Biden’s already eliminated a ton of it. I’m glad to see he’s still going on this despite the Supreme Court ruling, and I don’t even have student loans.
I have a good job and paid mine off already and I’d still vote like hell to get other’s forgiven.
I’m not American and have no student loans and even I’m glad he’s doing it. There might be a common stereotype internationally that Americans are fat lazy assholes, but to tell you the truth, the Americans I know or have met have been the absolute nicest people I know. The ones I work with regularly are also crazy hard workers. There’s a lot of potential for good in the US, but oppressive economic systems get in the way for a lot of people and it’s just heartbreaking to see.
I myself would love to live in the US, I’d live a very comfortable life as a software engineer, but I just couldn’t do it to my future children (there’s one well on the way) - the knowledge that they might have to go into debt for medical or education reasons is just too much for me. And while I have a good career, I’ll probably never be truly financially independent to the point I could just handle any unexpected expense regardless of magnitude.
Don’t think of it as either-or. I doubt I will ever retire but if I do it won’t be in the States. I hope my kids go to higher ed and if that happens I am most likely going to push them to go to Germany for it. I have to get dental surgery so the next time I am abroad is when I am going to get it done.
He never stopped. As soon as the SC struck the original plan down he started the longer process. It’s been in motion the whole time.
IIRC a lot of it was already in motion before SCOTUS ruled on it, as a backstop.
Mine will likely never be eliminated unless it all goes away because I make too much, and that’s totally fine by me. I want as many people to get relief as possible! Public colleges and universities should be free, and student debt should not be a thing. At least not the way it is now.
I feel happy when someone in this position can say this instead of the ol’ “I did it so you should suffer too” to type logic haha
Like you will be paying it off forever? Or unlikely to be forgiven? Because those both suck but one is unacceptable
I think it’s really worth noting that in the end, the most egregious abuse is the usury. Having to pay multiple values of the principle is the trap most people fall into.
Hey, Y’all Qaeda. Why aren’t you focused on that sin against Gaaaaaaawd?
Interest on student loans is crazy to begin with
If I go to college and get a better job, then the country is already benefitting from a larger tax base from me having a better job than I would otherwise.
So not only am I getting taxed on a larger tax base, but I’m also paying interest on a loan to get the better job lol
I’m getting hit twice
Nobody expected prosperity theology!
I definitely sympathize with people in college debt, but this feels like just temporary wins and doesn’t address the real problems. This won’t solve the overpriced cost of education. Forgive debt now, a new crop of students will just go into debt next, right?
We need universities to be completely free, universal single payer health care, drastically cheaper housing to rent and own, etc.
When someone is having a heart attack you don’t give them a lecture on the importance of diet and exercise.
There is a problem now, solve it. Fix the root cause next.
Also called kicking the can down the road.
If a house starts burning do you try to put it out, or kick the can down the road and let it burn so you can build a new one?
Bad analogy
We let these half measures go through and nothing gets done later because just enough was done to shut the masses up.
Be happy with your bandages. 🤷
Also called solving a problem instead of being a lazy self-entitled fuck
Fact.
I agree but that would require Congress to do something. Trying to accomplish this through executive actions alone might not actually work, but it at least shows voters clearly which party is willing to take action on this issue, and hopefully we will end up with a Congress that is more in line with the will of the people.
I think this might be my key takeaway. He is wiling to address exactly this problem and might continue in the future. Even if you don’t benefit from it, it shows a clear path he is willing to take.
Good. Keep taking advantage of those loopholes.
I don’t know how many times exactly the Republicans have tried to repeal Obamacare but it’s at least 70, so yeah I have no problem with Biden hammering on this issue for as long as it takes to get it done.
They’ll complain about it until Obama becomes white in 2008. I’m cool with Biden continuing to hammer this issue.
I am all for it. Just wish it didn’t take a genocide for his numbers to dip far enough to need the PR boost
The “genocide” blame is bullshit, mostly from trolls and the deliberately uninformed. Biden has been all over Israel from the start to not react “over the top”.
Which part of US leadership supports Israel, then? I mean, backing them at the UN, shipping weapons and stuff? Genuine question, just because from the outside looking in, it really seems like it’s the US and only the US propping up Israel right now.
