The Biden administration is canceling student loans for another 160,000 borrowers through a combination of existing programs.

The Education Department announced the latest round of cancellation on Wednesday, saying it will erase $7.7 billion in federal student loans. With the latest action, the administration said it has canceled $167 billion in student debt for nearly 5 million Americans through several programs.

The latest relief will go to borrowers in three categories who hit certain milestones that make them eligible for cancellation. It will go to 54,000 borrowers who are enrolled in Biden’s new income-driven repayment plan, along with 39,000 enrolled in earlier income-driven plans, and about 67,000 who are eligible through the Public Service Loan Forgiveness program.

  • @Fedizen
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    9829 days ago

    Education should be free. This is at least a better situation.

    • @jj4211
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      1429 days ago

      Without some sort of long term strategy, it may not be.

      I’ve always said this would be good if also paired with some moves to improve things longer term, because random infusions of lots of free money without any checks on the university side has already worked to make the education more outrageously expensive. Continuing the strategy without any sort of price management will make things work.

      Same could be said of healthcare, if as much money as they ask for is provided to the pharmas and hospitals, they will ask for more and more. Relief must be paired with some sort of plan to mitigate that.

      • @[email protected]
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        728 days ago

        You can treat symptoms and then address longer term problems when able. It’s not like it would be better for these people just to keep paying because the current divided Congress won’t address the core problem.

        • @jj4211
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          328 days ago

          I hope so, but I’m pessimistic that even with full control that they have the political will to make reasonable reforms. Hoping I get to see what they do with full control for two years at least.

        • @[email protected]
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          328 days ago

          As long as you address the root problem in the window of time before things get worse from this cash infusion. And to be honest, I don’t have much confidence in that happening.

          • @[email protected]
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            228 days ago

            I don’t think the US university system is going to rework their fees because 160,000 people got public-service or low-income related forgiveness. It’s not even giving money directly to schools or financial institutions. The worst case is people who plan to either be poor or do public service may be less cost conscious when applying to schools, but the PSLF and income-based payment programs already existed and more importantly 18 year olds are just completely clueless about what taking out a $100,000 loan means. People fetishize economics like it’s a perfect mathematical system where every dollar spent will yield results in some other part of the system while just outright ignoring all the complete irrationality that exists in consumer decisions.

            • @jj4211
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              228 days ago

              I think an individual jolt of this magnitude will not necessarily move the needle, but I’ve heard commentary about this just being a regular presidential thing to do going forward, which would be a pretty inadequate and unpredictable way (each time binging on happenstance of election, assuming that at least one of them even wants to do the “tradition”). Might be unfair for me to think overmuch on those suggestions, but they always stick in my head in these conversations. Still find it odd that the executive branch should be able to do this sort of thing unilaterally.

              • @[email protected]
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                128 days ago

                These were all either existing programs or a new program that forgives loans that already weren’t being repaid (via existing IBR rules). This is “unpredictable” only insofar as the previous president refused to let the programs work.

                Still find it odd that the executive branch should be able to do this sort of thing unilaterally.

                He isn’t. He does have that ability (because Congress specifically gave it to the Executive in the Higher Education Act), but these are existing programs directed by Congress. The new group is just Biden automatically enrolling people who qualify in the old program.

                Worry about loan forgiveness to businesses and rich people rather than to poor people and public servants. There’s corn and fuel subsidies costing way more than this that have perverted the economy and actively destroy the environment. People get really worried about the economic effects of poor people getting stuff like that’s coming directly out of their wallet when there’s so much larger and more direct issues that just get assumed as normal.

                • @jj4211
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                  028 days ago

                  This is “unpredictable” only insofar as the previous president refused to let the programs work.

                  The end result was a promised program that didn’t work as intended and was unreliable. The details are a little less important than the results. However, I’m actually referring broadly to some folks that I saw saying that it should be some sort of presidential ‘ritual’ of forgiving debt, rather than being confined to select programs.

                  Worry about loan forgiveness to businesses and rich people rather than to poor people and public servants.

