President Biden announced Friday that his administration is forgiving $5 billion in student debt for another 74,000 borrowers, marking the latest round of debt cancellation since the Supreme Court voided the president’s student loan forgiveness program.
Mr. Biden said that of the borrowers who can receive relief, nearly 44,000 are teachers, nurses, firefighters and others who are eligible for forgiveness after working 10 years of public service. Almost 30,000 of those who will have their debt wiped clean have been repaying their loans for at least 20 years, but did not get the relief they earned through income-based plans, the president said.
With the latest round of student loan forgiveness, more than 3.7 million Americans have had their debt erased under the Biden administration, Mr. Biden said.
It’s insane that they made 5b off of just 74k people in the first place
That’s nearly 70k per person. For education. That’s…that’s greed on an evil level
Yeah, now that you mention it, that’s fucking nuts. On average, $67,500 worth of outstanding balance for these people who went into public service. That doesn’t even take into account what they’ve already paid in principal and interest over the years.
Edit: it’s actually $72,892 per person being forgiven for people that have worked in public service for more than a decade.
That’s just about exactly what my wife owes and she’s 2 years away from PLSF freedom. fingers crossed
PS - I paid off my loans and I hope y’all get all yours forgiven.
I feel like education should be free for everyone, especially people in public service because that is usually challenging work and often well below market pay.
And that’s the balance after paying it off for a decade or more.
What’s insane is this is barely a drop in the bucket…
There’s over 1,770 billion in student loans debt.
When people say 1.77 trillion, it might not be immediate how little a few billion is to the larger issue.
But it’s only around 0.2% of total debt. Probably less because the 1.77 trillion is rounded, and at this scale that’s what 5 billion is. A rounding error they don’t even include that digit when talking about the total amount.
Forgiving 5B in student debt VS inciting riot to overthrow our government…
bOtH sIdEs aRe tHe sAmE!!!
well one side didn’t go to college so this is basically a nothing burger to them
BUT IF I DID AND I ALREADY HAD PAID IT ID BE JUST AS PISSED AS I AM NOW THAT I CANT DRAG ANYONE ELSE DOWN
DRAG??? WHAT ARE YOU SOME KIND OF FREAK?!
Right. It’s like saying my dad died of cancer, so your dad should also die of cancer.
No, let’s improve shit for everyone. Fuck that outdated mentality.
One of them has a long history of ruining pretty much everything he touches.
neither is good.
democrat - joe biden is funding a genocide
republican - trump is trying to overthrow the government
trump is more like “we have genocide at home”
Removed by mod
Dude I vote as hard as I can but I’m not a Republican so I only get to vote once.
do not think trump would be better
better if enough people either voted someone other than the red and blue corpos or nobody at all in protest
biden’s list of achievements on behalf of the american people or lack there of is totally relevant to me and a lot more people I’d wager
maybe I would be able to participate and vote if biden had lived up to his campaign promises or lived up to supposed “democrat” values for that matter
democrat and republican corporate slime have kept americans down
For a second I thought this said Biden is forgiving $5 and assumed this is the onion.
I might be included in one of the recent rounds of forgiveness (the one where if you have under 12k in loans taken out and have kept up with payments for over 10 years). I’ve paid off all but about $250 of it, and even making the minimum payment, I’ll have it paid off in around 4 months anyway. Unless they move at breakneck speeds by government standards, by the time they actually get everything processed, $5 sounds about right. Which hey, if that ends up being how it goes, I get a free ice cream cone on Uncle Joe. Can’t complain about that.
My lender has been sitting on my application for PAYE since September. And I doubt it ever gets processed as it won’t help their bottom line.
Biden should have left the debt pause indefinitely and fight judges who ruled against himself. The courts allow delays. This would gain him back a lot of support and it would cost him zero political capital.
Yep. He told Republicans he would stop pausing it to pass funding for the government.
He should have lied like they would.
I mean, yes?
