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Biden cancels $7.7bn more in student debt for 160,000 borrowers

  

Category:  News & Politics

Via:  hallux  •  one month ago  •  28 comments

By:   NEWS AGENCIES - Al Jazeera

Biden cancels $7.7bn more in student debt for 160,000 borrowers

S E E D E D   C O N T E N T


United States President Joe Biden has announced his administration is cancelling a total of $7.7bn in student debt for another 160,000 borrowers.

The latest action on Wednesday brings the total number of people to benefit from   the president’s debt relief push   to 4.75 million, according to the US Department of Education.

Biden, keen to shore up waning support among young people ahead of the November presidential election,   had pledged   last year to find other avenues for tackling debt relief after the Supreme Court in June blocked his broader plan to cancel $430bn in student loan debt.

The president said beneficiaries of the newest measures include people in three categories who meet certain milestones that make them eligible for cancellation, including 54,000 borrowers enrolled in Biden’s Saving on a Valuable Education (SAVE) repayment plan, 39,000 enrolled in earlier income-driven plans and about 67,000 people who are eligible through the Public Service Loan Forgiveness programme.

“Today’s announcement comes on top of the significant progress we’ve made for students and borrowers over the past three years,” Biden said in a statement. “I will never stop working to cancel student debt – no matter how many times Republican elected officials try to stop us.”

The statement added that each of the borrowers had an average of $35,000 of debt written off.

Wednesday’s announcement brings total debt relief approved by the Biden administration to $167bn.

The issue remains high on the agenda of younger voters, many of whom have concerns about Biden’s foreign policy on Israel’s war in Gaza and fault him for not achieving greater debt forgiveness.

The campaign of former President Donald Trump, Biden’s Republican challenger in the White House race, criticised in March the student loan cancellation as a bailout that was done “without a single act of Congress”.

Republicans have called Biden’s student loan forgiveness approach an overreach of his authority and an unfair benefit to college-educated borrowers while other borrowers received no such relief.

As of the end of 2023, 43.2 million US student loan recipients had over $1.6 trillion in outstanding loans, according to the website of Federal Student Aid (FSA), an office of the US Department of Education.

Higher education debt has tripled since the 2008 financial crisis.


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Hallux
PhD Principal
1  seeder  Hallux    one month ago

Ah 2024 ... Sleepy Joe vs Sleeping Donnie.

 
 
 
arkpdx
Professor Quiet
2  arkpdx    one month ago

So he is trying to buy 160,000 more votes eh!

 
 
 
Sean Treacy
Professor Principal
2.1  Sean Treacy  replied to  arkpdx @2    one month ago
he is trying to buy 160,000 more votes eh!

And releasing gas from the strategic reserve for the same cause.  

 
 
 
Hallux
PhD Principal
2.2  seeder  Hallux  replied to  arkpdx @2    one month ago

He's just doubling up on the lousey pour.

 
 
 
Ronin2
Professor Quiet
2.2.1  Ronin2  replied to  Hallux @2.2    one month ago

Just fuck the US taxpayer and spend us into oblivion. I am sure Biden will be demanding the fed lower interest rates- when inflation isn't falling- and is starting to creep back up. 

Whatever happened to Congress holding the power of the purse?

Whatever happened to Democrats believing in the rule of law? The US Supreme Court already shot this bullshit down once. 

https://www.scotusblog.com/2023/06/supreme-court-strikes-down-biden-student-loan-forgiveness-program/#:~:text=Supreme%20Court%20strikes%20down%20Biden%20student%2Dloan%20forgiveness%20program,-By%20Amy%20Howe&text=By%20a%20vote%20of%206,%24400%20billion%20in%20student%20loans .

By a vote of 6-3, the justices ruled that the Biden administration overstepped its authority last year when it announced that it would cancel up to $400 billion in student loans. The Biden administration had said that as many as 43 million Americans would have benefitted from the loan forgiveness program; almost half of those borrowers would have had all of their student loans forgiven. Chief Justice John Roberts wrote for the court in   Biden v. Nebraska , characterizing the decision as a straightforward interpretation of federal law.

What about those of us that worked hard to repay every last cent of our student loans. Just fuck us for being that damn stupid right?! We should have waited for some shyster Democrat wanting to buy votes to bail us all out. 

 
 
 
Hallux
PhD Principal
2.2.2  seeder  Hallux  replied to  Ronin2 @2.2.1    one month ago

Just doubling up on a triple pun. So 'glad' you took it so seriously but I do apologize if my leadoff comment led you astray.

 
 
 
Ozzwald
Professor Quiet
2.3  Ozzwald  replied to  arkpdx @2    one month ago
So he is trying to buy 160,000 more votes eh!

These are college students, odds are he already had their votes.

zP8u5-rising-rates-of-educational-attainment-among-democrats.png

 
 
 
Ronin2
Professor Quiet
2.3.1  Ronin2  replied to  Ozzwald @2.3    one month ago

Really, is that the reason he is worried he is losing the college vote; and about the pro Palestinian protests?

