Biden cancels $10,000 in federal student loan debt for most borrowers

[Scott]

 

President Joe Biden announced Wednesday that he will forgive $10,000 in federal student debt for most borrowers, fulfilling a campaign pledge and delivering financial relief to millions of Americans.

Biden will cancel up to $20,000 for recipients of Pell Grants, he also said in a tweet Wednesday.

 

The relief will be limited to Americans earning under $125,000 per year, or $250,000 for married couples or heads of households. The relief is also capped at the amount of a borrower’s outstanding eligible debt, per the Education Department.

 

https://www.cnbc.com/2022/08/24/biden-expected-to-cancel-10000-in-federal-student-loan-debt-for-most-borrowers.html

[Chomper Higgot]

Well done Biden.

 

Another campaign promise met, another example of help for ordinary working Americans.

[EVENKEEL]

Their should be a pre-requisite course in High School on how school loans work. 

 

Pretty much a slap in the face to the millions who saved and sacrificed for their kid's education. Or those kids who didn't go because they couldn't afford it. 

[Hanaguma]

In what universe does the phrase 'ordinary working Americans' mean households with an annual income of a quarter million dollars?

[Chomper Higgot]

Just now, Hanaguma said:

In what universe does the phrase 'ordinary working Americans' mean households with an annual income of a quarter million dollars?

Cherry picking there.

 

The relief will be available to individuals earning up to 125,000 per year and couples with a joint income of up to 250,000 per year.

 

So available to everyone with student debt who has an income under 125,000 per year and every couple with student debts with a joint income under 250,000 per year.

 

That captures all the people on low incomes with student debt.

 

Well done Biden, keeping your campaign promises and helping out ordinary working Americans.

[Chomper Higgot]

7 minutes ago, EVENKEEL said:

Their should be a pre-requisite course in High School on how school loans work. 

 

Pretty much a slap in the face to the millions who saved and sacrificed for their kid's education. Or those kids who didn't go because they couldn't afford it. 

Pretty much a very welcome help to millions of Americans struggling with student debt.

 

 

[Credo]

6 minutes ago, EVENKEEL said:

Their should be a pre-requisite course in High School on how school loans work. 

 

Pretty much a slap in the face to the millions who saved and sacrificed for their kid's education. Or those kids who didn't go because they couldn't afford it. 

So, does that mean every time I eat a meal it's a slap in the face to those who are hungry?  

 

You are making a false equivalency.  I went through 4 years of University and then graduate school.  I took out loans and I paid for them.   A University education was much more affordable than it is today.  We need college educated people, so I support debt relief for those who have had to pay for their education through loans.   

 

[EVENKEEL]

18 minutes ago, Credo said:

So, does that mean every time I eat a meal it's a slap in the face to those who are hungry?  

 

You are making a false equivalency.  I went through 4 years of University and then graduate school.  I took out loans and I paid for them.   A University education was much more affordable than it is today.  We need college educated people, so I support debt relief for those who have had to pay for their education through loans.   

 

What we need are students who are smart enough not to get caught up in the student loan scam.

 

I don't see anything being done to battle the high cost of education. I don't see much in the way of apprenticeship programs.

 

This loan forgiveness is just a skooby snack for the progressives.

[Chomper Higgot]

1 minute ago, EVENKEEL said:

What we need are students who are smart enough not to get caught up in the student loan scam.

 

I don't see anything being done to battle the high cost of education. I don't see much in the way of apprenticeship programs.

 

This loan forgiveness is just a skooby snack for the progressives.

I would to see the Dems bring forward legislation to curb and control the rapacious tuition fees charged by hyper wealthy universities and colleges.

 

Do you think the Republicans would back such legislation?

 

 

 

[placeholder]

2 minutes ago, EVENKEEL said:

What we need are students who are smart enough not to get caught up in the student loan scam.

 

I don't see anything being done to battle the high cost of education. I don't see much in the way of apprenticeship programs.

 

This loan forgiveness is just a skooby snack for the progressives.

