Biden’s already eliminated a ton of it. I’m glad to see he’s still going on this despite the Supreme Court ruling, and I don’t even have student loans.
I have a good job and paid mine off already and I’d still vote like hell to get other’s forgiven.
I’m not American and have no student loans and even I’m glad he’s doing it. There might be a common stereotype internationally that Americans are fat lazy assholes, but to tell you the truth, the Americans I know or have met have been the absolute nicest people I know. The ones I work with regularly are also crazy hard workers. There’s a lot of potential for good in the US, but oppressive economic systems get in the way for a lot of people and it’s just heartbreaking to see.
I myself would love to live in the US, I’d live a very comfortable life as a software engineer, but I just couldn’t do it to my future children (there’s one well on the way) - the knowledge that they might have to go into debt for medical or education reasons is just too much for me. And while I have a good career, I’ll probably never be truly financially independent to the point I could just handle any unexpected expense regardless of magnitude.
Don’t think of it as either-or. I doubt I will ever retire but if I do it won’t be in the States. I hope my kids go to higher ed and if that happens I am most likely going to push them to go to Germany for it. I have to get dental surgery so the next time I am abroad is when I am going to get it done.
He never stopped. As soon as the SC struck the original plan down he started the longer process. It’s been in motion the whole time.
Mine will likely never be eliminated unless it all goes away because I make too much, and that’s totally fine by me. I want as many people to get relief as possible! Public colleges and universities should be free, and student debt should not be a thing. At least not the way it is now.
You deserve relief too. Maybe not all of it but just because you’re one of the lucky few that won the job lottery. Still, everyone deserves an education, especially those who will use it to their full advantage.
Another guy who won the job lottery here. I agree that in principle we deserve relief, but we should be at the absolute back of the line. We may deserve it, but we don’t need it. A lot of people need it. Those tax dollars are better spent on the less fortunate.
Like you will be paying it off forever? Or unlikely to be forgiven? Because those both suck but one is unacceptable
I think it’s really worth noting that in the end, the most egregious abuse is the usury. Having to pay multiple values of the principle is the trap most people fall into.
Hey, Y’all Qaeda. Why aren’t you focused on that sin against Gaaaaaaawd?
Interest on student loans is crazy to begin with
If I go to college and get a better job, then the country is already benefitting from a larger tax base from me having a better job than I would otherwise.
So not only am I getting taxed on a larger tax base, but I’m also paying interest on a loan to get the better job lol
I’m getting hit twice
Good. Keep taking advantage of those loopholes.
I don’t know how many times exactly the Republicans have tried to repeal Obamacare but it’s at least 70, so yeah I have no problem with Biden hammering on this issue for as long as it takes to get it done.
I definitely sympathize with people in college debt, but this feels like just temporary wins and doesn’t address the real problems. This won’t solve the overpriced cost of education. Forgive debt now, a new crop of students will just go into debt next, right?
We need universities to be completely free, universal single payer health care, drastically cheaper housing to rent and own, etc.
I agree but that would require Congress to do something. Trying to accomplish this through executive actions alone might not actually work, but it at least shows voters clearly which party is willing to take action on this issue, and hopefully we will end up with a Congress that is more in line with the will of the people.
When someone is having a heart attack you don’t give them a lecture on the importance of diet and exercise.
There is a problem now, solve it. Fix the root cause next.
If a house starts burning do you try to put it out, or kick the can down the road and let it burn so you can build a new one?
Bad analogy
Why do you want free universities for degrees that actually give a net benefit?
And the reason housing is so expensive is directly due to government intervention in housing.
And the reason housing is so expensive is directly due to government intervention in housing.
Fuck off you conservative dipshit, try your incredibly wrong talking points somewhere people aren’t gonna see right through it
While it is certainly not the only reason, government intervention via zoning laws is definitely a factor in the house crisis. If mixed use zoning was more universally a thing, then that would be the government not intervening in the housing market.
because I’m not a piece of shit and want to see my fellow Americans do better. a rising tide lifts all boats.
Sure, in short housing is too difficult and too expensive to build to keep up with demand. All this is due to government requirements on housing which adds over $100k on average per single family house, as well as it just being a general headeache. And this doesnt even get into the currency manipulation issue.
You could really use some of that free education because this take is absolutely moronic
That’s 100 percent, certified bullshit.
Government could fix housing SUPER fast. Tax rental payments on single-family homes at 100% to make SFR build-to-rent impossible.
