Loan forgiveness, one of the president’s campaign planks, has met opposition from Republicans and some moderate Democrats
Navient’s recent $1.7 billion settlement will erase student debt for about 66,000 borrowers. WSJ’s Josh Mitchell breaks down the settlement and explains which borrowers will receive debt relief. Photo: StoryblocksWASHINGTON—, according to the White House, as the Biden administration nears a decision on an issue that could affect millions of Americans and reverberate in the coming midterm elections.
“The president talked back on the campaign about…looking at steps to help people making less than $125,000 a year, so that is the frame through which he’s making considerations at this point,” White House press secretary Jen Psaki told reporters on Tuesday.
It's not forgiven if someone else pays for it. That's socialism
Oh who’s that? Pick and choose who gets loan forgiveness? Possibly democrats only?
BuyingVotes. Easy to spends our dollars!
Wouldn’t it be more right to give the money he would forgive to the Seniors who contributed all their life to SS and can’t earn any more. They got doubly screwed by the progressives and for much longer!
Society will pay for everyone else’s decision to go to and agree to pay for THEIR school! My wife and I CHOSE to go to school with the expectation WE pay for it. Republican 2024 FJB
Let POTUS piss around with this promise I’ll never go DEM again
Equality would suggest to delete interests on debt, not the debts at all..
So if you make more than $125,000 working 2-3 jobs for the past decade to try to pay off your student loans early you get f****ed in the a** by this income threshold. If your gonna do student loan forgiveness it needs to be across the board for ALL.
BIDEN IS NOT FORGIVING DEBT. HE IS STEALING WELFARE SUBSIDIES AND TACKING THEM TO YOUR SOCIAL SECURITY
BIDENS ABUSE OF THE SOCIAL SECURITY ADMINISTRATION WAS DEEMED TALIBAN BEHAVIOR IN 1976. BIDEN AND HIS STEP SON ELON ARE CONSIDERD AWOLERS THEREFORE SHOULD NOT BE PERMITTED IN ANY MILITARY PRESENCE.
BIDEN ABUSE OF THE SOCIAL SECURITY ADMINISTRATION WAS DEEMED TALIBAN ACTIVITY IN 1976
Is it conditional on serving as a mercenary in Ukraine?
So ppl should work in low wage jobs to get their loan forgiven and then get a higher paying job after they don’t owe the govt anymore? What about degrees that simply cost more/take longer?
Really trying to get those votes any way possible
Where will the money come from?
JoeBiden you need to stop this nonsense. Most people pay their student loans. They knew what they were getting into when they signed on the dotted line. PayYourDebt! Stop giving these basement lovers a free pass! I am not paying for something I didn’t receive!
What a joke, get real and seek mental treatment
When did the president gather his authority to forgive any student loans?
impeachaholebiden
So if you make 115,000 you can be forgiven but 135,000 you have to pay. Eeesh. That 20,000 dollar difference can mean not paying 150,000 in loans? And you have to pay in after tax dollars so you have to make 240,000 to pay 150,000… so now the guy making less actually has more.
Can you say DICRIMINATION
He should consider where the exit sign is.
Right. Cause midterms are going to destroy the lefties. Lol
This is considered “Economic Racism”
Lol!
406Llama Who the hell is making $250.000 after going to college? Who is that person...
Well if you worked hard you get nothing, these POS that won’t pay their bills gets relief, what a joke, I have a house and car payment I signed paperwork on, can I get it paid off also
I agree there should b a limitation. Some kids went 2 college on the 5yr plan where they partied & used student loan money 4 other things rather than schooling. I c all the time on court shows were students were waiting on their money 2 pay everything but the cost of education.
Less talk more action just do it...ffs just do it
Make it so there is no interest on any school loans including private colleges. Offer programs for tuition free community college. Otherwise, private college shouldn't be on the taxpayers
Come on guys. Skin color should dick-tate if you owe anything.
