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Feb 21-Biden administration forgiving $1.2 billion in student debt for 153,000 borrowers🏫



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 2 months ago '07        #1
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theFREAK  topics gone triple plat - Number 1 spot x584
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icon Feb 21-Biden administration forgiving $1.2 billion in student debt for 153,000 borrowers🏫
 

 
IG

The Biden administration on Wednesday said it is automatically forgiving $1.2 billion in student debt for 153,000 borrowers. Loan holders whose debt will be discharged will receive an email from President Joe Biden today informing them of the forgiveness, the Department of Education said.

The debt relief is the latest push from the White House to address the nation's $1.77 trillion in student debt after the Supreme Court last year invalidated the Biden administration's plan for broad-based student loan forgiveness. That plan would have helped more than 40 million borrowers each wipe away up to $20,000 in debt.


With this latest round, the Biden administration said it has approved loan relief for nearly 3.9 million borrowers, many of whom have been repaying their debt for decades. The 153,000 borrowers who qualify for the latest debt forgiveness are those who are enrolled in the Saving on a Valuable Education (SAVE) repayment plan and who have made at least 10 years of payments.


"[I]f you've been paying for a decade, you've done your part, and you deserve relief," said U.S. Secretary of Education Miguel Cardona in the statement.

Who qualifies for this new debt forgiveness?

The Biden administration said 153,000 borrowers who are enrolled in the SAVE plan are eligible.

Those who are eligible have been enrolled in repayment plans for at least 10 years and originally borrowed $12,000 or less for college, the Education Department said.

For every $1,000 borrowed above $12,000, a borrower can receive forgiveness after an additional year of payments, the department added.

What steps do borrowers have to take?

None, according to the Education Department.


People receiving a loan discharge will get an email from Biden today about their loan forgiveness, and don't need to take further action. Servicers will process the forgiveness in the next few days, and borrowers will see their loans forgiven in their accounts, according to the statement.

What is the SAVE plan?

The SAVE plan is income-driven repayment program, or IDR, that was created by the Biden administration. IDRs peg a borrower's monthly payment to their income, lowering their financial burden.

The SAVE plan was designed to fix some problems with older IDR programs, such as allowing interest to snowball on a borrower's debt.

All borrowers enrolled in SAVE can receive forgiveness after 20 years or 25 years of repayments, but the White House has developed the shorter 10-year forgiveness period for people with smaller balances.

Borrowers can apply for the SAVE plan here.


How many people are enrolled in SAVE?

There are currently 7.5 million borrowers enrolled in SAVE, the Education Department said on Wednesday. About 4.3 million of those have a $0 monthly payment.




Last edited by theFREAK; 02-21-2024 at 09:22 AM..
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166 comments

 2 months ago '11        #2
Sin  topics gone triple plat - Number 1 spot x69
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does anyone know or seen anyone talk about their student loan debt has been forgiven?
+23   

 2 months ago '20        #3
gogosunday  topics gone triple plat - Number 1 spot x7
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damn a president doing things to benefit citizens…. i’m not sure how to react… haven’t seen anything like this in a long while
+18   

 2 months ago '20        #4
gogosunday  topics gone triple plat - Number 1 spot x7
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 Sin said 🔗
does anyone know or seen anyone talk about their student loan debt has been forgiven?
yeah my brother in law and his wife
+19   

 2 months ago '20        #5
Abso  topics gone triple plat - Number 1 spot x1
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Dark Brandon on his JO
+7   

 2 months ago '20        #6
Tweezy12  topics gone triple plat - Number 1 spot x19
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 Sin said 🔗
does anyone know or seen anyone talk about their student loan debt has been forgiven?
Never.
-8   

 2 months ago '11        #7
Sin  topics gone triple plat - Number 1 spot x69
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 gogosunday said 🔗
yeah my brother in law and his wife
 Tweezy12 said 🔗
Never.
yeah im not saying its never happened, ive just never see or heard of any of the nearly 4 million people speak out, but I understand the student loan debt is $1.7 trillion

"Nearly $138 billion of federal student loan debt has been canceled for almost 3.9 million borrowers since Biden took office."

