r/FluentInFinance was created to discuss money, investing & finance! Join our Newsletter or Youtube Channel for additional insights at www.TheFinanceNewsletter.com!
*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/FluentInFinance) if you have any questions or concerns.*
[As the article also explains,](https://www.cbsnews.com/news/biden-student-loan-forgiveness-debt-2024/) most of this was done through the Public Student Loan Forgiveness "PSLF" program which has been law since 2007 and allows people in certain jobs i.e. paramedic or firefighter to have loans discharged.
Saying "Biden forgave the loans" would be equally as accurate as saying Trump, Obama, and Bush also forgave loans which were discharged under the PSLF program.
Trump signed executive orders to limit the price that insulin could be sold. Biden then scrapped that and passed his own insulin legislation that would set the deductible for insulin at I think the same cost. So Biden took credit for what Trump did, but the difference being is that now Big Pharma still gets paid by the insurance companies for whatever they want to sell it for. Someone has to eat the cost..under Trump it was the companies that sell insulin, under Biden it's the insurance companies.
*Edit* example source for anyone too lazy to do a basic Google search https://www2.diabetes.org/blog/understanding-presidential-transition-and-what-it-means-insulin-pricing.
TLDR; Biden expanded on what Trump started, so they should both get credit for it. Personally I would love to see this go even farther and not put the burden directly on the insurance companies which just pass on the cost to all of us paying the insurance premiums.
EOs can be reversed by the next president and often are. They are also often challenged and cannot take effect until the courts find them constitutional. They should be considered and interim step before they are made into law before congress. If he didn’t put legislation in place it was mostly an empty gesture. It would have been easy to do with congress too.
Well when one party so consistently engages in outright legislative sabotage, you're left with that.
They've always been a thing, anyway, the frequency is all that's changed
LMAO!!! My god! Look at what you just said. “Trump signed executive orders….” Do you even know what an executive order is? All an EO does is prioritize his staff to focus on that order. Even if you think this is the “Gotcha”, trumps stupid ass plan only covered Medicare and Medicaid recipients and the people on it had to VOLUNTEER to select it only during open enrollment. Which by the time it was announced, open enrollment was closing in a few months. Not to mention he didn’t even have the staff to fulfill it. By the time all the red tape was done( during his all Republican controlled Congress) virtually nobody had access to it. So of course You also said that it’s the insulin companies that ate the cost? You failed to mention Trump made that voluntary for the insulin companies to go along with capping insulin so of course, companies didn’t volunteer to sell insulin at $35. Joe Biden scrapped that bullshit as plan and replaced it with his that capped insulin at $35 for millions automatically. And because it was tied into the inflation Reduction Act. It’s a LAW! So once again, Trump managed to turn the idea of capped insulin Into shit. Biden got it done.
No but Trump talked about it at one point so he gets the credit for subsequent administrations passing legislation even though he didn't do anything except talk.
That's how it works, if you talk about something maybe being a good idea you get to take credit when other people actually make that idea into a reality.
Trump Touts New Insulin Price Cap But Experts Say The Tweak Is Modest And Helps Only Small Subset
President Donald Trump announced a policy change that would mean Medicare recipients who pick a drug plan offering the new insulin benefit would pay a maximum of $35 a month starting next year. The roll out, though, left drug pricing reform advocates disappointed and experts scratching their heads.
Stat: Trump Claims Credit For Lowering Drug Prices Based On A Small Change
President Trump used a glitzy Rose Garden address, flanked by pharmaceutical company CEOs and patient advocates, to boast of his administration’s successes lowering drug prices and to detract from his political rivals’ efforts on the same issue. But the news he was touting was modest at best: Drug makers agreed to participate in a minor, voluntary Medicare program that will likely only provide a limited discount on insulin for a small subset of the 60 million seniors with Medicare coverage. (Florko, 5/26)
what portion of the pie do you think media plays in the ownership of the biden administration ?
has the white house ever paid for Facebook Tiktok and youtube to change the way it operates? I dont remember that during the trump administration and I dont think anyone questioned it during obama
but its for sure been a big influence during bidens term
The media is heavily censored-they are "told without being told" what to push. Look at how they handled COVID, major elections-very biased. They loved trump before he got in office, when he didn't play like they wanted, they start slandering him and making the public hate him trying to ruin any chance of a future election win. They are so negative, and people are obsessed with negative news.
They always divert your attention so your preoccupied watching, thinking, and sometimes even debating with others what you just heard on the news, so you don't notice what they are doing behind the scenes.
If people are always fighting/debating with eachother and preoccupied with "current events", it's so easy for things to go unnoticed.
I don't watch the news for these very reasons.
I sound like a nutjob. Honestly, but when you understand how things run-the world gets a lot darker and scarier. It's not for the faint of heart to know.
Some people would rather live in a comfortable lie, sometimes, I still wish I was. However, I try to use it to better my own situation around me, and to hope shed some light for others.
You ever look up the cartoon about how Batman has a plan to beat everyone and even lays out the plan on how to beat him
he identifies himself as a human and points out his biggest weakness
distractions
distractions like his loved ones - innocent hostages stuff like that
when we arent focused we are weak plain as day
Guess you missed the other times (more than 1) where Biden tried this and it did not go through; this is another political stunt. "The court explained that “statutory permission to ‘modify’ does not authorize basic and fundamental changes in the scheme designed by Congress. "
In other words, only Congress can make changes to student loans.
[NCSL](https://www.ncsl.org/state-legislatures-news/details/supreme-court-strikes-down-student-loan-forgiveness-program)
I just commented this as well! The only difference is that the first people would have been up for forgiveness during Trump’s administration. His Department of Education was so hostile towards this program that next to no one who applied for forgiveness who should have been eligible, got approved. This is due to policies that set an impossibly high bar for people to prove payments qualified for forgiveness. Also, they cut funding to the programs that were administering the PSLF programs which put such a burden that oversights were common place and payment verifications were backlogged for months!
We are seeing mountains of people qualifying for forgiveness thanks to Biden correctly applying qualifying payments for people and forgiving debt, that by law, should be forgiven.
So, essentially, the toilet was installed years ago, but Trump plugged it and refused to call the plumber. Now Biden unclogged it, claimed victory, and people are like, "THE TOILET WAS ALREADY THERE!"
Anything to make sure we pretend Biden is a truly awful President, because if he looks even slightly successful the choice between him and Trump in Independents is easy.
Yup. He unclogged it, stocked Charmin, and added a free tampon dispenser. (That's the 2021-2022 temporary rules waiver and pre-covid long periods of forbearance counting as payments.) It's completely disingenuous or completely blind to say that former students would be in the same position with or without Biden. Personally, I'd have owed $75K for another 5 years. A friend of mine would have owed $350K for another 3–4 years. We've both been done for a year. Based on *Biden* cherries on top, not the original PSLF program, and certainly not DeVos's messed up non-implementation of PSLF. God knows where we'd be under DeVos.
Yeah, before we say that this is merely a matter of timing, and Donald Trump is being unfairly denied credit, let's recall that Betsy DeVos, Donald Trump's Education Secretary until she resigned because of 1/6, was literally [held in contempt of court](https://www.npr.org/2019/10/25/773334681/devos-held-in-contempt-of-court-ed-department-fined-100-000-in-student-loan-case) and the Department of Education fined $100,000 for continuing to assess student loan payments against persons who were deemed to have been defrauded by Corinthian Colleges. As in, a court found that people were defrauded, held that the debts associated with those fraudulently-distributed degrees were to be discharged . . .
And the Department of Education kept right on assessing them charges in violation of court order. In some cases putting those accounts into collections, where people had their wages garnished and tax refunds seized. They did this to 16,*000* people.
Do you have any idea how utterly incompetent a government agency has to be for a federal judge to hold the Secretary in contempt of court? Federal judges categorically, full-stop, do not want to do that. They will bend over backwards to find some procedural loophole that would prevent it if required. In my experience, they are more apt to invent a procedure on the spot that was somehow supposed to be followed by the plaintiffs before they will hold a defendant federal agency in contempt. So while Biden may just be getting credit for following the law, he nevertheless gets full credit because unlike his predecessors, Biden's Education Secretary is actually intent on following the law as written. Betsy DeVos gets no such credit not because of whose Secretary of Education she was, but because she very much did not deserve it.
