Biden is moving to cancel $4.5B in student loan debt. Who gets the new relief?

[Yo_Mama_Been_Loggin]

President Joe Biden's administration has announced major changes to a federal student loan forgiveness program that could relieve borrowers of more than $4.5 billion in debt.

The overhaul also will help hundreds of thousands of other Americans move closer toward seeing their student loan balances wiped clean, the U.S. Department of Education says.

That would give them more financial room to save, invest or get a handle on their other debts.

But who qualifies? And what's happened to the idea that Biden might erase student loan debt in a more sweeping manner, for tens of millions of people?

-more-

https://finance.yahoo.com/news/biden-moving-cancel-another-4-163000230.html

[Johnny2X2X]

1. Rules meeting was broadcast this week

A ton more changes are coming. Pay as you earn will be 5% of adjusted income vs the old 10%. And that adjustment will be bigger, instead of 1.5 Turks the poverty rate income it will be double.

Biden is about to more than halve everyone’s payments.

[markie]

2. humph...

[BlueLucy]

3. If it doesn't help people with loans to high end colleges...

The noise makers on twitter will not only not care.. they will criticize this move.

[comradebillyboy]

4. How many Harvard grads need student loan relief?

These folks have huge earning potential even if they aren't already rich.

[BlueLucy]

5. Oh, I know!

These folks still say, " cancel all student loans, regardless."

[rickyhall]

6. They've been taking my tax refunds for about 30 years with, apparently, no end in sight.

And it's just interest on loans paid years ago. Oh, well, they'll stop when I'm dead.

[SteelReel]

7. It gets better

When you get Social Security some gets taken every month.

[rickyhall]

8. I know. They leave me $750 a month to live on. Covid kept them off me but that's about to end.

Too many years of lousy wages.

[Backseat Driver]

9. We're in the same club then - but ours were smaller parental PLUS loans!

Last edited Fri Oct 8, 2021, 09:45 PM - Edit history (1)

But when you get put out of work in prime earning years....well, you'd think they'd (feds) have a vested interest in keeping folks working at living wages...SMH. The bill grew and grew to the cost of a house, so I expect the eventual same end to the loans.

[Demovictory9]

10. Kick