↪🔗

if those people spoke out more maybe the program would get more recognition and praise
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he could use that during this election season
+3   

 2 months ago '04        #8
ddash 
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 Sin said 🔗
does anyone know or seen anyone talk about their student loan debt has been forgiven?
My mother and her last 10k
+14   

 2 months ago '21        #9
xxtay80 
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 gogosunday said 🔗
damn a president doing things to benefit citizens…. i’m not sure how to react… haven’t seen anything like this in a long while
what citizens
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-1   

 2 months ago '20        #10
gogosunday  topics gone triple plat - Number 1 spot x7
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 xxtay80 said 🔗
what citizens
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my brother and sister in law and @🔗 ‘s mom
+7   

 2 months ago '22        #11
Yousabitchtoo 
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 Sin said 🔗
does anyone know or seen anyone talk about their student loan debt has been forgiven?
people dont even pay student loans...everyone defers them or puts the in forbearance ....i pay 57 bucks a month towards mine and have been paying them for about 15 fu#king years ...mine were 17k they kept my income tax 15 years ago which is why i got on the rehabilitation program and then the income based payment plan....i still owe $2,700...bro fu#k college...i never even used that stupid a$s diploma
+8   

 2 months ago '14        #12
Cuttysark 
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 Sin said 🔗
does anyone know or seen anyone talk about their student loan debt has been forgiven?
Some of mines got forgiven. About 15 bands
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+9   

 2 months ago '23        #13
LowCountrySC 
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ByeDonomics >>>
+5   

 2 months ago '13        #14
ozone215 
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 Sin said 🔗
does anyone know or seen anyone talk about their student loan debt has been forgiven?
Yep my neighbor had his entire debt wiped clean from his Navient account
+9   

 2 months ago '11        #15
Sin  topics gone triple plat - Number 1 spot x69
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 Yousabi#chtoo said 🔗
people dont even pay student loans...everyone defers them or puts the in forbearance ....i pay 57 bucks a month towards mine and have been paying them for about 15 fu#king years ...mine were 17k they kept my income tax 15 years ago which is why i got on the rehabilitation program and then the income based payment plan....i still owe $2,700...bro fu#k college...i never even used that stupid a$s diploma
looking at construction and other trade jobs makes me wonder why I believed all of the hype in technology

🔗


 2 months ago '22        #16
Yousabitchtoo 
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 Sin said 🔗
looking at construction and other trade jobs makes me wonder why I believed all of the hype in technology

↪🔗
yeah theyre on prevailing wage....not all states offers that high rate buy NY is def one of them...
+3   

 2 months ago '23        #17
Typewriter 
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 Sin said 🔗
does anyone know or seen anyone talk about their student loan debt has been forgiven?
Mine wasn't forgiven but they knocked $1000 off my monthly payments and froze my interest.

My friend was an attorney at the department of education going after all the sh1tty for-profit schools that hustled these folks with false promises tho, he got a bunch of judgments that got people forgiveness for loans taken out to pay for those schools.

Don't know anyone personally who's been forgiven, but personally know somebody who did the work to get forgiveness for other people.
+3   

 2 months ago '17        #18
Ymmot  topics gone triple plat - Number 1 spot x6
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 Sin said 🔗
does anyone know or seen anyone talk about their student loan debt has been forgiven?
My wife.
+1   

 2 months ago '05        #19
kapiku21 
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 Sin said 🔗
does anyone know or seen anyone talk about their student loan debt has been forgiven?
My brother in law got his forgiven

 2 months ago '05        #20
bi0  topics gone triple plat - Number 1 spot x10
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Those who are eligible have been enrolled in repayment plans for at least 10 years and originally borrowed $12,000 or less for college, the Education Department said.
10 years paying on a 12k or less loan.. people still getting finessed with the word play.

If it ain't all student loans then it ain't good enough
+8   

 2 months ago '05        #21
pippen33 
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 Sin said 🔗
looking at construction and other trade jobs makes me wonder why I believed all of the hype in technology

↪🔗
Why with those interviews is it always people who are making 6 figures? The majority of people are struggling paycheck to paycheck.
+5   

 2 months ago '22        #22
Madblack1 
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 bi0 said 🔗
10 years paying on a 12k or less loan.. people still getting finessed with the word play.

If it ain't all student loans then it ain't good enough
this isnt a finesse.. its just what makes you eligible..


nothing is ever good enough for yall lol
+1   

 2 months ago '12        #23
OldBusiness  topics gone triple plat - Number 1 spot x5
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 Sin said 🔗
does anyone know or seen anyone talk about their student loan debt has been forgiven?
My wife had about 13k for one of her degrees in one of the others he did, i posted about it
+4   

 2 months ago '10        #24
datguyjr 
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I'll always regret paying mine off.. Wish they did some type of tax credit for people that already paid theirs.
+2   

 2 months ago '11        #25
Sin  topics gone triple plat - Number 1 spot x69
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 pippen33 said 🔗
Why with those interviews is it always people who are making 6 figures? The majority of people are struggling paycheck to paycheck.
I’ve seen a lot of people with degrees making under $30 a hour
+3   

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