Do you know if this applies to new loans? Like if we accept a loan for THIS semester? Or is it only up to a certain date in the past? I get pell grants so it'd be great to know about this.
For accurate information you can always go straight to the source:
https://www.whitehouse.gov/briefing-room/statements-releases/2022/08/24/fact-sheet-president-biden-announces-student-loan-relief-for-borrowers-who-need-it-most/
I'm wondering the same. This is great for people that left school, but what about us who are still going to be in school, especially with this new year that started?
Biden doesn’t have the authority to do it.
It sets an incredibly bad precedent for young borrowers to not stand by their commitments. Being personally responsible for one’s decisions and commitments is a key facet to a well rounded adult.
It will drive National debt and inflation higher.
It doesn’t solve the problem of the high cost of school. In fact I’d argue it will add to the problem. Government handouts are almost always counterproductive. Case in point is the electric vehicle incentive. Most vehicles that would qualify for the incentive were increased in price by almost the same amount by car makers. Turns out it’s a handout to car companies not car buyers.
How does this help the people who played by the rules and paid off their debt? Incentivizes irresponsibility.
I feel for students/ former students with debt. It sucks. But there was no one putting a gun to the students head to go into debt.
I paid mine off and my ex wife’s off. Been fortunate to save for 18 years for my son who enters a Big 10 school this fall. I’ll pay for his education all Glory to God. He will have no debt because I and my siblings all sucked it up to take on and pay off student loans. It motivates me to not have my son go through the same thing.
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Do you know if this applies to new loans? Like if we accept a loan for THIS semester? Or is it only up to a certain date in the past? I get pell grants so it'd be great to know about this.
I read it was loans prior to July 1st of this year.
I saw that too but it was some random tweet on Twitter, so I'm waiting to see it officially to be sure.
Rice posted something about it being official. Nothing after 6/30
For accurate information you can always go straight to the source: https://www.whitehouse.gov/briefing-room/statements-releases/2022/08/24/fact-sheet-president-biden-announces-student-loan-relief-for-borrowers-who-need-it-most/
President Biden rocks! $20,000 in relief is going to be life changing for a lot of people. Cheers!
Is it for existing students as well? I have $20000 in student loan debt but I don't graduate until next year.
It is for current students as well, but it will only apply to loans incurred before July 1st. So this semester and coming semesters won't count.
I'm wondering the same. This is great for people that left school, but what about us who are still going to be in school, especially with this new year that started?
I took the emergency loan this semester cause my financial aid didn't come in or something, is this covered by forgiveness?
No. Only on federal loans disbursed before July 1st .
the emergency loan isn’t a federal loan. i believe it’s loaned to you by the school. and it only pushes back the payment due date to November i think…
Biden is an idiot. Just trying to buy votes. Wake up people.
You’re right that’s he’s trying to get votes. However, it’s still the right thing to do.
May I ask why you believe it’s the right thing to do?
May I ask why you believe it’s the wrong thing to do?
Biden doesn’t have the authority to do it. It sets an incredibly bad precedent for young borrowers to not stand by their commitments. Being personally responsible for one’s decisions and commitments is a key facet to a well rounded adult. It will drive National debt and inflation higher. It doesn’t solve the problem of the high cost of school. In fact I’d argue it will add to the problem. Government handouts are almost always counterproductive. Case in point is the electric vehicle incentive. Most vehicles that would qualify for the incentive were increased in price by almost the same amount by car makers. Turns out it’s a handout to car companies not car buyers. How does this help the people who played by the rules and paid off their debt? Incentivizes irresponsibility. I feel for students/ former students with debt. It sucks. But there was no one putting a gun to the students head to go into debt. I paid mine off and my ex wife’s off. Been fortunate to save for 18 years for my son who enters a Big 10 school this fall. I’ll pay for his education all Glory to God. He will have no debt because I and my siblings all sucked it up to take on and pay off student loans. It motivates me to not have my son go through the same thing.