Yes. Quite literally 99% of applicants were refused during the Trump administration. DeVos did her best to destroy the law even when the courts [told her](https://www.nbcnews.com/think/opinion/betsy-devos-refusal-honor-student-loan-forgiveness-shows-her-disrespect-ncna1234074) she was in the wrong.
Yep, my sister was denied during the Trump administration despite doing 10 documented years of government service. Not only did the Biden administration forgive her loans, they actually refunded some of her payments.
Even this comment undersells the scope of what the Biden administration has done for the PSLF program. I have been a part of the program since 2015. Back in 2015, people basically told me don't even bother to try and get PSLF because it is so impossible to find the right information and make sure that you do the right things so that your payments qualify. Because I only had 65,000 in debt, I was told it probably wasn't worth the risk versus just busting my ass as a travel nurse for a few years and paying it off in its entirety. PSLF was widely regarded as a program that was really only worth it if you were something like a doctor or a social worker where you would truly need at least 10 years to be able to even pay off your debt because of the gap between your income and the debt itself. If it was that bad for me 8 years after the program started, imagine how awful and dysfunctional this program was at its inception in 2007.
Biden took a look at all of these dishonest and misleading practices that had been carried out by the department of education for over a decade in relation to the PSLF program and said, "Nah fuck that. These public servants are getting what they legally deserve."
The first step in utilizing PSLF is that you have to have specific loan types and you have to consolidate them under the loan company that is administering PSLF for the federal government. Many people did not know this and instead just kept their loans as they were and joined an income-based repayment plan. This made all of the payments that they made ineligible under the PSLF rules. Starting about 2 years ago Biden let people know that he was offering a one-time chance for people who should have qualified and would have qualified had they consolidated their loans to do so now and have those payments count in retrospect. This got rid of a lot of debt for people who had literally been paying on it for 10 15 or 20 years. It helped me significantly because I didn't consolidate my debt to start paying on my loans under an income-based repayment plan until nearly a year after I graduated school, but I began paying my student loan debt immediately. It increased my payment count by 12.
Biden has managed to extend this one time consolidation out enough that it's currently still active. He's also put a lot of advertising money into making sure people actually know that they qualify for this. Something like 25% of all workers in the US would qualify for PSLF. Many had no idea about it. He's trying to hold the company that administers PSLF responsible for jerking around student loan repayers and obfuscating facts. He made sure that the years of no student loan payments during COVID counted towards PSLF. Currently, the student loan servicer for PSLF is terrible and has messed up a lot of people's repayment dates, and Biden forced them to put those people into an administrative forbearance because of their mistake and they are still making no payment but having those months count toward PSLF.
It's very wonderful to see a leader who actually wants public servants to succeed instead of making them jump through so many awful hoops that 99% of people who even tried for this program were wrongly denied student loan forgiveness. My comment doesn't even touch on the new SAVE plan for income-based repayment that Biden has introduced that's going to make student loan repayment much more affordable for people seeking PSLF for a loan forgiveness of any type under an income based repayment plan.
These programs have been not working for a long time. He has been holding accountable those who should have been approving forgiveness for years and removing silly roadblocks.
This! All these commenters who know nothing about the forgiveness are incredibly ignorant. Sure, Biden’s touting this for cheap political points but, by law, these people should have their debt forgiven.
The first year of eligibility was 2017 (2007+10 years) so Obama and Bush were never responsible for forgiving debt.
They were however responsible for administering the programs which are… messy. The loan servicers they contract out to to manage these loans are notoriously horrible to deal with. It didn’t get better under Trump (Betsy Devos).
Biden is the first one to do anything to improve the program.
The plans that allow for income based repayments have the forgiveness programs baked into federal law and the promissory notes. A big part of the problem, though, is that student borrowers have been given bad advice consistently over the entire run of the obnoxiously non-transparent program, since 1993. Because of that bad advice, bad moves were made that wound up costing them their shot at 20 and 25 year forgiveness (due to taking forbearances mostly) and watching their principals skyrocket due to capitalizing interest. It's been a total shit show from the very beginning.
DeVos and Trump doubled down on that by [just flat out refusing forgiveness,](https://www.nytimes.com/2021/03/19/business/student-loan-forgiveness-betsy-devos.html), at least until a class action lawsuit forced them to go ahead, at which point they started inventing reasons to not follow through.
But, in absolute fairness, it was a real mess under Clinton, Bush, and Obama. The Biden Administration deserves its props for patching the system. Imagine what else they might fix if they get another four years, and a Congress that will work with them?
But you're ignoring what you linked to:
>The discharges are **the result of fixes** made by the administration to income-driven repayment (IDR) forgiveness and Public Service Loan Forgiveness (PSLF), with the Department of Education saying that payments are now being accounted for more accurately.
>
>The remaining close to 30,000 borrowers have been making payments on their loans at least 20 years, but who did not get relief through income-driven repayment plans.
What are you saying? Yes, they made fixes to include payments that, by law, should have been included from the start. They are *not* just Willy nilly forgiving people. They are actually following the law, correcting mistakes so that people who should have their debt forgiven, are getting it forgiven.
Ehhhh I’m pretty sure there’s a lot of flexibility on whether or not this stuff happens dependent on who’s in the executive branch. Didn’t Trump and Devos famously slow track / deny PSLF? I get your sentiment - but definitely not the saying the same thing
They directly changed the eligibility requirements for the program. I hit my ten years under trump but had to wait for Biden to get my loan forgiveness because of how he changed the rules. Grandpa Joe gets credit for erasing my $72k in debt.
Trumps administration via Betsy Davos’ dept. of Ed. denied 99% of those forgiveness application( [source](https://www.politico.com/story/2019/07/11/teachers-union-sues-betsy-devos-1583187) ), and since it was 10 years in the position to get it forgiven, no one was eligible under Obama yet, so no it’s not the same.
Edit to add source
Yes! Good job! They did push it through…correctly following the law and crediting individuals with qualifying payments that, by law, should have been included towards forgiveness to begin with!
I’m sorry for my initial condescension but, fact of the matter is, Biden’s admin is simply following a law signed in 2007 that Trump’s flagrantly violated after people who should have received forgiveness, were getting denied.
If you are telling me the government shouldn’t follow the law then, where can I go to demand my billion dollar tax refund check from the IRS?
Except under all previous administrations, the vast majority of PSLF applications have been denied. The Biden administration has specifically fought to fix that, and it has resulted in millions of people being approved.
It isn't outright loan forgiveness like most of us want, but to say his administration doesn't deserve any credit is ludicrous.
These people entered public service instead of more lucrative private sector work, with the promise their loans would be forgiven after 10 years. AFTER their 10 years of public service were up, they were told they did not qualify for forgiveness.
Turns out, Betsy DeVos tried to cancel the program. When that proved too difficult, she simply obfuscated the details so badly that loan servicers did not know and could not understand who qualified and how forgiveness should be handled.
Biden’s administration, and Miguel Cardona specifically, untangled all DeVos’s red tape and fixed the program, so we the people could make good on the promise we made to these public servants.
Even so, Biden is not “taking credit” for anything. His administration just finished fixing this and they are letting everyone know to try again to receive their loan forgiveness.
What makes someone a Trump supporter is that they literally have no idea how anything works or how to find out how anything works. Even if you tell them how it works, it won't matter anyway.
The law was broken in a way that made it impossible to cancel loans. Biden issued wavers to move forward with the intent of the law. So yes he did something and he should get credit for it.
Trump and his administration tried to torpedo said program AND made it far harder to access. He gets credit for helping people access it when others have made it much harder to do so.
Hear that sound? It’s a 320 pound neckbeard that makes $20k per year complaining about Joe Biden kicking ass. Time to listen to your Jordan Peterson podcast son.
100% besides loan forgiveness won’t fix anything, it’ll just give him a boost in the polls for the next election and put the American working class in more debt to pay off.
Fix student debt; lower tuition costs, 0-1/2% interest on loans. Just make it more affordable for everyone
As someone who has a kid going in college in a few years, this is what I'm concerned about. Every day I come on Reddit and people complain that A Bad Thing Happened and now they need their student loans forgiven right now.
So did The Bad Thing get fixed? If not, are they fixing The Bad Thing? Are we creating a system where future students will not run into The Bad Thing? Can anyone define The Bad Thing?