The right wing in AMerica has been consistently slashing funding for higher education. There was a time when state universities offered cheap, sometimes free, tuition. That's long gone. One more reason why high social  mobility in the USA is a thing of the past.

[placeholder]

37 minutes ago, EVENKEEL said:

Their should be a pre-requisite course in High School on how school loans work. 

 

Pretty much a slap in the face to the millions who saved and sacrificed for their kid's education. Or those kids who didn't go because they couldn't afford it. 

I know what you mean. Social Security was such a slap in the face to all those senior citizens who suffered an impoverished old age before it was created.

[Hanaguma]

26 minutes ago, Chomper Higgot said:

Cherry picking there.

 

The relief will be available to individuals earning up to 125,000 per year and couples with a joint income of up to 250,000 per year.

 

So available to everyone with student debt who has an income under 125,000 per year and every couple with student debts with a joint income under 250,000 per year.

 

That captures all the people on low incomes with student debt.

 

Well done Biden, keeping your campaign promises and helping out ordinary working Americans.

Then why not lower the income threshold to an actual working class level? Say $50,000 per family. 

 

But there is no argument that Harvard grads making 6 figures need debt relief more than truckers or  service workers.

[LarrySR]

3 minutes ago, placeholder said:

The right wing in AMerica has been consistently slashing funding for higher education. There was a time when state universities offered cheap, sometimes free, tuition. That's long gone. One more reason why high social  mobility in the USA is a thing of the past.

Educated electorate is the enemy of the average Republican running for office.

The dummies are easier to manipulate. 

 

[Chomper Higgot]

9 minutes ago, Hanaguma said:

Then why not lower the income threshold to an actual working class level? Say $50,000 per family. 

 

But there is no argument that Harvard grads making 6 figures need debt relief more than truckers or  service workers.

Because providing support to 95% of Americans, while excluding the 5% who are wealthy assures wide support for the program.

 

Tax payers being given tax payers money. I’m sure the Banksters must be outraged. 
 

The other relief in this news is the fact Biden didn’t insist on his signature being on the check.

 

Those were  the days eh?!

 

 

“But there is no argument that Harvard grads making 6 figures need debt relief more than truckers or  service workers.”

 

You perhaps missed the bit about this relief being for ‘Student Debts’ some of which will be held by ‘Harvard Students’.

 

 

Edited August 25, 2022 by Chomper Higgot

[EVENKEEL]

10 minutes ago, placeholder said:

I know what you mean. Social Security was such a slap in the face to all those senior citizens who suffered an impoverished old age before it was created.

Social security is paid into. Not a legit comparison.

[placeholder]

5 minutes ago, EVENKEEL said:

Social security is paid into. Not a legit comparison.

Actually, not at first. Those who were 65 and older when it was instituted were eligible for benefits without paying anything into the fund.

[Credo]

5 minutes ago, EVENKEEL said:

Social security is paid into. Not a legit comparison.

So is Higher education.  When SS started the first recipients had not paid into it.  

 

 

[Chomper Higgot]

6 minutes ago, EVENKEEL said:

Social security is paid into. Not a legit comparison.

OK, how about handouts to banks and corporations?

 

I don’t recall you protesting.

[Chomper Higgot]

1 minute ago, Hanaguma said:

Amazing that you cannot sustain a discussion without referring to the Bad Orange Man. Does he really still have such agrip on your soul? Perhaps you can charge him $10,000 fot the space he continues to inhabìt in your head and give it to a deserving impoverished student?

I never even mentioned him.

[nauseus]

48 minutes ago, Chomper Higgot said:

Cherry picking there.

 

The relief will be available to individuals earning up to 125,000 per year and couples with a joint income of up to 250,000 per year.

 

So available to everyone with student debt who has an income under 125,000 per year and every couple with student debts with a joint income under 250,000 per year.

 

That captures all the people on low incomes with student debt.

 

Well done Biden, keeping your campaign promises and helping out ordinary working Americans.

Unless you are one of the ordinary working Americans that had low incomes so did not borrow, or who have already paid back their loans but now have to pay even more in taxes to cover for the lucky new Biden voters.

[Scott]

Off-topic post removed.  Please stay on topic. 

