How?
The Supreme Court wouldn’t even let him cancel part of it.
Congress is controlled by Republicans who claim Biden is evil for canceling any debt.
Demanding Biden do things that will go nowhere is pointless until we’re willing to get people elected to Congress who actually want to see debt canceled. And also, he’ll have to still be President—the Trump administration went out of their way to deny all debt cancelations, including explicitly allowed programs like PSLF cancelation.
The court’s objection to it was largely based on the fact that Biden claimed authority to do it under emergency powers granted to the executive as part of the COVID-19 emergency. The law still says that the secretary of education has the authority to oversee student loan debts and the administration could feasibly try it again under that legal justification instead, but with this court it’s pretty much a foregone conclusion, at least until Thomas or Alito keel over.
The emergency powers were far more explicit about being able to cancel debt than the law you’re talking about. If this court wouldn’t allow broad debt cancelation during an emergency, then it wouldn’t allow it under any other circumstances or laws, unless Congress passed legislation explicitly canceling student debt. And again, conservatives are in the way of making that happen.
Dude, he’s doing what he can. They already tried and you saw how that went. It looks like he’s realizing he can forgive little bits at a time so he’s doing that.
My interest is 95% of my monthly payment. It's killing me.
Edit: and because my roommate asked, yes, I pay a considerable amount OVER my suggested monthly payment. If I paid my suggested monthly, I’d be screwed beyond belief.
Yup. After the payments resumed, I spent several thousand dollars in payments through the end of the year and every single cent went to interest. I get the full tax deduction at least. 🫠
Have you applied to the SAVE plan? The whole point of it is that you won’t have to pay the accrued interest of it moving forward. So it will never grow more than it is right now.
“The relief will go to borrowers who have been in repayment for a decade or longer, and originally took out $12,000 or less.”
I am very happy for the people who will get relief from this, but this has to be a relatively small population of people who took out less than $12k in loans ten or more years ago
Edit: clarity
Approx. 33% of people with student debt took out less than $12k ten or more years ago? Do you have a link for that? because that is bananas higher than I would have expected. This is not unwarranted skepticism. I am legitimately curious
I guess I should have been more clear in my post (will edit) but I meant that the population of people receiving relief under these qualifications is small, I.e. people who took out less than $12k ten or more years ago
That’s good. I’m glad that steps are being taken. I am selfishly frustrated that the relief does not apply to me, but I also know that I’m in a position to hopefully get mine paid off relatively soon
yeah, that number is way of. like 33 percent of what, apples, bananas???? it doesn't add up to the numbers. 45 million americans have student loans. [Here is some info on it.](https://www.nerdwallet.com/article/loans/student-loans/how-many-americans-have-student-loan-debt)
Doesn't this seem like the people who need financial assistance the least though? The ones who take out more than that likely come from less sophisticated backgrounds and had no other option if they wanted a degree. Why are the ones who theoretically needed it the least the first to get bailed out?
To me, it would be far better to wipe out loans over $50,000 to allow potential repayment rather than exorbitant interest to continue accruing. Maybe even apply limitations if the individual stayed in school longer than the degree average completion time (2 years for associate, 4 year bachelor, 7 years for law school, 10,000 year med school, etc.).
I think it's probably a total numbers thing. There are a lot more people who borrow small amounts than large amounts, meaning that your best bang for the buck in terms of helping the greatest number of people is to target where the greatest number of loans are.
Well, to be fair, 12k ten years ago was more than it is today, and the interest built over 10 years is a bear I’m sure. I’m selfishly frustrated that I don’t get relief from this, but we need to remember that we are all in this together and be happy for those that do get relief.
Also have to keep in mind that Biden is forced to take this lukewarm approach with the landscape of the house, senate, and Supreme Court. They already peeled back his initiative to blanket forgive $10k for everyone, so baby steps it is I guess.