Here you go, friend.
President Biden will announce a new effort on Monday to reduce or eliminate student loan debt for millions of borrowers, an election-year attempt to revive his goal of providing large-scale relief for Americans struggling to pay off their college loans, a person familiar with the plan said Friday.
Mr. Biden is expected to preview new regulations by the Education Department targeting millions of borrowers, including those whose loans have ballooned because of accrued interest and others who can demonstrate financial hardship impeding repayment, according to the person, who spoke on the condition of anonymity because the regulations have not yet been formally proposed by the department.
The proposed regulations are set to be published over the next few weeks. Mr. Biden will speak about the effort during a visit to Wisconsin on Monday, which will coincide with an event on student loans with Vice President Kamala Harris in Philadelphia.
The push is a recognition by Mr. Biden and his allies of the disappointment felt by his supporters — especially young voters — when the president’s first attempt to wipe out student debt was blocked by the Supreme Court last summer. The court said that the government exceeded its authority under federal law when it attempted to cancel up to $400 billion in student loans.
Since then, the Biden administration has used existing laws to provide debt relief to smaller pockets of borrowers. Monday’s announcement is expected to eventually reach a larger group, though officials said it would still be more targeted than the across-the-board relief that the Supreme Court already struck down.
Understand Student Debt Relief Under President Biden
Key initiatives. Since he took office, President Biden has had a broad initiative aimed at alleviating the pressure on federal student loan borrowers. Here is where the plans stand:
Income-driven repayment. On August 22, the Biden administration opened for enrollment its new income-driven repayment plan, known as SAVE, in which borrowers’ monthly payments are tied to their income and family size. It will enable millions of borrowers to significantly cut their monthly federal payments, eventually by as much as half.
Once the proposed regulations are officially published in the Federal Register, it will still be months before they can go into effect because of a required public comment period. Biden administration officials expect that the new rules are likely to be challenged in court, which could further delay any reductions in debt.
Officials have said they believe the new proposed regulations would be more likely to survive legal challenges because they are based on a different federal law and they are more targeted to people in specific situations. The president’s previous effort was based on the Heroes Act, which allows the education secretary to waive debt during an emergency; the current regulations would be authorized by the Higher Education Act.
Politically, the timing is critical for Mr. Biden as he battles former President Donald J. Trump for another term in the White House.
The president’s popularity among young people, a group that was critical to his 2020 victory, has dropped significantly in the past several years. A December poll conducted by The New York Times and Siena College found that Mr. Biden is trailing Mr. Trump among voters 18 to 29, which is a dramatic turnabout. In 2020, Mr. Biden won that group by 20 percentage points.
Officials at the White House and the Education Department declined to comment on the expected regulations, which were reported earlier by The Wall Street Journal.
What you should know. The Times makes a careful decision any time it uses an anonymous source. The information the source supplies must be newsworthy and give readers genuine insight.
Learn more about our process. But details about the proposed rules have been discussed and debated for months in a series of public hearings with stakeholders. Transcripts of those meetings and drafts of the proposed regulations provide a road map for the administration’s announcement.
On Feb. 22, the department released a draft of a regulation titled “Forgiveness due to likely impairment of borrower ability to repay or undue costs of collection.”
The proposed language in the regulation said that the U.S. education secretary could waive student debt when it was determined that “a borrower has experienced or is experiencing hardship related to such a loan such that the hardship is likely to impair the borrower’s ability to fully repay the federal government or the costs of enforcing the full amount of the debt are not justified by the expected benefits of continued collection of the entire debt.”
That regulation listed 17 factors to consider when assessing whether a borrower qualifies for the hardship waiver. Those include: household income and assets, student loan balance, total loan balance, age, disability, high cost burdens for essential expenses such as health care, and “any other indicators of hardship identified by the secretary.”
On Dec. 11, discussions about potential new regulations included a proposal to allow the education secretary to waive student debt when the total amount owed by a borrower exceeds the original principal on the loan because of accrued interest.
“The secretary may waive the lesser of $20,000 or the amount by which a borrower’s loans cumulatively have a total outstanding balance that exceeds the original principal balance of the loans,” said the proposed text for the regulation distributed at the meeting.
The actual regulations published are likely to differ, at least slightly, from the ones discussed in the public meetings, the person familiar with the discussions said. But Mr. Biden is expected to embrace help for those with financial hardship and those with high balances because of accumulated interest.