                  Note that I’m less concerned about the loan forgiveness, but instead worry about the “blank check” effect and future affordability and whether or not a student gets stuck with debt assuming they will get forgiven and then get screwed because a future administration refrains from doing so or interferes with ‘forgiveness’. I’d rather circumstances result in no significant debt at all, that government’s willingness to contribute happens up front and universities are somewhat held accountable for their costs to keep that affordable. We can also worry about the crap done for businesses and rich people, but the current situation kind of sucks for planning if you are poor, having to go into massive debt hoping maybe you’ll get in on some forgiveness down the line.

      • @meliaesc
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        128 days ago

        But it is paired with other measures? The original full package would not charge interest for anyone making payments, for example.

        • @jj4211
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          128 days ago

          I was thinking more on the university side, some sort of strings attached to have universities a bit more mindful on expense. Waving interest is again a good thing for the borrowers, but it’s still a relatively blank check for the universities.

    • @Rickard_Nutella
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      728 days ago

      This is why I am seriously considering studying overseas.

      • @[email protected]
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        28 days ago

        A few Australian universities attend college fairs in the USA, because even after you include the price of the flights, accommodation, and the uni itself, studying in Australia can still end up cheaper than the USA. Americans seem to love the idea of going to Australia, too.

    • 😈MedicPig🐷BabySaver😈
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      028 days ago

      State schools, community college. You bet. Although I’d like to see some amount of public service required during/after.

      You wanna go to Harvard. Pay your way.

      • @Fedizen
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        28 days ago

        I think community service in lieu of debt payment is a phenomenal idea as long as its fairly generous in waiving debt such that part time community service should be able to waive medical school debt.

        • 😈MedicPig🐷BabySaver😈
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          127 days ago

          How about 10hrs of volunteer service per $10K debt/value.

          Yes, it’s low. But, very doable and should be 100% fulfilled.

    • @Aux
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      -1728 days ago

      One small good deed doesn’t not redeem that little fucker from genocide support.

    • @machinin
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      -6229 days ago

      What would it cost him to cancel the genocide too, right?

      • FenrirIII
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        3329 days ago

        As if he’s the president of Israel. Where have you people been while Yemen, Myanmar, Sudan, etc. all experience genocide?

        • @[email protected]
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          3129 days ago

          Don’t forget about the Uyghurs who have been living in fear China will harvest their organs.

          The shitty part - there is a lot of this happening and it’s quite exhausting. Like when does the fire-bombing start?

        • @[email protected]
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          629 days ago

          Did we supply those countries with weapons to commit genocide?

          I personally think it’s stupid to not vote for Biden but your argument doesn’t really make sense.

          • @[email protected]
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            1029 days ago

            Yes, the USA literally sent weapons to the Saudis to bomb Yemen,

            Also if you don’t supply weapons to a country, they shouldn’t have sympathy??? You are the one who doesn’t make sense

            • @[email protected]
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              328 days ago

              No, but if the USA doesn’t supply weapons there’s nothing the citizens of the US can do about it. This is an issue they can actually affect by pressuring the US President.

              Also, good point on Yemen. Hopefully this is helping people realize how many places around the world the US is causing pain and suffering for.

        • @[email protected]
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          129 days ago

          He’s president of US and has circumvented Congress over 100 times to send 10s of billions worth of bombs to be dropped on Palestinian children’s heads.

          We’re not asking that Biden rule over Israel, simply that he acknowledge the genocide and stop spending our taxpayer dollars to fund it. Why is this considered unreasonable?

          • @Cornelius_Wangenheim
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            828 days ago

            Where exactly do you think the funding for Israel came from if not from Congress? And since you apparently haven’t been paying attention, Biden did stop the delivery of offensive weapons to Israel. In return, Republicans have been pushing a bill that will force delivery.

            I swear you tankies are just as intellectually dishonest as the fascists.

            • @[email protected]
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              228 days ago

              Now explain the same administration moving forward other weapon sales even after the “delay of weapons”, stopping the UN from condemning or doing anything about Israel through vetoing resolutions against them, and him and his secretary of state (appointed by him) threatening the ICC, and the world, for wanting to arrest Netanyahu.

