The announcement applied to 160,000 federal loan borrowers and brings the total debt canceled by the administration to $167 billion.
  • Shawdow194@kbin.social
    654·
    6 months ago

    "Of the total announced on Wednesday, $5.2 billion in forgiveness went to about 66,900 borrowers who qualified through adjustments that the Education Department made to the Public Service Loan Forgiveness program. It aids teachers, firefighters, and other government and nonprofit workers.

    About $600 million in relief will go to around 54,300 borrowers who are enrolled in the SAVE plan, which ties monthly payments to income and household size, and who took out smaller loans for graduate school. All borrowers enrolled in the plan can receive forgiveness after 25 years at the most, but borrowers who took out $12,000 in loans or less can qualify after 10 years of payments."

    Awesome seeing this all go to long term payers and public service workers!! Helping loyal citizens is exactly why we institute a governing body

    • givesomefucks@lemmy.worldEnglish
      376·
      6 months ago

      Awesome seeing this all go to long term payers and public service workers!!

      I mean…

      This program has existed for decades…

      It’s just the government put loan servicers in charge of it. You know, the people with a financial incentive to not forgive any loans.

      So through intentional and wilfully incompetence, they just weren’t forgiving loans they should have.

      The people getting forgiveness today, should have gotten it a long time ago, and the government is still paying the inflated costs so the servicers are still getting more than they should. And there are a lot more that have fulfilled their obligations but don’t have forgiveness yet.

      Is finally doing what we should have done a long time ago better that not doing it?

      Absolutely.

      However acting like this is progress and something new that people are getting isn’t really correct.

      I’d hate to see how much of these amounts is interest accumulated after the loan should have already been forgiven.

      The government should have ordered back pay from servicers to the borrowers including interest. As well as an investigation and criminal charges if evidence shows they were intentionally failing to forgive loans intentionally. And the government should be returned any funds they paid these servicers to operate PSLF.

      We can be happy the bare minimum was done for some people, but we shouldn’t stop asking for what we deserve

      • Shawdow194@kbin.social
        23·
        6 months ago

        “The government should have ordered back pay from servicers to the borrowers including interest. As well as an investigation and criminal charges if evidence shows they were intentionally failing to forgive loans intentionally. And the government should be returned any funds they paid these servicers to operate PSLF.”

        Love this idea
        Funny you mention exactly what I tell folks who push back against this - these programs already existed and have for awhile. They’re good programs designed to help justify people entering the public sector as opposed to everyone starting a private for-profit practice!

        • givesomefucks@lemmy.worldEnglish
          102·
          6 months ago

          Even doing it for private workers would be good for everyone

          No one takes out tens of thousands of dollars in debt for shits and giggles, even 18 year old kids.

          Some take more than they should and spend it on stupid stuff, but I’ve just never seen any situation where any type of means testing has been beneficial.

          Especially as I’m getting older and what’s been happening the last couple years, I’m all about my taxes funding America’s education and future economic prosperity rather than funding another countries genocide, tax breaks for the wealthy, or bailouts to failing industries.

          Anyone that’s played grand strategy games knows education pays off dividends in the future, and I sure as hell want the generations running shit when I’m old and feeble to be well educated.

      • Baron Von J@lemmy.world
        92·
        6 months ago

        Is finally doing what we should have done a long time ago better that not doing it? Absolutely

        So … it quite literally is progress. Not enough progress, but progress none-the-less.

        • givesomefucks@lemmy.worldEnglish
          43·
          6 months ago

          Hey guys, we’re doing that thing we should have done a decade ago, and your taxes are paying for the extra interest accrued and the billion dollar company my buddies put in charge of it will face no charges for financial crimes!

          Doesn’t have the same ring as:

          Biden admin cancels debt

          • Baron Von J@lemmy.world
            42·
            6 months ago

            I know, dude. I agree with you that it’s not enough, and the media needs to do better. I’m just saying let’s give him due credit for what he has done, because the opposition will almost certainly regress if given the chance.

  • Semi-Hemi-Demigod@kbin.social
    303·
    6 months ago

    They need to get these folks to do commercials for the campaign. Nobody trusts authority or institutions, but seeing real people who have been really helped might make an impact.

  • dumples@kbin.social
    232·
    6 months ago

    Love to keep seeing this. Not sure when it is going to come to me and my family but I am sure its life changing for people today. Good for them and lets keep this gravy train going.

  • MrVilliam@lemmy.worldEnglish
    133·
    6 months ago

    Inb4 “Biden is paying college students to organize antisemitic protests at campuses!”

    It’s a shit take, but we have to assume that they’ll at least attempt that one on Fox News or similar. They might even somehow find a way to include Soros in the chyron.

    • almar_quigley@lemmy.world
      5·
      6 months ago

      Did you see this affects around 66,900 people? Hmm, Biden is running for the third time in a presidential election. The third number there was 9. All of Biden’s policies are putting us upside down. If you turn that nine upside down you get 6. Trump is 100 times better than Biden. If you divide those numbers you get 666, Biden is the devil confirmed!! - some GQP person probably….