Biden administration canceling student loans for another 160,000 borrowers

Education should be free. This is at least a better situation.

BoTh SiDeS!!1!

A good decision from Biden.

This will no doubt be devastating news to the comments section on trucker Instagram

It seems like government investment in education is one of the best possible ways to allocate funds, even if not every person is directly impacted by being offered more schooing or degrees.

Think about it. More educated people around you is always better than fewer educated people.

I think it sounds better if this were just about how Biden's plan is rolling out eligibility for 54,000 borrowers. Though it is a payment plan that results in forgiveness like the PSLF.

The thing about the PSLF is that it was supposed to erase debt for public service employees after 10 years of aervice and no missed payments. So when Bush signed it in 2007, people who came eligible for forgiveness under Trump starting in 2017 were denied over absolutely insane technicalities.

So he gets credit for those 67,000 and 39,000 borrowers only in that they were essentially denied forgiveness they already qualified for up until now. Honestly I think focusing on the new stuff and not a Bush era program hits better.

Great bandaid. Now stop all federal student loans otherwise this problem is just going to continue. The idea of the government cyclically giving out loans and then cancelling them is the stupidest shit I keep reading as a valid solution.

Baby grinder owner pauses the baby grinder machine for a few minutes

*round of applause*

Great! How many borrowers are left now? Gotta be only a few

Only 160k? Damn, I hope for democracy's sake he tries a little harder to win back the voters he lost over Gaza.

160,000 borrowers have earned $7.7 billion of loan forgiveness under a federal program put in place under the obama administration.

This headline is incredibly misleading. Biden had little to do with this.

7.7 billion divided by 160,000 is average ~480,000 of loan money per person. So they bailed out a large chunk of rich kids going to expensive private schools. Cool.

Sad for those who worked hard and repaid their loans and now get to watch as everyone else gets theirs written off

Next do mortgages

The problem with this debt forgiveness by a thousand cuts is spending hours researching it then finding out you arbitrarily don't qualify because some highly technical reason.

This technocrated BS isn't helping any but the lucky few that end up qualifying.

JOE BIDEN PLAYED a central role in the creation of the student debt crisis...

https://theintercept.com/2020/01/07/joe-biden-student-loans/

Edit, here is some more information if you would like to see more concrete examples:

https://bigthink.com/the-present/joe-biden-student-debt/

In 1978 he co-wrote a bill that introduced the first limit on how students could use bankruptcy law to reduce their debt burden.

In 1990 he helped author the Crime Control Act, which is famous for stepping up sentencing guidelines, included an entirely unrelated clause that further lengthened the time students had to wait before they could declare bankruptcy on their student loans.

In 1998 they introduced an “undue hardship” clause to federal student loan bankruptcy proceedings; making it even more difficult to declare bankruptcy on student debt.

To top all of this off, he supported adding the undue hardship clause to private student loans in 2005.

He must go.

Awesome, so everyone who couldn't afford to go to college now has to pay for the people who went to college making more money than the person paying off their debt. Yeah, that seems legit.