Posted on 12/20/2024 5:45:10 AM PST by ChicagoConservative27
Departing President Joe Biden’s administration is nothing if not busy as desks are cleaned out and preparations for final departure made. On Friday it announced federal student loans for another 55,000 workers will be canceled through an existing program known as Public Service Loan Forgiveness.
Biden has now canceled an unprecedented $180 billion in federal student loans through existing programs during his term in office, covering 4.9 million Americans.
The total cost for Biden’s latest act of Christmas charity will come in at $4.28 billion, courtesy of U.S. taxpayers, the bulk of whom previously questioned just how fair such acts are when workers are left to fund the munificence.
(Excerpt) Read more at breitbart.com ...
No, no, no! We’re told Biden is in hiding and has “quiet quit.”
I dunno who’s getting these, I haven’t seen a dime.
Anything he signs should be null and void as he has shown his mental status is in severe decline.
So autoworkers get to pay for woke kids getting womyns’ studies degrees.
Overpaid federal workers I’m assuming.
If done by executive order, it can be reversed.
“I dunno who’s getting these, I haven’t seen a dime.”
I don’t even know how to apply for it.
He’s hoping his socialism deal will stay on the backs of the tax payer a true democrat hack.
Weren’t there multiple court rulings saying this action was unconstitutional?
How long will it take until reversed?
Earliest date - January 20, 2025.
Trump should rescind the EOs and reinstate the loans for those whose have been wiped clean like with a cloth.
Trump should rescind the EOs and reinstate the loans for those whose have been wiped clean like with a cloth.
the solution is to make these communist universities responsible for student loans that aren’t repaid.
As I understand things, Public Service Loan Forgiveness is legally possible.
I would think an MIT BSEE working for a defense contractor is performing a public service too.
What about a college graduate at United Healthcare shoveling out millions of PPACA benefit bucks annually to doctors and hospitals?
What about a college graduate barista handing out coffee to federal workers still coming into DC offices to work?
I paid off my student loans within 10 years.
As I remember one loan was for 7 years and one loan was for 3 years.
“What Is the Average Gs 5 Salary by State”
“District of Columbia $110,942”
“North Dakota $103,878”
“Nebraska $93,606”
https://www.ziprecruiter.com/Salaries/What-Is-the-Average-GS-5-Salary-by-State
And there are the disenfranchised like me, who worked days and went to school at night when they scraped together the money to pay for classes, and had a used textbook because that’s hat we could afford. Couldn’t walk for graduation, had to work that day.
But i thought we were out of money, right? but 4.5 billion just out of nowhere?
WIKI
The Public Service Loan Forgiveness (PSLF) program is a United States government program that was created under the College Cost Reduction and Access Act of 2007 signed into law by President George W. Bush to provide indebted professionals a way out of their federal student loan debt burden by working full-time in public service.
The earliest time in which borrowers could receive forgiveness under the program was after October 1, 2017. The Department of Education reported that 2,215 borrowers had the remainder of their respective student loans forgiven under the program as of April 30, 2020 for a denial rate of 98.5%.
An individual qualifies for PSLF after making 120 on-time, monthly payments under a qualifying repayment plan while working full-time for a qualifying employer. After the borrower has made 120 qualifying payments, any remaining balance of the borrower’s eligible student loan is forgiven without any tax implications. Currently, there is no cap as to the amount of forgiveness a borrower can receive.
On October 6, 2021, the Biden administration announced a temporary waiver allowing past payments to qualify even if they had the wrong loan type or payment plan. As of March 2022 100,000 people have had over $6.2 billion of student loans canceled as a result of the waiver, however, many problems still persist. The government estimates that 1.3 million public servants qualify for PSLF. FedLoan Servicing continues to incorrectly tell people that they do not qualify for PSLF when in fact they do. FedLoan has also been sending automated messages with inaccurate payment counts. The CFPB has issued a warning to FedLoan.
For his 2015 budget proposal to Congress, President Barack Obama proposed capping Public Service Loan Forgiveness at $57,500 for all new borrowers.
President Trump’s 2019 budget proposed eliminating the PSLF. The elimination would have only affected new borrowers as of July 1, 2020.
The Department of Education subsequently stated that all full-time [American Bar Association] ABA employees are employed in “a public service job” for a “public service organization” as part of a settlement between the ABA and the department.
https://en.wikipedia.org/wiki/Public_Service_Loan_Forgiveness
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