news Biden Cancels Another $9B in Student Debt

[Ryan]

Again, more proof that Biden is playing chess when everyone assumed he was playing checkers. By doing the “limited” action to cancel debt which he knew would be challenged by the Supreme Court, he waited for them to direct that out by telling him the authority he should have used, then used that exact authority. 

[Johnny Jacobs]

That's great 

 

I wish people gave him a bit more credit 

[BletaRexher]

That’s good but also people can go to college and not be in debt. I went to a state school and never took out a loan because I worked all of high school and college 40 hours a week.

[Communion]

Sis, your OP doesn't make sense. 

 

This has nothing to do with the Supreme Court. These were changes announced alongside the initial $10k forgiveness program now taking effect and a summary of the final numbers of what the IDR and PSLF program adjustments entailed. 

 

And while it is great to see people be free of debt, especially when these numbers are actually just correcting bad bookkeeping for debts people rightfully already earned forgiveness to, it underscores the issue that "incremental progress" has shortcomings when these long overdue, supposedly radical adjustments to programs run by the Dept of Education largely cleared away only 0.5% of all federally held student debt. Before these adjustments, less than 100 people ever actually got their debt forgiven successfully through income-driven repayment (IDR).

 

It would even more impactful for the proposed reduction in SAVE from a 10% cap to a 5% cap to go into effect now when payments are restarting than for some reason waiting to have it go into effect July 2024. Or just clear out all payments owed to $0.

 

I get wanting to underscore Republcan malice and people at the end of the day will be partisan, but any meaningfully informed analysis of Biden's handling of student debt would show am administration acting clumsy at best and indifferent at worst.

Edited October 4, 2023 by Communion

[Sannie]

Nothing to complain about here. He is doing what he can in a way that can not be struck down by Republicans so good for him.

[gardendreams]

patiently waiting for my student to be cancelled by daddy biden 

[Communion]

26 minutes ago, BletaRexher said:

That’s good but also people can go to college and not be in debt. I went to a state school and never took out a loan because I worked all of high school and college 40 hours a week.

I mean, this is true but only for a minority share (30%) of graduates, and overlooks the issue that a college degree is seen as opportunity for economic mobility. 

 

There's more affluent people than poor people with student debt only in that higher education as accessible regardless of income is a fairly new phenomenon. And that we see as access to higher education expands like through the addition of Pell Grants, poor people (who aren't going to elite private schools) are having to take on disproportionately more debt:

 

 

The average student debter in the lowest quintle has debt akin to 81% of their yearly income while this is just 26% in comparison for the average student debter in the highest income quintle.

 

A lot of the discussions by centrists and moderates about targeting debt relief was always confusing cause they would emphasize how many peopoe don't have debt and that many people who do are rich already, but then like...never proposed non-regressive relief like clearing out the balances of all debters with a yearly income under $30k for example. 

Edited October 4, 2023 by Communion

[May]

25 minutes ago, BletaRexher said:

That’s good but also people can go to college and not be in debt. I went to a state school and never took out a loan because I worked all of high school and college 40 hours a week.

this is the cringiest **** ever LMFAO

[Lyrica]

Congrats to all 37 people who are gonna get their debt paid

[nadiamendell]

1 hour ago, Communion said:

It would even more impactful for the proposed reduction in SAVE from a 10% cap to a 5% cap to go into effect now when payments are restarting than for some reason waiting to have it go into effect July 2024. Or just clear out all payments owed to $0.

Wait, this is the first time I'm hearing of this, omg what a DISASTER.  I was wondering why my monthly payments are showing as double what the SAVE plan said they would be. 

[Emperial]

1 hour ago, BletaRexher said:

I worked all of high school and college 40 hours a week.

Ok well thats good for you sweetie but not everyone is physically and mentally capable of doing that.

[Cryptique]

That's actually great, no??

 

Planning to take a loan and study Master's in the US.. or would that be a bad thing?

[Emperial]

11 minutes ago, Cryptique said:

That's actually great, no??

 

Planning to take a loan and study Master's in the US.. or would that be a bad thing?

Go to europe

[kataraqueen]

1 hour ago, BletaRexher said:

That’s good but also people can go to college and not be in debt. I went to a state school and never took out a loan because I worked all of high school and college 40 hours a week.

Either you're a genius (at which point you would've had a scholarship) or your study isn't as streineous as some of the other studies that really need all of your time to be put into them. Either way college life is an amazing opportunity to diversify your hobbies and social circle, making potential work connections for life, and to actually learn incredible things. It shouldn't be a struggle for your personal life. Shouldn't a country want its citizens to be as educated as possible so it can actually become a better country?

[mxoonlight]

please biden I’m trying to go to jingle ball

[Archetype]

48 minutes ago, Cryptique said:

That's actually great, no??

 

Planning to take a loan and study Master's in the US.. or would that be a bad thing?

This is an extremely tiny minority of people with student debt in the US.  There likely won't ever be a widespread program for student debt forgiveness unless the Supreme Court has a change of heart, aka some conservative judges die of old age and are replaced with more progressive judges, which is only a possibility that may happen over the next 15-20 years.  

In the short term, the US has some amazing schools, but the debt is usually never worth it considering you can get a similar quality of education in Europe for significantly less.  

[Bethenny Frankel]

good for him 

[TROJAN]

Thousands upon thousands of people getting help

[Blue Monday]

Remember when people were shouting there was no discernible differences between him and Trump 

[Bloo]

3 hours ago, BletaRexher said:

That’s good but also people can go to college and not be in debt. I went to a state school and never took out a loan because I worked all of high school and college 40 hours a week.

I also was able to go to college for free—fortunate enough to land a full-ride scholarship. However, I was only able to afford that because those scholarships are exclusive. The scholarship money that funded both of our education was literally supported by tuition money of people who were unable to attain the same scholarship funds. 

 

Not to be rude, but it reveals a severe lack of critical thinking to just propose everyone land a full-ride to go to college. As if that's some opportunity that is offered to everyone. Financially, that makes no sense. Such opportunities can only work if they are exclusive.

 

To make that work, society (as a whole) would need to decide that investing in an educated society is a good use of tax dollars to fund collegiate education for all.

[Finite]

5 hours ago, gardendreams said:

patiently waiting for my student to be cancelled by daddy biden 

 

4 hours ago, mxoonlight said:

please biden I’m trying to go to jingle ball

I don’t know why these got downvoted because, b!tch me too! Tf?! Im tired of being in debt from student loans. 

[Gottasadae]

You need to take some notes and support Bidementia in 24, coz Trumpophrenia will strike again 

[GhostBox]

6 hours ago, Blue Monday said:

Remember when people were shouting there was no discernible differences between him and Trump 

They still say that 💀

[spree]

my bf pays about 1200 a month in student loans for a degree he never even finished.  Like how the hell can ANYONE pay back 1200 a month?  I looked at his payment statement and he is just paying interest-only for who knows how long cuz of Covid forbearance.  That's ludicrous! The principal isn't even going down and he owes over $130k.  I feel so sorry for him.  I keep telling him to just flat-out stop paying them and who cares about your credit.  I would pay 300 TOPS and that's it.  Take it or leave it.  What can he do?  He's completely screwed over.  

[Blue Monday]

45 minutes ago, GhostBox said:

They still say that 💀

Delusional, unserious people