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.
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.
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)
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.
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.
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)