Biden administration to forgive $5.8 billion in student debt for nearly 78,000 borrowers

[BumRushDaShow]

Source: CNBC

Published Thu, Mar 21 2024 5:00 AM EDT


The Biden administration announced on Thursday it would forgive $5.8 billion in student debt for 77,700 borrowers through the Public Service Loan Forgiveness program.

It also said President Joe Biden would email another 380,000 public service workers starting next week, notifying them that they’re on track to have their debt canceled within two years.

The U.S. Department of Education has been routinely announcing waves of loan forgiveness, as the Biden administration uses its existing authority to leave people with less debt after the Supreme Court struck down its sweeping $400 billion loan forgiveness plan last June. The Biden administration has so far cleared the education debts of nearly 4 million people, totaling $143.6 billion in relief.

“For too long, our nation’s teachers, nurses, social workers, firefighters, and other public
servants faced logistical troubles and trap doors when they tried to access the debt relief they were entitled to under the law,” U.S. Secretary of Education Miguel Cardona said in a statement about the latest round of forgiveness.

Read more: https://www.cnbc.com/2024/03/21/biden-to-forgive-5point8-billion-in-student-debt-for-nearly-78000-borrowers.html

---

Link to White House STATEMENT - Statement from President Joe Biden on Nearly $6 Billion in Student Debt Cancellation for 78,000 Public Service Workers

[2naSalit]

1. He'll keep his promise...

On the whole plan he proposed, he just has to do it in smaller bites thanks to obstruction from the magat party of haters.

[theophilus]

2. I am in the grips of a student loan nightmare. I know many are receiving good news on this

subject but we are not. My wife and I are retired on a meager SS and outside income. We had co-signed for our son -in-law's college loans. He did well in college and then got a good job with an IT company doing software engineering. Then: My wife and I were basically thrown out of our business in 2021. Not long after our sinl was terminated from his job. He had a meltdown. We didn't learn about it for some time. They tried doordashing and were doing pretty well but then we learned, last October, that they lost their house. They had only been in it for about a year. We had given them $20,000 so they could make the downpayment. Since then they have been living with his grandmother and we are taking care of their cats. He is trying to find an IT job but the leads are not turning out to be good. My daughter fell and badly broke her leg last October right before they were both to start working at a local retail business. He started but had issues with a manager after having to miss work with covid (he had been fully vaccinated) and other issues with a bad back. Mgt. didn't believe his "excuses", etc.

So, my wife and I are now having to pay the PRIVATE loan outfit, Discover, over $800 dollars a month for nothing real. The interest is so high that a payment doesn't touch the principle. Our savings are slowly going down. Our sinl owes. $74,000 to Discover. He will not get a good enough job possibly for them to even help for some time. They are, in effect, homeless. Our daughter is just now able to walk well enough to do anything. They are bringing in around $100 a night in doordashing but they have car payments, insurance, phone, etc and are just making it.

I would hate to pay off the debt but we are co-signers and are stuck. My wife says she would rather die. She worked very hard, harder than I did honestly, for decades to help build up our "nest egg". Paying the debt would more than cut our savings in half.

I understand "woulda, coulda, shoulda" but what is done is done. I would really appreciate any advice. Could we escape this situation? I don't want our relationship with our daughter to be destroyed. If it was we would still be stuck with the debt. It is eating us alive and is our biggest challenge going forward. We aren't getting any younger. Thanks for any advice, etc.

[littlemissmartypants]

3. You need to turn this post into an OP and post it

In General Discussion, the Lounge and Career Help here
https://www.democraticunderground.com/?com=forum&id=1119
I'd also cross post to...
Personal Finance and Investing
https://www.democraticunderground.com/?com=forum&id=1121
Poverty Group
https://www.democraticunderground.com/?com=forum&id=1118
Seniors Group
https://www.democraticunderground.com/?com=forum&id=1183

I'd cut and paste it exactly as you've written it here.

If all that doesn't rustle up some help, I don't know what will. Let me know if you need help.

Good Luck, theophilus. I'm rooting for you and your family to succeed.

Hugs for you, your wife who sounds lovely, your daughter and her husband!


❤️pants

[theophilus]

6. Thank you so much! I have attempted to do as you suggested! n/t

[littlemissmartypants]

7. Good! Send me a link and I'll boost it with replies and a recommendation. ❤️

[Yo_Mama_Been_Loggin]

4. But what about the poor billionaires who need another tax cut?

[maxsolomon]

5. Will the "Use the Magic Wand, Joe" Borrowers even notice?

If Biden doesn't forgive every student load for every borrower, does it even count? Have Bernie & Liz Warren noticed?

Or has the "Genocide Joe" narrative pushed student load debt from the forefront of their minds?