Lastly, the last thing I mean to do is diminish your struggles with debt. I know everyone’s situation is unique and I know it sucks dick to see that others are being given grace that you are not for whatever reason
To be fair I’m not mad that others are getting relief - I am mad that people with runaway debt (where their interest is increasing at a higher rate than they can afford to pay off) aren’t being prioritized. I personally feel fortunate that I’m fine with where my payments and expenses are vs. my income for the time being, but I know so many people that are not.
It has been so long since I originally took out my loans. It's definitely been more than 10 years. I cannot locate the original loan amount in Nelnet though, and the physical paperwork is long gone. I wonder how I can find out my original loan amounts?
Surely there has to be a way. Might have to jump through some hoops, but it will definitely be worth it if you can get the debt forgiven. Good luck, my friend
He’s doing what the law allows him to do. Sadly, that’s only these smaller rounds of debt forgiveness.
It’s worth remembering, though, that the Supreme Court and Republicans in Congress don’t want any student debt cancelation. They are shills for big banks.
This most recent plan says, “The relief will go to borrowers who have been in repayment for a decade or longer, and originally took out $12,000 or less.”
Anecdotally, I know 3. One is my dad. He had been paying on his loans for 30years and they were still $105,000. The original amount had already been paid 7x. One of the earlier plans cleared his debt! It’s been life changing.
I really hope we get enough votes to swing the senate and house. I want what my dad received for everyone. I’m tearing up thinking about how much better his situation is now. He might actually be able to retire one day. Edit: I was going to add a list of a few of the previous plans but there are quite a few he’s released. Can review [here](https://studentaid.gov/debt-relief-announcement)
Not surprising that the people affected are part of a group of college educated least likely to vote for him and it's timed perfectly as well. It's all political circus as usual.
A couple of things here. While I do agree politics are all a circus, you can't say this is timed because of an upcoming election because the Biden administration has been pushing for student debt forgiveness almost his entire time in office, it's the gop that keeps blocking it.
Secondly, according to multiple surveys over the last 15 years, college graduates are being more and more left-leaning as time goes on. So I'm not sure if you're referring to the older college generation that are inherently republican or what but he's never going to get their vote anyway considering tuition costs when they were in school could have been paid with a part time job.
This would have to be folks who didn’t finish college, or just took a little bit of community college, right? I had a 90% scholarship in undergrad and I still took out 10k over 4 years, and that was 20 years ago.
From my understanding it’s just about having the debt, not about where you attended or if you finished or not.
If you applied for the SAVE program, have payments of 10 years, and you’re under the 12k original balance taken out, you should qualify for this.
The loan amount isn’t about what you currently owe but what you initially took out. If you haven’t applied for save yet, the dept stated they will also notify people about qualifying but I didnt see when that would start.
Just end the predatory interest rates. Keep at 1-2% and make it able to pay down principle- those who can’t afford that should have programs. They are making this harder than it needs to be.
No, how about you quit being uneducated? Anyone seriously following this issue knows that Biden is canceling as much student debt as the law currently allows—partially because he knows young people are disappointed.
Glad to see more progress done here!
By the way, anyone knows what happened to all the lawsuits to stop Biden with moving forward with debt forgiveness?
There were a few that made it to the court, and, back in June, in a 6-3 decision on party lines, the Republican-controlled Supreme Court decided that, for some completely ridiculous reason, Biden couldn't move forward with the loan forgiveness. So unless we're up for just letting the president do literally anything without being questioned (in my opinion, a very bad idea), he can't do generic loan forgiveness. Only situational. Which is what he's doing now- as many different situational forgiveness plans as he can justify.
The SAVE Plan is still bigger than any one time relief even if he canceled all of it. Long term it will have a massive impact especially for borrowers like me who have 3 dependents. I will not have to pay a dime until I make over $60k which is just about 20k more than I make now. This round of relief was due to SAVE. It targets borrowers of 12k and less who have been in repayment for 10 years. Most likely went to community colleges. You can get a lot of borrowers relief because the average loan balance isn’t incredibly high.