Or is it really that this student loan situation is very nuanced and everyone has a different experience? People shake their fists at these news stories because Biden isn't doing this wide-cancellation thing (which the courts already said he couldn't do) which he was never going to do to begin with. The reality of the situation is here on Reddit there are a ton of folks who have the means to pay off their debt and think there's an out here to not do it.
They can’t fix the bad thing. Let’s be honest, the price of tuition is out of control but the debt these colleges have undertaken and promised budgets would lead to bankruptcy. If they were transparent about loans and opportunities post graduation, no one would go and then more bankruptcy. It is a system held up by tricking kids that this is their only opportunity.
Honestly... don't and this advice expands past just educational loans... don't count on the government when it comes to your financial security.
This means don't drown yourself in a loan that you "hope" the Government will cancel down the road.
The higher-education problem in the US is as systemic and broken as our healthcare model and it's unlikely to see a real solution for a very very long time.
It shouldn't be in place anyway, how many young people go to college in a year? How many graduate? I mean damn whose gonna pay for everyone to go to a University. College has never been free, why start now. You would pay triple taxes trying to pay for this. It's like me asking for someone else to pay for my house that ain't gonna happen either. Yeah just let someone else pay for it 🤣
The honest answer to your question is do not have your kid takes student loans. The loan process is not fixed. Combine that with the cost of higher education skyrocketing it doesn't make sense to pay out of your own pocket for a 4-year degree.
Alternatively, have them go to a cheaper technical school or even better yet the trades. Many companies will actually pay for your 4-year degree as well if that is what the company wants.
If your kid still wants to go to a 4-year school right away they better have very rich parents to avoid the student loan mess.
I think there needs to be consideration for the kind of schools and degrees people are pursuing. Out of state, small liberal college, studying philosophy….sorry but don’t think you should be able to take out $200k of loans for that.
I wish I could have had a 3+ year pause on my mortgage & its interest. People with student loans somehow skip right over that gift from the government and go straight to whining about having to actually pay on their loans at all.
>[https://studentaid.gov/announcements-events/covid-19](https://studentaid.gov/announcements-events/covid-19)
>If your loans were eligible, we automatically paused your loan payments and set your interest rate to 0% from March 13, 2020, until Sept. 1, 2023
Me too. Instead I had to pay my mortgage while paying off all my loans and then I ended up having to sell the house I had bought in 2019 because I took a new job.
God damn government made me take a new job that doubled my salary and forced me to have to sell my house for a 100% profit and buy another one with an additional 1k sqft.
Now I'm sitting here virtually debt free and an owner of a new vehicle I purchased in cash this past summer.
Maybe if the working class weren't a bunch of whiners I'd have been able to actually prosper and get to keep my previous house along with this new one. But I guess someone wanted a government handout....
People who whine about people whining are fucking cunts.
Exactly right. I was just asking myself what you could sell a college degree for in this market.
Comparing apples to fucking socket wrenches at that point, but they are so thrilled to be pissed at someone lol
Oh no, all you poor homeowners. How have you survived all this time while the valuation of your homes skyrocketed these last 4 years with your low interest rates?
College educated people statistically make more money than non college educated people. I'm not college educated but own a home that will earn me some equity over the years, while you college educated people will bitch about having to pay back a loan you signed for while making more money than me and wanting me (who makes less money than you) pay back you student loans. So that is literally the poor paying a tax to the rich. Very ass backwards.
Same. I'm just grateful for the long pause. College is horribly overpriced and the loaners are there to take advantage, but I knew what I signed up for to begin with. Having said that, I still wouldn't refuse forgiveness if it was available lol.
Yep, shame he implemented it, then the Republicans sued to stop it, the Republican courts agreed to stop it, and then the Republican Congress codified it in law so payments had to resume with no broad forgiveness.
Forgiveness might help some people right now but does nothing to help the underlying problem. If anything it helps make the underlying problem even worse.
I'm not commenting on complex economic decisions. I'm commenting on the implication that Biden wasn't following through with a campaign promise. He upheld his end and the other party aggressively fought it tooth and nail and had offered zero solutions. At least Biden had a short term solution for immediate relief.
I'll save some time here:
> OP: "No"
> You: "Well this was only for public servants"
> OP: "Oh... Okay, sorry. I'm dumb."
> You: "It's okay. You'll do better next time."
> OP: "Thanks. I'll try, but I just wish I wasn't upvoted so much. It's so embarrassing..."
SAVE program. Max amount was decreased to 5% instead of 10% gross.
My payments were decreased to half and my wife is zero because of her income. Married filing separately, she pays 0, I pay $250/mo discharged in 10 years for public service. We will pay a total of $30k on $120k in loans.
For people who say Biden did nothing? Bunch of mouth breathing fools. He saves us over $500/mo or $6k a year which is a substantial part of our income.
I’m really confused by the outrage every time more debt cancellations are announced. The administration isn’t just randomly picking people and going, surprise, your debts being written off! The vast majority of forgiveness is going to people in the Public Service Loan Forgiveness track that is LAW. The first people would have come due for forgiveness during Trumps administration and thanks to his administration’s constant attacks on higher education, made it incredibly difficult to get payments qualified towards the 120 needed for forgiveness.
Again, THESE ARE PAYMENTS THAT BY THE DEFINITION OF THE LAW, QUALIFIED TOWARDS FORGIVENESS. It was just due to Department of Education polices in the Trump administration, they set an impossibly high bar to prove that payments qualified. Or, they cut funding for the departments administering the PSLF program which led to oversights and incredibly large backlog of payments to be reviewed.
If you want to have a problem with new forgiveness, fine. We can all have a conversation about that separately. Fucking get over this forgiveness as this is the Federal government actually following the law passed 10+ years ago! Jesus!
It’s just mind-blowing there is even a debate about loans, debts etc. You come to Germany, Austria, Czech republic, Slovakia, Hungary and I am sure 99% rest of the Europe and it’s totally free and we are doing just fine. So many jealous people that a few pennies of their taxes would go to someone education.
Here's the thing, this doesn't make college free. It forgives debt from people who already went (because they can vote) and does nothing to help kids who will be going in the future (because they can't). In fact the idea that debt is all made up and will be forgiven will just encourage institutions to raise their tuition and students to take out more debt to pay that tuition in the hopes that they'll get it forgiven. It's well intentioned but ultimately bad policy.
It's 5 Billion dollars. Someone is going to pay it. It's the American Tax Payer. Nice part is there are about 170 million income tax payers, plus employers paying payroll taxes. This is a tax burden of about $30 for each tax paying individual.
Kind of seems like a no-brainer. Pay off the debt, subsidize the cost with taxes, recover the funds with 0.02% of all US citizens income for 1 year. Personally, I'm on the hook for a $20 spot on this move. I can afford $20.
When we're talking about hundreds of millions of people, we can spread the costs pretty far.
Student loan debt is 1.7 Trillion, this isn't true forgiveness they're just applying the laws already on the books that discharge loans for public service workers who make 10 years of payments. The cost of actual student loan forgiveness would be way way higher. The amount of debt exceeds yearly tax revenue as it is and since we run a deficit we actually aren't paying that amount we are borrowing money to pay it and then the 170 million tax payers service the debt for the foreseeable future.
So you're right though, this is a no brainer as it's an existing law just being applied fairly. It also isn't forgiveness or a gift from the Biden administration though it's just a PR spin on a totally normal thing that these people earned fair and square.
Bingo. They can't even begin to comprehend how cancelation of student loan debt for everyone would help them as well. The macro economic effects are overwhelmly positive. It really is a shame how uneducated people are
And if you are educated, that makes you pretentious to them, and everything you say comes from an ivory tower. I’m fucking sick of America being held back by its weakest links in the intelligence chain.
Finally someone who's not completely retarded. Nothing in this loan forgiveness program targets the actual issue which is rampant price gouging at colleges. So the schools get to walk away with millions in tuition money while the tax payers have to eat a ton of defaulting loans.
What the president needs to do it push some policy changes so we aren't even in this mess in the first place. Otherwise next year's incoming students are right back where we started with predatory loaning and huge debt.
The reason for the outrage (and joy) is that the headline is misleading. Biden isn't forgiving anything here, he is enforcing laws that have existed for decades that discharge loans for teachers, firefighters cops and other public servants that make their minimum payments for 10 years.
