discussion Student Debt - Update: GOP lawsuit attempts, Biden allows opt-out; FFEL restrictions

[Kassi]

Anyway, luv that Biden kept his campaign promise and took the time to research how to do it right. 
 

Props to leader Schumer and Elizabeth Warren on the guidance and for leading the charge.

 

 

I don’t know anyone who’s been more prominent on this issue and worked tirelessly to get the word out than Lizzie.  
 

My only hope now is that it stands in court if challenged, and doesn’t become like when Biden tried to extend the eviction moratorium. 

[Bosque]

Amazing to read all the stories of people who will now be debt free, or have received a huge relief from their payments  Thanks Biden. Now do something about the ballooning cost of university tuition (which has grown far faster than inflation), otherwise we will be in the same place again in 10 years again. 

[Archetype]

2 hours ago, Dephira said:

Amazing to read all the stories of people who will now be debt free, or have received a huge relief from their payments  Thanks Biden. Now do something about the ballooning cost of university tuition (which has grown far faster than inflation), otherwise we will be in the same place again in 10 years again. 

2 years*
 

This is good for a lot of people, but he had the power to give more and to more people.  Absolutely none of my friends and relatives with student debt qualify for this.

[Rotunda]

While I obviously wish he had cut more, it is nice to see regular people tweeting/posting about getting relief and being able to buy houses or be debt free more.

 

Also, as someone who would have preferred a larger debt cancellation, the argument that the blowback would be the same if he cut $10K, 50K, or everything is disingenuous. The right wing narrative/spin would be the same, but the public support would be different. Even so, part of being a good politician is knowing how to control the narrative - so if he truly wanted to fight for this, he would have.

 

 

[Headlock]

11 minutes ago, Archetype said:

2 years*
 

This is good for a lot of people, but he had the power to give more and to more people.  Absolutely none of my friends and relatives with student debt qualify for this.

All of your friends and relatives make over $125,000 a year? 

[Archetype]

1 hour ago, Headlock said:

All of your friends and relatives make over $125,000 a year? 

Yes, and due to private school, they owe anywhere from 30k minimum to 200k max in student loans.  So, this helps none of them.  Obviously the sub 125k group should be the priority, but the ridiculous stories you hear about graduates with massive loans to repay are typically making more than the maximum threshold specced by the Biden admin.  Also, the govt is more than happy to forgive 400k+ and 1 mil+ loans to wealthy individuals bc "small business" but not people who make 126k per year.  Interesting.

Edited August 25, 2022 by Archetype

[rihannabiggestfan]

2 minutes ago, Archetype said:

Yes, and due to private school, they owe anywhere from 30k minimum to 200k max in student loans.  So, this helps none of them.  Obviously the sub 125k group should be the priority, but the ridiculous stories you hear about graduates with massive loans to repay are typically making more than the maximum threshold specced by the Biden admin.  Also, the govt is more than happy to forgive 400k+ and 1 mil+ loans to wealthy individuals bc "small business" but not people who make 126k per year.  Interesting.

Good point. I mean, look at this raT who got over $4 million forgiven

 

 

 

[JoJo]

The fact that I don’t get 10k of my student loans forgiven because my dad makes more than 250k even though I just graduated and I won’t make anywhere near 125k for the next decade

 

 

current college students and recent graduates got screwed over 

[Sazare]

23 hours ago, nick4bty said:

If you ever qualified for and received a Pell grant at anytime in your college career, you are eligible for 20k forgiveness

Are you absolutely positive about this

 

I’ve been trying to find something concrete confirming this before celebrating but I can’t. Also I only got a Pell grant one year for some reason but that year I didn’t take out any loans (I was at a community college then) so my situation’s kind of an edge case.

[Sazare]

when are the cancellations expected to happen? not that it’s super urgent because the payment pause has been extended but I’d still like to know when to be on the lookout for the number to go down

[rihannabiggestfan]

12 minutes ago, Sazare said:

Are you absolutely positive about this

 

I’ve been trying to find something concrete confirming this before celebrating but I can’t. Also I only got a Pell grant one year for some reason but that year I didn’t take out any loans (I was at a community college then) so my situation’s kind of an edge case.

I almost positive you're good tbh. It doesn't say you need to get it multiple times or need to get loans alongside it.

 

If the requirement for Pell Grant is parental income under $60k, then I've definitely never gotten it tho, I guess

[Headlock]

52 minutes ago, Archetype said:

Yes, and due to private school, they owe anywhere from 30k minimum to 200k max in student loans.  So, this helps none of them.  Obviously the sub 125k group should be the priority, but the ridiculous stories you hear about graduates with massive loans to repay are typically making more than the maximum threshold specced by the Biden admin.  Also, the govt is more than happy to forgive 400k+ and 1 mil+ loans to wealthy individuals bc "small business" but not people who make 126k per year.  Interesting.

