White House cancels $5 billion in student debt for 74k borrowers
White House cancels $5 billion in student debt for 74k borrowers
The announcement is the latest in a series of loan forgiveness actions by the administration after the Supreme Court last year struck down Biden's much broader plan.
The announcement is the latest in a series of loan forgiveness actions by the administration after the Supreme Court last year struck down Biden's much broader plan.
In a new wave of student loan forgiveness, the Biden administration is canceling $5 billion in debt for 74,000 borrowers, many of whom worked in public sector jobs for more than a decade.
President Joe Biden said that 44,000 of Friday’s approved borrowers were having their education debt wiped clean after 10 years of public service, and that those borrowers included teachers, nurses and firefighters. Nearly 30,000 borrowers have worked toward repayment for at least 20 years but “never got the relief they earned through income-driven repayment plans,” Biden said in a statement.
It’s the latest round of loan forgiveness efforts after the Supreme Court struck down the White House’s student loan debt relief plan last year. Since the ruling, the White House has launched a series of smaller relief programs.
Damn... I think I can hear the conservatives and right wingers screeching from here...
Inb4 the "WHeRes mY REliEf?" Dickheads come out of the woodwork.
Don't forget all the pretend left wingers screaming to just sign away all debts with the waive of a pen then name dropping genocide and BernieBro like they're helping. Oh wait, they're already here lol.
CANCEL CULTURE HAS GONE TOO FAR 😡🤬🤬 /s
$5b out of $1.5T
He's doing what he can. The Supreme Court is not letting him forgive all of it. He tried.
Yes there's still a lot to go, but that's still better than $0 of $1.5T, and 74,000 lives have been improved.
Also new student debts being created ever day..
It's an amazing thing for those individuals it helped, but unless you stop the system, you're just shifting the debt on to other people, and the problems it causes on to a future society, not actually fixing anything or improving society in any substantial way.I guess we should just do nothing then.
The "argument" that something should be absolutely perfect to warrant taking any kind of action on it, has to be one of the dumbest possible ways of thinking about things.
Just forgive it all, for fucks sake.
Pretty sure he was about to do that, only to have republicans take it to the supreme court where it was struck down. I don't get why there's still this narrative of Biden being the bad guy because he can't just wipe out all student debt, and why some people keep framing that as his choice. I thought we all watched that SCOTUS case play out in real time.
he would if the supreme court didnt strike it down...
The case before the Supreme Court was based on the exclusion of some borrowers. The first action was to forgive $5-10k for low- and middle-income borrowers. The people who sued were well-off enough that they weren’t included. If his first move had been to cancel all student debt guaranteed by the federal government, the plaintiffs would have lacked standing to sue and the case would likely not have gone to the Supreme Court. If it had it would have been a much weaker case because there would be no group of borrowers who were excluded.
This is the best summary I could come up with:
WASHINGTON — In a new wave of student loan forgiveness, the Biden administration is canceling $5 billion in debt for 74,000 borrowers, many of whom worked in public sector jobs for more than a decade.
Since the ruling, the White House has launched a series of smaller relief programs.
“My Administration is able to deliver relief to these borrowers — and millions more — because of fixes we made to broken student loan programs that were preventing borrowers from getting relief they were entitled to under the law,” Biden said on Friday.
In December, Biden approved about $4.8 billion in student debt cancelation for more than 80,000 borrowers.
The Supreme Court struck down Biden's student loan relief plan in June, arguing that the program was unlawful because it was not explicitly approved by Congress.
Biden said in Friday's statement that "we are continuing to pursue an alternative path to deliver student debt relief to as many borrowers as possible as quickly as possible" in the wake of the Supreme Court's decision.
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