It’s time to fucking play hardball with these creeps instead of this milquetoast turn the other cheek bullshit.
They want to play the game like that, so they are setting the ground rules. Acting like we have to keep one hand tied behind our back during a fight with them is fucking stupid. Get that arm out and throw sand in their fucking eyes.
Pocket sand!
Look out we got a tough guy
Not a bad move from Biden here.
It is according to Lemmy purists. If an action doesn’t tick all their boxes and perfectly solve a complex problem then fuck you.
Interesting how the far left and far right agree on so much. Yeah yeah horseshoe theory it is still interesting to see. The far right wants student loan debt to be treated like child support or harsher the far left wants anything short of full debt annulment, but both agree that compromises are bad.
I would much rather Biden gets the wins he can get vs going after ones that he can’t, failing, and nothing is done.
Good call, but we need to fix the underlying problem that is the ridiculous price for higher education. With every piece of information online I find it very hard to believe we can’t get average annual tuition down from 20k a year.
Averages out to be 67,567.56 per.
Paying education loans even after 20 years of working in public service? Seems like a failure of the education system. I’m from Europe, also been to India a lot on business, and never have I seen anything of this magnitude. You can get a good education even in India for a very nominal tuition fee that middle-class parents are also able to cover without taking out loans. For poor families, it’s virtually nothing in good state universities. The idea is that education will empower even the poor and they’ll be able to get a good job and become tax paying citizens. Not like if you’re poor, we’re still gonna crush the heck out of you with more debt. The latter seems to be the strategy employed in the US. In most European countries, education is virtually free covered by taxes. Of course taxes are high but it benefits everyone in terms of healthcare and education. Is that really so bad? Isn’t it the government’s job to make sure EVERYONE has access to good healthcare and education? Then why does it feel that it is a money-oriented corporation running the country rather than a government?
Sorry, went on a rant there. Whenever I see something like this it just makes my blood boil. Teachers, firefighters, nurses still paying student loans after a decade or two, that’s a failure of the education system right there.
Yeah, the US isn’t a country, it’s a business and it’s people get shafted hard for this.
Wow, thx Joe!
Let’s do all of it, and put in place a solution for all future student loans. They are robbing us blind right now, and costing future generations a chance at a debt free life.
Forgive it all or STFU
Remember when he did that and Nebraska Republicans sued and the supreme Court blocked the debt relief by 6 to 3 thanks to the 3 Justices Trump appointed.
That’ll really cut down the 1.7 trillion dollar student loan problem.
So you’d rather he do nothing? I know it is a drop in the bucket but let’s not let good be the enemy of perfect.
I’d rather he do more, but my expectations aren’t high considering Biden was critical in creating this problem:
https://www.theguardian.com/us-news/2019/dec/02/joe-biden-student-loan-debt-2005-act-2020
https://theintercept.com/2020/01/07/joe-biden-student-loans/
Either way, don’t expect me to cheer on a jackass who barely makes a dent in a problem he created.
Should just let it trickle down from the billionaires like usual smh
fuck you biden for again putting a stipulation on your promises and only helping a select few
either forgive it all or just forget about it tired of my hopes going up every time a biden is living up to his campaign promises article comes
silent joe waited until election year to have anything to say
justice delayed is justice denied
You didn’t read the article you’re replying to, did you? And clearly haven’t been keeping up with the news around this. Biden tried to forgive student debt for all Americans; SCOTUS shot it down. That was around the middle of last year, and Biden has been having to eke out student loan forgiveness in whatever ways he can since then. I don’t know that Americans are gonna see student loan debt forgiveness or any other serious and free social support on the scale you want until there is a reckoning with the English Poor Law mentality.
He want these younger votes so bad, lets see if this continues after he get elected second term.
He wants a second term, so he’s… improving people’s lives? Not sure what you’re mad about. Trump wants a second term, so he’s *talking up the culture-war nonsense, and saying he’ll attack his political enemies…