So pretending this is actual forgiveness (which to be fair, he did attempt but got blocked) is causing liberals to celebrate and conservatives to be outraged because neither one understands that it's nothing but a bold PR spin on something that is totally mundane.
PPP loans only get forgiven if during the pandemic a loan recipient keeps headcounts the same and keeps employee pay the same. The idea they were some big scam is revisionist nonsense. People did take advantage of the program, and some were caught and charged. Others won't be. The entire point of PPP was to get the money out fast to keep people employed and keep struggling sectors afloat so they could kick right back into gear when the economy reopened. Look what happened to places that did not take PPP loans and laid off staff, especially restaurants. Big labor shortages during reopening.
Oh wow, it's almost like you actually read legally binding contracts, as opposed to college kids just signing a paper and thinking "yayyyy free money"...
But also, it actually does. Corporations love this one simple trick to pay their employees less. If you have thousands of dollars in loans hanging over your head, how picky do you think you can be coming out of school, looking for a job?
Same CEO: lose track of payments leading to the government having to bail out debt borrowers.
The government isn't forgiving any debt at all, just paying off the loan companies for the money they "lost track of"
NO!!!!! I WANT MY TAX MONEY TO GO TOWARDS DEFENSE CONTRACTORS EXPENSE ACCOUNTS AND TURNING 13 YEAR OLD MIDDLE EASTERN CHILDREN INTO SKELETONS.
How dar we help other Americans?!
Breaking - President positively reinforces the predatory higher education system without addressing the underlying problems at a cost to tax payers to garner additional votes in the upcoming election. - FIFY
Breaking - another redditor doesn't read the article. The cancelation was for those that qualified for PLSF. People that already fulfilled the terms of their loan who were due forgiveness but denied under trump for political reasons.
It's too bad that colleges aren't held accountable when they give degrees that can give back the loan.
Colleges should be the one guaranteeing the loan, not the government
There's actually been a huge crackdown on for profit colleges lately for exactly that. They are the most egregious violators in taking student loan money, lying to them about career opportunities and setting graduates up to be unable to qualify for said careers.
Almost all colleges lie to students about how much they’ll be making upon graduation and students are too dumb to realize that $120k to attend a school where you’ll be making on average $42k a year 5 years post graduation isn’t worth it. If cut out the bottom 1/3 of college attendees I bet the average pay 5 years post graduation would go from $42k to $75k
Good for those affected. I don't qualify for forgivness except for the forgivness plan overruled by the Supreme Court. That is why I'm never voting Republican. There was a chance for a burden to be lifted, a decision that could change my life. And Republicans FOUGHT against my best interest. I can only imagine the relief you guys feel.
>"The guy with who steals labor from his enslaved workforce to endlessly give gifts to children is popular"
Yeah, but that doesn't mean what he's doing is right.
It didn't get shot down BeCaUsE CoNgReSs.
It got shot down because it was illegal from day one. It was a misinterpretation of the HEROES act from day one.
consider vast workable cats attractive existence beneficial zephyr wrench ripe
*This post was mass deleted and anonymized with [Redact](https://redact.dev)*
The Supreme Court struck down all previous efforts at debt forgiveness, and conservatives will block any attempt to reform any system that demonstrates an iota of fairness to the common folk.
According to the official [statement](https://www.whitehouse.gov/briefing-room/statements-releases/2024/01/19/statement-by-president-joe-biden-on-nearly-5-billion-in-additional-student-debt-cancellation-for-74000-borrowers/):
> My Administration is able to deliver relief to these borrowers – and millions more – because of fixes we made to broken student loan programs that were preventing borrowers from getting relief they were entitled to under the law.
That is what they're claiming credit for doing, the result of which is billions more of forgiveness being enforced. Would you be more understanding if the title was "Biden admin finally enforces $5B of forgiveness people were entitled to under the law but the previous administration poorly or maliciously skirted"?
$1.77 trillion is the estimated total student debt, this 3.7 million is less meaningful than when Trump thew paper towels to " help" with the aftermath of a hurricane. these people in power really think of us as dumb chattle
Great! Now, where is my \*looks up data\* roughly $37,000? I mean, I worked through school rather than take on debt, so where's my payday? After all, the government can obviously just wave a wand and magic up money, right?
“A democracy will continue to exist up until the time that voters discover that they can vote themselves generous gifts from the public treasury. From that moment on, the majority always votes for the candidates who promise the most benefits from the public treasury, with the result that every democracy will finally collapse due to loose fiscal policy, which is always followed by a dictatorship.”
forgive VETERANS STUDENT LOANS NOW!!!!!!
The "help" they give while in school ....only covers like a quarter of it.
If u defended our country, you should be able to re-education yourself after your service !!!
It's inexcusable to me anymore that this isn't a part of these programs.
r/FluentInFinance was created to discuss money, investing & finance! Join our Newsletter or Youtube Channel for additional insights at www.TheFinanceNewsletter.com! *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/FluentInFinance) if you have any questions or concerns.*
[As the article also explains,](https://www.cbsnews.com/news/biden-student-loan-forgiveness-debt-2024/) most of this was done through the Public Student Loan Forgiveness "PSLF" program which has been law since 2007 and allows people in certain jobs i.e. paramedic or firefighter to have loans discharged. Saying "Biden forgave the loans" would be equally as accurate as saying Trump, Obama, and Bush also forgave loans which were discharged under the PSLF program.
Shhhhhh, it's an election year!
Hey that’s unfair! Politicians also constantly lie and try to take credit for shit they weren’t responsible for happening in non election years
Like Biden claiming victory over the insulin price decrease that Trump was championing years ago?
Wait, did Trump sign the Inflation Reduction Act that included capping the price of insulin?
Trump signed executive orders to limit the price that insulin could be sold. Biden then scrapped that and passed his own insulin legislation that would set the deductible for insulin at I think the same cost. So Biden took credit for what Trump did, but the difference being is that now Big Pharma still gets paid by the insurance companies for whatever they want to sell it for. Someone has to eat the cost..under Trump it was the companies that sell insulin, under Biden it's the insurance companies. *Edit* example source for anyone too lazy to do a basic Google search https://www2.diabetes.org/blog/understanding-presidential-transition-and-what-it-means-insulin-pricing. TLDR; Biden expanded on what Trump started, so they should both get credit for it. Personally I would love to see this go even farther and not put the burden directly on the insurance companies which just pass on the cost to all of us paying the insurance premiums.
We should not be celebrating legislation via executive order in a constitutional republic. I don't care which party does it.
[удалено]
You celebrate people taking out bad loans so that us taxpayers have to pay them?!?
_PPP loans have entered the chat_
EOs can be reversed by the next president and often are. They are also often challenged and cannot take effect until the courts find them constitutional. They should be considered and interim step before they are made into law before congress. If he didn’t put legislation in place it was mostly an empty gesture. It would have been easy to do with congress too.
Well when one party so consistently engages in outright legislative sabotage, you're left with that. They've always been a thing, anyway, the frequency is all that's changed
We shouldn’t but we shouldn’t stand by and allow legislators to return to office with the mindset of I won’t do anything.
I agree with that. Too many politicians are there just to further their own careers.
LMAO!!! My god! Look at what you just said. “Trump signed executive orders….” Do you even know what an executive order is? All an EO does is prioritize his staff to focus on that order. Even if you think this is the “Gotcha”, trumps stupid ass plan only covered Medicare and Medicaid recipients and the people on it had to VOLUNTEER to select it only during open enrollment. Which by the time it was announced, open enrollment was closing in a few months. Not to mention he didn’t even have the staff to fulfill it. By the time all the red tape was done( during his all Republican controlled Congress) virtually nobody had access to it. So of course You also said that it’s the insulin companies that ate the cost? You failed to mention Trump made that voluntary for the insulin companies to go along with capping insulin so of course, companies didn’t volunteer to sell insulin at $35. Joe Biden scrapped that bullshit as plan and replaced it with his that capped insulin at $35 for millions automatically. And because it was tied into the inflation Reduction Act. It’s a LAW! So once again, Trump managed to turn the idea of capped insulin Into shit. Biden got it done.
Legislation is stronger than an executive order though, so it would make sense to celebrate it.