        • @[email protected]
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          -1229 days ago

          You’re right. That’s another reason not to support Butcher Biden:

          In response to the recent escalation, the Biden administration apparently has doubled down on support to the coalition, announcing the sale of additional fighter aircraft to the UAE. Biden said the administration is considering redesignating the Houthis a “Foreign Terrorist Organization.” Biden had reversed this designation, imposed in the waning days of the Trump administration and opposed by humanitarian and human rights groups on the grounds that it threatens humanitarian aid on which millions of Yemenis rely to survive.

          In addition to potentially violating U.S. law, continuing arms sales to the coalition puts the U.S. at risk of complicity in possible war crimes. The sales also fly in the face of justice and accountability for previous violations given the coalition’s dreadfully flawed investigations of its own strikes.

      • @Psychodelic
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        2229 days ago

        I honestly care about high income inequality and campaign finance reform. Can we talk about those instead of what you care about?

        No, this is actually a really effective way of communicating with other people and convincing them what I have to say is worth listening to. This absolutely does not alienate people or make me come off as an insensitive bot that doesn’t know hot treat people like humans before I unload my personal interests on them

        Free Palestine, btw! 🍉

        • @[email protected]
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          728 days ago

          I think we could benefit from some off-topic comment enforcement by the mods. Or just downvoting and not rising to the bait, but we all know that’s not going to happen. The Palestine conversation is completely unrelated to debt cancellation. The “both sides” is itself also just trolling for an off-topic fight.

        • @Daft_ish
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          29 days ago

          ⚠️ Warning Comment May Contain Satire ⚠️

          Satire

          How can you support Palestine while at the same time not making it your sole priority by doing nothing but being shitty online!?!

      • @jaybone
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        629 days ago

        We made it in one reply. Perfect.

  • @xc2215x
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    4529 days ago

    A good decision from Biden.

  • Kalkaline
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    3829 days ago

    This will no doubt be devastating news to the comments section on trucker Instagram

  • @nucleative
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    28 days ago

    It seems like government investment in education is one of the best possible ways to allocate funds, even if not every person is directly impacted by being offered more schooing or degrees.

    Think about it. More educated people around you is always better than fewer educated people.

    • @thirteene
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      228 days ago

      Unfortunately our politicians view education as a zero sum game. Educated people generally have a left bias, which gives detractors incentive to cut funding and shoot down improvement initiatives.

  • @[email protected]
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    1529 days ago

    I think it sounds better if this were just about how Biden’s plan is rolling out eligibility for 54,000 borrowers. Though it is a payment plan that results in forgiveness like the PSLF.

    The thing about the PSLF is that it was supposed to erase debt for public service employees after 10 years of aervice and no missed payments. So when Bush signed it in 2007, people who came eligible for forgiveness under Trump starting in 2017 were denied over absolutely insane technicalities.

    So he gets credit for those 67,000 and 39,000 borrowers only in that they were essentially denied forgiveness they already qualified for up until now. Honestly I think focusing on the new stuff and not a Bush era program hits better.

    • @jj4211
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      1429 days ago

      I can understand the perspective, but if the Trump administration deliberately interfered with the PSLF, then it’s a fair point in the obvious goal (to contrast his approach versus Trump’s). Of course, conveniently they waited for an election year, when they could have done this in 2021…

      • @[email protected]
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        529 days ago

        Problem then was covid: payments were paused so people who were 9 years and 10 months into paying under the program were left in an awkward limbo.

        So now that covid emergency is “over” those kinds of cases are finally being reviewed over the period of time payments were paused.

        My spouse had the clock on “10 years” reset because of a missed payment in 2015. Would have had them discharged in 2022, but now we are on track for 2025, unless the covid pause will delay how those 10 years are tracked to 2027 or later.

        • @[email protected]
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          328 days ago

          COVID non-payment periods counted towards the 10 years. Anyone who was 9 years and 10 months would become eligible at 10 years, even if they didn’t have to make the last two payments.

  • @3volver
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    1228 days ago

    Great bandaid. Now stop all federal student loans otherwise this problem is just going to continue. The idea of the government cyclically giving out loans and then cancelling them is the stupidest shit I keep reading as a valid solution.

    • @douglasg14b
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      928 days ago

      Oh look, another “We’re not doing enough” doomsayer dismissing good news because no one else is allowed to celebrate positive things.

