CitizenVectron Posted July 14, 2023 Share Posted July 14, 2023 . Biden administration forgives $39 billion in student debt for more than 800,000 borrowers WWW.CNBC.COM The Biden administration announced it would automatically cancel education debt for 804,000 borrowers, for a total of $39 billion in relief. Quote The relief is a result of fixes to the student loan system's income-driven repayment plans. Under those repayment plans, borrowers get any remaining debt canceled by the government after they have made payments for 20 years or 25 years, depending on when they borrowed Quote To bring people over the line for forgiveness, the Biden administration counted payments for borrowers who'd paused their payments in certain deferments and forbearances and those who'd made partial or late payments. Basically finding any loopholes and little tricks they can to forgive debt, which is a good thing. 1 1 Quote Link to comment Share on other sites More sharing options...
Massdriver Posted July 14, 2023 Share Posted July 14, 2023 You could still be eligible for student loan forgiveness under this plan WWW.NPR.ORG The Supreme Court may have struck down a sweeping plan for student loan debt forgiveness, but under President Biden's new income-driven repayment plan, SAVE, borrowers stand to pay thousands less. Quote Second, as long as borrowers make their monthly payments, the new SAVE plan also stops interest from accumulating. Under previous plans, borrowers with low or $0 payments — too low to cover their monthly interest charge — saw that interest accrue. Now, that won't happen. Quote Based on current estimates, SAVE could end up costing the government anywhere from $138 billion (the department's estimate) to $230 billion (the nonpartisan Congressional Budget Office's estimate) to $361 billion (a Penn Wharton Budget Model analysis) over the next 10 years. As a comparison, the forgiveness program just scuttled by the Supreme Court was expected to have a one-time cost of roughly $400 billion. Quote Link to comment Share on other sites More sharing options...
GeneticBlueprint Posted July 14, 2023 Share Posted July 14, 2023 Not as sexy as blanket forgiveness or a large chunk of forgiveness. But it’s… something. Quote Link to comment Share on other sites More sharing options...
stepee Posted July 14, 2023 Share Posted July 14, 2023 What he should have done was create 39 more billionaires so that the money would trickle down 1 Quote Link to comment Share on other sites More sharing options...
TheLeon Posted July 14, 2023 Share Posted July 14, 2023 20 minutes ago, stepee said: What he should have done was create 39 more billionaires so that the money would trickle down If I was a billionaire, I would trickle down all over you. 1 Quote Link to comment Share on other sites More sharing options...
Dre801 Posted July 14, 2023 Share Posted July 14, 2023 Glad I escaped college not owing much and paid mine in full ages ago. It blows my mind how much some people owe, in some cases six figures. Quote Link to comment Share on other sites More sharing options...
TUFKAK Posted July 14, 2023 Share Posted July 14, 2023 1 hour ago, stepee said: What he should have done was create 39 more billionaires so that the money would trickle down 1 Quote Link to comment Share on other sites More sharing options...
stepee Posted July 14, 2023 Share Posted July 14, 2023 2 minutes ago, TUFKAK said: As long as I get to hang on the boat Quote Link to comment Share on other sites More sharing options...
TUFKAK Posted July 14, 2023 Share Posted July 14, 2023 4 minutes ago, stepee said: As long as I get to hang on the boat Someone’s gotta chill the sparkling. Quote Link to comment Share on other sites More sharing options...
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