I look forward to the blodbath the Democrats will experience in the Midterms. Biden's poll numbers will be worse than Bush and Trumps by the end of his term.
Biden doesn't want to fight for 50,000 student loan relief. It's too hard
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I look forward to the blodbath the Democrats will experience in the Midterms. Biden's poll numbers will be worse than Bush and Trumps by the end of his term.
And by objective measures, they should, because he has been mediocre as President. He is one economic market crash and one war away from being the worst President in the last 50 years. But that is who was selected so the people have to deal with it.
Who will you be voting for next election?
Biden Official: We’re ‘Just Getting Started’ On Student Loan Forgiveness. What Does That Mean?
In the course of the last month, the Biden administration has implemented $2 billion in student loan forgiveness for 30,000 borrowers.
Highlighting one borrower’s story, Education Secretary Miguel Cardona tweeted on Monday, “Overnight, one person’s student loan debt went from more than $40,000 to zero... And we are just getting started.”
Is additional student loan forgiveness in the works? Yes — but specific details remain somewhat ambiguous.
Secretary Cardona’s tweet was specifically referencing the Biden’s administration’s new expansion of the Public Service Loan Forgiveness (PSLF) program. PSLF provides federal student loan forgiveness for borrowers who commit to public service careers, working full-time for public or nonprofit organizations. Under new changes that the administration announced in October, the Education Department is temporarily easing some of the confusing and complex rules governing the PSLF program, which will allow thousands of additional borrowers to become eligible for loan forgiveness.
According to the Department, officials have already determined that 30,000 borrowers will receive at least $2 billion in student loan forgiveness under the PSLF program expansion. The Department expects that thousands of additional borrowers may benefit as well in the coming months as they take certain steps such as consolidating their FFEL loans through the federal Direct loan program, or certifying their public service employment. The Department has suggested that an additional $2.82 billion in student loan forgiveness, on top of what has already been enacted, could be delivered to borrowers as the temporary PSLF waiver program continues to gain traction.
Other Student Loan Forgiveness Initiatives By The Biden Administration
The Biden administration’s student loan forgiveness initiatives are not just limited to the PSLF program. The Education Department has been implementing several other federal student loan forgiveness expansions as well, including:
$1.5 billion in expanded federal student loan relief under Borrower Defense to Repayment, a program that cancels federal student loan debt for borrowers who have been defrauded by their school. The administration reversed a Trump-era policy that had permitted the Department to partially forgive federal student loan balances; the reversal of that policy will expand relief for approved Borrower Defense claims.
$1.1 billion in student loan discharges for former students of ITT Technical Institutes, which collapsed in 2016. The student loan cancellation is being implemented under the Closed School Discharge program, which eliminates the federal student loan balances for borrowers who could not finish their degree due to their school’s closure.
$5.8 billion in automatic federal student loan cancellation under the Total and Permanent Disability (TPD) discharge program. The TPD program provides relief for borrowers who have a medical condition that prevents them from maintaining substantial, gainful employment. The automatic federal student loan cancellation under the program will be available for borrowers who are already receiving Social Security disability benefits and have a disability review period of at least five years. The Department also is reversing $1.3 billion in loan reinstatements for TPD borrowers who had their previous disability discharges undone during the pandemic due to a failure to comply with administrative post-discharge monitoring requirements, which have been waived.
Is Broad Student Loan Forgiveness Coming?
Still, the billions of dollars in student loan forgiveness being enacted by the Biden administration amounts to only a tiny fraction of the $1.8 trillion in outstanding student loan debt. Borrowers, advocacy groups, and many Democrats in Congress have been urging President Biden all year to fulfill his campaign promise to enact broad cancellation of student debt. Advocates have been pushing for cancellation of $50,000 or more in student loan debt per borrower, but Biden has been resistant to this, and he has questioned whether he would have the legal authority to act alone, without Congress. Even $10,000 in student loan forgiveness, which Biden said he would support during his presidential campaign, would eliminate the student loan debt of up to 15 million borrowers.