The solution to this is 1% interest across the board for higher education. Why is no one just talking about this piece? It solves all the issues.
Well guys, it’s going to be a bloodbath in November!! RedWave2022
That is stupid as shit…penalize those making more, who are the greatest spenders in our economy.
Trying to buy votes of those with student loans. I'm almost done paying them off -- my initial 72k became 80k after a first year of deferment with interest rolled back in. Could have benefited with a finance class on compound interest.
It sucks for someone who earns $125,001 a year.
Not all student debt went 2 a university. Some borrowed to live off of. Want a Free education? Join the military, serve ur country and EARN an education. Worked for my father, me, and my son.The wife payed hers off teaching. Can we get reimbursed for being responsible people?
Right... What is the moral hazard from loans that are never paid back? Anybody would take on a loan on this condition...
Wow, that’s a lot of money in a year. Let’s make it more like the “living wage” you talk about. So under $40k.
NO!
That should narrow it down a bit
YES!
Aha, rewarding the failures and punishing success. The liberal playbook
When you live in blue state that taxes your income at around 45%, you contribute to your 401k / IRA, then you pay 2-3k rent because high salary jobs are in high COL cities, and student loans are $1-2k a month - how far does Biden think a $125k salary goes? What a joke.
Ppl that takes loan should pay themselves lol
With this logic, why do we provide social security to Americans making over $125k? Won’t be voting for Biden or any democrats if this is the policy. Simple as that. If you don’t want to help everyone, you don’t need me vote.
Limited to only those who work in public services, such as fed / state gov / teachers / social workers, and non profits for a period of 10 years.
Well! If he wants to be re-elected and this abortion distraction is a dud - it's got to be more than that. Not getting my vote on this one.
Is $125,000 considered a big salary in American?
FYI. Going to college is a choice. I paid my graduate degree in full. I am fascinated by how many people lack responsibility. Never get anything without working hard.
I don’t think graduates are coming out the gate making $125k a year. In Texas that’s $80k after taxes. Average base probably $62k a year depending on career. After taxes that’s around $43k. Doable? Yes. Hard? Yes. But CancelAllStudentDebt? Also, yes.
DO IT!!!
Come-on forrest. Where's Brandon !!
Great now talk about the IRS and a Fair Tax for all.
If you can’t afford your student loans at 125k there’s a problem. it should be limited to those who make under 90k. And all studies show we could make a significant impact by just forgiving 10k of an individuals loan instead of all of it. We need Fiscal responsibility.
Wrong move. Should be less than 50K/yr for single, and 100K/yr for couples, jimo
How bout dripping that number to 35k per anum?
He is considering not doing anything at all too.
And a glimpse into the future, 'Dear gov't, U once paid off my student loans I signed up for & rec'd a degree. Now it seems I have signed up for a home loan & can't afford it. Need more $$ please.'
Hmmm…..
How about borrowers who make less than $30k or $40k if at all? Frankly, no one earning $120,000 annually needs help from me!
Woops, there goes AOC's handout... LOL
Hey, if they bailing out Wall Street and Banks let them give the people a bailout. For those who paid should get an education stimulus check for paying off your loans. Make it work for both sides
So is college free going forward.
120k is higher income (at least higher than medium or doulbe of medium) in Canada... Is US so rich?
Better educated society is a good thing. We need more people to go to college not less. Cancel the debt.
Biden Administration is finally admitting the money fairies might not have enough to sprinkle on everyone?
The limit should be zero. I don't owe you idiots anything I paid my loans.
Well that would mean about 90% are forgiven. If you have an art, basket weaving or psychology degree it will now be paid by taxpayers.
What a joke. Makes 6 digits a year but can’t pay off their loan 🤦♂️ Tells me that their schooling sure wasn’t worth the cost. Quit making excuses bums and pay off YOUR debt. Not my job or the other taxpayers to pay your way in life.