No shade sis, but I honestly was just more surprised you don’t have any friends or family that makes less than 6 figures 

[rihannabiggestfan]

LMAO

 

 

Ukrainian assetry aside, that is absolutely correct. But Biden would rather help Ukrainians everyday than help Americans everyday

[chessguy99]

10 minutes ago, Sazare said:

when are the cancellations expected to happen? not that it’s super urgent because the payment pause has been extended but I’d still like to know when to be on the lookout for the number to go down.

My loan servicer website just put a link to the government student aid website that detailed the current information. The government website said that you will have to apply there and the application will be live sometime before the end of the repayment freeze. They also recommended signing up for email updates to get the most up to date info as it's released.

[rihannabiggestfan]

7 minutes ago, Headlock said:

No shade sis, but I honestly was just more surprised you don’t have any friends or family that makes less than 6 figures 

There has to be at least SOME exaggeration there tbh  Lizzo calling Chris Brown "her favorite person in the world' teas

 

[rihannabiggestfan]

Yes. Exactly. If those Republicans are getting millions of dollars or hundreds of thousands of dollars forgiven, then why are students (not even all) only getting $10-20k forgiven?

 

Edited August 25, 2022 by rihannabiggestfan

[ZIVERT]

4 hours ago, rihannabiggestfan said:

LMAO

 

 

Ukrainian assetry aside, that is absolutely correct. But Biden would rather help Ukrainians everyday than help Americans everyday

As he should  thank you Joe for clearing up to $20K in student loan debts and supplying Ukraine with the weapons and intel it needs to defeat Russian fascists, you're doing amazing  

[Communion]

4 hours ago, rihannabiggestfan said:

LMAO

 

 

The way this student debt jubilee shows what wondrous things can happen when we start making sure that American tax dollars go to Americans who need them instead of funding corporate interests and war across the globe. 

FREE COLLEGE NEXT. MEDICARE FOR ALL AFTER. IT'S TIME AMERICANS PUT OURSELVES FIRST. 

HELL, TELL BIDEN TO KEEP HIS PEN OUT AND KEEP THOSE EXECUTIVE ORDERS COMING!

 

Edited August 26, 2022 by Communion

[rac7d]

What about parent plus loans for parents who took out for both kids which gets the 10 k applied

[chessguy99]

2 hours ago, rac7d said:

What about parent plus loans for parents who took out for both kids which gets the 10 k applied

According to this Barron's article, they are included up to the 10K limit. Same limitations as far as income, $125K/$250K.

[That Bad Eartha]

How do the pell grants thing work? I have about $1k in pell grants and $15k in loans. Does that mean I get $1k of my pell grants forgiven and $10k of the loans forgiven, or would it be $20k across both and everything gets wiped out.

[ANTIclimatic]

How will this affect new loans after the announcment? I saw some articles saying if you owe less than 12k you'll be forgiven in 10 years instead of 20 but that's all is this going to be the standard or is it only applying to people who already took out loans? I was reading up on it but didn't really find anything that helped.

[rihannabiggestfan]

On 8/23/2022 at 5:23 PM, rihannabiggestfan said:

EXACTLY, and for many non-Ivy universities, $10k is even LESS than one semester

 

Funny that Biden was complaining about struggling to pay $300 per semester in college, yet he wants to stick to $10k relief. It's as if he doesn't know that tuition prices have SKYROCKETED, even when you account for inflation

 

and regardless, he lied about his campaign promises.

 

"Why were the PPP loans forgiven when they were littered with fraudulent claims and misspending? Maybe it’s time this country stops favoring business owners over employees." Exactly. Because Biden supports socialism for the rich and rugged individualism for everyone else 

 

 

 

Enough corporate welfare and socialism for the rich/Wall Street, now it's time for "we the people"

 

 

 

BERNIE USED THE MLK QUOTE AGAIN, YAY

 

 

Though I would have put an asterisk after $20k since not everyone is eligible for Pell Grants.

 

51 minutes ago, That Bad Eartha said:

How do the pell grants thing work? I have about $1k in pell grants and $15k in loans. Does that mean I get $1k of my pell grants forgiven and $10k of the loans forgiven, or would it be $20k across both and everything gets wiped out.

Wiped out.

[rihannabiggestfan]

Mess

 

 

 

 

[rivers]

I requested a refund on payments I made during Covid so I can qualify for forgiveness. I really had no faith he’d actually do it so that’s why I paid to take advantage of no interest