Biden Administration Announces $39 Billion
in Student-Loan Forgiveness for Over 800,000 Borrowers
National Review,
by
Jeff Zymeri
Original Article
Posted By: Dreadnought,
7/14/2023 8:30:21 AM
The Biden administration announced Friday that it would forgive $39 billion in student loans for 804,000 borrowers, explaining it had pursued certain fixes to existing income-driven-repayment plans.
“For far too long, borrowers fell through the cracks of a broken system that failed to keep accurate track of their progress towards forgiveness,” Education Secretary Miguel Cardona said in a written statement.
These income-driven plans set a forgiveness threshold of 20 or 25 years. Borrowers must make payments that qualify over this period — payments that can be as low as $0 based on an individual’s income and family situation.
“By fixing past administrative failures, we are ensuring everyone gets the forgiveness they deserve,
Reply 1 - Posted by:
Encore 7/14/2023 8:38:44 AM (No. 1512433)
What is this guy’s problem?
61 people like this.
Reply 2 - Posted by:
padiva 7/14/2023 8:44:44 AM (No. 1512437)
There will be lawsuits from everyone who is not one of the 800,000.
Biden can use his own money. The U.S. Treasury is not his piggy bank.
79 people like this.
Reply 3 - Posted by:
Catherine 7/14/2023 9:03:13 AM (No. 1512449)
They have no right to do this. Hopefully banks and lenders will stop it.
65 people like this.
Reply 4 - Posted by:
snakeoil 7/14/2023 9:06:25 AM (No. 1512452)
To be timed not to be overturned until after the next election.
46 people like this.
Reply 5 - Posted by:
laurenc 7/14/2023 9:07:02 AM (No. 1512453)
President Biden, the Supreme Court is on line one.
48 people like this.
Reply 6 - Posted by:
mifla 7/14/2023 9:07:33 AM (No. 1512455)
Dear Supreme Court,
Here comes yet another of Joe's unconstitutional actions. Sorry you have to keep dealing with this nonsense, but we hope to correct this after the 2024 election.
Sincerely,
The American Taxpayer
70 people like this.
Reply 7 - Posted by:
little guy 7/14/2023 9:22:12 AM (No. 1512472)
Dictators don't answer to anyone.
52 people like this.
Reply 8 - Posted by:
Phantomll 7/14/2023 9:23:37 AM (No. 1512474)
We now live in a lawless country.
60 people like this.
Reply 9 - Posted by:
Rumblehog 7/14/2023 10:02:12 AM (No. 1512520)
Nope. No way, no how. You owe this to our U.S. Veterans, not useless leftist academic freeloaders.
51 people like this.
Reply 10 - Posted by:
zoidberg 7/14/2023 10:02:28 AM (No. 1512521)
A giant middle finger to the Supreme Court, the law, and the Constitution.
45 people like this.
Reply 11 - Posted by:
Californian 7/14/2023 10:19:15 AM (No. 1512537)
I worked my way through college, no loans, no grants.
Where is my money, Joe?
39 people like this.
Reply 12 - Posted by:
bighambone 7/14/2023 10:28:15 AM (No. 1512547)
Who will the 804,000 borrowers be? Will they be people who are favored by the leftist Democrats by way of their ethnicity, gender, or race? Everyone who takes out a student loan knows what their balance and interest amounts to each month. Looks like they are using a bogus reason, and probably will blame the Trump crew!
27 people like this.
Reply 13 - Posted by:
Northcross 7/14/2023 10:36:05 AM (No. 1512558)
Here is a means test for potential loan forgiveness. Do you have a cell phone that costs over $50? Do you go to movies, concerts, or sporting events? Do you eat out more than once a month? Buy clothing anywhere other than thrift stores? If the answer to any of these is "YES", you get nothing. Pay back the loan!
30 people like this.
Reply 14 - Posted by:
BobnTampa 7/14/2023 10:36:50 AM (No. 1512560)
Another foolish promise made to foolish people who will make foolish financial decisions thinking they will never have to pay the piper
26 people like this.