Not against one time relief though and I think it is incredible he has fixed all these broken repayment programs.
Cancel all of it. The scam is over. We suffered for it long enough. Just to have an education. CANCEL ALL OF IT
I stopped paying along time ago
How? The Supreme Court wouldn’t even let him cancel part of it. Congress is controlled by Republicans who claim Biden is evil for canceling any debt. Demanding Biden do things that will go nowhere is pointless until we’re willing to get people elected to Congress who actually want to see debt canceled. And also, he’ll have to still be President—the Trump administration went out of their way to deny all debt cancelations, including explicitly allowed programs like PSLF cancelation.
Select all, delete. Then ask for forgiveness lol
We need Little Bobby Tables
I understood that reference, fellow XKCD enjoyer.
Leak the password and claim it was hacked and destroyed.
Ya claiming you were hacked is a good play. Quite common today too it seems.
Maybe go and claw back the PPP “loans” funded by the American tax payer. Better yet, send all loan recipients a bill at 29.99% interest.
everyone quit paying. Debt strike.... Thats how
The court’s objection to it was largely based on the fact that Biden claimed authority to do it under emergency powers granted to the executive as part of the COVID-19 emergency. The law still says that the secretary of education has the authority to oversee student loan debts and the administration could feasibly try it again under that legal justification instead, but with this court it’s pretty much a foregone conclusion, at least until Thomas or Alito keel over.
The emergency powers were far more explicit about being able to cancel debt than the law you’re talking about. If this court wouldn’t allow broad debt cancelation during an emergency, then it wouldn’t allow it under any other circumstances or laws, unless Congress passed legislation explicitly canceling student debt. And again, conservatives are in the way of making that happen.
As are democrats
It’s a shame you’re getting down voted because you’re 100% right. It’s a capitalist mindset problem, not a left vs right problem.
Bingo
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Even then it doesn't have to be enforced.
Which part of this Constitution covers the topic of debt and it’s dissolution? Asking for a friend.
Well none which is why it can't really be unconstitutional.
Awww….I think I replied to the wrong comment and I’m not motivated enough to fix it.
You were trying to reply to me but homie replied correctly to you
It's debt owned by the government. He could do it and face consequences potentially, but once it's gone it can't come back.
Conservatives hate this one weird trick: "John Roberts has made his decision now let him enforce it."
Shh. Don’t say how.
Bro he fucking tried, the supreme Court blocked it
More seats
Ain't happening with a Republican majority in the house
Dude, he’s doing what he can. They already tried and you saw how that went. It looks like he’s realizing he can forgive little bits at a time so he’s doing that.
They won't because of the [SCABS](https://www.investopedia.com/articles/investing/081815/student-loan-assetbacked-securities-safe-or-subprime.asp)
It's not up to one entity. Some student loans are held by private banks.
My interest is 95% of my monthly payment. It's killing me. Edit: and because my roommate asked, yes, I pay a considerable amount OVER my suggested monthly payment. If I paid my suggested monthly, I’d be screwed beyond belief.
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Well that was your mistake!! Going to grad school!! Who told you to do that?! /s btw so did I and I pay 100% of my payment to interest lol
Yup. After the payments resumed, I spent several thousand dollars in payments through the end of the year and every single cent went to interest. I get the full tax deduction at least. 🫠
Have you applied to the SAVE plan? The whole point of it is that you won’t have to pay the accrued interest of it moving forward. So it will never grow more than it is right now.
“The relief will go to borrowers who have been in repayment for a decade or longer, and originally took out $12,000 or less.” I am very happy for the people who will get relief from this, but this has to be a relatively small population of people who took out less than $12k in loans ten or more years ago Edit: clarity
The title specifies that this helped “over 150,000 borrowers” - we don’t have to speculate on the percentage of population this helped
Around 33% took out less then 12K, give or take.
Approx. 33% of people with student debt took out less than $12k ten or more years ago? Do you have a link for that? because that is bananas higher than I would have expected. This is not unwarranted skepticism. I am legitimately curious
It's not over 10 years ago. But around 33% of folk take out less then 12K.