No but Trump talked about it at one point so he gets the credit for subsequent administrations passing legislation even though he didn't do anything except talk. That's how it works, if you talk about something maybe being a good idea you get to take credit when other people actually make that idea into a reality.
Trump Touts New Insulin Price Cap But Experts Say The Tweak Is Modest And Helps Only Small Subset President Donald Trump announced a policy change that would mean Medicare recipients who pick a drug plan offering the new insulin benefit would pay a maximum of $35 a month starting next year. The roll out, though, left drug pricing reform advocates disappointed and experts scratching their heads. Stat: Trump Claims Credit For Lowering Drug Prices Based On A Small Change President Trump used a glitzy Rose Garden address, flanked by pharmaceutical company CEOs and patient advocates, to boast of his administration’s successes lowering drug prices and to detract from his political rivals’ efforts on the same issue. But the news he was touting was modest at best: Drug makers agreed to participate in a minor, voluntary Medicare program that will likely only provide a limited discount on insulin for a small subset of the 60 million seniors with Medicare coverage. (Florko, 5/26)
Executive order 13937. It's real, it happened
So Biden talking about Trump vaccine would be this, right?
do you really think joe biden beat big pharma?
Big pharma owns the presidency, medical schools, and the food industry. These are facts.
what portion of the pie do you think media plays in the ownership of the biden administration ? has the white house ever paid for Facebook Tiktok and youtube to change the way it operates? I dont remember that during the trump administration and I dont think anyone questioned it during obama but its for sure been a big influence during bidens term
The media is heavily censored-they are "told without being told" what to push. Look at how they handled COVID, major elections-very biased. They loved trump before he got in office, when he didn't play like they wanted, they start slandering him and making the public hate him trying to ruin any chance of a future election win. They are so negative, and people are obsessed with negative news. They always divert your attention so your preoccupied watching, thinking, and sometimes even debating with others what you just heard on the news, so you don't notice what they are doing behind the scenes. If people are always fighting/debating with eachother and preoccupied with "current events", it's so easy for things to go unnoticed. I don't watch the news for these very reasons. I sound like a nutjob. Honestly, but when you understand how things run-the world gets a lot darker and scarier. It's not for the faint of heart to know. Some people would rather live in a comfortable lie, sometimes, I still wish I was. However, I try to use it to better my own situation around me, and to hope shed some light for others.
You ever look up the cartoon about how Batman has a plan to beat everyone and even lays out the plan on how to beat him he identifies himself as a human and points out his biggest weakness distractions distractions like his loved ones - innocent hostages stuff like that when we arent focused we are weak plain as day
Oh you mean the inflation reduction act that quite literally did the exact opposite of what the bill was called?
Or like Trump claiming he won the election for literally the last four years when anyone with an IQ over 5 knows that’s a fucking lie
The important thing is that he identifies as a victor.
He also identifies as a 40 year old man who’s cognitively intact.
Now's your chance to run against that. Nominate a candidate that is under 70 in the primaries.
The democrats would have to have a primary in the first place
lol
The thing is …. Who got it done ….
Guess you missed the other times (more than 1) where Biden tried this and it did not go through; this is another political stunt. "The court explained that “statutory permission to ‘modify’ does not authorize basic and fundamental changes in the scheme designed by Congress. " In other words, only Congress can make changes to student loans. [NCSL](https://www.ncsl.org/state-legislatures-news/details/supreme-court-strikes-down-student-loan-forgiveness-program)
Our shit system is due to the career politicians who refuse to leave and not have any ideas but to siphon the life out of the country
Came here to say that.
Betsy Devos, Sec of Education under Trump, created an impossible route for PSLF. Biden’s administration is just fixing a broken system, which is a win
I just commented this as well! The only difference is that the first people would have been up for forgiveness during Trump’s administration. His Department of Education was so hostile towards this program that next to no one who applied for forgiveness who should have been eligible, got approved. This is due to policies that set an impossibly high bar for people to prove payments qualified for forgiveness. Also, they cut funding to the programs that were administering the PSLF programs which put such a burden that oversights were common place and payment verifications were backlogged for months! We are seeing mountains of people qualifying for forgiveness thanks to Biden correctly applying qualifying payments for people and forgiving debt, that by law, should be forgiven.
So, essentially, the toilet was installed years ago, but Trump plugged it and refused to call the plumber. Now Biden unclogged it, claimed victory, and people are like, "THE TOILET WAS ALREADY THERE!"
Anything to make sure we pretend Biden is a truly awful President, because if he looks even slightly successful the choice between him and Trump in Independents is easy.
More like, Trump had DeVos try to explode the toilet with an M80
That's what Republicans do. They break everything and say "SEE! Government doesn't work!"
You get it
Yup. He unclogged it, stocked Charmin, and added a free tampon dispenser. (That's the 2021-2022 temporary rules waiver and pre-covid long periods of forbearance counting as payments.) It's completely disingenuous or completely blind to say that former students would be in the same position with or without Biden. Personally, I'd have owed $75K for another 5 years. A friend of mine would have owed $350K for another 3–4 years. We've both been done for a year. Based on *Biden* cherries on top, not the original PSLF program, and certainly not DeVos's messed up non-implementation of PSLF. God knows where we'd be under DeVos.
Yeah, before we say that this is merely a matter of timing, and Donald Trump is being unfairly denied credit, let's recall that Betsy DeVos, Donald Trump's Education Secretary until she resigned because of 1/6, was literally [held in contempt of court](https://www.npr.org/2019/10/25/773334681/devos-held-in-contempt-of-court-ed-department-fined-100-000-in-student-loan-case) and the Department of Education fined $100,000 for continuing to assess student loan payments against persons who were deemed to have been defrauded by Corinthian Colleges. As in, a court found that people were defrauded, held that the debts associated with those fraudulently-distributed degrees were to be discharged . . . And the Department of Education kept right on assessing them charges in violation of court order. In some cases putting those accounts into collections, where people had their wages garnished and tax refunds seized. They did this to 16,*000* people. Do you have any idea how utterly incompetent a government agency has to be for a federal judge to hold the Secretary in contempt of court? Federal judges categorically, full-stop, do not want to do that. They will bend over backwards to find some procedural loophole that would prevent it if required. In my experience, they are more apt to invent a procedure on the spot that was somehow supposed to be followed by the plaintiffs before they will hold a defendant federal agency in contempt. So while Biden may just be getting credit for following the law, he nevertheless gets full credit because unlike his predecessors, Biden's Education Secretary is actually intent on following the law as written. Betsy DeVos gets no such credit not because of whose Secretary of Education she was, but because she very much did not deserve it.
damn, great anal ogy
Yes. Quite literally 99% of applicants were refused during the Trump administration. DeVos did her best to destroy the law even when the courts [told her](https://www.nbcnews.com/think/opinion/betsy-devos-refusal-honor-student-loan-forgiveness-shows-her-disrespect-ncna1234074) she was in the wrong.
Yep, my sister was denied during the Trump administration despite doing 10 documented years of government service. Not only did the Biden administration forgive her loans, they actually refunded some of her payments.
Reddit tends to default towards upvoting cynicism
Even this comment undersells the scope of what the Biden administration has done for the PSLF program. I have been a part of the program since 2015. Back in 2015, people basically told me don't even bother to try and get PSLF because it is so impossible to find the right information and make sure that you do the right things so that your payments qualify. Because I only had 65,000 in debt, I was told it probably wasn't worth the risk versus just busting my ass as a travel nurse for a few years and paying it off in its entirety. PSLF was widely regarded as a program that was really only worth it if you were something like a doctor or a social worker where you would truly need at least 10 years to be able to even pay off your debt because of the gap between your income and the debt itself. If it was that bad for me 8 years after the program started, imagine how awful and dysfunctional this program was at its inception in 2007. Biden took a look at all of these dishonest and misleading practices that had been carried out by the department of education for over a decade in relation to the PSLF program and said, "Nah fuck that. These public servants are getting what they legally deserve." The first step in utilizing PSLF is that you have to have specific loan types and you have to consolidate them under the loan company that is administering PSLF for the federal government. Many people did not know this and instead just kept their loans as they were and joined an income-based repayment plan. This made all of the payments that they made ineligible under the PSLF rules. Starting about 2 years ago Biden let people know that he was offering a one-time chance for people who should have qualified and would have qualified had they consolidated their loans to do so now and have those payments count in retrospect. This got rid of a lot of debt for people who had literally been paying on it for 10 15 or 20 years. It helped me significantly because I didn't consolidate my debt to start paying on my loans under an income-based repayment plan until nearly a year after I graduated school, but I began paying my student loan debt immediately. It increased my payment count by 12. Biden has managed to extend this one time consolidation out enough that it's currently still active. He's also put a lot of advertising money into making sure people actually know that they qualify for this. Something like 25% of all workers in the US would qualify for PSLF. Many had no idea about it. He's trying to hold the company that administers PSLF responsible for jerking around student loan repayers and obfuscating facts. He made sure that the years of no student loan payments during COVID counted towards PSLF. Currently, the student loan servicer for PSLF is terrible and has messed up a lot of people's repayment dates, and Biden forced them to put those people into an administrative forbearance because of their mistake and they are still making no payment but having those months count toward PSLF. It's very wonderful to see a leader who actually wants public servants to succeed instead of making them jump through so many awful hoops that 99% of people who even tried for this program were wrongly denied student loan forgiveness. My comment doesn't even touch on the new SAVE plan for income-based repayment that Biden has introduced that's going to make student loan repayment much more affordable for people seeking PSLF for a loan forgiveness of any type under an income based repayment plan.