Congress has not been able to pass any student loan forgiveness legislation, however. Earlier this month, Senate Majority Leader Chuck Schumer (D-NY) suggested it wouldn’t happen due to partisanship and the slim Democratic majorities in both the House and the Senate.
But so far, despite Secretary Cardona’s public statements suggesting that much more student loan forgiveness is on the way, no one in the Biden administration is suggesting that wide-scale student loan forgiveness is imminent. Meanwhile, federal student loans are scheduled to resume repayment this winter, after the payment moratorium ends on January 31, 2022.
www.forbes.com
In the course of the last month, the Biden administration has implemented $2 billion in student loan forgiveness for 30,000 borrowers.
Highlighting one borrower’s story, Education Secretary Miguel Cardona tweeted on Monday, “Overnight, one person’s student loan debt went from more than $40,000 to zero... And we are just getting started.”
Is additional student loan forgiveness in the works? Yes — but specific details remain somewhat ambiguous.
Secretary Cardona’s tweet was specifically referencing the Biden’s administration’s new expansion of the Public Service Loan Forgiveness (PSLF) program. PSLF provides federal student loan forgiveness for borrowers who commit to public service careers, working full-time for public or nonprofit organizations. Under new changes that the administration announced in October, the Education Department is temporarily easing some of the confusing and complex rules governing the PSLF program, which will allow thousands of additional borrowers to become eligible for loan forgiveness.
According to the Department, officials have already determined that 30,000 borrowers will receive at least $2 billion in student loan forgiveness under the PSLF program expansion. The Department expects that thousands of additional borrowers may benefit as well in the coming months as they take certain steps such as consolidating their FFEL loans through the federal Direct loan program, or certifying their public service employment. The Department has suggested that an additional $2.82 billion in student loan forgiveness, on top of what has already been enacted, could be delivered to borrowers as the temporary PSLF waiver program continues to gain traction.
Other Student Loan Forgiveness Initiatives By The Biden Administration
The Biden administration’s student loan forgiveness initiatives are not just limited to the PSLF program. The Education Department has been implementing several other federal student loan forgiveness expansions as well, including:
$1.5 billion in expanded federal student loan relief under Borrower Defense to Repayment, a program that cancels federal student loan debt for borrowers who have been defrauded by their school. The administration reversed a Trump-era policy that had permitted the Department to partially forgive federal student loan balances; the reversal of that policy will expand relief for approved Borrower Defense claims.
$1.1 billion in student loan discharges for former students of ITT Technical Institutes, which collapsed in 2016. The student loan cancellation is being implemented under the Closed School Discharge program, which eliminates the federal student loan balances for borrowers who could not finish their degree due to their school’s closure.
$5.8 billion in automatic federal student loan cancellation under the Total and Permanent Disability (TPD) discharge program. The TPD program provides relief for borrowers who have a medical condition that prevents them from maintaining substantial, gainful employment. The automatic federal student loan cancellation under the program will be available for borrowers who are already receiving Social Security disability benefits and have a disability review period of at least five years. The Department also is reversing $1.3 billion in loan reinstatements for TPD borrowers who had their previous disability discharges undone during the pandemic due to a failure to comply with administrative post-discharge monitoring requirements, which have been waived.
Is Broad Student Loan Forgiveness Coming?
Still, the billions of dollars in student loan forgiveness being enacted by the Biden administration amounts to only a tiny fraction of the $1.8 trillion in outstanding student loan debt. Borrowers, advocacy groups, and many Democrats in Congress have been urging President Biden all year to fulfill his campaign promise to enact broad cancellation of student debt. Advocates have been pushing for cancellation of $50,000 or more in student loan debt per borrower, but Biden has been resistant to this, and he has questioned whether he would have the legal authority to act alone, without Congress. Even $10,000 in student loan forgiveness, which Biden said he would support during his presidential campaign, would eliminate the student loan debt of up to 15 million borrowers.