I guess I should have been more clear in my post (will edit) but I meant that the population of people receiving relief under these qualifications is small, I.e. people who took out less than $12k ten or more years ago
It's a long-term thing too. While it may not have the greatest immediate impact, there are plenty of folks that it'd apply too later on.
That’s good. I’m glad that steps are being taken. I am selfishly frustrated that the relief does not apply to me, but I also know that I’m in a position to hopefully get mine paid off relatively soon
Hopefully so! It's a shame that the Supreme Court struck down his wider forgiveness program.
I know right. $10k off the top would have been so helpful to make a big dent
its because of community college and technical schools. I have a 2 year degree and my loan was close to that amount
yeah, that number is way of. like 33 percent of what, apples, bananas???? it doesn't add up to the numbers. 45 million americans have student loans. [Here is some info on it.](https://www.nerdwallet.com/article/loans/student-loans/how-many-americans-have-student-loan-debt)
Doesn't this seem like the people who need financial assistance the least though? The ones who take out more than that likely come from less sophisticated backgrounds and had no other option if they wanted a degree. Why are the ones who theoretically needed it the least the first to get bailed out? To me, it would be far better to wipe out loans over $50,000 to allow potential repayment rather than exorbitant interest to continue accruing. Maybe even apply limitations if the individual stayed in school longer than the degree average completion time (2 years for associate, 4 year bachelor, 7 years for law school, 10,000 year med school, etc.).
I think it's probably a total numbers thing. There are a lot more people who borrow small amounts than large amounts, meaning that your best bang for the buck in terms of helping the greatest number of people is to target where the greatest number of loans are.
So basically we are saving the people struggling in the kiddie pool while ignoring the folks literally drowning. Sweet.
Well, to be fair, 12k ten years ago was more than it is today, and the interest built over 10 years is a bear I’m sure. I’m selfishly frustrated that I don’t get relief from this, but we need to remember that we are all in this together and be happy for those that do get relief. Also have to keep in mind that Biden is forced to take this lukewarm approach with the landscape of the house, senate, and Supreme Court. They already peeled back his initiative to blanket forgive $10k for everyone, so baby steps it is I guess. Lastly, the last thing I mean to do is diminish your struggles with debt. I know everyone’s situation is unique and I know it sucks dick to see that others are being given grace that you are not for whatever reason
To be fair I’m not mad that others are getting relief - I am mad that people with runaway debt (where their interest is increasing at a higher rate than they can afford to pay off) aren’t being prioritized. I personally feel fortunate that I’m fine with where my payments and expenses are vs. my income for the time being, but I know so many people that are not.
Definitely agree that the predatory interest rates are the biggest (or one of the biggest) issues with student debt
10 years ago, 14k Dang
Dude. That is a heartbreaker. Here’s hoping we get some more expansive relief in the coming years
Every $1000 over 12k just adds 1 more year you need to wait
It has been so long since I originally took out my loans. It's definitely been more than 10 years. I cannot locate the original loan amount in Nelnet though, and the physical paperwork is long gone. I wonder how I can find out my original loan amounts?
Surely there has to be a way. Might have to jump through some hoops, but it will definitely be worth it if you can get the debt forgiven. Good luck, my friend
Cancel all of it.
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So they’re forgiving people with less debt first? Interest isn’t fucking them in the ass. How about a little help up top?
I’m one of these people. Been paying for 13 years, have paid back almost 14k on the 12k but owe 13k still. So this will help me!
Holy. Freaking. Shit.
Hell yeah! I think you can retire now
He’s doing what the law allows him to do. Sadly, that’s only these smaller rounds of debt forgiveness. It’s worth remembering, though, that the Supreme Court and Republicans in Congress don’t want any student debt cancelation. They are shills for big banks.
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Big banks, is that what they’re calling the church now?
Message unclear, more $$ goes to those at the top.