This is obvious disinformation.
The fact that you put genocide in quotes says everything anyone needs to know about your non-existent morality.
Biden has definitely been all over israel, as in all over kissing their ass for his entire career.
Stupidest fucking thing I’ve read on lemmy.
But, that is to be expected from someone evil enough to put genocide in quotes.
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Here you go, friend.
President Biden will announce a new effort on Monday to reduce or eliminate student loan debt for millions of borrowers, an election-year attempt to revive his goal of providing large-scale relief for Americans struggling to pay off their college loans, a person familiar with the plan said Friday.
Mr. Biden is expected to preview new regulations by the Education Department targeting millions of borrowers, including those whose loans have ballooned because of accrued interest and others who can demonstrate financial hardship impeding repayment, according to the person, who spoke on the condition of anonymity because the regulations have not yet been formally proposed by the department.
The proposed regulations are set to be published over the next few weeks. Mr. Biden will speak about the effort during a visit to Wisconsin on Monday, which will coincide with an event on student loans with Vice President Kamala Harris in Philadelphia.
The push is a recognition by Mr. Biden and his allies of the disappointment felt by his supporters — especially young voters — when the president’s first attempt to wipe out student debt was blocked by the Supreme Court last summer. The court said that the government exceeded its authority under federal law when it attempted to cancel up to $400 billion in student loans.
Since then, the Biden administration has used existing laws to provide debt relief to smaller pockets of borrowers. Monday’s announcement is expected to eventually reach a larger group, though officials said it would still be more targeted than the across-the-board relief that the Supreme Court already struck down.
Understand Student Debt Relief Under President Biden
Key initiatives. Since he took office, President Biden has had a broad initiative aimed at alleviating the pressure on federal student loan borrowers. Here is where the plans stand:
Income-driven repayment. On August 22, the Biden administration opened for enrollment its new income-driven repayment plan, known as SAVE, in which borrowers’ monthly payments are tied to their income and family size. It will enable millions of borrowers to significantly cut their monthly federal payments, eventually by as much as half.
Once the proposed regulations are officially published in the Federal Register, it will still be months before they can go into effect because of a required public comment period. Biden administration officials expect that the new rules are likely to be challenged in court, which could further delay any reductions in debt.
Officials have said they believe the new proposed regulations would be more likely to survive legal challenges because they are based on a different federal law and they are more targeted to people in specific situations. The president’s previous effort was based on the Heroes Act, which allows the education secretary to waive debt during an emergency; the current regulations would be authorized by the Higher Education Act.
Politically, the timing is critical for Mr. Biden as he battles former President Donald J. Trump for another term in the White House.
The president’s popularity among young people, a group that was critical to his 2020 victory, has dropped significantly in the past several years. A December poll conducted by The New York Times and Siena College found that Mr. Biden is trailing Mr. Trump among voters 18 to 29, which is a dramatic turnabout. In 2020, Mr. Biden won that group by 20 percentage points.
Officials at the White House and the Education Department declined to comment on the expected regulations, which were reported earlier by The Wall Street Journal.
What you should know. The Times makes a careful decision any time it uses an anonymous source. The information the source supplies must be newsworthy and give readers genuine insight.
Learn more about our process. But details about the proposed rules have been discussed and debated for months in a series of public hearings with stakeholders. Transcripts of those meetings and drafts of the proposed regulations provide a road map for the administration’s announcement.
On Feb. 22, the department released a draft of a regulation titled “Forgiveness due to likely impairment of borrower ability to repay or undue costs of collection.”
The proposed language in the regulation said that the U.S. education secretary could waive student debt when it was determined that “a borrower has experienced or is experiencing hardship related to such a loan such that the hardship is likely to impair the borrower’s ability to fully repay the federal government or the costs of enforcing the full amount of the debt are not justified by the expected benefits of continued collection of the entire debt.”
That regulation listed 17 factors to consider when assessing whether a borrower qualifies for the hardship waiver. Those include: household income and assets, student loan balance, total loan balance, age, disability, high cost burdens for essential expenses such as health care, and “any other indicators of hardship identified by the secretary.”
On Dec. 11, discussions about potential new regulations included a proposal to allow the education secretary to waive student debt when the total amount owed by a borrower exceeds the original principal on the loan because of accrued interest.