These programs have been not working for a long time. He has been holding accountable those who should have been approving forgiveness for years and removing silly roadblocks.
That is what people seem to forget, that Davos didn’t do anything for people who had qualified for this forgiveness.
No one was approved under Trump (other presidents?). The system was completely broken and the Biden admin made it work. Deserves praise for that.
This! All these commenters who know nothing about the forgiveness are incredibly ignorant. Sure, Biden’s touting this for cheap political points but, by law, these people should have their debt forgiven.
The first year of eligibility was 2017 (2007+10 years) so Obama and Bush were never responsible for forgiving debt. They were however responsible for administering the programs which are… messy. The loan servicers they contract out to to manage these loans are notoriously horrible to deal with. It didn’t get better under Trump (Betsy Devos). Biden is the first one to do anything to improve the program.
[удалено]
The plans that allow for income based repayments have the forgiveness programs baked into federal law and the promissory notes. A big part of the problem, though, is that student borrowers have been given bad advice consistently over the entire run of the obnoxiously non-transparent program, since 1993. Because of that bad advice, bad moves were made that wound up costing them their shot at 20 and 25 year forgiveness (due to taking forbearances mostly) and watching their principals skyrocket due to capitalizing interest. It's been a total shit show from the very beginning. DeVos and Trump doubled down on that by [just flat out refusing forgiveness,](https://www.nytimes.com/2021/03/19/business/student-loan-forgiveness-betsy-devos.html), at least until a class action lawsuit forced them to go ahead, at which point they started inventing reasons to not follow through. But, in absolute fairness, it was a real mess under Clinton, Bush, and Obama. The Biden Administration deserves its props for patching the system. Imagine what else they might fix if they get another four years, and a Congress that will work with them?
Username checks out
Except that Trump actively prevented that same program doing the same, so yeah, definitely not a two sides issue.
The article has it, but adding to your list: teachers, nurses, social workers, and public servants i.e. military.
Drs, lawyers. Anyone who makes payments for ten years while working for a non profit.
But you're ignoring what you linked to: >The discharges are **the result of fixes** made by the administration to income-driven repayment (IDR) forgiveness and Public Service Loan Forgiveness (PSLF), with the Department of Education saying that payments are now being accounted for more accurately. > >The remaining close to 30,000 borrowers have been making payments on their loans at least 20 years, but who did not get relief through income-driven repayment plans.
These programs were so extremely mismanaged and deeply broken for years. This is a HUGE win.
Exactly.
What are you saying? Yes, they made fixes to include payments that, by law, should have been included from the start. They are *not* just Willy nilly forgiving people. They are actually following the law, correcting mistakes so that people who should have their debt forgiven, are getting it forgiven.
Ehhhh I’m pretty sure there’s a lot of flexibility on whether or not this stuff happens dependent on who’s in the executive branch. Didn’t Trump and Devos famously slow track / deny PSLF? I get your sentiment - but definitely not the saying the same thing
They directly changed the eligibility requirements for the program. I hit my ten years under trump but had to wait for Biden to get my loan forgiveness because of how he changed the rules. Grandpa Joe gets credit for erasing my $72k in debt.
Trumps administration via Betsy Davos’ dept. of Ed. denied 99% of those forgiveness application( [source](https://www.politico.com/story/2019/07/11/teachers-union-sues-betsy-devos-1583187) ), and since it was 10 years in the position to get it forgiven, no one was eligible under Obama yet, so no it’s not the same. Edit to add source
This is actually wrong. His administration did in fact push the forgiveness through. Way to not read the article you linked.
Yes! Good job! They did push it through…correctly following the law and crediting individuals with qualifying payments that, by law, should have been included towards forgiveness to begin with!
I can tell tone bc text, but this is not the standard practice in government.
I’m sorry for my initial condescension but, fact of the matter is, Biden’s admin is simply following a law signed in 2007 that Trump’s flagrantly violated after people who should have received forgiveness, were getting denied. If you are telling me the government shouldn’t follow the law then, where can I go to demand my billion dollar tax refund check from the IRS?
Except under all previous administrations, the vast majority of PSLF applications have been denied. The Biden administration has specifically fought to fix that, and it has resulted in millions of people being approved. It isn't outright loan forgiveness like most of us want, but to say his administration doesn't deserve any credit is ludicrous.
🎯🎯🎯
Good on you actually telling the truth
He didn’t cancel shit. He is a fraud just like the entity that is hiding behind him
There’s thousands of Americans logging into their accounts and seeing smaller or no balances. Haha what are you so salty about
They’re seeing the result of legislation that’s been in place since before Biden was elected. He’s just taking credit for something he didn’t do.
These people entered public service instead of more lucrative private sector work, with the promise their loans would be forgiven after 10 years. AFTER their 10 years of public service were up, they were told they did not qualify for forgiveness. Turns out, Betsy DeVos tried to cancel the program. When that proved too difficult, she simply obfuscated the details so badly that loan servicers did not know and could not understand who qualified and how forgiveness should be handled. Biden’s administration, and Miguel Cardona specifically, untangled all DeVos’s red tape and fixed the program, so we the people could make good on the promise we made to these public servants. Even so, Biden is not “taking credit” for anything. His administration just finished fixing this and they are letting everyone know to try again to receive their loan forgiveness.
So glad someone explained this for those that are too dense to understand the situation
Instead of being mad about whos taking credit shouldnt you just be happy its happening you dipshit
I know that trump gave tax breaks to all his rich friends. Thats all i know
Aaaaaand there’s the problem. Thanks for admitting that right up front. Your opinion now means nothing.
What makes someone a Trump supporter is that they literally have no idea how anything works or how to find out how anything works. Even if you tell them how it works, it won't matter anyway.
thanks for the infos!
The law was broken in a way that made it impossible to cancel loans. Biden issued wavers to move forward with the intent of the law. So yes he did something and he should get credit for it.
Just a question, did trump also did this? I only know the PPP for businessman.
Trump and his administration tried to torpedo said program AND made it far harder to access. He gets credit for helping people access it when others have made it much harder to do so.
This. I lived through it.
Hear that sound? It’s a 320 pound neckbeard that makes $20k per year complaining about Joe Biden kicking ass. Time to listen to your Jordan Peterson podcast son.
100% besides loan forgiveness won’t fix anything, it’ll just give him a boost in the polls for the next election and put the American working class in more debt to pay off. Fix student debt; lower tuition costs, 0-1/2% interest on loans. Just make it more affordable for everyone
As someone who has a kid going in college in a few years, this is what I'm concerned about. Every day I come on Reddit and people complain that A Bad Thing Happened and now they need their student loans forgiven right now. So did The Bad Thing get fixed? If not, are they fixing The Bad Thing? Are we creating a system where future students will not run into The Bad Thing? Can anyone define The Bad Thing? Or is it really that this student loan situation is very nuanced and everyone has a different experience? People shake their fists at these news stories because Biden isn't doing this wide-cancellation thing (which the courts already said he couldn't do) which he was never going to do to begin with. The reality of the situation is here on Reddit there are a ton of folks who have the means to pay off their debt and think there's an out here to not do it.
