President Biden announced Friday that his administration is forgiving $5 billion in student debt for another 74,000 borrowers, marking the latest round of debt cancellation since the Supreme Court voided the president’s student loan forgiveness program.
Mr. Biden said that of the borrowers who can receive relief, nearly 44,000 are teachers, nurses, firefighters and others who are eligible for forgiveness after working 10 years of public service. Almost 30,000 of those who will have their debt wiped clean have been repaying their loans for at least 20 years, but did not get the relief they earned through income-based plans, the president said.
With the latest round of student loan forgiveness, more than 3.7 million Americans have had their debt erased under the Biden administration, Mr. Biden said.
It’s insane that they made 5b off of just 74k people in the first place
What’s insane is this is barely a drop in the bucket…
There’s over 1,770 billion in student loans debt.
When people say 1.77 trillion, it might not be immediate how little a few billion is to the larger issue.
But it’s only around 0.2% of total debt. Probably less because the 1.77 trillion is rounded, and at this scale that’s what 5 billion is. A rounding error they don’t even include that digit when talking about the total amount.
Forgiving 5B in student debt VS inciting riot to overthrow our government…
bOtH sIdEs aRe tHe sAmE!!!
well one side didn’t go to college so this is basically a nothing burger to them
BUT IF I DID AND I ALREADY HAD PAID IT ID BE JUST AS PISSED AS I AM NOW THAT I CANT DRAG ANYONE ELSE DOWN
DRAG??? WHAT ARE YOU SOME KIND OF FREAK?!
Right. It’s like saying my dad died of cancer, so your dad should also die of cancer.
No, let’s improve shit for everyone. Fuck that outdated mentality.
One of them has a long history of ruining pretty much everything he touches.
neither is good.
democrat - joe biden is funding a genocide
republican - trump is trying to overthrow the government
trump is more like “we have genocide at home”
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Dude I vote as hard as I can but I’m not a Republican so I only get to vote once.
do not think trump would be better
better if enough people either voted someone other than the red and blue corpos or nobody at all in protest
biden’s list of achievements on behalf of the american people or lack there of is totally relevant to me and a lot more people I’d wager
maybe I would be able to participate and vote if biden had lived up to his campaign promises or lived up to supposed “democrat” values for that matter
democrat and republican corporate slime have kept americans down
My lender has been sitting on my application for PAYE since September. And I doubt it ever gets processed as it won’t help their bottom line.
Biden should have left the debt pause indefinitely and fight judges who ruled against himself. The courts allow delays. This would gain him back a lot of support and it would cost him zero political capital.
Yep. He told Republicans he would stop pausing it to pass funding for the government.
He should have lied like they would.
I mean, yes?
It’s time to fucking play hardball with these creeps instead of this milquetoast turn the other cheek bullshit.
They want to play the game like that, so they are setting the ground rules. Acting like we have to keep one hand tied behind our back during a fight with them is fucking stupid. Get that arm out and throw sand in their fucking eyes.
Pocket sand!
Look out we got a tough guy
The thing is, we don’t need to stoop to make this even. Just start making the courts somewhat even again and arrest these clowns. We don’t have to be peices of shit because they are.
In principle I agree. In practice idk.
For a second I thought this said Biden is forgiving $5 and assumed this is the onion.
I might be included in one of the recent rounds of forgiveness (the one where if you have under 12k in loans taken out and have kept up with payments for over 10 years). I’ve paid off all but about $250 of it, and even making the minimum payment, I’ll have it paid off in around 4 months anyway. Unless they move at breakneck speeds by government standards, by the time they actually get everything processed, $5 sounds about right. Which hey, if that ends up being how it goes, I get a free ice cream cone on Uncle Joe. Can’t complain about that.
Good call, but we need to fix the underlying problem that is the ridiculous price for higher education. With every piece of information online I find it very hard to believe we can’t get average annual tuition down from 20k a year.
Cool, but will that solve anything? Greedy universities still win in this scenario.
Greedy universities
Banks, thousands of other kinds of predatory businesses that prey on students: “Ha, yes, yes! ‘Geeedy universities,’ that’s the ticket!”
It’s the universities that charge these astronomical prices for tuition, not the banks. So yes, greedy fucking universities.
It’s both. The loans are absurdly special status, so the lenders are incentivized to give out more and bigger ones, and the availability of more and bigger student loans means universities can charge more and take in more people
It’s a very tangled system with all sorts of perverse incentives
It’s a small measure but it’s better than nothing. We need free public universities but that’s outside of a presidents unilateral authority.
“It’s not perfect, so we should do nothing”. FFS…
recognizing an issue exists and taking some steps towards acknowledging it and helping people
“Right, but it doesn’t solve everything so it’s completely worthless.”
Averages out to be 67,567.56 per.
Let’s see if the US public can be bought off to overlook genocide that cheaply.
Only 1% of voters think Gaza is the most important issue in this election.
Even if more did, would it change anything? Most politicians seem to have the same shitty stance. At least most politicians that the average American will vote for. Biden stance sucks but its not something that differentiates him from most other politicians. I wouldn’t expect it to play out much differently with someone else.
All this may be true, but it reflects the American public’s ambivalence on Gaza. Roughly half the country supports Israel right now. That would have to plummet for the US to turn away from them, especially since it would make other allies question US commitment to them.
Compare Palestinians to Ukrainians. The latter enjoy overwhelming support from Americans. They are not fighting an ally, in fact the opposite. So politicians in both parties tend to support Ukraine, with the exception of the usual GOP loudmouths in the House.
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Why do you think the german public looked away? Why do you think the UK and the US took so long to join the antifascist war?
France & the UK declared war on Germany two days after Germany invaded Poland.
