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submitted 3 weeks ago by MicroWave@lemmy.world to c/news@lemmy.world

The Biden administration is canceling student loans for another 160,000 borrowers through a combination of existing programs.

The Education Department announced the latest round of cancellation on Wednesday, saying it will erase $7.7 billion in federal student loans. With the latest action, the administration said it has canceled $167 billion in student debt for nearly 5 million Americans through several programs.

The latest relief will go to borrowers in three categories who hit certain milestones that make them eligible for cancellation. It will go to 54,000 borrowers who are enrolled in Biden’s new income-driven repayment plan, along with 39,000 enrolled in earlier income-driven plans, and about 67,000 who are eligible through the Public Service Loan Forgiveness program.

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[-] Fedizen@lemmy.world 99 points 3 weeks ago

Education should be free. This is at least a better situation.

[-] jj4211@lemmy.world 15 points 3 weeks ago

Without some sort of long term strategy, it may not be.

I've always said this would be good if also paired with some moves to improve things longer term, because random infusions of lots of free money without any checks on the university side has already worked to make the education more outrageously expensive. Continuing the strategy without any sort of price management will make things work.

Same could be said of healthcare, if as much money as they ask for is provided to the pharmas and hospitals, they will ask for more and more. Relief must be paired with some sort of plan to mitigate that.

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[-] eran_morad@lemmy.world 87 points 3 weeks ago
[-] machinin@lemmy.world 18 points 3 weeks ago

What would it cost him to cancel the genocide too, right?

[-] FenrirIII@lemmy.world 50 points 3 weeks ago

As if he's the president of Israel. Where have you people been while Yemen, Myanmar, Sudan, etc. all experience genocide?

[-] VintageTech@sh.itjust.works 38 points 3 weeks ago

Don't forget about the Uyghurs who have been living in fear China will harvest their organs.

The shitty part - there is a lot of this happening and it's quite exhausting. Like when does the fire-bombing start?

[-] crusa187@lemmy.ml 15 points 3 weeks ago

He’s president of US and has circumvented Congress over 100 times to send 10s of billions worth of bombs to be dropped on Palestinian children’s heads.

We’re not asking that Biden rule over Israel, simply that he acknowledge the genocide and stop spending our taxpayer dollars to fund it. Why is this considered unreasonable?

[-] Cornelius_Wangenheim@lemmy.world 12 points 3 weeks ago

Where exactly do you think the funding for Israel came from if not from Congress? And since you apparently haven't been paying attention, Biden did stop the delivery of offensive weapons to Israel. In return, Republicans have been pushing a bill that will force delivery.

I swear you tankies are just as intellectually dishonest as the fascists.

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[-] steal_your_face@lemmy.ml 13 points 3 weeks ago

Did we supply those countries with weapons to commit genocide?

I personally think it’s stupid to not vote for Biden but your argument doesn’t really make sense.

[-] Sgn@programming.dev 18 points 3 weeks ago

Yes, the USA literally sent weapons to the Saudis to bomb Yemen,

Also if you don't supply weapons to a country, they shouldn't have sympathy??? You are the one who doesn't make sense

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[-] Psychodelic@lemmy.world 25 points 3 weeks ago

I honestly care about high income inequality and campaign finance reform. Can we talk about those instead of what you care about?

No, this is actually a really effective way of communicating with other people and convincing them what I have to say is worth listening to. This absolutely does not alienate people or make me come off as an insensitive bot that doesn't know hot treat people like humans before I unload my personal interests on them

Free Palestine, btw! 🍉

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[-] jaybone@lemmy.world 11 points 3 weeks ago

We made it in one reply. Perfect.

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[-] Kalkaline@leminal.space 39 points 3 weeks ago

This will no doubt be devastating news to the comments section on trucker Instagram

[-] nucleative@lemmy.world 25 points 3 weeks ago* (last edited 3 weeks ago)

It seems like government investment in education is one of the best possible ways to allocate funds, even if not every person is directly impacted by being offered more schooing or degrees.

Think about it. More educated people around you is always better than fewer educated people.

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[-] gastationsushi@lemmy.world 20 points 3 weeks ago

The problem with this debt forgiveness by a thousand cuts is spending hours researching it then finding out you arbitrarily don't qualify because some highly technical reason.

This technocrated BS isn't helping any but the lucky few that end up qualifying.

[-] partial_accumen@lemmy.world 43 points 3 weeks ago

The problem with this debt forgiveness by a thousand cuts is spending hours researching it then finding out you arbitrarily don’t qualify because some highly technical reason.

Are you saying because this doesn't help everybody then it shouldn't be allowed to help anybody?

[-] Feathercrown@lemmy.world 20 points 3 weeks ago

I hate that logic so much, it's taking over this whole platform

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[-] HubertManne@kbin.social 24 points 3 weeks ago

problem is he was blocked from doing broad based so he is squeezing things through as he can.

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[-] jo3jo3@lemmy.world 9 points 3 weeks ago

So just stop paying 🤷 I have over 80k and I haven't paid anything in over a decade. I just don't care. They can cancel it, or not, makes no difference to me, I'll never pay anything.

[-] iAmTheTot@kbin.social 23 points 3 weeks ago

You should probably not take financial advice from this person.