Reply 15 - Posted by:
PrayerWarrior 7/14/2023 10:55:38 AM (No. 1512570)
I repaid my student loans in 1993 by selling my house. I demand repayment of $12,000 which includes interest!
18 people like this.
Reply 16 - Posted by:
nwcudagal 7/14/2023 11:02:10 AM (No. 1512575)
Joe just bought 800,000 votes.
19 people like this.
Reply 17 - Posted by:
Grateful 7/14/2023 11:02:20 AM (No. 1512576)
"Supreme Court! I don't need no stinkin' Supreme Court"
17 people like this.
Reply 18 - Posted by:
Maggie2u 7/14/2023 11:09:27 AM (No. 1512579)
To add to poster #13's list...Do you have cable TV...acrylic nails, tattoos, go to Starbucks daily, did you go on Spring Break to Mexico or Florida every year? You signed a contract and borrowed the money, you're an adult now so pay it back and quit crying to Uncle Sam for help.
31 people like this.
Reply 19 - Posted by:
mean Gene 7/14/2023 11:48:40 AM (No. 1512613)
joe was "only" going to forgive $20,000/student loan.
Doing the math gives you $48,000.
I'm betting the excess is all in administrative costs.
Gov't is the biggest employer of unemployables these days.
15 people like this.
Reply 20 - Posted by:
sunshinehorses 7/14/2023 12:09:00 PM (No. 1512640)
This actually is a real problem. My student loans were on IDR and EVERY year it would take 3 attempts and 3-4 months to have the new year verified. The student loan people are horrible at keeping track of how many months are paid under these programs. When you first sign up for this, you pay as approved for 20 or 25 years and the balance would be wiped out. Unfortunately, that never happens due to their poor accounting. We have been on this program for 24 years so I am well over the 20 that was promised and according to their accounting I have 3 more years. REALLY????? There is no arguing with them.
8 people like this.
Reply 21 - Posted by:
Mcscow sailor 7/14/2023 12:10:16 PM (No. 1512642)
No one “deserves” forgiveness on monies freely borrowed from me, a taxpayer
20 people like this.
Reply 22 - Posted by:
stablemoney 7/14/2023 12:12:19 PM (No. 1512645)
We knew we were going to be shafted, when the government took over student loans from the private banking system.
21 people like this.
Reply 23 - Posted by:
udanja99 7/14/2023 12:23:51 PM (No. 1512656)
#6, if the SCOTUS hadn’t hidden under their desks and refused to take any of the 2020 election fraud cases brought before them this would not be happening to them or to us. I’m not sorry that they have to keep dealing with this nonsense - they brought this on themselves.
16 people like this.
Reply 24 - Posted by:
RussZilla 7/14/2023 12:33:46 PM (No. 1512663)
Please consider forgiving my mortgage while you’re at it, Mr President.
14 people like this.
Reply 25 - Posted by:
j9zig2009 7/14/2023 12:36:26 PM (No. 1512665)
Income-based repayment program has not existed for 20 years! I know because I had loans then!
According to Google search: IBR became available on July 1, 2009. IBR is the only income-driven repayment plan that is available to borrowers in both the Federal Family Education Loan Program (FFELP) and the Direct Loan Program. Pay-As-You-Earn Repayment (PAYE).
3 people like this.
Reply 26 - Posted by:
EJKrausJr 7/14/2023 1:45:46 PM (No. 1512696)
Another unconstitutional act by Joey Baby. Will be overturned by SCOTUS. What will the Republicans do? Nada, nothing. Business as usual.
10 people like this.
Reply 27 - Posted by:
JimBob 7/14/2023 2:10:14 PM (No. 1512709)
From what I can see, EVERY Federal government program that involves finances has been corrupted and driven into the dirt.
A couple of examples:
-The Federal Debt.... $32,000,000,000,000, and increasing by $1,000,000 every Twenty Six Seconds,
-Social Security's cash reserves are projected to run out by 2033.
