Biden administration canceling student loans for another 160,000 borrowers
Biden administration canceling student loans for another 160,000 borrowers
The Education Department announced the latest round of cancellation on Wednesday, saying it will erase $7.7 billion in federal student loans.
The Biden administration is canceling student loans for another 160,000 borrowers through a combination of existing programs.
The Education Department announced the latest round of cancellation on Wednesday, saying it will erase $7.7 billion in federal student loans. With the latest action, the administration said it has canceled $167 billion in student debt for nearly 5 million Americans through several programs.
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The latest relief will go to borrowers in three categories who hit certain milestones that make them eligible for cancellation. It will go to 54,000 borrowers who are enrolled in Biden’s new income-driven repayment plan, along with 39,000 enrolled in earlier income-driven plans, and about 67,000 who are eligible through the Public Service Loan Forgiveness program.
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Baby grinder owner pauses the baby grinder machine for a few minutes
*round of applause*
Oh look, another "We're not doing enough" doomsayer dismissing good news because no one else is allowed to celebrate positive things.
The baby grinding machine stopped for a minute and you're NOT celebrating?!
Also you realize this isn’t Biden and the dems being nice right? These were terms of the repayment program that the borrowers agreed to with the gov’t—these programs were launched years ago in order to stave off a tidal wave of defaulted loans (which thanks in part to our man Biden, cannot be expunged via bankruptcy) and they were structured so that if you met the criteria, and paid every month, you’d have the remaining balance forgiven after the agreed upon period of time. Sure, they could have tried to not honor their side of that contract, but that would open up exposure to potential lawsuits. So basically this is the gov’t meeting its agreed obligation, ie doing what they were supposed to do, as opposed to some benevolent gift. Also in many cases, these cancelled balances are treated as taxable income, so the people receiving them may get fucked next April by a substantial jump in their tax rate depending on the balance.