Congress has not been able to pass any student loan forgiveness legislation, however. Earlier this month, Senate Majority Leader Chuck Schumer (D-NY) suggested it wouldn’t happen due to partisanship and the slim Democratic majorities in both the House and the Senate.
But so far, despite Secretary Cardona’s public statements suggesting that much more student loan forgiveness is on the way, no one in the Biden administration is suggesting that wide-scale student loan forgiveness is imminent. Meanwhile, federal student loans are scheduled to resume repayment this winter, after the payment moratorium ends on January 31, 2022.
Biden Official: We’re ‘Just Getting Started’ On Student Loan Forgiveness. What Does That Mean?
Is additional student loan forgiveness in the works? Yes — but specific details remain somewhat ambiguous.
www.forbes.com
GOP lawmakers urge Cardona against executive student loan wipeout
Four House Republicans are pressuring Education Secretary Miguel Cardona to rule out a potential mass forgiveness of federal student loan debt without congressional approval.
In a Wednesday letter to Cardona, GOP Reps. Ted Budd (N.C.), Warren Davidson (Ohio), Scott Petty (Pa.) and Barry Loudermilk (Ga.), asked the education secretary for a “commitment that you will not seek to usurp the will of the people and the authority Congress has delegated in cancelling student debt beyond what the law clearly allows.”
“Mass cancellation of student loan debt would not only be a clear violation of the separation of powers but would also be an affront to the millions of borrowers who responsibly repaid their loan balances,” they wrote.
While Biden and Cardona have wiped out roughly $9 billion of the approximately $1.6 trillion federal student loan balance sheet through pre-existing forgiveness programs, the president is waiting for the results of a legal review to take action on broad-based forgiveness.
Under former President Trump, the Justice Department determined that then-Education Secretary Betsy DeVos did not have the unilateral power to wipe out student loan balances, though the Biden administration is not bound by the decision. There is also considerable debate over how far the president and Education Secretary can go to forgive student loan debt under federal law.
Even so, the four GOP congressmen argued that the law had already been settled, citing the Trump-era decision on loan forgiveness and several general provisions of the Constitution that establish the powers of Congress.
“Any deviation from Congress’s clear intention for student loan balances to be repaid, with limited and specific exceptions, would be of grave concern,” they wrote.
thehill.com
Four House Republicans are pressuring Education Secretary Miguel Cardona to rule out a potential mass forgiveness of federal student loan debt without congressional approval.
In a Wednesday letter to Cardona, GOP Reps. Ted Budd (N.C.), Warren Davidson (Ohio), Scott Petty (Pa.) and Barry Loudermilk (Ga.), asked the education secretary for a “commitment that you will not seek to usurp the will of the people and the authority Congress has delegated in cancelling student debt beyond what the law clearly allows.”
“Mass cancellation of student loan debt would not only be a clear violation of the separation of powers but would also be an affront to the millions of borrowers who responsibly repaid their loan balances,” they wrote.
While Biden and Cardona have wiped out roughly $9 billion of the approximately $1.6 trillion federal student loan balance sheet through pre-existing forgiveness programs, the president is waiting for the results of a legal review to take action on broad-based forgiveness.
Under former President Trump, the Justice Department determined that then-Education Secretary Betsy DeVos did not have the unilateral power to wipe out student loan balances, though the Biden administration is not bound by the decision. There is also considerable debate over how far the president and Education Secretary can go to forgive student loan debt under federal law.
Even so, the four GOP congressmen argued that the law had already been settled, citing the Trump-era decision on loan forgiveness and several general provisions of the Constitution that establish the powers of Congress.
“Any deviation from Congress’s clear intention for student loan balances to be repaid, with limited and specific exceptions, would be of grave concern,” they wrote.
GOP lawmakers urge Cardona against executive student loan wipeout
Four House Republicans are pressuring Education Secretary Miguel Cardona to rule out a potential mass forgiveness of federal student loan debt without congressional approval.In a Wednesday letter t…
thehill.com
Sen. Bill Cassidy: Cancel student debt? Better solutions exist – here are answers Republicans should offer
Student debt forgiveness has become the policy du jour of the left. It was talked about by every Democratic candidate for president and made its way into the White House as a top priority for President Biden.