[-] Kalkaline@leminal.space 9 points 3 weeks ago

They'll take your social security money

[-] ShunkW@lemmy.world 17 points 3 weeks ago

More than that, they'll garnish your wages eventually. It happened to me once when I was barely getting by. I had to go to court and show my finances on public record and be humiliated to get them to back off.

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[-] mydude@lemmy.world 20 points 3 weeks ago* (last edited 3 weeks ago)

JOE BIDEN PLAYED a central role in the creation of the student debt crisis...

https://theintercept.com/2020/01/07/joe-biden-student-loans/

Edit, here is some more information if you would like to see more concrete examples:

https://bigthink.com/the-present/joe-biden-student-debt/

In 1978 he co-wrote a bill that introduced the first limit on how students could use bankruptcy law to reduce their debt burden.

In 1990 he helped author the Crime Control Act, which is famous for stepping up sentencing guidelines, included an entirely unrelated clause that further lengthened the time students had to wait before they could declare bankruptcy on their student loans.

In 1998 they introduced an “undue hardship” clause to federal student loan bankruptcy proceedings; making it even more difficult to declare bankruptcy on student debt.

To top all of this off, he supported adding the undue hardship clause to private student loans in 2005.

[-] franklin@lemmy.world 27 points 3 weeks ago

Imagine if someone took every mistake you ever made and magnified it as if you weren't allowed to grow or change.

That's you, that's what you sound like

[-] mydude@lemmy.world 11 points 3 weeks ago* (last edited 3 weeks ago)

These are the things that he's proud of. He's not ashamed of these policies. Not one bit.

https://bigthink.com/the-present/joe-biden-student-debt/

In 1978 he co-wrote a bill that introduced the first limit on how students could use bankruptcy law to reduce their debt burden.

In 1990 he helped author the Crime Control Act, which is famous for stepping up sentencing guidelines, included an entirely unrelated clause that further lengthened the time students had to wait before they could declare bankruptcy on their student loans.

In 1998 they introduced an “undue hardship” clause to federal student loan bankruptcy proceedings; making it even more difficult to declare bankruptcy on student debt.

To top all of this off, he supported adding the undue hardship clause to private student loans in 2005.

[-] AA5B@lemmy.world 14 points 3 weeks ago

1978 is reaching way back. Were you even alive then? Do you know what our society was like, what the options were? Have you changed at all over the last 46 years?

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[-] Feathercrown@lemmy.world 17 points 3 weeks ago

Most people went to school before he was president

[-] mydude@lemmy.world 21 points 3 weeks ago

https://bigthink.com/the-present/joe-biden-student-debt/

In 1978 he co-wrote a bill that introduced the first limit on how students could use bankruptcy law to reduce their debt burden.

In 1990 he helped author the Crime Control Act, which is famous for stepping up sentencing guidelines, included an entirely unrelated clause that further lengthened the time students had to wait before they could declare bankruptcy on their student loans.

In 1998 they introduced an “undue hardship” clause to federal student loan bankruptcy proceedings; making it even more difficult to declare bankruptcy on student debt.

To top all of this off, he supported adding the undue hardship clause to private student loans in 2005.

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[-] CommanderCloon@lemmy.ml 20 points 3 weeks ago* (last edited 3 weeks ago)

Baby grinder owner pauses the baby grinder machine for a few minutes

*round of applause*

[-] ZombiFrancis@sh.itjust.works 17 points 3 weeks ago

I think it sounds better if this were just about how Biden's plan is rolling out eligibility for 54,000 borrowers. Though it is a payment plan that results in forgiveness like the PSLF.

The thing about the PSLF is that it was supposed to erase debt for public service employees after 10 years of aervice and no missed payments. So when Bush signed it in 2007, people who came eligible for forgiveness under Trump starting in 2017 were denied over absolutely insane technicalities.

So he gets credit for those 67,000 and 39,000 borrowers only in that they were essentially denied forgiveness they already qualified for up until now. Honestly I think focusing on the new stuff and not a Bush era program hits better.

[-] jj4211@lemmy.world 15 points 3 weeks ago

I can understand the perspective, but if the Trump administration deliberately interfered with the PSLF, then it's a fair point in the obvious goal (to contrast his approach versus Trump's). Of course, conveniently they waited for an election year, when they could have done this in 2021...

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[-] 3volver@lemmy.world 12 points 2 weeks ago

Great bandaid. Now stop all federal student loans otherwise this problem is just going to continue. The idea of the government cyclically giving out loans and then cancelling them is the stupidest shit I keep reading as a valid solution.

[-] Hildegarde@lemmy.world 12 points 3 weeks ago

160,000 borrowers have earned $7.7 billion of loan forgiveness under a federal program put in place under the obama administration.

This headline is incredibly misleading. Biden had little to do with this.

[-] FenrirIII@lemmy.world 19 points 3 weeks ago

You realize Obama hasn't been president for over 7 years? Trump and Republicans weren't going to do this.

[-] ZombiFrancis@sh.itjust.works 16 points 3 weeks ago

Some of these debts are from PSLF program which is a Bush era program. Trump's administration just denied or delayed qualified folks their forgiveness, and Biden is honoring mostly those who met the means testing like never missing a payment in 10 years.

[-] AA5B@lemmy.world 12 points 3 weeks ago

Biden is not king. He leads the executive branch, executing programs authorized by Congress, but his administration has freedom in how he does so. A previous administration placed obstacles in the way, where this one is greasing the wheels.

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this post was submitted on 22 May 2024
597 points (100.0% liked)

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