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Posted on 07/10/2025 4:12:07 AM PDT by dennisw
Mike Pierce, the executive director of the Student Borrower Protection Center, called the policy pivot by the Trump administration a 'betrayal'
'Instead of fixing the broken student loan system, Secretary McMahon is choosing to drown millions of people in unnecessary interest charges and blaming unrelated court cases for her own mismanagement,'
The Student Borrower Protection Center's mission is to reduce the federal student debt burden on Americans, which has swelled to over $1.6 trillion.
Student debt is more difficult to get rid of than other types of debt, as it cannot be discharged in bankruptcy.
The student loan balances for roughly eight million Americans are about to balloon now that the Department of Education plans to restart interest charges by August 1.
This action affects the 7.7 million borrowers who are enrolled in the Biden-era Saving on a Valuable Education (SAVE) Plan, a program that shrunk payments to $0 a month for people under a certain income threshold.
The interest charges for SAVE borrowers will kick in at the start of next month, though they won't have to resume making payments.
The Education Department said the primary reason it restarted interest was because it sought to comply with a federal court injunction from July 2024 that blocked the full implementation of the SAVE plan.
The injunction from the Eighth Circuit Court of Appeals is what placed borrowers in an indefinite period of forbearance, which postpones their payments.
That was done so the federal government could figure out how to transition millions of people out of the program, later ruled to be illegal by the same court in February 2024.
'For years, the Biden Administration used so-called "loan forgiveness" promises to win votes, but federal courts repeatedly ruled that those actions were unlawful,' Education Secretary Linda McMahon said in a statement.
(Excerpt) Read more at dailymail.co.uk ...
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I thought we were worried about the deficit
everything related to student loans that Obama did needs to be undone. All the loans need to be given back to banks and then the whole thing regulated the way it was then.
It used to work just fine, until Obama broke it.
Pay your debts. You signed the contracts.
L
I swore the Biden clan repeatedly told us "no one is above the law" -- I guess they meant except us.
Hi....
GOOD!
Usurious demands, no doubt.
Talk to Bidon about his promise. If you didnt save up during the time of grace, to hit the principle, you didnt make the best decision.
Here’s a novel idea: how about repaying the money that you agreed to in writing? Should my mortgage note not be repaid cuz I just don’t feel like it?
for her own mismanagement
What a joke!
She hasn’t been in office long enough for her to “mismanage” anything!
The mismanagement occurred previously by the refusal of the FJB admin to properly collect the debts!
So quit beotchin and pay up!
The real question never asked is, by what Constitutionally-derived power of the executive under Article II did Joe Biden’s handlers believe he could VOID legally-binding contractual agreements between consenting adults and banks?
Glad I never had any kind of student loan.
I went to a few tech schools and paid as I went.
4 years of college never really appealed to me. The 4 years of high school were enough.
It was plenty broken before Obama broke it more.
People should have been saving up for such a thing to come to pass. The forgiveness was going to come to an end and everyone knew it. Pay back your loans like everyone else before you did!
It’s funny how I had to pay My car loan mortgage, credit cards and buy groceries and gas throughout covid. Also how I had to work to pay as you go through college because I didn’t qualify for any financial aid because I did work or didn’t qualify for student loans because I hadn’t established credit yet in my 20’s. I’m breaking out my theremin to create a sad song for them.
“Instead of fixing the broken student loan system, Secretary McMahon is choosing to drown millions of people in unnecessary interest charges…
The Student Borrower Protection Center’s mission is to reduce the federal student debt burden on Americans, which has swelled to over $1.6 trillion.
Student debt is more difficult to get rid of than other types of debt, as it cannot be discharged in bankruptcy.”
Attention all you deadbeats, layabouts, and gender studies majors: Pay your debts. What makes you so special that you shouldn’t have to?
Who “broke” the student loan system? It wasn’t Trump. Obama, then Biden, and the Democrat party broken that system. I recall at the time that conservatives said that a government takeover of student loans would be a disaster and we were proven right. Now, the left demands that Trump clean up another mess of their making.
Trump has been President for 4 years and then 6 months. Why is he blamed for every failed policy of both parties from the past 50+ years?
Trump has been working non-stop since January 20th in an attempt to “fix” all the mistakes of both parties. Just repairing the damage from the Biden-error is a 24/7 task. Give the man a break (for once)!
“I’m breaking out my theremin….”
You have a theremin? I had one back in the day. My mom hated it.
L
we all got debts some people chose them like school or big purchases, and some debts come from other people causing someone a problem (like auto or other sort of accident/injury or loss, to yourself or belongings) and people gotta pay or renegotiate. no freebies in this world.
“Millions of students learn the word “responsibility”.
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