“The secretary may waive the lesser of $20,000 or the amount by which a borrower’s loans cumulatively have a total outstanding balance that exceeds the original principal balance of the loans,” said the proposed text for the regulation distributed at the meeting.
The actual regulations published are likely to differ, at least slightly, from the ones discussed in the public meetings, the person familiar with the discussions said. But Mr. Biden is expected to embrace help for those with financial hardship and those with high balances because of accumulated interest.
“Try.”
You’d rather he doesn’t?
Democrats “try” all sorts of shit they know has no chance of succeeding and then fumble golden opportunities. Joe Biden is a politician and a trash human being. He created the student debt problem.
I’d rather he not get credit for things he over-promises on and under-delivers.
Good. So you’re fine with what he’s doing. He promised exactly what he did. The supreme court killed his original plan which he did try to execute, so that’s on the court, not him.
The headline: “Biden passes new round of student loan forgiveness!”
The article: “Asian American rail workers earning between $5000 and $7000 per year, who are veterans of the Vietnam War and are currently experiencing homelessness, will now have their student loans forgiven under Biden’s new sweeping legislation.”
Try harder if you want to win a second term. Your liberal base doesn’t show up and you lose.
NYTimes is walled off. Can’t access. Update: Someone posted the article in the comments below. Thanks!
Oh, just in time for another election…gee, what a coincidence.
And, if by some miracle, he doesn’t lose to Trump, he’ll be just fine and dandy when some “administrative/process complication” blocks it, just like last time.
You must have missed it. When he tried the first time, the Supreme Court stopped him. It wasn’t a conspiracy by Biden’s administration. And since then his administration has been successfully canceling student loan debt for certain subsections of the population.
That darn court, jeepers. If only Democrats had other levers of power at their disposal…gosh, just bad luck that they’re always able to help out their donors, but just can’t push through major legislation for the rest of us…
You clearly have no understanding of how the American political system works, and have not actually followed any actual domestic events.
I’m terrified that you have a right to vote. You’re an idiot. Please go buy a gram of weed and bring it to your nearest police officer so you may be arrested and have your right to vote revoked. You do not deserve it.
I’ve probably worked on more campaigns than you’ve had election cycles. Both paid, and as a volunteer.
I’m not in the habit of sharing too many personal details online, but I will say that my background in statewide and national politics, specifically Democratic politics, made me actually laugh out loud when I read your comment.
Thanks for that.
You mean the levers of power he’s currently using? But I guess fuck Biden for doing exactly what your asking for. I swear like half this country has poo brains, and I’m not just talking about Republicans.
This is a giant L take.
I hope you’re young and this is your idealism talking, otherwise you’re just delusional.
I’ve been through too many election cycles, and worked on enough campaigns, to see this as anything but the empty campaign rhetoric that it is.
But hey, please come back and rub this “L” in my face if that promised debt relief ever comes through.
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Old enough to know the establishment Democrats only serve the donor class and have no intention of changing the material conditions for anyone else.
Did you forget he started another legal process that is underway and takes time to complete?
https://www.politico.com/news/2023/06/30/biden-revive-student-debt-relief-00104482
JUST DO IT!
DON’T LET YOUR DREAMS BE DREAMS!
DO IT!
The only thing standing in his way in previous attempts was the Republicans.
Trying is not enough sir
Pretty much all he can do when you have a far right court and congress
He’s doing more than he really can, but I also feel this is his way of communicating that he is in fact trying. SCOTUS and the Department of Education has both said it is not within his power, and whether or not I agree, the SCOTUS will likely continue to prevent him from pushing this through.
Realistically our government should be doing much more in aiding people through higher education, but at this point it’s like threading a needle.
I will maybe purchase a home before I’m dead. I don’t have a useless degree. In fact, it’s an in-demand field and the salary was considered respectable when I began. Cost of living increases have eaten away at that. But my other choice was to continue to be an assistant at poverty wage. So when the higher salaries and specialties are gatekept by a huge monetary sum you either get a bunch of people with some debt or only the privileged may access knowledge and a brighter future. We have to decide as a society which one we want and stop loathing our neighbors for the system they didn’t create.