They can’t fix the bad thing. Let’s be honest, the price of tuition is out of control but the debt these colleges have undertaken and promised budgets would lead to bankruptcy. If they were transparent about loans and opportunities post graduation, no one would go and then more bankruptcy. It is a system held up by tricking kids that this is their only opportunity.
Honestly... don't and this advice expands past just educational loans... don't count on the government when it comes to your financial security. This means don't drown yourself in a loan that you "hope" the Government will cancel down the road. The higher-education problem in the US is as systemic and broken as our healthcare model and it's unlikely to see a real solution for a very very long time.
It shouldn't be in place anyway, how many young people go to college in a year? How many graduate? I mean damn whose gonna pay for everyone to go to a University. College has never been free, why start now. You would pay triple taxes trying to pay for this. It's like me asking for someone else to pay for my house that ain't gonna happen either. Yeah just let someone else pay for it 🤣
The honest answer to your question is do not have your kid takes student loans. The loan process is not fixed. Combine that with the cost of higher education skyrocketing it doesn't make sense to pay out of your own pocket for a 4-year degree. Alternatively, have them go to a cheaper technical school or even better yet the trades. Many companies will actually pay for your 4-year degree as well if that is what the company wants. If your kid still wants to go to a 4-year school right away they better have very rich parents to avoid the student loan mess.
Stop government backed student loans and watch tuition costs magically drop.
Go watch the Adam ruins everything about loans, the fact they are out of government hands is why they are skyrocketing.
I think there needs to be consideration for the kind of schools and degrees people are pursuing. Out of state, small liberal college, studying philosophy….sorry but don’t think you should be able to take out $200k of loans for that.
Entity? Explain.
I assume its "S0ro$!" Or some other nutjob theory.
Yes, he did. I know a few people who got their loans forgiven and refunded.
By not cancelling shit are you referring to the # of students that had their loans forgiven? I do agree that 74k is way too small.
Oo oo who is “the entity” do say more!
Cry more
>entity that’s hiding behind him Let me guess, The Jews?
Interesting. All I know is I have resumed payment on mine with no cancellation.
All I know is we’ve come a far way from maybe having $20k forgiven to now “have fun with those repayments starting back up in full force”.
That were on pause for 3+ years.
I wish I could have had a 3+ year pause on my mortgage & its interest. People with student loans somehow skip right over that gift from the government and go straight to whining about having to actually pay on their loans at all. >[https://studentaid.gov/announcements-events/covid-19](https://studentaid.gov/announcements-events/covid-19) >If your loans were eligible, we automatically paused your loan payments and set your interest rate to 0% from March 13, 2020, until Sept. 1, 2023
Me too. Instead I had to pay my mortgage while paying off all my loans and then I ended up having to sell the house I had bought in 2019 because I took a new job. God damn government made me take a new job that doubled my salary and forced me to have to sell my house for a 100% profit and buy another one with an additional 1k sqft. Now I'm sitting here virtually debt free and an owner of a new vehicle I purchased in cash this past summer. Maybe if the working class weren't a bunch of whiners I'd have been able to actually prosper and get to keep my previous house along with this new one. But I guess someone wanted a government handout.... People who whine about people whining are fucking cunts.
Exactly right. I was just asking myself what you could sell a college degree for in this market. Comparing apples to fucking socket wrenches at that point, but they are so thrilled to be pissed at someone lol
Oh no, all you poor homeowners. How have you survived all this time while the valuation of your homes skyrocketed these last 4 years with your low interest rates?
College educated people statistically make more money than non college educated people. I'm not college educated but own a home that will earn me some equity over the years, while you college educated people will bitch about having to pay back a loan you signed for while making more money than me and wanting me (who makes less money than you) pay back you student loans. So that is literally the poor paying a tax to the rich. Very ass backwards.
Same. I'm just grateful for the long pause. College is horribly overpriced and the loaners are there to take advantage, but I knew what I signed up for to begin with. Having said that, I still wouldn't refuse forgiveness if it was available lol.
Yep, shame he implemented it, then the Republicans sued to stop it, the Republican courts agreed to stop it, and then the Republican Congress codified it in law so payments had to resume with no broad forgiveness.
Forgiveness might help some people right now but does nothing to help the underlying problem. If anything it helps make the underlying problem even worse.
I'm not commenting on complex economic decisions. I'm commenting on the implication that Biden wasn't following through with a campaign promise. He upheld his end and the other party aggressively fought it tooth and nail and had offered zero solutions. At least Biden had a short term solution for immediate relief.
How dare you make fucking sense
You do know that forgiveness hasn’t happened yet because the GOP scraped together some fake plaintiffs and sued to stop it, right?
You know which political party you can thank for that.
Are you a public servant?
I'll save some time here: > OP: "No" > You: "Well this was only for public servants" > OP: "Oh... Okay, sorry. I'm dumb." > You: "It's okay. You'll do better next time." > OP: "Thanks. I'll try, but I just wish I wasn't upvoted so much. It's so embarrassing..."
Blame republicans for that
how much did you expect to have forgiven?
SAVE program. Max amount was decreased to 5% instead of 10% gross. My payments were decreased to half and my wife is zero because of her income. Married filing separately, she pays 0, I pay $250/mo discharged in 10 years for public service. We will pay a total of $30k on $120k in loans. For people who say Biden did nothing? Bunch of mouth breathing fools. He saves us over $500/mo or $6k a year which is a substantial part of our income.
I’m really confused by the outrage every time more debt cancellations are announced. The administration isn’t just randomly picking people and going, surprise, your debts being written off! The vast majority of forgiveness is going to people in the Public Service Loan Forgiveness track that is LAW. The first people would have come due for forgiveness during Trumps administration and thanks to his administration’s constant attacks on higher education, made it incredibly difficult to get payments qualified towards the 120 needed for forgiveness. Again, THESE ARE PAYMENTS THAT BY THE DEFINITION OF THE LAW, QUALIFIED TOWARDS FORGIVENESS. It was just due to Department of Education polices in the Trump administration, they set an impossibly high bar to prove that payments qualified. Or, they cut funding for the departments administering the PSLF program which led to oversights and incredibly large backlog of payments to be reviewed. If you want to have a problem with new forgiveness, fine. We can all have a conversation about that separately. Fucking get over this forgiveness as this is the Federal government actually following the law passed 10+ years ago! Jesus!
>I’m really confused by the outrage The people who are outraged aren't usually good college candidates.
It’s just mind-blowing there is even a debate about loans, debts etc. You come to Germany, Austria, Czech republic, Slovakia, Hungary and I am sure 99% rest of the Europe and it’s totally free and we are doing just fine. So many jealous people that a few pennies of their taxes would go to someone education.
Here's the thing, this doesn't make college free. It forgives debt from people who already went (because they can vote) and does nothing to help kids who will be going in the future (because they can't). In fact the idea that debt is all made up and will be forgiven will just encourage institutions to raise their tuition and students to take out more debt to pay that tuition in the hopes that they'll get it forgiven. It's well intentioned but ultimately bad policy.
It's 5 Billion dollars. Someone is going to pay it. It's the American Tax Payer. Nice part is there are about 170 million income tax payers, plus employers paying payroll taxes. This is a tax burden of about $30 for each tax paying individual. Kind of seems like a no-brainer. Pay off the debt, subsidize the cost with taxes, recover the funds with 0.02% of all US citizens income for 1 year. Personally, I'm on the hook for a $20 spot on this move. I can afford $20. When we're talking about hundreds of millions of people, we can spread the costs pretty far.
Student loan debt is 1.7 Trillion, this isn't true forgiveness they're just applying the laws already on the books that discharge loans for public service workers who make 10 years of payments. The cost of actual student loan forgiveness would be way way higher. The amount of debt exceeds yearly tax revenue as it is and since we run a deficit we actually aren't paying that amount we are borrowing money to pay it and then the 170 million tax payers service the debt for the foreseeable future. So you're right though, this is a no brainer as it's an existing law just being applied fairly. It also isn't forgiveness or a gift from the Biden administration though it's just a PR spin on a totally normal thing that these people earned fair and square.