That is an absolutely astounding level of historical ignorance, right there.
And that’s when the genocide started is it?
Edit: oh I see where the mistake might have happened, by antifascist war I didn’t mean world war II but the armed struggle against fascism in general.
You expected the 1930’s UK to declare war on another sovereign country due to something that country was doing to their own subjects?
I don’t think there isn’t a single example of that in written history. You should ask for a pony while you are at it.
It’s not like they were doing nothing, they were supporting it. They still were benefiting from the nazi turbo-capitalism that was eating people alive up until that beast started to turn on them. Like the US is doing now with Israel and their genocide of Palestinians.
It’s not like the anti-semitic violence came as a suprise when we attacked Poland. It was clearly already there, so why was there nothing done to reign it in? No sanctions or anything they were very happily, keenly even doing business with Germany which was already stealing and oppressing and heavily militarizing for years prior.
You’re either a liar or woefully ignorant where history is concerned.
https://wienerholocaustlibrary.org/exhibition/the-kitchener-camp/
https://www.nationalarchives.gov.uk/education/resources/kindertransport/
keenly even doing business with Germany which was already stealing and oppressing and heavily militarizing for years prior.
Along with every other country. See my previous response RE: pony.
And did nothing about it. Besides, that war should have been declare much earlier. When the militarization started, in fact. Big failure on France there (no one really expected the UK to do anything useful, their motto has always been keep the power of balance in Europe, not keep peace)
fuck you biden for again putting a stipulation on your promises and only helping a select few
either forgive it all or just forget about it tired of my hopes going up every time a biden is living up to his campaign promises article comes
silent joe waited until election year to have anything to say
justice delayed is justice denied
You didn’t read the article you’re replying to, did you? Biden tried to forgive student debt for all Americans; SCOTUS shot it down. That was around the middle of last year, and Biden has been having to eke out student loan forgiveness in whatever ways he can since then. I don’t know that Americans are gonna see student loan debt forgiveness or any other serious and free social support on the scale you want until there is a reckoning with the English Poor Law mentality.
That’ll really cut down the 1.7 trillion dollar student loan problem.
So you’d rather he do nothing? I know it is a drop in the bucket but let’s not let good be the enemy of perfect.
I’d rather he do more, but my expectations aren’t high considering Biden was critical in creating this problem:
https://www.theguardian.com/us-news/2019/dec/02/joe-biden-student-loan-debt-2005-act-2020
https://theintercept.com/2020/01/07/joe-biden-student-loans/
Either way, don’t expect me to cheer on a jackass who barely makes a dent in a problem he created.
Should just let it trickle down from the billionaires like usual smh
He want these younger votes so bad, lets see if this continues after he get elected second term.
He wants a second term, so he’s… improving people’s lives? Not sure what you’re mad about. Trump wants a second term, so he’s *talking up the culture-war nonsense, and saying he’ll attack his political enemies…
Paying education loans even after 20 years of working in public service? Seems like a failure of the education system. I’m from Europe, also been to India a lot on business, and never have I seen anything of this magnitude. You can get a good education even in India for a very nominal tuition fee that middle-class parents are also able to cover without taking out loans. For poor families, it’s virtually nothing in good state universities. The idea is that education will empower even the poor and they’ll be able to get a good job and become tax paying citizens. Not like if you’re poor, we’re still gonna crush the heck out of you with more debt. The latter seems to be the strategy employed in the US. In most European countries, education is virtually free covered by taxes. Of course taxes are high but it benefits everyone in terms of healthcare and education. Is that really so bad? Isn’t it the government’s job to make sure EVERYONE has access to good healthcare and education? Then why does it feel that it is a money-oriented corporation running the country rather than a government?
Sorry, went on a rant there. Whenever I see something like this it just makes my blood boil. Teachers, firefighters, nurses still paying student loans after a decade or two, that’s a failure of the education system right there.
Yeah, the US isn’t a country, it’s a business and it’s people get shafted hard for this.
I went to school, paid attention, picked the relevant major to my interests, and paid off my debt. Just because others partied or made decisions doesn’t mean they shouldn’t have to pay their debts while those who worked hard pay it for them.
What did you major in, fascism and being a bad person?
I majored in feminist critical perspective /s
These people likely paid off the original loan and are still paying off interest. No one is “paying their debts”, the people profiting off the debts aren’t profiting as much.
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“We are taking steps to help people in a shitty situation”
“WELL WHAT ABOUT THOSE OF US NOT IN SHITTY SITUATIONS HUH?! WHAT DO WE (I) GET?!”
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why should we be obligated to pay their debt? What are you on about?
What are you on about? They’ve paid their debt, they’re still paying the interest on the debt. These are people in the public sector, went into debt to help make society better, and the people profiting off that debt are profiting a little less.
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“They made a poor choice when they were 18 to… (hang on, let me check the link) become teachers, nurses, and firefighters. They should pay for that choice for the rest of their lives!”
Not my problem
Beautiful thing about this bitchy little response is it works for your original comment of “What about people who decided to go to a cheap college? Do we get any money?”
Not my problem.
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I was 19 when I decided to goto college because I figured out what I could afford. My parents begged me at 18 to go to a over $20k/year school, I absoulutely refused. My whole tuition cost me $15k for a full bachelors degree in Computer Science.
Not my problem
Maybe they are in a shitty situation too and that’s why they are asking? It fucking sucks when you’re drowning to see you don’t qualify for a life preserver.
Maybe they are in a shitty situation too and that’s why they are asking?
Maybe they should be asking for help with their shitty situation then? Instead of seeing someone getting helping and saying “Why should I care that shitty situation? They aren’t ME!”
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“Why should I care that shitty situation? They aren’t ME!”
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