Few, it seems, have stopped to ask whether loan forgiveness is good policy, a wise investment of taxpayer dollars, or whether it begins to really solve the issue of mounting student debt.
As Republicans, we need to have a better answer to calls for debt forgiveness. While the words "free" and "forgiveness" will always be difficult to compete with, there are better, more lasting solutions to help student borrowers manage their debt. This begins with looking at what already exists.
Over the last two decades, Congress and the U.S. Department of Education established income-based repayment plans that allow a student borrower to make qualified loan payments based on a percentage of their discretionary income (10% to 15% depending on the plan).
For example, if a borrower is out of work and has no income, there are repayment plans that allow the borrower to make a $0 qualified payment; if a borrower has $1,000 in discretionary income per month, their payment would be based on that amount. These currently available income-based repayment plans already have forgiveness built into the end of the repayment period, which ranges between 20 to 25 years, depending on the plan.
The problem is that these repayment plans can be overly complicated and not enough borrowers know they are available in the first place. To the extent borrowers are aware that they can enter into an income-based repayment plan, their eyes often glaze over the eight different options available.
Rather than jumping straight to student debt forgiveness, which creates a moral hazard for current and future student borrowers and is poorly targeted, Congress and the administration should do a better job of informing borrowers about what options exist to make affordable payments, while simplifying options to remove confusion.
This position is well articulated by two economists out of the University of Pennsylvania and the University of Chicago. Their paper, published in December, concludes by saying, "We find that universal and capped forgiveness policies are highly regressive, with the vast majority of benefits accruing to high-income individuals. On the other hand, enrolling more borrowers in [income-based repayment] plans linking repayment to earnings leads to forgiveness for borrowers in the middle of the income-distribution. These results are important in studying the distributional consequences of loan forgiveness, and in designing policies aimed at student debt relief."
To the extent that debt forgiveness is pursued by the White House and my Democratic colleagues, it should be very limited, used as a mechanism to get borrowers into a positive repayment status and into a repayment plan that allows them to make payments after the freeze on student loan debt is lifted.
As good stewards of taxpayer dollars, we must not always take the easy road out. On student debt, that means helping borrowers access that which has already been made available.
www.foxnews.com
Student debt forgiveness has become the policy du jour of the left. It was talked about by every Democratic candidate for president and made its way into the White House as a top priority for President Biden.
Few, it seems, have stopped to ask whether loan forgiveness is good policy, a wise investment of taxpayer dollars, or whether it begins to really solve the issue of mounting student debt.
As Republicans, we need to have a better answer to calls for debt forgiveness. While the words "free" and "forgiveness" will always be difficult to compete with, there are better, more lasting solutions to help student borrowers manage their debt. This begins with looking at what already exists.
Over the last two decades, Congress and the U.S. Department of Education established income-based repayment plans that allow a student borrower to make qualified loan payments based on a percentage of their discretionary income (10% to 15% depending on the plan).
For example, if a borrower is out of work and has no income, there are repayment plans that allow the borrower to make a $0 qualified payment; if a borrower has $1,000 in discretionary income per month, their payment would be based on that amount. These currently available income-based repayment plans already have forgiveness built into the end of the repayment period, which ranges between 20 to 25 years, depending on the plan.
The problem is that these repayment plans can be overly complicated and not enough borrowers know they are available in the first place. To the extent borrowers are aware that they can enter into an income-based repayment plan, their eyes often glaze over the eight different options available.
Rather than jumping straight to student debt forgiveness, which creates a moral hazard for current and future student borrowers and is poorly targeted, Congress and the administration should do a better job of informing borrowers about what options exist to make affordable payments, while simplifying options to remove confusion.