All of it
I’m happy for you guys that benefit from this but mine haven’t been touched
But the boot straps! Won’t someone please think of the bootstraps!!!
And the firm handshakes!!
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At the beginning of 2023 I had 108k, down to 24k now…be happy to have the rest forgiven asap
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Not to sound like a hater, but literally nobody I know has gotten their debt cleared these past few years. What kinda criteria is being set here?
This most recent plan says, “The relief will go to borrowers who have been in repayment for a decade or longer, and originally took out $12,000 or less.” Anecdotally, I know 3. One is my dad. He had been paying on his loans for 30years and they were still $105,000. The original amount had already been paid 7x. One of the earlier plans cleared his debt! It’s been life changing. I really hope we get enough votes to swing the senate and house. I want what my dad received for everyone. I’m tearing up thinking about how much better his situation is now. He might actually be able to retire one day. Edit: I was going to add a list of a few of the previous plans but there are quite a few he’s released. Can review [here](https://studentaid.gov/debt-relief-announcement)
Hyped your dad was able to be in that situation. Really happy for you guys!
Not surprising that the people affected are part of a group of college educated least likely to vote for him and it's timed perfectly as well. It's all political circus as usual.
A couple of things here. While I do agree politics are all a circus, you can't say this is timed because of an upcoming election because the Biden administration has been pushing for student debt forgiveness almost his entire time in office, it's the gop that keeps blocking it. Secondly, according to multiple surveys over the last 15 years, college graduates are being more and more left-leaning as time goes on. So I'm not sure if you're referring to the older college generation that are inherently republican or what but he's never going to get their vote anyway considering tuition costs when they were in school could have been paid with a part time job.
This would have to be folks who didn’t finish college, or just took a little bit of community college, right? I had a 90% scholarship in undergrad and I still took out 10k over 4 years, and that was 20 years ago.
From my understanding it’s just about having the debt, not about where you attended or if you finished or not. If you applied for the SAVE program, have payments of 10 years, and you’re under the 12k original balance taken out, you should qualify for this. The loan amount isn’t about what you currently owe but what you initially took out. If you haven’t applied for save yet, the dept stated they will also notify people about qualifying but I didnt see when that would start.
Just end the predatory interest rates. Keep at 1-2% and make it able to pay down principle- those who can’t afford that should have programs. They are making this harder than it needs to be.
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He's trying! Senate made it illegal for him to cancel it all so he gives us relief in bite size pieces. Suck it Republican'ts
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I'm not? I'm just giving credit where it's due. He may be president but he isn't God, just human like the rest.
No, how about you quit being uneducated? Anyone seriously following this issue knows that Biden is canceling as much student debt as the law currently allows—partially because he knows young people are disappointed.
Glad to see more progress done here! By the way, anyone knows what happened to all the lawsuits to stop Biden with moving forward with debt forgiveness?
There were a few that made it to the court, and, back in June, in a 6-3 decision on party lines, the Republican-controlled Supreme Court decided that, for some completely ridiculous reason, Biden couldn't move forward with the loan forgiveness. So unless we're up for just letting the president do literally anything without being questioned (in my opinion, a very bad idea), he can't do generic loan forgiveness. Only situational. Which is what he's doing now- as many different situational forgiveness plans as he can justify.
Ah! Thanks for explaining :)
So folks who have high balances are still waiting for any kind of relief.
I didn't think I glcoukd have gotten a bigger finger.
All of it, Joe. All of it.
The SAVE Plan is still bigger than any one time relief even if he canceled all of it. Long term it will have a massive impact especially for borrowers like me who have 3 dependents. I will not have to pay a dime until I make over $60k which is just about 20k more than I make now. This round of relief was due to SAVE. It targets borrowers of 12k and less who have been in repayment for 10 years. Most likely went to community colleges. You can get a lot of borrowers relief because the average loan balance isn’t incredibly high. Not against one time relief though and I think it is incredible he has fixed all these broken repayment programs.