I LOVE YOU JOE BIDEN!!

[Lunabell]

"The Biden administration is proposing a new plan to forgive student debt, months after the Supreme Court struck down President Joe Biden’s sweeping pandemic-era debt relief plan in June.

The Education Department on Monday released a student debt relief proposal that would target four categories of borrowers: those with federal student loan balances that exceed the original borrowed amount; those with loans that entered into repayment 25 years ago or more; those with loans for career training programs that led to “unreasonable debt loads or provided insufficient earnings”; and those who are eligible for forgiveness under other repayment plans but have not applied for it."

So, my original loans were for approximately $20,000 when I graduated back in 1990. Due to defaulting twice, getting back into repayment on the IBR plan with penalties and interest, my loans ballooned to almost $200,000!! I am getting close to retirement, but can't because you still have to pay it back even if on SS.

THANK YOU JOE BIDEN!!




https://www.nbcnews.com/politics/white-house/biden-administration-revamps-student-debt-forgiveness-plan-rcna122935

[Walleye]

1. I've heard Joe say more than once about his dad telling him: when you get knocked down,

Ya get back up again

[Hekate]

3. He won't take "no" for an answer on this issue, that's for sure

[MaryMagdaline]

2. Wow that's awesome!

Why we let our government become a predatory lender is beyond embarrassing.

[Hekate]

4. Joe presents one fully-fledged plan after another, showing he was & is well-prepared ...

…for this battle. Gods bless him.

[SWBTATTReg]

5. I was lucky in my school loans, didn't have much to pay, take care of, plus scholarships, but a thought here...

and wondering how this issue can be avoided in the future, that is, are there kids in school now that are incurring these incredibly massive school loans? In short, w/ these write-offs (only a tiny portion of the loans outstanding I imagine), will there be another day of reckoning for the kids of today, currently going to college/trade school now? If so, won't we have other such events as what is going on today, w/ huge loans still outstanding, afflicting people, some of whom are already reaching retirement age! Good grief, a tragedy. These loans are literally crippling these kids their whole lives, and I'm sure that very few are able to pay their loans off w/o any grief.

I know only of one kid that got to pay his loans early, and it was because his grandma left him $50K, and instead of spending that money, he (a smart kid) turned around and promptly paid his student loans off. I was so impressed that instead of going and buying a truck, etc., he did this. Now, don't get me wrong here. Everyone has their own special needs in their lives should they get a family inheritance of some sort. The overall point I'm making is that college is getting way more expensive than a large portion of our younger adults can afford, and this is the time that they need to go to advanced schooling and learn a trade. What are they to do?

It's like being in a vise grip. My heart goes out to the families and the kids under these conditions. College should be a time, a good life experience for both the families and the kids, not one that ties them down literally for the rest of their lives paying it off.

[Trueblue Texan]

7. I am still paying for my daughter's student loan of 23 years ago...but I was able to pay my own off.

I went back to school when I was 53 years old--it was really hard, but my husband and I were both out of work with mounting debt and no hope for a job. I figured it was back to school then or I'd never get another opportunity. So I got in and worked hard, graduated with $30,000 in student debt. I paid higher payments than required for the first year but it still seemed I'd never get it paid off.

But then a really cool thing happened.

My great grandmother on my father's side had died without a will way back in the early 60s. She left 20 acres in Corpus Christi but it was a parcel of land that somehow was prohibited from being divided between heirs...it had to be sold as a single parcel. I can't remember the term that describes that type of deed. Anyway, by some freakin' miracle --which I actually helped to create, btw--we got all the heirs to agree to a sale--all 11 of us from families scattered all over Texas. When the property was sold, I got about $20 grand...almost enough to completely pay off the rest of my student loan. I thought that was such a cool thing because in effect, my great grand mother, who I never met, paid for my education. It was due to that education that I was able to finally have a decent paying career and to finally retire this year.

I've been told my great grandmother was a very independent lady who lived alone out on that land in Corpus...it was a wild piece of land when I saw it...no telling what it looked like in her day. Good to know I come from a line of strong, independent women who still look out for one another.

[SWBTATTReg]

9. What an amazing story AND what an amazing woman (and you too, of course, Congrats on your retirement)!

[Trueblue Texan]

6. That is unconscionable, Lunabell!

I can't believe students have been so thoroughly destroyed financially through this shitty system of financial "aid". I remember when higher education cost $3/credit hour. You could go to school an entire semester for less than the cost of a single text book nowadays. And what do you get for your education? A lifetime of work and debt. Something needs to be done. I pray you get relief from such an obscene burden of debt.

[Lunabell]

8. Also, my BS degree was in Child Development.

I was not able to find a job that paid anything. I applied to the state as an abuse investigator, but not hired. 3 years later I got my LPN and finally was able to get jobs easily. So, I never even used my degree!