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Biden's new student loan relief plan would slash debt for millions
Axios ^ | Apr 8, 2024 | Sareen Habeshian , Ivana Saric

Posted on 04/09/2024 5:42:59 AM PDT by Red Badger

The Biden administration on Monday announced a new sweeping student loan forgiveness plan that would provide relief for more than 30 million borrowers.

Why it matters:

The plan is Biden's latest attempt to cancel student debt after the Supreme Court blocked his signature student debt cancellation plan last year.

Since then, the administration has found ways to deliver relief to millions of borrowers by using its existing authority and circumventing the need for Congressional or court approval.

Driving the news:

Under the new plan, the administration would cancel up to $20,000 of a borrower's accrued interest, regardless of income, the White House said in a statement Monday.

In addition, low-and-middle income borrowers — single people making less than $120,000 or couples making less than $240,000 — enrolled in an income-driven repayment plan would have all of their interest forgiven.

No application will be required to receive the relief, the statement added.

If the plan is implemented as proposed, the Biden administration estimates it will "fully eliminate" accrued interest on 23 million borrowers' unpaid balances.

The plan would also wipe out the full amount of debt owed by 4 million Americans and give partial relief of at least $5,000 to more than 10 million additional borrowers.

Context: The Education Department has been working on a proposal to replace the one that the Supreme Court dashed last year, the White House said.

Under the new plan, four sets of borrowers are automatically eligible for relief: borrowers who have seen their balances grow beyond what they originally borrowed; those who took out loans that are in repayment for over 20 years; borrowers who are eligible for relief but haven't applied; and those whose college or program didn't deliver sufficient financial value.


TOPICS: Business/Economy; Crime/Corruption; Front Page News; Government; Politics/Elections
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1 posted on 04/09/2024 5:42:59 AM PDT by Red Badger
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To: Red Badger

Such a “relief” …to pass this debt onto taxpayers

About $143 billion so far


2 posted on 04/09/2024 5:46:31 AM PDT by silverleaf (“Inside Every Progressive Is A Totalitarian Screaming To Get Out” —David Horowitz)
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To: Red Badger

So the jobless college graduates with degrees in Hate America studies get their loans cancelled in violation of the Supreme Court decision and the people of East Palestine, Ohio, who got nothing, get to pay for it. Trump 2024.


3 posted on 04/09/2024 5:46:34 AM PDT by laconic
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To: Red Badger

obviously invalid.

ruled unconstitutional by SCOTUS last june... not that it matters to the criminals in the WH.

https://www.scotusblog.com/2023/06/supreme-court-strikes-down-biden-student-loan-forgiveness-program/


4 posted on 04/09/2024 5:46:57 AM PDT by sten (fighting tyranny never goes out of style)
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To: Red Badger

Transfers debt from those it, to those that don’t.


5 posted on 04/09/2024 5:47:01 AM PDT by Ronald77
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To: Red Badger

Redistribution of wealth. The money will be paid. But not by the people who borrowed it. The taxpayers will pony up to repay what was spent by others. We are deep into a Soviet-style system now.


6 posted on 04/09/2024 5:47:37 AM PDT by ClearCase_guy (It's not "Quiet Quitting" -- it's "Going Galt".)
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To: laconic
So the jobless college graduates with degrees in Hate America studies ...

Many of those allegedly "worthless" degrees are actually quite valuable. Many such graduates find employment as diversity consultants, or in Human Resources Depts. in big corporations, or museums, or ad agencies, or working for NGOs, or government agencies, the military, the intelligence community, police depts., government funded "community activist groups." Some are simply employed by universities after graduation.

The joke, once again, is on us, the taxpayer.

7 posted on 04/09/2024 5:56:02 AM PDT by Angelino97
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To: Red Badger

Vote buying with our money.


8 posted on 04/09/2024 5:56:19 AM PDT by vivenne (⁹)
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To: Red Badger

If you just woke from a coma and wondered if this is an election year, here’s your indication.


9 posted on 04/09/2024 6:01:32 AM PDT by Tell It Right (1st Thessalonians 5:21 -- Put everything to the test, hold fast to that which is true.)
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To: Red Badger

Why not payoff everyone’s debt while you’re at it and completely destroy everything


10 posted on 04/09/2024 6:01:58 AM PDT by butlerweave
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To: Red Badger

Oh good, I always wanted to pay for some deadbeats bills. I can’t even imagine what kind of lowlife shoves their bills off on others.


11 posted on 04/09/2024 6:06:27 AM PDT by McGavin999 ( A sense of humor is a sign of intelligence, leftists have no sense of humor, therefore……)
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To: butlerweave

Why not payoff everyone’s debt while you’re at it and completely destroy everything



Yeah! Why should anyone be held accountable for anything?


12 posted on 04/09/2024 6:09:27 AM PDT by rbg81
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To: Red Badger

The debt doesn’t disappear. It is transferred to another.

Like Jesus did for us, but evil.


13 posted on 04/09/2024 6:13:22 AM PDT by lurk (u)
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To: lurk

Don’t give them any ideas, or they’ll be comparing Biden to Jesus next...................


14 posted on 04/09/2024 6:14:52 AM PDT by Red Badger (Homeless veterans camp in the streets while illegals are put up in 5 Star hotels....................)
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To: Red Badger

It slashes debt for millions of people ... and transfers the debt to 350 million people.

So actually, contrary to the headline, it vastly increases the the of people indebted.

The gaslight media is gonna gaslight.


15 posted on 04/09/2024 6:16:22 AM PDT by coloradan (They're not the mainstream media, they're the gaslight media. It's what they do. )
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To: Red Badger

It is forgotten that in 2010 legislation was signed by President Obama for a federal takeover of the student loan program, eliminating private sector lenders.

Federal assumption of all student loan debt effectively gave the federal government the power to change condition, forgive interest and forgive loans.


16 posted on 04/09/2024 6:20:11 AM PDT by Soul of the South (The past is gone and cannot be changed. Tomorrow can be a better day if we work on it n)
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To: Red Badger

One thing that has always bothered me about this is student loan forgiveness does not forgive all student loans. Those loans already paid off by the borrowers get no relief. Those students still in school that haven’t started paying off their loans won’t get any relief. Those students who have yet to enter college and take out a student loan aren’t guaranteed any relief. How is this student loan forgiveness fair at any level?


17 posted on 04/09/2024 6:23:23 AM PDT by Captain Compassion (I'm just sayin')
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To: Red Badger

Disgusting!


18 posted on 04/09/2024 6:25:41 AM PDT by From The Deer Stand (Mply)
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To: Red Badger

The student loan gambit is a win-win fork for the Biden apparatchiks.

If it prevails, gets votes

If it loses, Republicans get heaps of grief from the media sycophants’

The gambit will fail again and the king will fall


19 posted on 04/09/2024 6:26:12 AM PDT by bert ( (KE. NP. +12) Hamascide is required in totality)
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To: Captain Compassion

It isn’t. It meant to buy votes. That is all..................


20 posted on 04/09/2024 6:32:50 AM PDT by Red Badger (Homeless veterans camp in the streets while illegals are put up in 5 Star hotels....................)
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