If Democrats were as persistent in pursuing the policies they claim they support as Biden has been about this issue (and only this issue), we would have a living wage nationwide and universal healthcare.
Democrats are not a monolith. They are a mix of progressives, liberals, and common sense conservatives.
The party holds socialists as well, although you guys do treat us more as hostages sometimes, lol.
I see socialists as a subset of progressives. And you’re not wrong. I wish the the two parties were progressives (including socialists) and liberals instead of normies and crazies.
Their results indicate that they are sufficiently monolithic that my comment holds true.
If it was a monolith, we’d have abortion rights federally and a livable minimum wage. Conservative Democrats have blocked a lot of that shit over the last 30 years. Not to mention that we’d have a much more progressive inflation reduction act. And do you not remember the whole Obama care fiasco?
I’m sorry you don’t actually pay attention to politics. But maybe you should educate yourself instead of just getting angry at headlines.
Democrats always find enough no votes.
Conservative Democrats are the monolith.
We might literally have no more conservative Democrats in the Senate for the first time maybe ever. But go on with your deep state conspiracy theories. I’m sure you’ll be happy when the Republicans win again.
There are always just enough conservative Democrats. They are the party.
This “everyone to my left is all the way to my right” shit is old. Do better.
I didn’t say you were to the right. But you’re supporting them with your bullshit. Do better.
Lol
https://educationdata.org/student-loan-debt-statistics
Best of luck trying to eliminate the problem you helped create, Joe. Looks like you made a nice little dent in 2023!
Prior to 2020, that line has an r^2 of 1, so I’d say he’s doing a great job at breaking the trend.
He’s doing a lot more than any Republican would ever do.
He better, seeing as how he was a critical part of the problem: https://www.theguardian.com/us-news/2019/dec/02/joe-biden-student-loan-debt-2005-act-2020
People in here really want us to give the guy a medal for making bare minimum fixes to a problem he created.
People in here really want to take in everything Biden has done and not just focus on shit from 3p years ago to be mad
Damn, sorry we’re not single mindedly hate filled towards the guy
Nope, just single-mindedly hate-filled towards anyone who dares to criticize dear leader. Just look at the mindless downvotes, including for posts pointing out simple facts. The student loan problem was caused in large part by biden himself, he shouldn’t be given a free pass for half-assedly attempting to barely scratch the surface of the problem he created.
It’s more than “pointing out simple facts”. It’s an onslaught of ‘he’s not doing enough’ or ‘yea but look at what he did before’ and absolutely ignoring the fact that what he’s doing now is in the right direction.
I’m sick of all of the ‘yea buts’ I keep seeing in the comments rather than credit where credit is due. I gave Trump credit when he did the right thing, and Biden is due the same. It’s ok, good even, to be critical, but this isn’t criticism, it’s cynicism.
this isn’t criticism, it’s cynicism.
🎯
Have you considered that biden is actually not doing enough and that he in fact is barely making a dent in problems that he himself created? Taking a hundred steps back and then taking half a step forward is technically “moving in the right direction now” but it’s too little too late, especially when there’s a cliff behind you. If someone blows up your house but then places a few of the bricks back to where they used to be, would you be giving credit where it’s due? Just forget that they blew up your house, you’re just being cynical! Hey, at least they’re moving in the right direction!
Wasn’t there just an article on here about how the richest 1% of Americans (maybe it was globally) made 14.xx trillion in 2023? So 10% of that wealth from a single year could wipe out all student debt. I bet that’s less than what they evade in tax liability.
You’ve unironically shown that he is making an impact. Since taking office the rate of increase slowed down to the point that actual debt has gone down.
Presidents can seldom make decisions that show immediate results and drop things instantly, especially if they don’t also have Congress. Where you can see their effect is on the derivative of numbers like this, and that is a decidedly better graph.
Yeah, I showed that he barely made a dent. The problem is that most of that is forgiving loans for:
- People who had already qualified for forgiveness under an existing program that biden is merely enforcing properly.
- Scam schools.
So the low-hanging fruit is gone and this is the best we can expect of this trend. Reminder that it only got this bad because of biden in the first place: https://www.theguardian.com/us-news/2019/dec/02/joe-biden-student-loan-debt-2005-act-2020
