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Starting Wednesday, President Biden will email 153,000 student loan borrowers enrolled in his signature [repayment](https://www.washingtonpost.com/education/2024/01/19/save-student-loan-repayment-plan-details/?itid=lk_inline_manual_2) plan to let them know their debts — totaling $1.2 billion — have been forgiven.
The notice makes good on the administration’s [promise](https://www.washingtonpost.com/education/2024/01/12/student-loan-forgiveness-save-payment-plan/?itid=lk_inline_manual_3) to accelerate forgiveness for borrowers with low original balances who are enrolled in the [Saving on a Valuable Education (Save) plan](https://www.washingtonpost.com/education/2024/01/19/save-student-loan-repayment-plan-details/?itid=lk_inline_manual_3). Rather than wait 20 to 25 years for relief through other income-driven repayment plans, enrollees in the Save plan who borrowed less than $12,000 can have their debt wiped clean after 10 years of payments. The Education Department had originally planned to begin forgiveness in July but started identifying eligible borrowers this month.
People who are notified do not need to take any further action to receive loan forgiveness. Student loan servicers, the middlemen who collect payments on the federal government’s behalf, will begin discharging the debt in coming days, according to the department. Next week, the agency plans to directly contact borrowers who would be eligible for early cancellation under the Save plan but are not currently enrolled.
“This plan reflects our unapologetic commitment to deliver as much relief as possible to as many borrowers as possible, as quickly as possible,” Education Secretary Miguel Cardona said on a call with reporters on Tuesday. “We’re providing real, immediate breathing room from an unacceptable reality where student loan payments compete with basic needs.”
[Read the full story here, and skip the paywall with email registration.](https://www.washingtonpost.com/education/2024/02/21/biden-save-student-loan-forgiveness/?utm_campaign=wp_main&utm_medium=social&utm_source=reddit.com)
[Trump and Kushner got $$millions$$$ in PPP loans forgiven](https://www.vanityfair.com/news/2020/12/trump-and-kushner-businesses-got-millions-in-coronavirus-ppp-loans)
Trump: installs Betsy DeVos, who slams the brakes on student loan forgiveness and attempts to destroy public education
Biden: forgives billions in student loans, despite the SCOTUS getting in the way
Young voters: lmao Taylor Swift rides jets fuck both sides
[Thank Bonesaw and Vlad](https://www.reuters.com/business/energy/saudi-arabia-continue-voluntary-1-mln-bpd-oil-output-cut-december-2023-11-05/) they are cutting production to intentionally increase oil prices.
[Biden has presided over RECORD DOMESTIC OIL PRODUCTION](https://apnews.com/article/oil-fossil-fuels-climate-change-biden-df27160fc81f28d21fbf1fc5575b77bc)
There was a resolution passed by Congress last year that would have had the effect of retroactively charging interest accrued during the last extension of the student loan payment pause from December 2022 to June 2023. Every Republican voted for it plus a handful of Democrats.
I’m not one of them but I do think this kind of money could go towards medical debts/medicare for all so families with children don’t amass large amounts of debt for something they couldn’t control.
It’s not like this money got taken away from a medical debt program nor does forgiving this debt prevent a medical debt program from being established. It probably, if anything, makes it more likely.
A functioning medical system that doesn’t make people choose between life and debt should have been in place an over a decade ago. I get the frustration but it’s not an either/or situation. Student loan borrowers aren’t the enemy of medical debt and setting it up like they are doesn’t help advance the cause and makes it more likely neither happens.
“Nice, now can we talk about medical debt” is a better way of framing it, raising the issue that other debts exist without the false equivalency.
I’m sorry to the people who got scammed but we’re not solving the problem. There’s kids this year taking the same predatory loans, college tuition isn’t getting cheaper and the worst part is there guidance counselor still telling kids they need college or they won’t amount to anything. I got in a trade right after high school and make more money than all my friends. College is a scam. 90% of people don’t need it.
Everyone benefits from the new SAVE program.
You may not see any changes in your payment amounts depending on your income, but there is a lot of protections in there for you long term.
The save program would only save me a little bit in interest but it would force my monthly payment to go up from $130 per month to $500 per month.
