Biden administration forgives $39 billion in student debt for more than 800,000 borrowers

[Slyfox696]

Not sure he has that authority. Have to wait and see what the courts say. Who is going to determine who is getting their loan forgiven and when are they going to be notified? Before or after the SCOTUS gets this one.

Perhaps if you'd take the time to read on what actually happened, you wouldn't have to ask these questions.

"Under the Higher Education Act and the Department’s regulations, a borrower is eligible for forgiveness after making 240 or 300 monthly payments—the equivalent of 20 or 25 years on an IDR plan or the standard repayment plan, with the number of required payments varying based upon when a borrower first took out the loans, the type of loans they borrowed, and the IDR payment plan in which the borrower is enrolled.

...

Borrowers receiving notifications in the coming days include those with Direct Loans or Federal Family Education Loans held by the Department (including Parent PLUS loans of either type) who have reached the necessary forgiveness threshold as a result of receiving credit toward IDR forgiveness for any of the following periods:"

Source: https://www.ed.gov/news/press-relea...ss-result-fixes-income-driven-repayment-plans

 

[SMTA]

^^^ where Trump lives rent free.

Nope - I'm not a Trump ass kisser.
I simply call out the bullshit, no matter who it is.
I also call out hypocritical partisan bullshit like the garbage that you posted here.

 

[Slyfox696]

Don't you want us to put America first? Well, things like this are how you put America first dude.

It's amazing these people are literally trying to argue that banks and the government should not have to honor the terms of an agreement they entered into. Just absolutely nuts.

I suspect most of the people have no idea what they are talking about and think this is just a blanket loan forgiveness. It's not. It's a very specific forgiveness, based on conditions which should have resulted in forgiveness long before now.

 

[NatMorton]

Nope - I'm not a Trump ass kisser.
I simply call out the bullshit, no matter who it is.
I also call out hypocritical partisan bullshit like the garbage that you posted here.

No, you're someone who's entire political thought process is governed by Donald J. Trump. If he's for it, you're against it. If he's against it, you're for it.

Whether you realize it or not, intellectually speaking, he's your master.

 

[DrewPaul]

It is voluntary. If you don't support paying taxes to fund education and improve the country you can move to another country

You may recall in a democracy the people have a right to make their will known about where our taxes go.

Don't you want us to put America first? Well, things like this are how you put America first dude.

This is putting individuals first at the expense of others who pay for the benefit but don't receive the benefit. You probably know this but somehow still think its fair and no one should complain.

 

[Slyfox696]

You may recall in a democracy the people have a right to make their will known about where our taxes go.

This is putting individuals first at the expense of others who pay for the benefit but don't receive the benefit. You probably know this but somehow still think its fair and no one should complain.

Do you actually know what this loan forgiveness is about? Do you care that the things you are saying are false?

 

[SMTA]

No, you're someone who's entire political thought process is governed by Donald J. Trump. If he's for it, you're against it. If he's against it, you're for it.

Whether you realize it or not, intellectually speaking, he's your master.

I see you do not read nor comprehend written English.
No surprise there.
Keep kissing Trump's fat worthless ass.

 

[SMTA]

Do you actually know what this loan forgiveness is about? Do you care that the things you are saying are false?

Not a clue, obviously.

 

[Slyfox696]

Not a clue, obviously.

It's fascinating to me how many people seem to be against the idea of banks and government honoring the terms of agreements they made.

 

[DrewPaul]

Do you actually know what this loan forgiveness is about? Do you care that the things you are saying are false?

Who is getting loan forgiveness?​

The Biden administration said 804,000 people will learn that their debt has been discharged.


These are people who were enrolled in IDRs and who have accumulated the equivalent of either 20 or 25 years of qualifying monthly payments, the administration said.

Why are they getting loan forgiveness now?​

The administration said it is discharging the loans now because it wants to fix "historical failures" in how IDRs were managed.


Some "qualifying payments made under IDR plans that should have moved borrowers closer to forgiveness were not accounted for," the administration said in a statement.

"For far too long, borrowers fell through the cracks of a broken system that failed to keep accurate track of their progress towards forgiveness," said U.S. Secretary of Education Miguel Cardona in the statement.

You don't think anyone will get shortchanged? Is this a zero sum transaction?

 

[SMTA]

Who is getting loan forgiveness?​

The Biden administration said 804,000 people will learn that their debt has been discharged.


These are people who were enrolled in IDRs and who have accumulated the equivalent of either 20 or 25 years of qualifying monthly payments, the administration said.

Why are they getting loan forgiveness now?​

The administration said it is discharging the loans now because it wants to fix "historical failures" in how IDRs were managed.


Some "qualifying payments made under IDR plans that should have moved borrowers closer to forgiveness were not accounted for," the administration said in a statement.

"For far too long, borrowers fell through the cracks of a broken system that failed to keep accurate track of their progress towards forgiveness," said U.S. Secretary of Education Miguel Cardona in the statement.

You don't think anyone will get shortchanged? Is this a zero sum transaction?

Copying and pasting information from another source does not mean that you understand.
What a joke post.

 

[Slyfox696]

Who is getting loan forgiveness?​

The Biden administration said 804,000 people will learn that their debt has been discharged.


These are people who were enrolled in IDRs and who have accumulated the equivalent of either 20 or 25 years of qualifying monthly payments, the administration said.

Why are they getting loan forgiveness now?​

The administration said it is discharging the loans now because it wants to fix "historical failures" in how IDRs were managed.


Some "qualifying payments made under IDR plans that should have moved borrowers closer to forgiveness were not accounted for," the administration said in a statement.