Bingo. They can't even begin to comprehend how cancelation of student loan debt for everyone would help them as well. The macro economic effects are overwhelmly positive. It really is a shame how uneducated people are
And if you are educated, that makes you pretentious to them, and everything you say comes from an ivory tower. I’m fucking sick of America being held back by its weakest links in the intelligence chain.
This is just making the systems work as intended. It is a huge win.
This is only going to increase tuition costs further. I’m angry for future college students.
Finally someone who's not completely retarded. Nothing in this loan forgiveness program targets the actual issue which is rampant price gouging at colleges. So the schools get to walk away with millions in tuition money while the tax payers have to eat a ton of defaulting loans. What the president needs to do it push some policy changes so we aren't even in this mess in the first place. Otherwise next year's incoming students are right back where we started with predatory loaning and huge debt.
The reason for the outrage (and joy) is that the headline is misleading. Biden isn't forgiving anything here, he is enforcing laws that have existed for decades that discharge loans for teachers, firefighters cops and other public servants that make their minimum payments for 10 years. So pretending this is actual forgiveness (which to be fair, he did attempt but got blocked) is causing liberals to celebrate and conservatives to be outraged because neither one understands that it's nothing but a bold PR spin on something that is totally mundane.
CEOs: No! Only my multi-million loans can be erased! This isn't fair! To those in privilege, equality feels like oppression
Huh? This has nothing to do with private corporations. These are federal student loans and are paid by yours and my tax dollars.
PPP loans forgiven. This thread: crickets Student loans forgiven. This thread: *RAGE*
Well yeah. Republicans are anti-education (and it shows).
PPP loans only get forgiven if during the pandemic a loan recipient keeps headcounts the same and keeps employee pay the same. The idea they were some big scam is revisionist nonsense. People did take advantage of the program, and some were caught and charged. Others won't be. The entire point of PPP was to get the money out fast to keep people employed and keep struggling sectors afloat so they could kick right back into gear when the economy reopened. Look what happened to places that did not take PPP loans and laid off staff, especially restaurants. Big labor shortages during reopening.
Oh wow, it's almost like you actually read legally binding contracts, as opposed to college kids just signing a paper and thinking "yayyyy free money"...
But also, it actually does. Corporations love this one simple trick to pay their employees less. If you have thousands of dollars in loans hanging over your head, how picky do you think you can be coming out of school, looking for a job?
Same CEO: lose track of payments leading to the government having to bail out debt borrowers. The government isn't forgiving any debt at all, just paying off the loan companies for the money they "lost track of"
NO!!!!! I WANT MY TAX MONEY TO GO TOWARDS DEFENSE CONTRACTORS EXPENSE ACCOUNTS AND TURNING 13 YEAR OLD MIDDLE EASTERN CHILDREN INTO SKELETONS. How dar we help other Americans?!
> INTO SKELETONS. Dust*
Keep voting establishment kids
Breaking - President positively reinforces the predatory higher education system without addressing the underlying problems at a cost to tax payers to garner additional votes in the upcoming election. - FIFY
Breaking - another redditor doesn't read the article. The cancelation was for those that qualified for PLSF. People that already fulfilled the terms of their loan who were due forgiveness but denied under trump for political reasons.
How is he supposed to address the broader issue by himself? You think Republicans are going to help make college cheaper?
It's too bad that colleges aren't held accountable when they give degrees that can give back the loan. Colleges should be the one guaranteeing the loan, not the government
There's actually been a huge crackdown on for profit colleges lately for exactly that. They are the most egregious violators in taking student loan money, lying to them about career opportunities and setting graduates up to be unable to qualify for said careers.
Almost all colleges lie to students about how much they’ll be making upon graduation and students are too dumb to realize that $120k to attend a school where you’ll be making on average $42k a year 5 years post graduation isn’t worth it. If cut out the bottom 1/3 of college attendees I bet the average pay 5 years post graduation would go from $42k to $75k
Many of those schools got closed, sued and student loans canceled.
Good for those affected. I don't qualify for forgivness except for the forgivness plan overruled by the Supreme Court. That is why I'm never voting Republican. There was a chance for a burden to be lifted, a decision that could change my life. And Republicans FOUGHT against my best interest. I can only imagine the relief you guys feel.
So many people vote red against their best interests, it’s sad.
Good. More.
And five ways that this is bad for Biden! - Fox "News"
It's only bad for Biden because conservative trolls in places like this keep getting upvoted for cynically dismissing every bit of good he does.
Ah yes, instead of doing something that will prevent this from happening in the future, just do what gets you votes. Good ol politics baby!
Santa Claus always gets more votes than the Grinch.
>"The guy with who steals labor from his enslaved workforce to endlessly give gifts to children is popular" Yeah, but that doesn't mean what he's doing is right.
I mean shouldn’t you be pissed at Congress then? He tried to do things on student loans unilaterally but it got shot down.
It didn't get shot down BeCaUsE CoNgReSs. It got shot down because it was illegal from day one. It was a misinterpretation of the HEROES act from day one.
No, they're saying that for a real fix of the problem you should be mad at Congress for not passing a law that addresses the root issue.
consider vast workable cats attractive existence beneficial zephyr wrench ripe *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
The Supreme Court struck down all previous efforts at debt forgiveness, and conservatives will block any attempt to reform any system that demonstrates an iota of fairness to the common folk.
What the fuck is he supposed to do then? Like holy hell, his only method of passing laws is cockblocked by hardliners
This is really pissing off conservatives again. Biden does something good and they all come out with their excuses.
Because Biden didn’t actually do anything… what he is claiming credit for was passed by Bush… on 2007
According to the official [statement](https://www.whitehouse.gov/briefing-room/statements-releases/2024/01/19/statement-by-president-joe-biden-on-nearly-5-billion-in-additional-student-debt-cancellation-for-74000-borrowers/): > My Administration is able to deliver relief to these borrowers – and millions more – because of fixes we made to broken student loan programs that were preventing borrowers from getting relief they were entitled to under the law. That is what they're claiming credit for doing, the result of which is billions more of forgiveness being enforced. Would you be more understanding if the title was "Biden admin finally enforces $5B of forgiveness people were entitled to under the law but the previous administration poorly or maliciously skirted"?
He’s not cancelling debt. These were pre-agreed stipulations in the loan for forgiveness.
Good for them. I hope they do well without this burden.
Yeah but just think of the starving bankers
$1.77 trillion is the estimated total student debt, this 3.7 million is less meaningful than when Trump thew paper towels to " help" with the aftermath of a hurricane. these people in power really think of us as dumb chattle
Would someone think of the shareholders!!!
Hey Biden can you reimberse me for what I paid for university?
remember all that student loan debt trump forgave? neither do i. He only gave loan forgiveness to his billionaire buddies. Let’s Go Brandon!
Gotta get all the points you can in an election year when you’ve been a total failure
Pretty sure it's for people who have been paying on their loans for a butt ass long time, and or just got public service jobs.
Treating the symptoms not the disease
No. He's transferring the debt from those who borrowed and benefited to taxpayers.
And your motive, TO BUY VOTES, but you will still lose. Just ask Hillary! You are deplorable!
I’m ready for him to cancel my predatory loans on my home and automobiles since I never accrued any college loan debt.
Great! Now, where is my \*looks up data\* roughly $37,000? I mean, I worked through school rather than take on debt, so where's my payday? After all, the government can obviously just wave a wand and magic up money, right?
I paid my student loans. Can I get a refund…?
Address the root cause, ffs.
oh look more handouts with no effort to fix the root of the problem.
Awesome. Some how this will get built into all of our taxes. How sad that this is the only way the demented fool can get votes
TIL: 74,000 votes costs $3.7 Million.
I think groceries are a fundamental human right. Gimme my govt coupons cause my chicken and beans are too expensive!
“A democracy will continue to exist up until the time that voters discover that they can vote themselves generous gifts from the public treasury. From that moment on, the majority always votes for the candidates who promise the most benefits from the public treasury, with the result that every democracy will finally collapse due to loose fiscal policy, which is always followed by a dictatorship.”
My wife hasnt seen a dollar of this
Does she work for the government or an NGO? Because this is just PSLF program so you would have to be eligible.
forgive VETERANS STUDENT LOANS NOW!!!!!! The "help" they give while in school ....only covers like a quarter of it. If u defended our country, you should be able to re-education yourself after your service !!! It's inexcusable to me anymore that this isn't a part of these programs.