Biden's student loan forgiveness policy: How to apply, who qualifies, more

Current students are also eligible for federal loan forgiveness, so long as their parents meet the income criteria of $125,000 for a single provider or $250,000 for a married couple who file their taxes jointly.In a speech on Wednesday, Biden said 95% of borrowers will get some relief from his plan, or a total of 43 million out of the 45 million total student borrowers.A college student studies on their university campus in a stock image.

The DOE estimates that this change will allow community college graduates to be debt-free within 10 years. "So you might have some borrowers getting forgiveness within a month or two, immediately, and then some borrowers taking a few additional months and they would have to complete that form," Kantrowitz said.

The solution, Yu argued, would be a broad cancellation that does not try to target people based on their income, which would make the process easier to execute by the DOE. Because the federal government backs many student loans, U.S. taxpayers will likely foot the bill -- something Biden addressed directly on Wednesday by comparing student debt cancellation to the Paycheck Protection Program, a loan forgiveness program for businesses affected by the COVID-19 pandemic.

In contrast, Biden said Wednesday, his plan would benefit the "middle class and working families. It helps both current and future borrowers. And it'll fix a badly broken system."While the president did pledge to cancel $10,000 in student loan debt on the trail -- a commitment he has now made good on -- that was just one of his vows around reforming the higher-education system.

WE DEMAND DEBT EQUITY! STOP DEBT RACISM NOW! ALL DEBT FORGIVEN NO MORE INTEREST TO GLOBAL FINANCE CONTROLLERS THAT ARE REALLY JUST SOPHISTICATED GOVERNMENT SPONSORED THIEVES

This is absolutely ridiculous. Why should my tax dollars pay for: - forgiving student debt - forgiving PPP loans - big-corporate welfare - a border wall that wasn't needed

Does anyone know if the new plan will allow borrowers who are pursuing Public Service Loan Forgiveness (PSLF) to apply the $10,000 or $20,000 (if applicable) toward their 120 required PSLF payments? I haven't heard anything about this.

Funny, everyone was good with their PPP loans 🤔

Here's what you need to know: ✓people flipping burgers will be paying off lawyers and women's studies bachelor degrees ✓ if you burned down a Walgreens in the name of St Fentanyl Floyd, during the summer of love, yo FINALLY will be getting your check.

Biden is creating a future Society of codependency. Graduates will not respect financial independence.

Those who lack empathy for other peoples suffering should pretend it’s a bill to cut billionaires and corporations since they have no problem with turning a blind eye when those people are bailed out.

I want all money I borrowed and returned back.

I'm disabled and with my disability income I can barely afford to rent a room from someone. I guess forgiving debt for able bodied people with college degrees is more important than helping people like me. Gotta secure those votes!

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Biden's student loan plan: What we know (and what we don't)President Joe Biden is expected to announce today that many Americans can have up to $10,000 in federal student loan debt forgiven. Here's what we know so far and what it means for people with outstanding student loans. It means the responsible will be paying for the irresponsible. The US could get more bang for the buck if it paid debts based on not the face value but what the holders of the debt paid. Why? Because most student loans are resold in'tranches' at cents on the dollar. If someone paid $1k for a 10,000, pay the $1k, wipe out $10,000! Congrats to every worker busting their ass in the the ship channel, truckers, and other blue collar gigs to fund someone’s gender studies degree. Elections have consequences.
Source: HoustonChron - 🏆 609. / 51 Read more »

Biden announces mass student loan forgiveness programBREAKING: President Joe Biden has announced a mass student loans forgiveness program. This is discriminatory towards anyone who did not attend college. It’s in keeping with the slacker mentality this generation and progressives have. they’re the same one who endorse “quiet quitting”. Colleges should be on the hook for student debt. Part of the tuition should be for a placement program for the student's first job in their field of study. This should eliminate bogus degrees and make colleges focus on education NOT safe spaces.
Source: dcexaminer - 🏆 6. / 94 Read more »

Biden cancels $10,000 in federal student loan debt for most borrowersPresident Biden announced yesterday that he will forgive $10,000 in federal student debt for most borrowers, delivering financial relief to millions of Americans. And We Have to Pay for it!!! You think inflation is high now! You haven't seen anything yet! This Needs to be Blocked!😎 “relief” 😆 Households making $250,000 living in luxury apartments and eating at the finest restaurants every night are qualified to get that “relief.” Paid for by the struggling Americans. Now I'm starting to wish mine weren't private loans. Bummer.
Source: CNBC - 🏆 12. / 72 Read more »

PolitiFact - On student loan forgiveness, Joe Biden has many optionsPresident Biden has announced a plan where $10,000 of student debt loan will be forgiven for those who didn't receive Pell Grants and make less than $125,000. The pause on student loan repayments has been extended to the end of the year. Link appears to go to a different article- heads up! Just remove the interest. That is the most common sense and fair option
Source: PolitiFact - 🏆 17. / 71 Read more »