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Anyone else regret paying off their student loans?
This is just the first of a wave of similar actions, IMHO....
What do you guys think?
$5.8B In Student Debt Wiped Out For More Than 300,000 Borrowers
Quote:
The Biden administration announced Thursday (August 19) it will be automatically canceling the student loan debt of Americans living with severe disabilities. According to The Associated Press, nearly 323,000 borrowers will have $5.8 billion in student debt cleared by the action.
The US Department of Education said this cancelation is the first of a major overhaul to address long-standing, restrictive rules.
I Dislike Biden but that was actually a smart move. People in this classification already can get this automatically done by simply submitting some paperwork. But they then have to wait for a very long time while all the paperwork is processed and their eligibility is confirmed. And taxpayers are paying for all that paperwork. The new system simply determines if they are eligible per SSA rules as being permanently disabled they will be processed automatically.
SSA rules are pretty strict on this, to meet this classification you must have a CDR of at least 5 to 7 years. Which means the SSA schedules you to be reexamined for your disability in this timeframe. I am myself disabled and am an amputee who spends most of my time in a chair and partially blind,I also have other issues. And under SSA guidelines I have a 3 year CDR meaning I would not qualify for this program. So anyone posting here thinking a bunch of relatively healthy people who managed to con SSA and get disability will be getting off don't know what they are talking about. I am sure it will happen but compared to how much we pay all these paper pushes a drop in the bucket.
I love to see what their definition of "severe disabilities" is. Do people with emotional support animals count?
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