One Tuesday, the Biden administration announced a new plan to forgive certain student debt held with the government. While this might be good for some who have actually used the qualifications they earned in college, it seems at least a little bit unfair if someone studying gender studies or some other useless degree, gets their debt forgiven.
At least 40,000 borrowers could see their debt disappear and the move comes after the administration has been facing criticism and pressure from Democrats to relieve student loan debt for millions of Americans.
During the covid pandemic, student loans were paused and that pause has been extended several times, the latest extension lasts until August 31.
The Department of Education is set to revise income-driven repayment (IDR) programs, and they state that this will help those who borrowed money for their education, to get debt-free sooner.
But the millions of student loans in America total a whopping $1.6 trillion, and the debt doesn’t just disappear, it’ll simply be paid by taxpayers and their children and their children’s children.
U.S. Secretary of Education Miguel Cardona said in a statement:
“Student loans were never meant to be a life sentence, but it’s certainly felt that way for borrowers locked out of debt relief they’re eligible for.” adding “today, the Department of Education will begin to remedy years of administrative failures that effectively denied the promise of loan forgiveness to certain borrowers enrolled in IDR plans.”
Under the Public Service Loan Forgiveness (PSLF) Program, the debt owed to the government will be eliminated for those who work for the government, and non-profit workers like teachers, health care workers, and military workers – after 10 years of qualifying loan repayments.
According to the agency, thousands of other borrowers with loans that are older, will also receive forgiveness through IDR and at least 3.6 million Americans will also have at least another three years of additional credit towards the program forgiveness.
Apparently, the Biden administration has been spurred on by the “historical failures” within the IDR program and plans to focus on several key issues, one of those being the end of “forbearance steering.” This occurs when a loan holder is placed into forbearance by loan services, without being given advice on alternative methods of payments or loan programs by the government – and avoiding huge interest stacked on top of the original loan.
Biden had previously announced that every loan borrower would be forgiven at least $10,000 of their debt, but Democrats are wanting that number to increase to at least $50,000 per person. Biden has not publicly supported that move, however, and the education department has said under the new guidance that if a person qualifies for loan forgiveness, they will receive this immediately.
Those with student debt, apparently don’t even have to be enrolled in the program to get the benefits and those who do decide to sign up at a later stage, will get the credits.
NO!!!!!!! Let them pay off thewir own debt like everyone else, what makes them think they are so speciaal, haven’t our hard working people paid enough?????
Why should the public have to pay for someone who went to college and got a degree that has no job prospects. I don’t see too many postings looking for gender studies majors. We all have to make decisions regarding our future plans, so if you make bad decisions the public should be liable to pay for your bad decisions. I think not.
If you borrow money to go to college, then you need to pay it back ! Problem with today’s generation is a tremendous lack of responsibility. They have been so coddled by their Baby Boomer Parents so much that they truly believe that they should be entitled to everything for free. Get their A**ES out there and work to repay what they owe. Senior Citizens and tax payers should not be forced to pay for their college tuition whether they got their degree or not. Put their Big Boy and Big Girl Panties On and Grow-Up !!!
I think it’s only fair that my house mortgage gets forgiven by creepy joe!!
The democRats are true socialists! They want the hard-working Americans to pay for the lazy slackers. Someday everyone will give up trying to succeed only to be taxed to death and have to pay for everyone else, and we will all be the same level of losers living off the government! They want to kill the American way of life! They want to “dramatically change America” in their own words! We can’t let this happen or we will become another Venezuela!
Heck, forgive all my debt! I want to be a free loader to!
Things have gotten so bad for Democrats that they’re reduced to buying votes. A sad state for a sad party. Although I suppose we should expect something like this as they don’t have viable policy to offer.
Welcome to Biden’s America…
Where are morals and honor? If you chose to attend college and chose to take out a loan, and then decide you want someone else to pay off your debt, you don’t deserve to be employed.
How about letting all the tenured professors pay the student loan debt?
What a wonderful solution! The student debt of college graduates will be paid by the citizens that couldn’t afford to go to college. What could be more fair? Will we be buying their groceries and paying their mortgages next?
JUST PLAIN STUPID. Hey pretend pres. please forgive my Morgage Buy my food pay off my car. MY GOSCH I FORGOT I am WHITE.
I am 88 yers old, and have two college degrees. I worked my way through both colleges to get my degrees, and I worked damned hard. I didn’t run like cowards from having to serve in the Armed Forces. I joined the Air Force and fought in two wars – Korea and Vietnam. I paid for both of my degrees from my hard-earned salary, and had too much pride to beg for money as many thousands are doing now. Today’s young people and their parents believe they should just sit o their asses and wait for Uncle Sam to give them money. Let these young students get their communist inspried education so they can join others in their quest to solve simple problems such as “How much is two plus two.” Without a computer, today’s kids are stumped for an answer. They should get their lazy asses back to grammar school and find a teacher who can teach subjects other than communism.
Well said. No need for me to add anything more!
I worked three part time jobs, lived in substandard rent houses and ate what came in damaged packages.
It was a large part of my education.
My debt, I paid for it.
The simplest thing to do would be to drop the interest on the loans and make them pay the principle back and apply all interest collected to the principle. This way people could not only pay back the money they borrowed but also pay it quicker. I did this with a credit card from Bank of America and had 5,000 paid off in a year. Sadly Congress won’t do this because it makes sense
Biden promised to get elected then once elected said how with all the other things he wanted to do it would overload an already overloaded budget. Got the votes and didn’t keep the promise. Dems seem to be really good about making promises to get elected and once elected conveniently forgetting the promise. So this is just another promise to maybe not get Dems voted out of the office and once again it will be haha we got elected and you that voted for the promise we made can all go to hell. Look a death tax that was finally made better on people inheriting money or property, Biden is going to jack back up again to pay for his money to illegal immigrants, money sent to Ukraine (where he and his son have investments), and a bunch of other things he and Dems want to push thru that will not help the taxpaying legal citizens of America. Seems the rich and elite don’t give a shit about the average legal American citizens they just want the power.
What is the plan for parents who saved and paid for their child’s education up front? Do those parents get $50,000 reimbursed, tax free, per child? Are responsible parents being told they made tough choices to give their children a leg up, but now the irresponsible children of the irresponsible parents will be rewarded? What happened to personal responsibility? The same Democrats who are telling us 18-22 year olds who signed up for student debt “didn’t know what they were doing” are the same people telling us 5-7 year olds can make responsible decisions on sex changes?