The Biden administration is moving ahead with a new path to student loan cancellation for Americans who face steep medical bills, child care costs and other types of financial hardship that prevent them from repaying their loans.
Announced Friday, the proposed rule is President Joe Biden’s third attempt at student loan cancellation as he faces repeated legal challenges from Republican states. His first plan was rejected by the Supreme Court last year, and his second plan has been temporarily halted by a federal judge in Missouri.
The new rule would have to clear a number of hurdles before it becomes official, and it’s unclear if it could be realized before Biden leaves office in three months. Like Biden’s other loan forgiveness proposals, it could face court challenges from conservatives who say it’s unconstitutional and unfair.
If finalized, the new rule would allow the Education Department to proactively cancel loans for borrowers if the agency determines they have an 80% chance of being in default on their loans within two years. Others could apply for a review to determine if they meet the criteria for cancellation.
In before “he’s only doing it because of the election” as if that somehow makes it a bad thing.
And as if he hasn’t been doing this throughout his entire term as president.
Or as if they all don’t, and that’s not how the whole system is designed to run
Im not even american, but the FTC and Joe seem a lot cooler these past few months
That’s all Lina Khan. A diamond in the rough
Well, she’s rough on the baddies, but she seems polished and sparkly to me.
I couldn’t care less if people do the right thing for the wrong reason and I have never understood why anyone does.
I benefited from a federal loan cancellation due to hardship this past March. 35k in Staffords - poof. It was amazing.
How dare you benefit from it when other people aren’t! You’re required to suffer because other people didn’t get theirs. And if they did get theirs, you’re required to suffer anyway because you weren’t good enough.
I think that’s how it’s supposed to work anyway.
I’ll have you know I toughened up, pulled myself up by the bootstraps, and paid off a $25k loan over the span of eight or so years
…and I’m still glad people are getting loan forgiveness because I don’t want other people to have to go through the BS I did. Congrats!
That’s awesome! my wife didn’t qualify unfortunately (lucky it’s not a big amount of money) but I’m glad there are people who do and they are getting what they deserve. This should help so many out there that are in a tough position. This is what tax money should be used for, along with infrastructure, medieval bills, education, and any other thing that benefits us as a whole.
Oof, our tax money is definitely funding a lot of medieval bills :(
Wicked! I’m glad some people are benefitting from it.
I’m curious, what was your degree? Have you found work in your field at all?
Graduated >10 years ago with an engineering degree, and worked in an industry that was nailed really hard by Covid. The career was… pretty close to my field, but accepted many different engineering degrees.
He needs to go further and stop the loans all together and force these mega schools to go free if they’re state run colleges. It’s bullshit that these schools are fed federal/state money and then continue to paywall education for everyone.
Another thing they need to do is be ban public schools from accepting any international students until all qualified American citizen applicants have been accepted. We pay taxes for these schools, we should be the ones using them first.
That’s a completely ridiculous stance. Most international students are part of exchange programs meaning that for everyone attending one of our schools, one of our students gets to study abroad in a school from their country. These exchange programs allow people to be exposed to new ideas and perspectives and promote cross-cultural understanding, both by our country’s students experiencing other cultures and from foreign students sharing their perspectives and experiences with people at home. Isolating ourselves like that would reduce the spread of knowledge and ideas, for literally no reason.
Yea…no. that’s some isolationist crazy shit.
Then our taxes should stop funding these institutions.
Exchange programs better schools, which is why we have them. Also research between schools and countries are highly beneficial which I would argue is the most important part of higher education. If you want to send all American students to trade schools they wishto go to and qualify for, I’m on board with that. The value of Universities is being diminished and viewed as grade school by to much of the population.
They love international students because they pay the full price. The cost for American students is partially payed with tax money.
Yeah, I live near UIUC, they have a recruitment office in China. They love those students because they pay much higher tuition. Meanwhile local kids could only dream of going there. It’s all rich kids from Chicagoland. The tuition there is crazy, something like $30k/year. I see rich kids driving around campus in lambos.
Not including other fees and expenses
I’m financial hardship is he going forgive my loans?
Hi financial hardship, I’m dad!
Can’t wait for it to be blocked by Republicans so they can say he didn’t do anything.
Or take credit for any potential benefits by claiming it was their idea and they did all the work.
At first it was going to be to forgive all student debt for everyone making under $80k, then it was $20k, then they knocked it down to $10k but only for left-handed, red-headed, teacher-nurses. Get it through your thick heads; the Demo-rats don’t give a fuck about you any more than Republi-tards. If they gave away free education, their military recruitment (which mostly benefits from taking advantage of desperate poor people) would suffer even more, and it’s already at an all-time low. And that’s setting aside that colleges now are just huge moneymaking Ponzi-scheme, hedge-fund sports franchises that do education as a side-hustle.
I didn’t realize that the Supreme Court had a “Demo-rat” majority.
Oh wow… Just an awful attempt at disinformation.
General incoherence aside… I guess the Supreme Court doesn’t exist, and Biden shut down his own loan forgiveness program?
I mean really… Do better.
Answer me this, why do you think they haven’t been able to succeed in their first few attempts?
Kiddos, realize that this is the thing working from all angles to influence your thoughts right now.
The same energy/funding behind this real/fake person, who is just obviously so ignorant that it hurts to read here, is also currently posting in all of your feeds elsewhere. They are posting in those feeds in much more subtle ways, and often, all to make you doubt objective truth.
They are posting the lead comment, and two comrades are then posting replies below the original misinformation to say, “I agree” and/or “I didn’t know this, but I asked a friend and they said it was actually true, weird!” All things to, again, influence you to doubt the things you can see as true with your own eyes/reason.
This dark energy/funding is likely in some of your favorite YouTubers/twitch streamers you watch, definitely all throughout Reddit, it’s in your IG/FB/TikTok feeds, it’s in the news your parents watch and the editorials in your newspapers. It’s in the supreme court deciding your future if you’re in the US. It’s insidious. One of the best skills you can hone right now is the ability to feel it quickly and the empathy to warn others about it in a way that they can hear your warning.
Don’t forget botnets to artificially make it seem like an opinion is more popular than it is by mass-liking it
Where’s my bots go? Did they gain shit-lib sentience an decide to downvote me? You silly little bundle of twigs.
Make sure to protect your precious bodily fluids!
Declare a national emergency and do it.
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