This program is no different.
Being the Federal government, they had to take something simple (the commercial bank system college loan program) and make it complicated, then completely Botch administering the program. See comment from #20, and the last several paragraphs of the article.
The Headline should read:
"Biden Transfers 39 Billion Dollars In Debt from Ex-Student Deadbeats and Places the Burden on the American Taxpayers"
7 people like this.
Reply 28 - Posted by:
Venturer 7/14/2023 2:15:41 PM (No. 1512716)
Biden sure likes giving away my freaking money
6 people like this.
Reply 29 - Posted by:
paral04 7/14/2023 2:19:08 PM (No. 1512719)
Congress needs to stop this. The expense is not in the Budget.
7 people like this.
Reply 30 - Posted by:
anniebc 7/14/2023 3:36:37 PM (No. 1512775)
The left does not give up! They reword/rebrand what they were forbidden to do, and they keep on keeping on. After all, they have a whole country to destroy. Then, the world!
2 people like this.
Reply 31 - Posted by:
Ladyknowsalot 7/14/2023 4:20:05 PM (No. 1512793)
Where are Congressmen running to the microphones, shouting out, "Sorry, Joe, but You have no money to spend! Only congress holds the purse!"
3 people like this.
Reply 32 - Posted by:
Strike3 7/14/2023 5:14:15 PM (No. 1512818)
No need to worry, it's just Lucy setting the football back up on the tee. We all know there is a bunch of dumbass Charlie Browns out there who will fall for it again.
2 people like this.
Reply 33 - Posted by:
watashiyo 7/14/2023 6:29:14 PM (No. 1512860)
I have $12K left on my student loan. I will pay it off because I promised and it's ethically the right thing to do. Violating those rules leads to a life of Entitlement and a Miserable Way of Life.
3 people like this.
Reply 34 - Posted by:
sunshinehorses 7/14/2023 6:31:57 PM (No. 1512862)
#25, A form of IBR HAS existed for many years. In 2000 I was finally able to consolidate my loans into ONE loan instead of 6 loans, with ONE payment instead of 6 payments that totalled twice what I made in one month. I immediately went on an income dependent plan (with 6 kids, a farm and just living expenses, I had to).
Every term, the university would put my student loans with a different provider, but I was assured that I would be able to consolidate them when I graduated. THAT was a line of malarky as each provider INSISTED that there was NO consolidation available. When the total payments were twice what I made per month, there was no way I could pay them and feed my family. Finally the goverment came up with the Ford Foundation consolidation that would get my loans out of default and ONE payment. I have followed their rules for the last 20+ years, so why shouldn't they hold up their end of the bargain??
0 people like this.
Reply 35 - Posted by:
24tea@Mag 7/15/2023 1:04:26 AM (No. 1512991)
Lock him up and throw away the key. If not impeach him, before causing more heartache. He is nuts!
0 people like this.
Reply 36 - Posted by:
lennon47 7/15/2023 10:09:45 AM (No. 1513228)
#16 "Joe just bought 800,000 votes" Maybe so but if this country would pull their head out of their asses Joe should lose 8,000,000 votes by this despicable action. Problem is most don't read and watch ABC,CBS, NBS, etc and have no clue what going on...
0 people like this.
How does anyone "deserve" loan forgiveness? You made the decision to borrow the money, it is your obligation to pay it back. Why do I have to contribute to your repayment? Biden and the government are not "forgiving" anything, they are stealing money from all taxpayers to pay for bad decisions made by young students who were propagandized into thinking it was important to get that degree. If it was important then it is worth paying back, everyone has the option to wait until they can afford the bill.
How about letting the colleges set up their own loan programs with their endowment money? They have plenty socked away thanks to rising tuitions which were caused by the government getting involved to begin with.
0 people like this.
Reply 38 - Posted by:
Faithfully 7/16/2023 8:02:03 PM (No. 1514206)
If all loans are forgiven, who will provide student loans?
0 people like this.
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