Biden Administration Forgives $39 Billion In Student Loans (economy, money, federal government)
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
They have been working on this plan for a while now, same as the changes in PSLF. The PSLF waiver started in late 2021 and ended in October, 2022, and this round of forgiveness is just processing and updating payment counts based on the PSLF waiver rules.
Do you understand what I am getting at?
They seem to be purposely causing confusion here between the forgiveness that the USSC shot down - and this forgiveness which appears to be part of the deal from what you are saying.
So 10 years of paying nothing and then the loan gets forgiven.
Can I buy a car with those terms ?
The new terms are pretty generous, that’s for sure. But those new terms aren’t even in effect yet, and wont be for some time. Right now, it’s payments for 20-25 years before forgiveness. Today’s announced forgiveness is for the 20-25 year plans.
They seem to be purposely causing confusion here between the forgiveness that the USSC shot down - and this forgiveness which appears to be part of the deal from what you are saying.
Oh, the announcement is purely political, and the braintrust that is C-D POC posters show how confusing it is. But what should they have done? They announced that it is for the IBR plans. They sent notices to people on IBR plans. What else should they have done?
Yes, I think so. Empty talk. I wonder why now, and not in 2024, but then again, I don't think he will be in the race next year. I dont see the point.
Because he's a threat to our democracy. Purposefully usurping the Legislative branch, after the Judicial branch said he did not have the authority to do so, is quite dangerous!
Because he's a threat to our democracy. Purposefully usurping the Legislative branch, after the Judicial branch said he did not have the authority to do so, is quite dangerous!
How is he usurping the legislative branch? These are laws/programs that are already on the books. He's just "enforcing" them.
If the United States can send more than $75 billion in war assistance to Ukraine, why can't Biden wipe out $39 Billion in Student Loans debt?
And, pay off everyone's car loan, mortgage payment, and credit card balances? What about build homes for all the homeless, give free food to everyone, clothing too.....................
"At the time he announced that his administration would pursue another plan to provide one-time debt relief based on a different law from the original plan. But it’s a pathway that requires a formal rule-making process, which can take months, and the details of which have not yet been announced. He also announced that his administration will ease the transition period for borrowers ahead of payments resuming with an “on ramp” period to help borrowers avoid penalties if they miss payments during the first year."
"Several Republican-led states and conservative groups filed legal challenges against the president’s student loan forgiveness program, and some Republican lawmakers have strongly criticized Biden’s changes to the student loan system."
Time to get that second job, or some a job in the first place, and start making those loan payments!
Or maybe consider one of the loan forgiveness programs already available, but yeah, that will require more time and effort than filling out an application!
How to get your loans paid off, as we did it at our house:
1. No eating out.
2. No newer vehicles, and do maintenance on the ones you have.
3. No entertainment budget, no cable TV (you won't have time working that 2nd job anyway)
4. Get that 2nd job, yeah, life is tough.
5. You only buy necessities.
6. Vacations? After the loan is paid off, with your new found budgeting skills, you should have a nice vacation when you start saving for it!
This should take care of it. Yeah, sometimes being a grown up isn't all that fun. I am so tired of these whiners over student loans. Expecting those that have a job and paid off their student loans to cover their debt, what a bunch of horse poop!
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