HEY JOE HOW ABOUT US HARD WORKING AMERICANS THAT WENT TO WORK AFTER HIGH SCHOOL AND MISSED SPRING BREAKS AND PARTIES. IN STEAD WE WENT IN DEBT BUYING HOMES AND RAISING FAMILIES.
I didn’t go to college POTUS I risked every penny I had to start my own business so should I get money for the investment I put in to my job, it’s only fair if one person gets their investment in their future forgiven then why wouldn’t somebody else be able to, slippery slope!
Cut back on the Weed and Alcohol. Too much partying. Pay you bills first.
As Democrats go farther left with their policies, they put America into more debt. Trying to be the most popular girl in the school by giving it all away.
Sure, make it a requirement that they must serve four years in the military or X amount of volunteer work for the forgiveness. They should serve the people that paid off their loans.
GOOD!
JonLemire This is a TERRIBLE idea both politically and as policy. I’m not sure who is in Biden’s ear on this, but they are doing him a huge disservice.
A complete utter joke. A slap in the face to every American who paid back their student loans. A disgrace. Disgusting. Repugnant. A waste.
JonLemire Yes please and thank you.
Biden to student borroers: I could do more...I just don't want to. $10k of relief, while nice, will reduce the monthly payment by about $100. It's not a serious amount, and it won't have any serious effect for borrowers.
JonLemire Ok. Do something because nothing is bad
I've always considered myself to be a Democrat but than again I dont know anymore i think I'm more neutral. This guy is just making people more lazy no reason why people cant pay their debt off. People have been doing it for years.
It's called 'budgeting', some should try it and they can pay their student debt.
No big salaries for degrees in climate change , gender studies , or lesbian literature
No!!
Pay back your loan though civil service!
Makes $124,999 a year, can’t pay student loans. Beautiful
How he came with this number? He thinks if someone is making 200 or 250 is rich and took the loan to enjoy
He should limit it to only those who were aborted! That'll show those Supreme Court Justices!
Most of us made less than $125K at some point. Can we make it retroactive for those of us that made the sacrifice and repaid our debts?
Debt forgiveness for masses sounds good. Communism sounds good right now but a day could come when there’s not enough stuff to go around and the USA could look like USSR did.
Seems like a lot of people gonna take 3 -6 month vacations to get student loans paid off
$125K income shows you can afford loan payments? Not if you had to cash out some of your 401(K) —which the IRS considers income—to pay medical bills. A number from last year’s tax return is not always an accurate indication of someone’s financial status.
We have a hostile Supreme Court. This is the only way. Targeted
Great. I know people who are retired and are still paying of student debt!
And for those who do not have the opportunities for loan forgiveness elsewhere, like nurses, govt employees, teachers, etc.
Let's look a bit more at this student loan issue. I am in favor of paying off SOME LOANS but not all, I think, Those making $125k make up the vast majority of those WHO CAN & SHOULD PAY THEM OFF THEMSELVES. Why? That is almost 3x what the MEDIAN income for a BACHELORS is.
Is there really that much difference between this and a corporate bailout? Or bankruptcy? Think TARP ffs
Yes while being run by the Rothschild family and others shame on such presidency
125k?!
The amount of spelling/punctuation errors in the negative comments is rather telling…
Who paid off Donald Trumps debt 4X Bankruptcy that’s who Different name same story they get their DEBT forgiven They always try to package their💩different when it’s the same💩stop being pooped on they try to make it sound different than what it is it’s FORGIVENESS, periodT
I paid off all my student loans 5 years after graduating law school, I lived like I was poor and took ever damn case I could get all the while making about 50k a year.
If you went to college and got a profitable degree then pay for yourself. If you got a degree in French art then here is a check.
Consider limiting it to no one.
So those who worked hard, maybe took on two jobs, to pay off their loan get nothing? And why do those who couldn’t afford to, or chose not to go to college, have to pay for those that did? Makes no sense
great, but wont this just cause more inflation?
No you took the loan you pay it back. End of story. Not everyone else’s problem who had nothing to do with your decision.