Biden administration will soon roll out a sweeping new student loan forgiveness plan

[BumRushDaShow]

Source: CNBC

Published Fri, Apr 5 2024 11:20 AM EDT


The Biden administration will soon roll out a sweeping new student loan forgiveness proposal that could impact millions of Americans.

Despite its smaller scope than President Joe Biden’s first education debt relief plan that the Supreme Court ultimately blocked, this new aid package could still forgive the debt for as many as 10 million Americans, according to one rough estimate by higher education expert Mark Kantrowitz.

Biden is planning to provide details of his new debt forgiveness plan during a speech Monday in Madison, Wisconsin, The Wall Street Journal reported on Friday. The president likely wants to start forgiving debt for many student borrowers ahead of the election in November.

Almost half of all voters, or 48%, say canceling student loan debt is an important issue to them in the 2024 presidential and congressional elections, a recent survey found.

Read more: https://www.cnbc.com/2024/04/05/biden-administration-will-roll-out-new-student-loan-forgiveness-plan-.html

[turbinetree]

1. I hope he mentions the FFLEP.............Federal Family Education Loan (FFEL) Program.........

There are a lot of us with these loans...........

[riversedge]

2. I hope he does also.

[riversedge]

3. Chief justice Roberts is a no..........

But I have hope.


The conservative justices didn’t buy that argument.

?‘Can the Secretary use his powers to abolish $430 billion in student loans, completely canceling loan balances for 20 million borrowers, as a pandemic winds down to its end?’” Chief Justice John Roberts wrote in the majority opinion for Biden v. Nebraska. “We can’t believe the answer would be yes.”

Lastly, the Biden administration has now turned to the rulemaking process to deliver its relief. The president previously attempted to cancel the debt through executive action.

[GB_RN]

5. He Apparently Can't Read...

Because the pandemic relief bill specifically stated that the President/Sec of Ed could modify/waive loan terms as needed during the pandemic. There’s another law from the ‘60s that allows some leeway for forgiving student loans, but I forget what that one is off the top of my head.

[TBF]

6. They had no problem forgiving PPP loans -

it's about time the workers of this country get some relief.

[GB_RN]

7. That's For Damned Sure!

Empty Greene was one who got PPP money, and she rails against student loan forgiveness. She - and all the rest of the Repukes - love to trot out the lie that Harvard doctors and lawyers would get their loans forgiven at the expense of taxpayers. Telling lies like that, KNOWING that the forgiveness plans were means tested.

I’m not a believer, but if there is a Hell, I hope they all rot in it.

[Think. Again.]

4. Go Joe!!! 🌊 !!!

[SlimJimmy]

10. Can I get some relief as well?

I paid back my student loans nearly 40 years ago. I want my money back. I was young and poor, and had to work two jobs to get it done.

[speak easy]

11. The average college debt in 1983-84 was about $4,500,

The average college debt in 2023 was about $38,300,

[SlimJimmy]

12. About the same when you consider prevailing wages at the time and inflation.

When I went to college, I was making approximately $9,700 a year working two jobs. $5,000 a year for college was about half of my total wages. Compare my $20,000 for four years to the $38,000 now, and you can see that I was more behind the curve than those today.

[Johnny2X2X]

13. He's already done enough IMO

The repayment plans he have make it so everyone can afford their payments.

Time to focus more on college cost.