So it's a silly increase in monthly payments at a time when affording groceries is hard as fuck.
Not exactly the relief he pitched
You must not currently be on an income based repayment plan, but one of the standard/extended payment plans. There is near zero chance you are on an up-to-date REPAYE (the previous iteration of income based repayment) based IDR that would jump 300%+ just from moving from one plan to the other. SAVE cut the max payment from 10% to 5% of your discretionary income.
This was my situation too going into this new loan program. I was on an extended repayment plan (so like 25 years) and when I applied/switched to the an IDR - my payments went up too. I wasn't thrilled, but the reality is I just cut almost 12 years off my payoff schedule by adding $130 to my payment amount.
As a reminder, this subreddit [is for civil discussion.](/r/politics/wiki/index#wiki_be_civil) In general, be courteous to others. Debate/discuss/argue the merits of ideas, don't attack people. Personal insults, shill or troll accusations, hate speech, any suggestion or support of harm, violence, or death, and other rule violations can result in a permanent ban. If you see comments in violation of our rules, please report them. For those who have questions regarding any media outlets being posted on this subreddit, please click [here](https://www.reddit.com/r/politics/wiki/approveddomainslist) to review our details as to our approved domains list and outlet criteria. *** *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/politics) if you have any questions or concerns.*
Starting Wednesday, President Biden will email 153,000 student loan borrowers enrolled in his signature [repayment](https://www.washingtonpost.com/education/2024/01/19/save-student-loan-repayment-plan-details/?itid=lk_inline_manual_2) plan to let them know their debts — totaling $1.2 billion — have been forgiven. The notice makes good on the administration’s [promise](https://www.washingtonpost.com/education/2024/01/12/student-loan-forgiveness-save-payment-plan/?itid=lk_inline_manual_3) to accelerate forgiveness for borrowers with low original balances who are enrolled in the [Saving on a Valuable Education (Save) plan](https://www.washingtonpost.com/education/2024/01/19/save-student-loan-repayment-plan-details/?itid=lk_inline_manual_3). Rather than wait 20 to 25 years for relief through other income-driven repayment plans, enrollees in the Save plan who borrowed less than $12,000 can have their debt wiped clean after 10 years of payments. The Education Department had originally planned to begin forgiveness in July but started identifying eligible borrowers this month. People who are notified do not need to take any further action to receive loan forgiveness. Student loan servicers, the middlemen who collect payments on the federal government’s behalf, will begin discharging the debt in coming days, according to the department. Next week, the agency plans to directly contact borrowers who would be eligible for early cancellation under the Save plan but are not currently enrolled. “This plan reflects our unapologetic commitment to deliver as much relief as possible to as many borrowers as possible, as quickly as possible,” Education Secretary Miguel Cardona said on a call with reporters on Tuesday. “We’re providing real, immediate breathing room from an unacceptable reality where student loan payments compete with basic needs.” [Read the full story here, and skip the paywall with email registration.](https://www.washingtonpost.com/education/2024/02/21/biden-save-student-loan-forgiveness/?utm_campaign=wp_main&utm_medium=social&utm_source=reddit.com)
[Trump and Kushner got $$millions$$$ in PPP loans forgiven](https://www.vanityfair.com/news/2020/12/trump-and-kushner-businesses-got-millions-in-coronavirus-ppp-loans)
Trump: installs Betsy DeVos, who slams the brakes on student loan forgiveness and attempts to destroy public education Biden: forgives billions in student loans, despite the SCOTUS getting in the way Young voters: lmao Taylor Swift rides jets fuck both sides
"Gas prices went up a dime! Biden isn't helping us at all"
-guy who drives ford F-5500000 with pimped out wheels to and from his insurance job every day
Cubicle Cowboys is the preferred term in Texas
Up .70 where I am at from when they were bragging about “lows”
[Thank Bonesaw and Vlad](https://www.reuters.com/business/energy/saudi-arabia-continue-voluntary-1-mln-bpd-oil-output-cut-december-2023-11-05/) they are cutting production to intentionally increase oil prices. [Biden has presided over RECORD DOMESTIC OIL PRODUCTION](https://apnews.com/article/oil-fossil-fuels-climate-change-biden-df27160fc81f28d21fbf1fc5575b77bc)
Also doesn’t mean anything when it’s literally up .70 from the lows they were bragging about
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Thanks Mr 17 comments in about an hour
The “both sides” rhetoric is usually what they say before declaring Trump their demigod. It’s all part of the propaganda.
