loan Forgiveness program, which wipes away remaining student loan debt after qualifying public sector workers make 10 years’ worth of monthly payments.
Nearly 51,000 borrowers, who have been in repayment for at least 20 years, are getting relief thanks to a recount of their past payments. The administration has found that these borrowers already qualified for student loan forgiveness but were missing out because of past administrative errors.
And nearly 22,000 borrowers who have a total or permanent disability have now been approved for an automatic debt discharge through a data match with the Social Security Administration.
Biden, who made a campaign pledge to cancel some student loan debt, spoke about his administration’s recent efforts on Wednesday. His remarks were, in part, an effort by the White House to draw a contrast with the Republican-driven chaos on Capitol Hill, where Republican Rep. Kevin McCarthy was ousted as House speaker Tuesday.
“This kind of relief is life changing for individuals and their families, but it’s good for our economy as well. By freeing millions of Americans from the crushing burden of student debt, it means they can go and get their lives in order,” Biden said.
“They can think about buying a house, they can start a business, they can be starting a family. This matters, it matters to their daily lives,” he added.
A White House official said that the new discharges bring the total approved debt cancellation to $127 billion for nearly 3.6 million borrowers so far during Biden’s time in office.
“For years, millions of eligible borrowers were unable to access the student debt relief they qualified for, but that’s all changed thanks to President Biden and this administration’s relentless efforts to fix the broken student loan system,” Secretary of Education Miguel Cardona said in a statement.
He added that the announcement “builds on everything our administration has already done to protect students from unaffordable debt, make repayment more affordable, and ensure that investments in higher education pay off for students and working families.” In this June 2019 photo, a student works in the library at Virginia Commonwealth University in Richmond, Virginia.
What happens if you don’t pay your student loans?
The Biden administration has also made efforts to make monthly student loan payments more affordable. This month, about 28 million borrowers will be required to make payments for the first time since accounts were frozen under the Trump administration to help people struggling financially due to the Covid-19 pandemic.
This summer, the administration launched a new repayment program that promises to lower bills for millions of borrowers. And a recently released Department of Education rule, which is set to take effect next year, aims to keep tuition at for-profit colleges and career programs in check.
The Biden administration is also pursuing another pathway to providing some student debt relief, but it’s not clear who would be eligible or how much debt would be canceled. Last week, the Department of Education said a potential new program could focus on certain groups of borrowers, like those who have seen their balances grow larger than what was originally borrowed despite making payments.
This pathway requires the Department of Education to undertake a formal rule-making process, which typically takes months or even years – and could still face legal challenges
Long drawn out process for one, “let’s just shove these 26 laws out of the way no biggie” for the other.
Did you read the article?
51,000 out of 125,000.
Did you?
Now read the beginning of the second and third paragraph
I dont mean this as a diss, but you shouldn’t be so smug when I have to hold your hand like this.
Who’s being smug? All I’ve done is throw your own words back at you. You’re just wrong. The people in the second paragraph are your “administrative errors.” The others are people being newly granted relief.
A far cry from the sweeping relief promised during the campaign, but also far from just correcting errors.
Neither of those programs are new? I dont know what makes you think Biden is doing something besides the framing .