 

[JonnyF]

This is essentially just a cash bribe (in disguise) to potential/future voters. 

 

Not unlike the type of promises/handouts you see in third world countries. Yingluck's free tablet for kids scheme comes to mind. Or the x,xxx Baht to every village.

 

This money could have been used to help the poorest in society who didn't even finish high school. Homeless veterans. People dying of cancer who cannot afford health insurance. Not for writing off legitimate debts of graduate couples earning over 200,000 dollars per year. 

[Credo]

1 minute ago, JonnyF said:

This is essentially just a cash bribe (in disguise) to potential/future voters. 

 

Not unlike the type of promises/handouts you see in third world countries. Yingluck's free tablet for kids scheme comes to mind. Or the x,xxx Baht to every village.

 

This money could have been used to help the poorest in society who didn't even finish high school. Homeless veterans. People dying of cancer who cannot afford health insurance. Not for writing off legitimate debts of graduate couples earning over 200,000 dollars per year. 

Veterans can go to school under the VA bill.  The homeless ones can even get a dorm room, but hey that's not a giveaway, is it?   

 

 

[ThailandRyan]

I just finished paying off my oldest daughters school loans from her first 2 years of college. Took me 10 years to pay it off.  The student loan company sent me an e-mail thanking me, but also asking why I did not use the forbearance available and not make payments to help out my financial status.  <deleted> is wrong with people, using a forbearance only adds the missed payments and interest to the back end of your loan and costing more in the end....no wonder people want forgiveness.  Nothing is free in this world, pay what you borrowed, and quit giving handouts to folks. No wonder the US is now known as the "Give Me Give Me" I deserve it for free country and not the "What can I do to help my country, without asking for anything".  My grandfathers generation, the greatest generation as they are known for the sacrifices they made, must be rolling over in there graves. 

[Chomper Higgot]

14 minutes ago, JonnyF said:

This is essentially just a cash bribe (in disguise) to potential/future voters. 

 

Not unlike the type of promises/handouts you see in third world countries. Yingluck's free tablet for kids scheme comes to mind. Or the x,xxx Baht to every village.

 

This money could have been used to help the poorest in society who didn't even finish high school. Homeless veterans. People dying of cancer who cannot afford health insurance. Not for writing off legitimate debts of graduate couples earning over 200,000 dollars per year. 

There’s more money where this came from.

 

Now who voted against help for the poor and veterans?

[JonnyF]

4 minutes ago, Chomper Higgot said:

There’s more money where this came from.

 

Yes, no doubt more promises/handouts will be strategically timed to the required demographic to try to win the next election as well.

 

 

[Rimmer]

An off topic post and a reply dragging Trump in to the topic has been removed

[Berkshire]

1 hour ago, nauseus said:

Unless you are one of the ordinary working Americans that had low incomes so did not borrow, or who have already paid back their loans but now have to pay even more in taxes to cover for the lucky new Biden voters.

I'm pretty sure there will be Republicans who benefit from this.  Student loans weren't only taken out by Democrats.

[Berkshire]

2 hours ago, EVENKEEL said:

Their should be a pre-requisite course in High School on how school loans work. 

 

Pretty much a slap in the face to the millions who saved and sacrificed for their kid's education. Or those kids who didn't go because they couldn't afford it. 

I actually agree with you in principle.  People who took out a loan did so knowing they'd have to pay it back.  Their choice.  I never took out a student loan, instead, worked my butt off all the way through college (my grades probably suffered).  I also know people who took out loans and paid it all back.  So yes, not fair in many respects.

 

But the Prez did make a campaign promise and he kept it.  Many in his own party wanted as much as $50,000 in relief per student, so they're not happy.  I suppose if both Reps and Dems are upset, then President Biden must be doing something right.     

 

 

 

 

[LarrySR]

1 hour ago, Berkshire said:

I'm pretty sure there will be Republicans who benefit from this.  Student loans weren't only taken out by Democrats.

Politics in the USA is a battle between the undereducated and the educated. 
 

Edited August 25, 2022 by LarrySR