"For far too long, borrowers fell through the cracks of a broken system that failed to keep accurate track of their progress towards forgiveness," said U.S. Secretary of Education Miguel Cardona in the statement.

You don't think anyone will get shortchanged? Is this a zero sum transaction?

How do you think anyone is getting shortchanged by the government and banks keeping the promises they made? That makes no sense.

The terms of the loan always stated the loan would be forgiven after a set number of months. All this loan forgiveness is doing is honoring the terms of the loan. You do realize that, right? No one is getting shortchanged, the terms of the loan have been fulfilled.

 

[DrewPaul]

Copying and pasting information from another source does not mean that you understand.
What a joke post.

Either is deflecting from the questions I asked.

 

[NatMorton]

How did you pay? This was merely the DOE enforcing the terms of the loans that were made 20-25 years ago. How did you pay for banks and government abiding by the terms of the loan?

Oh, that is precious.

Tell you what, let's you and I make a similar arrangement. You loan me $1,000, and Mrs. Morton and I will go and have a lovely meal this weekend at Menton. Then, on Monday, we'll exercise the term of our deal that allows me not to pay you back. Which, according to your logic, means my wife and I get a spectacular dinner and nobody has to pay for it!

I'll PM you with my Venmo account info.

 

[Slyfox696]

Oh, that is precious.

Tell you what, let's you and I make a similar arrangement. You loan me $1,000, and Mrs. Morton and I will go and have a lovely meal this weekend at Menton. Then, on Monday, we'll exercise the term of our deal that allows me not to pay you back. Which, according to your logic, means my wife and I get a spectacular dinner and nobody has to pay for it!

I'll PM you with my Venmo account info.

So, in other words, you have absolutely no answer to the question which demolishes your dishonest and/or ignorant narrative. Got it.

These borrowers have been paying on their loans for over two decades. Just because you didn't know what you were talking about doesn't mean no one else does either. But, really, that's a great argument you're making, that borrowers should have to pay forever on loans because the government won't honor the terms of the agreement they made. That will really do wonders for confidence in the US government.

You are wrong. In every way. Next time, take more time to educate yourself on the topic before you start vomiting rhetoric.

 

[SMTA]

Either is deflecting from the questions I asked.

Oooh.
Double down; failed reversal; still clueless; funny stuff

 

[NatMorton]

So, in other words, you have absolutely no answer to the question which demolishes your dishonest and/or ignorant narrative. Got it.

These borrowers have been paying on their loans for over two decades. Just because you didn't know what you were talking about doesn't mean no one else does either. But, really, that's a great argument you're making, that borrowers should have to pay forever on loans because the government won't honor the terms of the agreement they made. That will really do wonders for confidence in the US government.

You are wrong. In every way. Next time, take more time to educate yourself on the topic before you start vomiting rhetoric.

If there's a balance outstanding, and payments stop, whom do you think suffers the loss?

 

[SMTA]

So, in other words, you have absolutely no answer to the question which demolishes your dishonest and/or ignorant narrative. Got it.

These borrowers have been paying on their loans for over two decades. Just because you didn't know what you were talking about doesn't mean no one else does either. But, really, that's a great argument you're making, that borrowers should have to pay forever on loans because the government won't honor the terms of the agreement they made. That will really do wonders for confidence in the US government.

You are wrong. In every way. Next time, take more time to educate yourself on the topic before you start vomiting rhetoric.

Snort.
Alex, I’ll take regurgitation for $400 please!

 

[RealityNow]

Biden forgives. We pay.

You are not paying a penny more in taxes....

Debt does not work like Republican try and spin it..... Debt on the Global Stage. has shown Countries that are showing economic growth and inflation, are showing a decrease in DEBT to GDP

Growth



Biden Administration Policies are working but, Right Wing Media and Republican will Never tell the truth about it.,


But, the Republican run back to their districts and claim credit for the investment and growth, which they as Republicans voted against.

They Republican will try to claim credit for the increase access to have money to spend on buying homes and consumer products to take care of their personal and family needs.... which helps stimulate the economy.
Republican will try and take credit for it, when they stand against the debt relief to students.
​

 

[DrewPaul]

Biden Administration Policies are working but, Right Wing Media and Republican will Never tell the truth about it.,

I managed to smuggle the news. Job numbers are strong and inflation, though high is also waning. May even convince the feds not to raise rates. Some warn about recession but I don't see any signs yet.

 

[ClaraD]

You may recall in a democracy the people have a right to make their will known about where our taxes go.

This is putting individuals first at the expense of others who pay for the benefit but don't receive the benefit. You probably know this but somehow still think its fair and no one should complain.

You don't have a clue what you are talking about....these were forgivable loans from the start....the borrower had to meet certain conditions and did so.

 

[SMTA]

If there's a balance outstanding, and payments stop, whom do you think suffers the loss?

Not the lending institutions.
Student loans cannot be discharged, and the debt will be passed to the co-signer, usually the parents, if the borrower stops payments.

 

[Slyfox696]

If there's a balance outstanding, and payments stop, whom do you think suffers the loss?

Do you understand what interest on a loan means and what it does to the balance?

 

[trixare4kids]

Biden administration forgives $39 billion in student loan debt to more than 800,000 borrowers

The Biden administration announced Friday that it will provide $39 billion in automatic loan forgiveness for federal student loans.

www.foxbusiness.com

Fantastic news! Glad to see Biden is being more assertive in delivering on his election promises. Very popular measure among Democrat voters and hopefully will mobilize younger people to vote.

Wait until the lawsuits start to stop just another of Pop's pandering stunts.

 

[Yes_Minister]

Biden forgives. We pay.

Yeah, that money should go to the military industrial complex!