Biden isn't doing shit to help the Palestinians; and Israel is still getting their aid and weapons. Though he is talking a good fight right now against Israel- that is about it.

 
 
 
arkpdx
Professor Quiet
2.3.2  arkpdx  replied to  Ronin2 @2.3.1    one month ago
Israel is still getting their aid and weapons

Good!

 
 
 
Ozzwald
Professor Quiet
2.3.3  Ozzwald  replied to  Ronin2 @2.3.1    one month ago
Biden isn't doing shit to help the Palestinians

Are you advocating to send troops in?  Or just withdraw all support for Israel?

 
 
 
Ed-NavDoc
Professor Quiet
2.4  Ed-NavDoc  replied to  arkpdx @2    one month ago

And shafting the American taxpayers once again who will wind up footing the bill for Biden's financial fiascos.

 
 
 
Sean Treacy
Professor Principal
3  Sean Treacy    one month ago

ounced his administration is cancelling a total of $7.7bn in student debt for another 160,000 borrowers.

He's just reallocating the debts to the majority of taxpayers who didn't go to college.  The debt isn't cancelled. 

er education debt has tripled since the 2008 financial crisis.

And stunts like this ensure the problem will get worse. 

 
 
 
Trout Giggles
Professor Principal
4  Trout Giggles    one month ago

Interest rates on student loans is astronomical and outrageous. If they weren't so high people wouldn't need loan bail outs

 
 
 
Just Jim NC TttH
Professor Principal
4.1  Just Jim NC TttH  replied to  Trout Giggles @4    one month ago

Part of the problem is the fact that the majority of the loans are basically unsecured and therefore a risk for the lenders.

 
 
 
Trout Giggles
Professor Principal
4.1.1  Trout Giggles  replied to  Just Jim NC TttH @4.1    one month ago

I did not know that. Thanks for the info

 
 
 
Ed-NavDoc
Professor Quiet
4.1.2  Ed-NavDoc  replied to  Just Jim NC TttH @4.1    one month ago

Thank you Fannie Mae and Freddie Mac who specialize in student loans. Corporate loan sharks fleecing unknowing college students.

 
 
 
Sparty On
Professor Principal
4.2  Sparty On  replied to  Trout Giggles @4    one month ago

The root of the problem is the cost of college.  It is out of control and has been for decades.   All this will do is insure it will get more out of control.

Almost 170 billion forgiven since Biden started this nonsense.

 
 
 
Tacos!
Professor Guide
4.3  Tacos!  replied to  Trout Giggles @4    one month ago
Interest rates on student loans is astronomical and outrageous.

Sure, but that’s why you don’t take the loans. There are so many other options.

 
 
 
Trout Giggles
Professor Principal
4.3.1  Trout Giggles  replied to  Tacos! @4.3    one month ago

Yeah, there are but grants don't come easily and working more than 20 hours a week requires a lot stamina while maintaining a full class schedule. There's always the military....

 
 
 
Ed-NavDoc
Professor Quiet
4.3.2  Ed-NavDoc  replied to  Trout Giggles @4.3.1    one month ago

"There's always the military...."

Worked for me.

 
 
 
Drinker of the Wry
Junior Expert
4.3.3  Drinker of the Wry  replied to  Trout Giggles @4.3.1    one month ago

That’s how I paid out of state tuition that my father objected to,

 
 
 
Ed-NavDoc
Professor Quiet
4.3.4  Ed-NavDoc  replied to  Drinker of the Wry @4.3.3    4 weeks ago

I went to school in my home state of Arizona after I retired and paid zero tuition. Vietnam Era GI Bill and grants covered the rest.

 
 
 
Trout Giggles
Professor Principal
4.3.5  Trout Giggles  replied to  Ed-NavDoc @4.3.2    4 weeks ago

It worked for me after I graduated college. I needed experience and experience I got. I don't regret any of my service time

 
 
 
Greg Jones
Professor Participates
5  Greg Jones    one month ago

Desperate measures that probably have unintended consequences for Biden and the Dems

 
 
 
Nerm_L
Professor Expert
6  Nerm_L    one month ago

So, who is Biden really bailing out?  The students don't get to keep any of this money.  People who weren't paying back the debt won't have more money in their pockets.  And inflation has already eaten the value of any loan payments.  The only thing these bailed out students get is access to more credit which caused the problem in the first place.

Hey, Joe, you need to devote more effort to reforming how education is financed and addressing profiteering in education.  A bailout band aide won't cure that financial cancer.

 
 
 
Sparty On
Professor Principal
6.1  Sparty On  replied to  Nerm_L @6    one month ago

Well over half the country see’s nothing from this benefit.

Pay attention people

 
 
 
Tacos!
Professor Guide
7  Tacos!    one month ago

This is fine. The government doesn’t need revenue. Probably.

original

 
 
 
Drinker of the Wry
Junior Expert
7.1  Drinker of the Wry  replied to  Tacos! @7    one month ago

The government makes for a better borrower than the ex-student.

 
 

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