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Biden Wipes Out Another $7.4 Billion in Student Loan Debt (www.nytimes.com)

submitted 6 months ago by [email protected] to c/[email protected]

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[–] [email protected] 38 points 6 months ago (3 children)

As someone who paid off student debts as quickly as possible 10+ years ago...am I supposed to feel a great sense of unfairness? Because I don't 🤷

[–] [email protected] 11 points 6 months ago

I mean I do. I'm not gonna lie about it. It would be prettttty sweet if I could have the depressingly gross amount of money I dumped into paying off my loans. But I also have no problem whatsoever with this move. I'm all for it. This whole "things sucked for me so it must suck for you too" thing I've seen too much of recently is exhausting as hell.

We can improve. It may not be super fair or feel great to those who already got screwed over by things in the past but that certainly doesn't mean we can't fix things so future people aren't screwed in the same way.

[–] [email protected] 8 points 6 months ago

Same. I don't feel unfairness when they help students. I feel unfairness when they give tax breaks to corps and billionaires.

[–] [email protected] 7 points 6 months ago* (last edited 6 months ago)

No! Any less suffering deprives the young of their birthright. We must ensure the heritage of adversity is preserved!

[–] [email protected] 7 points 6 months ago

Hell yeah. Congrats to the folks who have one less burden to carry!

[–] [email protected] 7 points 6 months ago (1 children)

For who, though?! I keep seeing articles about this latest round of student loan debt forgiveness, but so far I’ve seen nothing about who this round applies to. Who qualifies and how?

[–] [email protected] 5 points 6 months ago (1 children)

People on the SAVE repayment plan qualify. Not sure if you have to take any action beyond that

[–] [email protected] 4 points 6 months ago

I’m on that already at least. I did see that it’s expected to take a while for it to apply since legal challenges are expected, so whoever it applies to I guess it’s mostly a waiting game for now.

[–] [email protected] 4 points 6 months ago (1 children)

Do we need to do anything to receive the credit? Is it income based, and if so, is it retroactive? I've been a broke ass for most of my life, but I'm finally after an entire career's worth of busting my ass making pretty good money. I'd be pretty bummed out if I didn't receive assistance just because it took a long time to push this through.

[–] [email protected] 8 points 6 months ago (1 children)

The press release makes it sound like you don't need to take any action if you're still enrolled in the SAVE plan. With other debt cancellations, they sent people letters saying that their debt is now discharged.

[–] [email protected] 11 points 6 months ago* (last edited 6 months ago) (1 children)

Edit: nvm, I found it. People can register here:

https://studentaid.gov/announcements-events/save-plan

Edit 2: it's income driven based on your current income. Well that sucks for people like me who scratched and clawed their way up the ladder for two decades.

~~Is the save plan the original registration? I wasn't able to register for that. They shut registration down by the time I heard of it.~~

[–] [email protected] 21 points 6 months ago (1 children)

Sorry, but a bunch of right-wing judges prevented Biden from doing a blanket forgiveness of the sort which would likely have covered you.

Just be happy that others don't have to deal with the same issues you did.

[–] [email protected] 12 points 6 months ago

Yeah, I'm glad some people will receive assistance.

[+] [email protected] -15 points 6 months ago (3 children)

headline: biden does bare minimum ahead of election

[–] [email protected] 20 points 6 months ago (1 children)

Biden tried to do a lot more, a lot earlier, but the Republican courts blocked it

[–] [email protected] 15 points 6 months ago (3 children)

Bidens done more than any other president combined by orders of magnitude. JFC what is wrong with people.

This is a great thing. Take the W. Give credit where it's due. If he has a Congress that functioned, he'd have made even more progress.

Go vote.

But quit whining and saying stupid shit like this.

[–] [email protected] -2 points 6 months ago

Bidens done more than any other president combined by orders of magnitude. JFC what is wrong with people.

How can you make this statement and not laugh at yourself? Support of your candidate is great but this comment is hysterically objectively unjustifiable. Like i won't even ask you to defend it, its impossibly silly.

Lay off the rhetoric my man and take a breath. fuck's sake.

[–] [email protected] 4 points 6 months ago

You should go outside and get some air

[+] [email protected] -22 points 6 months ago* (last edited 6 months ago) (7 children)

Ok, so if you want to know why leftover leftists like me are complaining bidens not doing enough to get reelected Even though he's forgiven 153 billion in debt, i wanna talk just a bit about the ridiculous scale of student debt.

Total student debt in the US is 1.77 Trillion dollars. 92% of that debt is federal student loan debt. Not private corps that's would have to take a hit (that's the 8%), federal loans. Now Biden has provided some access to loan relief (with means testing of course, a commenter here can't even get the money but i digress) to the time of 153 billion usd all told. That might sound like a lot as those numbers are more than we can naturally conceive (anyway i can't) but subtract 153 billion from 1.77 trillion and you get... 1.616 Trillion.

That... objectively is not much.

[–] [email protected] 19 points 6 months ago

Yeah fuck him for actually trying to do something.

[–] Isoprenoid 15 points 6 months ago

That objectively is progress.

FTFY

[–] [email protected] 12 points 6 months ago

So then don't even try?

[–] [email protected] 12 points 6 months ago

He tried doing a single big plan which would have done much more. The Republicans on the Supreme Court blocked it

[–] [email protected] 12 points 6 months ago (1 children)

I wonder what it is that you imagine has to happen to get the other 1.616 T cancelled.

[–] [email protected] -1 points 6 months ago (1 children)

I'm just as curious about what you think does. Care to share how your vision on how that shining day might come?

[–] Isoprenoid 1 points 6 months ago

How do you eat a whole elephant?

One bite at a time.

[–] [email protected] 10 points 6 months ago

He did try to wipe it all out but the Republicans stopped him. Just be happy he's able to wipe a few billion here and there. Meanwhile Mr. 91 indictments only help those with money.

[–] [email protected] 2 points 6 months ago* (last edited 6 months ago)

Its a fucking huge amount of forgiveness, and has been life changing for millions of Americans.

But besides wiping debt outright, they also made tons of changes to the loan repayment system. How about doubling the minimum income before you have to pay anything on your loan from 16k to 32k? How about freezing any interest if you are paying on your loan? How about letting anyone delinquent true up instantly just by enrolling? How about letting spouses who are married but file separately maintain income based based payment even if the household income is to high? How about actually forgoving loans after the 10 years in the public service program, instead of "just not doing it" for 4 years like the trump admin did? How about forgiving 1k/yr of loans after 10 years even if you dont qualify for the public service forgiveness program? What about forgiving any undergrad loan after 20 years of payments, no matter the amount paid, that takes into account past payments?

They have made paying back the loans much, much less painful for the people that haven't had their loans outright forgiven, often dropping payment amounts by half and making everything about the process less brutal.

That is indeed, "objectively much."