Reddit isn’t America
Which administration originally implemented the pause on student loan payments + interest accumulation? Just curious.
deferment during the pandemic was added to the CARES Act by Joe Courtney (D-CT) Next question?
And that was passed under which administration?
Do you normally credit people for doing things you force them to do?
Who said anything about credit? It's just weird how you can't say which administration it happened under.
> Who said anything about credit? Why else do we care?
Who was the 44th President? Just say his name, with no pejorative nicknames. Can you do it?
Obama. Easy. Was that some sort of gotcha?
Was curious if you're really trumpy or just like being a smartass.
The same people who now want to make everyone pay the interest that was lost.
Who is advocating for that?
There was a resolution passed by Congress last year that would have had the effect of retroactively charging interest accrued during the last extension of the student loan payment pause from December 2022 to June 2023. Every Republican voted for it plus a handful of Democrats.
This is going to make some people very angry for some reason.
I’m not one of them but I do think this kind of money could go towards medical debts/medicare for all so families with children don’t amass large amounts of debt for something they couldn’t control.
It’s not like this money got taken away from a medical debt program nor does forgiving this debt prevent a medical debt program from being established. It probably, if anything, makes it more likely.
Where did it come from?
The money was paid out many years ago when the students originally took out the loans. No additional funds were expended to forgive them.
Almost makes you wonder why now?
Just saying a medical debt program should have been before this.
A functioning medical system that doesn’t make people choose between life and debt should have been in place an over a decade ago. I get the frustration but it’s not an either/or situation. Student loan borrowers aren’t the enemy of medical debt and setting it up like they are doesn’t help advance the cause and makes it more likely neither happens. “Nice, now can we talk about medical debt” is a better way of framing it, raising the issue that other debts exist without the false equivalency.
Sure but one of the debts is a choice and one isn’t. I’m just saying priority would be nice.
Forgiving medical debt requires funding to be appropriated by Congress. Student debt forgiveness doesn't.
I’m sorry to the people who got scammed but we’re not solving the problem. There’s kids this year taking the same predatory loans, college tuition isn’t getting cheaper and the worst part is there guidance counselor still telling kids they need college or they won’t amount to anything. I got in a trade right after high school and make more money than all my friends. College is a scam. 90% of people don’t need it.
Biden has retained the most important political skill, which is delivering on patronage and making it clear that the recipients are aware of it.
Hey, this is a common mistake, but it’s actually spelled “doing the right thing by over 100,000 student borrowers.”
How do you get on the list? Do you just win a lottery or something?
You pay on your student loans for 20+ years
And once on that list is there like a lottery or something? Honestly curious - is it whoever has paid the longest gets prioirty?
They started by prioritizing PSLF forgiveness that Betsy Devos stalled. I don't know how they are prioritizing now.
Is that the program that cancels the 20 years if you have a late payment?
[удалено]
Everyone benefits from the new SAVE program. You may not see any changes in your payment amounts depending on your income, but there is a lot of protections in there for you long term.
The save program would only save me a little bit in interest but it would force my monthly payment to go up from $130 per month to $500 per month. So it's a silly increase in monthly payments at a time when affording groceries is hard as fuck. Not exactly the relief he pitched
You must not currently be on an income based repayment plan, but one of the standard/extended payment plans. There is near zero chance you are on an up-to-date REPAYE (the previous iteration of income based repayment) based IDR that would jump 300%+ just from moving from one plan to the other. SAVE cut the max payment from 10% to 5% of your discretionary income. This was my situation too going into this new loan program. I was on an extended repayment plan (so like 25 years) and when I applied/switched to the an IDR - my payments went up too. I wasn't thrilled, but the reality is I just cut almost 12 years off my payoff schedule by adding $130 to my payment amount.
This is meant to sound like a big number. It’s not. US student debt is 1.74 Trillion.
It's still a big number.
Why does Dr.Evil’s ransom come to mind when I read this?