this post was submitted on 22 May 2024

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374

Biden Administration Cancels Another $7.7 Billion in Student Loans (www.nytimes.com)

submitted 5 months ago by [email protected] to c/politics

28 comments fedilink hide all child comments

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[–] [email protected] 61 points 5 months ago* (last edited 5 months ago) (1 children)

"Of the total announced on Wednesday, $5.2 billion in forgiveness went to about 66,900 borrowers who qualified through adjustments that the Education Department made to the Public Service Loan Forgiveness program. It aids teachers, firefighters, and other government and nonprofit workers.

About $600 million in relief will go to around 54,300 borrowers who are enrolled in the SAVE plan, which ties monthly payments to income and household size, and who took out smaller loans for graduate school. All borrowers enrolled in the plan can receive forgiveness after 25 years at the most, but borrowers who took out $12,000 in loans or less can qualify after 10 years of payments."

Awesome seeing this all go to long term payers and public service workers!! Helping loyal citizens is exactly why we institute a governing body

[–] givesomefucks 31 points 5 months ago (3 children)

Awesome seeing this all go to long term payers and public service workers!!

I mean...

This program has existed for decades...

It's just the government put loan servicers in charge of it. You know, the people with a financial incentive to not forgive any loans.

So through intentional and wilfully incompetence, they just weren't forgiving loans they should have.

The people getting forgiveness today, should have gotten it a long time ago, and the government is still paying the inflated costs so the servicers are still getting more than they should. And there are a lot more that have fulfilled their obligations but don't have forgiveness yet.

Is finally doing what we should have done a long time ago better that not doing it?

Absolutely.

However acting like this is progress and something new that people are getting isn't really correct.

I'd hate to see how much of these amounts is interest accumulated after the loan should have already been forgiven.

The government should have ordered back pay from servicers to the borrowers including interest. As well as an investigation and criminal charges if evidence shows they were intentionally failing to forgive loans intentionally. And the government should be returned any funds they paid these servicers to operate PSLF.

We can be happy the bare minimum was done for some people, but we shouldn't stop asking for what we deserve

[–] [email protected] 23 points 5 months ago (1 children)

"The government should have ordered back pay from servicers to the borrowers including interest. As well as an investigation and criminal charges if evidence shows they were intentionally failing to forgive loans intentionally. And the government should be returned any funds they paid these servicers to operate PSLF."

Love this idea
Funny you mention exactly what I tell folks who push back against this - these programs already existed and have for awhile. They're good programs designed to help justify people entering the public sector as opposed to everyone starting a private for-profit practice!

[–] givesomefucks 8 points 5 months ago

Even doing it for private workers would be good for everyone

No one takes out tens of thousands of dollars in debt for shits and giggles, even 18 year old kids.

Some take more than they should and spend it on stupid stuff, but I've just never seen any situation where any type of means testing has been beneficial.

Especially as I'm getting older and what's been happening the last couple years, I'm all about my taxes funding America's education and future economic prosperity rather than funding another countries genocide, tax breaks for the wealthy, or bailouts to failing industries.

Anyone that's played grand strategy games knows education pays off dividends in the future, and I sure as hell want the generations running shit when I'm old and feeble to be well educated.

[–] baronvonj 7 points 5 months ago (1 children)

Is finally doing what we should have done a long time ago better that not doing it? Absolutely

So ... it quite literally is progress. Not enough progress, but progress none-the-less.

[–] givesomefucks 1 points 5 months ago* (last edited 5 months ago) (1 children)

Hey guys, we're doing that thing we should have done a decade ago, and your taxes are paying for the extra interest accrued and the billion dollar company my buddies put in charge of it will face no charges for financial crimes!

Doesn't have the same ring as:

Biden admin cancels debt

[–] baronvonj 2 points 5 months ago

I know, dude. I agree with you that it's not enough, and the media needs to do better. I'm just saying let's give him due credit for what he has done, because the opposition will almost certainly regress if given the chance.

[–] guacupado 0 points 5 months ago

Always one person to complain about anything.

[–] [email protected] 27 points 5 months ago

They need to get these folks to do commercials for the campaign. Nobody trusts authority or institutions, but seeing real people who have been really helped might make an impact.

[–] [email protected] 21 points 5 months ago (1 children)

Love to keep seeing this. Not sure when it is going to come to me and my family but I am sure its life changing for people today. Good for them and lets keep this gravy train going.

[–] [email protected] 15 points 5 months ago (2 children)

I'm not holding my breath on it, but paying $30 a month is a lot better than the $200 I was paying before.

[–] [email protected] 19 points 5 months ago

Yeah, the blanket forgiveness they tried to do was struck down in the Republican-controlled courts, so they're doing it piecemeal, which makes it harder for everybody.

[–] chronicledmonocle 14 points 5 months ago (1 children)

I feel ya. My wife's loans went from $750 a month to $110. Way easier to swallow.

[–] [email protected] 6 points 5 months ago (3 children)

I couldn't afford anything with 200 a month. I couldn't imagine 750. That's a damn mortgage for a small house.

[–] acetanilide 3 points 5 months ago

A friend of mine is supposed to pay $1100+ per month. I can't imagine it.

I pay $0 with SAVE

[–] chronicledmonocle 2 points 5 months ago

Yeah I couldn't really either. I'd have been in dire financial straits if I'd been forced to pay $750 for very long. I'm a single income father of three.

[–] billwashere 1 points 5 months ago (1 children)

Yeah 20 years ago. Good luck trying to find a single wide trailer for that now.

[–] [email protected] 2 points 5 months ago (1 children)

Man, don't shit on my shitty house like that.

[–] billwashere 2 points 5 months ago (1 children)

I’m not. I had that mortgage 20 years ago. Wish I still had it. I was financially 10 times better off than I am now. But it also came with a shitty wife. That’s way worse than a shitty house believe me.

[–] [email protected] 1 points 5 months ago (1 children)

My main goal was to find something cheap enough to live on my own. Its an OK house in a crappy area.

I lucked out but still had to spend a lot to fix it up or the bank wouldn't bother with such a cheap loan.

[–] billwashere 1 points 5 months ago

I’d rather an ok house in a crappy area than paying rent any day. And I’m 100% for a little sweat equity in your house. Plus making a house better is always a good thing.

[–] MrVilliam 10 points 5 months ago (2 children)

Inb4 "Biden is paying college students to organize antisemitic protests at campuses!"

It's a shit take, but we have to assume that they'll at least attempt that one on Fox News or similar. They might even somehow find a way to include Soros in the chyron.

[–] [email protected] 10 points 5 months ago (1 children)

On here, it's not so much the Faux News crowd but the tankies trying to "one issue" Trump back into power.

[–] [email protected] 2 points 5 months ago

It's an unholy alliance of both, I'd argue.

[–] almar_quigley 6 points 5 months ago (2 children)

Did you see this affects around 66,900 people? Hmm, Biden is running for the third time in a presidential election. The third number there was 9. All of Biden’s policies are putting us upside down. If you turn that nine upside down you get 6. Trump is 100 times better than Biden. If you divide those numbers you get 666, Biden is the devil confirmed!! - some GQP person probably….

[–] [email protected] 2 points 5 months ago (1 children)

Fox News headline: Lemmy user almar_quigley says "Trump is 100 times better than Biden."

[–] almar_quigley 2 points 5 months ago

Don’t you put that bad juju on me! lol

[–] jhymesba 1 points 5 months ago

Sad thing I was about to downvote you until I read the very last sentence. Man, it is Poe all around out there. There ARE people stupid enough to say this shit.