That POTATUS printing press has to be smoking hot and close to melting down.
In his desperation to cancel every student loan in America by fiat before Election Day, POTATUS is pulling out all the tricksy stops to give the cha-ching away.
God dang – the eyewatering amount in the numbers and shamelessness of the treasury plundering can just make you ill.
The Biden administration announced Friday that it will forgive $7.4 billion in student debt for 277,000 borrowers.
The latest round of loan cancellations is a result of the U.S. Department of Education’s recent changes and improved oversight of income-driven repayment plans and the popular Public Service Loan Forgiveness program.
“As long as there are people with overwhelming student loan debt competing with basic needs such as food and healthcare, we will remain relentless in our pursuit to bring relief to millions across the country,” U.S. Secretary of Education Miguel Cardona said in a statement.
It’s the most brazen, unconstitutional, and unconscionable theft of American resources ever, and a complete betrayal of every honest principle of civilized transactions and responsibilities.
…Today’s announcement brings the total loan forgiveness approved by the Biden-Harris Administration to $153 billion for nearly 4.3 million Americans. Thanks to this Administration’s efforts one out of every 10 Federal student loan borrowers has now been approved for some debt relief. This action builds on President Biden and his Administration’s efforts to provide debt relief to as many borrowers as possible as quickly as possible.
“Today’s announcement shows—once again—that the Biden-Harris Administration is not letting up its efforts to give hardworking Americans some breathing room,” U.S. Secretary of Education Miguel Cardona said. “As long as there are people with overwhelming student loan debt competing with basic needs such as food and healthcare, we will remain relentless in our pursuit to bring relief to millions across the country.”
The debt relief announced today is broken down into the following categories:
- $3.6 billion for nearly 206,800 borrowers through SAVE. This relief will go to borrowers who are enrolled in the SAVE Plan who had smaller loans for their postsecondary studies. Borrowers can receive relief after at least 10 years of payments if they originally borrowed $12,000 or less for college. Each additional $1,000 in borrowing adds 12 more months until forgiveness. All borrowers on SAVE receive forgiveness after 20 or 25 years, depending on whether they have loans for graduate school. The benefit is based upon the original principal balance of all Federal loans borrowed to attend school, not what a borrower currently owes or the amount of an individual loan. Today’s announcement brings total relief approved underwi SAVE to $4.8 billion for almost 360,000 borrowers.
- $3.5 billion for 65,800 borrowers through administrative adjustments to IDR payment counts that have brought borrowers closer to forgiveness and address longstanding concerns with the misuse of forbearance by loan servicers. Including today’s announcement, the Biden-Harris Administration has now approved $49.2 billion in IDR relief for more than 996,000 borrowers.
- $300 million for 4,600 borrowers through fixes to Public Service Loan Forgiveness (PSLF). This update comes shortly after the Department announced new PSLF discharges a few weeks ago. The Administration has now approved $62.8 billion in forgiveness for almost 876,000 borrowers through PSLF.
“Today we are helping 277,000 borrowers who have been making payments on their student loans for at least a decade,” said U.S. Under Secretary of Education James Kvaal. “They have paid what they can afford, and they have earned loan forgiveness for the balance of their loan.”
Does it work like that for my mortgage, too, if I feel like I’ve “paid what I can afford”? As opposed to, you know, actually paying what I agreed to borrow and still owe?
Somehow, I think not.
It’s quite cool how the cheering section at CNBC calls it “fixes” to the student loan program…
Relief is a result of fixes to federal student loan system
Income-driven repayment plans, which cap a borrower’s monthly bill at a share of their discretionary earnings, are supposed to lead to debt cancellation after a certain period of time. However, loan servicers weren’t always keeping accurate track of borrowers’ payments, advocates say. As a result, few people received the promised relief in the past.
The Biden administration has been reviewing borrowers’ payment timelines and allowing them to get credit for periods that historically didn’t qualify, such as during certain deferments and forbearances.
…when, in reality, it’s not a result of “fixes” but the “fix” being in.
Phrasing is everything.
MSNBC is doing its part to keep the bailout bucks rolling by demonizing the 18 states that filed suit a while ago to stop a paltry $1.2B in unearned giveaways.
A total of 18 states are now suing the Biden administration over its new student debt forgiveness program, hoping to halt $1.2 billion in loan relief for more than 150,000 borrowers.
The SAVE Repayment Plan, which was announced in February, allows borrowers to have their federal student debt forgiven if they took out $12,000 or less and have made payments for at least 10 years.
The fellow writing this drivel gets a little emotionally overheated.
…And contrary to conservatives’ claims, these aren’t all rich elites. In fact, data suggests that the beneficiaries of student loan forgiveness are disproportionately from low- and middle-class households, with women and nonwhite people as some of the main beneficiaries.
Perhaps that’s why conservatives are so eager to stop it.
…For me, these lawsuits serve as a reminder that the GOP’s performative sympathy with Americans’ financial situations is utter nonsense. The Biden administration is actively working to unshackle people from immobilizing debt. Meanwhile, Republicans are trying to keep them handcuffed to that debt — potentially forever.
Growl! Dirty word alert!
CONSERVATIVE
Pay close attention to the language. “Unshackle”? “Handcuffed…forever”? Pretty incendiary allusions there.
CONSERVATIVE white slave masters holding poor – mostly, probably black – people eternally bound with crippling financial bonds…that those same people freely signed legal paperwork accepting and agreeing to pay?
NEVER MIND THAT PART
The Biden administration is here to free you from your freely incurred obligations. They are more than happy to foist them off on taxpayers who might never had a chance to go to college and accumulate such debt themselves, taxpayers who scrimped and sacrificed to pay their own or their children’s tuition, or who have already done the formerly correct and adult thing by paying their own student loans off.
Never fear missing the Re-Elect Biden Free Student Loan Train, though—there’s another avenue to a handout wrapping up on 30 April.
A key deadline for student borrowers is coming up this month that could result in some debtors having their remaining balances forgiven.
The Biden administration has set an April 30 deadline for certain student borrowers who have multiple federal loans to get relief under the IDR Account Adjustment. Those who are on an income-driven repayment plan or Public Service Loan Forgiveness program with older-style Perkins or FFEL federal student loans have until this date to consolidate their loans and qualify for a payment count adjustment that will put them closer to forgiveness, with some even able to get refunds if they have overpaid.
If none of the previous scamtastic signoffs have worked out, one can hustle to get their name on that list. If that doesn’t pan out, I am sure something new and miraculous will drop again next Friday morning. Stay tuned.
OnehunnertfittythreeBILLION and counting.
It’s only money.