This position is well articulated by two economists out of the University of Pennsylvania and the University of Chicago. Their paper, published in December, concludes by saying, "We find that universal and capped forgiveness policies are highly regressive, with the vast majority of benefits accruing to high-income individuals. On the other hand, enrolling more borrowers in [income-based repayment] plans linking repayment to earnings leads to forgiveness for borrowers in the middle of the income-distribution. These results are important in studying the distributional consequences of loan forgiveness, and in designing policies aimed at student debt relief."
To the extent that debt forgiveness is pursued by the White House and my Democratic colleagues, it should be very limited, used as a mechanism to get borrowers into a positive repayment status and into a repayment plan that allows them to make payments after the freeze on student loan debt is lifted.
As good stewards of taxpayer dollars, we must not always take the easy road out. On student debt, that means helping borrowers access that which has already been made available.
Sen. Bill Cassidy: Cancel student debt? Better solutions exist – here are answers Republicans should offer
While the words "free" and "forgiveness" will always be difficult to compete with, there are better, more lasting solutions to help student borrowers manage their debt.
If it doesn't help only black people dummy. Then it doesn't matter. We should only care about things that help only black people.
Senate GOP Wants Stimulus Checks But Not Student Loan Relief
Senate Republicans have indicated that they will not include student loan relief in their stimulus proposal.
www.forbes.com
56% of Americans support $10,000 in student debt forgiveness—but just 13% of college students believe it will happen
A majority of Americans support $10,000 in federal student loan forgiveness.
They keep attacking Biden and democrats yet ignore all the republicans who say they will block the bill. There is no chance in hell we would even be talking about this if the other guy had won.
Which one?
We deserve better than this, Joe
In one of President Joe Biden’s most disappointing moves, it’s been yet again confirmed that the Biden administration is not extending federal student loan relief during an ongoing global pandemic, as reported by Forbes. Per a White House press...
www.dailykos.com
What about Trump? What about the Republicans? It never stops!
Devos is a Republican/GOP/right-wing - whatever term you want to use. The administration she worked for, the party she’s a member of, and its political base were not advocates of student loan relief. This is a policy that is pushed and advocated for by a major part of the Democratic base as well as many progressive politicians.
It should not be difficult to understand this shit!
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If it has a disproportionate impact on Black people, then it does matter. If that disproportionate impact is rooted in current and historical socioeconomic policies that were used to disenfranchise Black ADOS people, then policy initiatives designed and implemented to correct these inequalities should be in place.
But this is evidently to complicated for you to understand.
Dude fuck a relief, did you not read what I said in regards to education reform? That bitch didn’t even want to address the root cause of the problems. Addressing how fucked up the educational system was something no one wanted to deal with until now.What about Trump? What about the Republicans? It never stops!
Devos a Republican/GOP/right-wing - whatever term you want to use. The administration she worked for, the party she’s a member of, and its political base we’re not advocates of student loan relief. This is a policy that is pushed and advocated for by a major part of the Democratic base as well as many progressive politicians.
It should not be difficult to understand this shit!
I don’t do this whole republic vs dems shit cause the corporations and money rule this country.
Good!
Fuck anybody that owes a debt and wants a way out of paying it. Millions of people paid their student loans, even when it wasn’t they field they work in. Others have bad credit BECAUSE they either couldn’t pay them or couldn’t pay on time. Pay your shit off like a normal human.You don’t get a freebie. You applied to the college, for loans and grants, attended college and used that money—PAY WHAT YOU OWE.
Man..there are things you benefit from now that other people had to pay for..I had to pay my shit but if it is crippling folks for years to come then it is criminal. It is just debt peonage and a way to keep people in check. It is on of the many things antithetical to democracy and it is an embarrassment that we are the richest country in the world and can't offer things other nations do. Barbados is even about to do a UBI. But USA is very myopic and self centered hence we we rank first or near in some of the worst things and on the bottom on good stuff (ie quality of life)
How does cancelling student debt solve the real problems?
How will we not end up right back here in a few generations?
How will we not end up right back here in a few generations?