  • @splonglo
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    -328 days ago

    Only 160k? Damn, I hope for democracy’s sake he tries a little harder to win back the voters he lost over Gaza.

  • Hildegarde
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    -829 days ago

    160,000 borrowers have earned $7.7 billion of loan forgiveness under a federal program put in place under the obama administration.

    This headline is incredibly misleading. Biden had little to do with this.

    • FenrirIII
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      1629 days ago

      You realize Obama hasn’t been president for over 7 years? Trump and Republicans weren’t going to do this.

      • @[email protected]
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        1429 days ago

        Some of these debts are from PSLF program which is a Bush era program. Trump’s administration just denied or delayed qualified folks their forgiveness, and Biden is honoring mostly those who met the means testing like never missing a payment in 10 years.

        • @AA5B
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          1229 days ago

          Biden is not king. He leads the executive branch, executing programs authorized by Congress, but his administration has freedom in how he does so. A previous administration placed obstacles in the way, where this one is greasing the wheels.

        • @[email protected]
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          328 days ago

          means testing like never missing a payment in 10 years.

          Means testing is restricting benefits to people who are provably “poor enough” to need the benefit, not requiring payments.

          • @[email protected]
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            128 days ago

            I was probably being a bit too cynical calling the payment requirements as a means test in such a literal sense.

  • @[email protected]
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    -3129 days ago

    7.7 billion divided by 160,000 is average ~480,000 of loan money per person. So they bailed out a large chunk of rich kids going to expensive private schools. Cool.

  • @lightnegative
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    28 days ago

    Sad for those who worked hard and repaid their loans and now get to watch as everyone else gets theirs written off

    • @[email protected]
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      Bad take. Just because one group of people had to go through some pain, doesn’t mean other groups should have to go through the same pain.

      A long term strategy would still be better, but for now, this is a good move.

      • @Aux
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        -1928 days ago

        No pain - no gain.

    • @abaddon
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      1628 days ago

      I graduated 70k in debt. Paid it all off myself. I’m fine with this.

  • @gastationsushi
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    -4129 days ago

    The problem with this debt forgiveness by a thousand cuts is spending hours researching it then finding out you arbitrarily don’t qualify because some highly technical reason.

    This technocrated BS isn’t helping any but the lucky few that end up qualifying.

    • partial_accumen
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      4129 days ago

      The problem with this debt forgiveness by a thousand cuts is spending hours researching it then finding out you arbitrarily don’t qualify because some highly technical reason.

      Are you saying because this doesn’t help everybody then it shouldn’t be allowed to help anybody?

      • @Feathercrown
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        1729 days ago

        I hate that logic so much, it’s taking over this whole platform

      • @gastationsushi
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        -1029 days ago

        Are you defending a politician’s fix to a broken system with dozens of highly specific and hard to understand reforms?

        If Biden had the choice between one broad fix that was easily communicated vs dozens of micro reforms; I’d prefer the broad reform even if I didn’t personally qualify. Democrats are our only hope and if they stop tripping over their own feet it will be better for everyone.

        • partial_accumen
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          1029 days ago

          Are you defending a politician’s fix to a broken system with dozens of highly specific and hard to understand reforms?

          Are you not informed about the political realities and the limits of power of the Executive branch?

          If Biden had the choice between one broad fix that was easily communicated vs dozens of micro reforms; I’d prefer the broad reform even if I didn’t personally qualify.

          I think we all would, and Biden tried the big broad fix. The Supreme Court shot it down in June of last year:

          Supreme Court strikes down Biden student-loan forgiveness program

          “By a vote of 6-3, the justices ruled that the Biden administration overstepped its authority last year when it announced that it would cancel up to $400 billion in student loans. The Biden administration had said that as many as 43 million Americans would have benefitted from the loan forgiveness program; almost half of those borrowers would have had all of their student loans forgiven.”

          source

          So instead of doing nothing, Biden is working within the limits of the power he does have to provide student loan forgiveness. Yes its patchwork, yes we’d like a broader application of student loan forgiveness. He tried. Its not in his power.

          • @gastationsushi
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            -1329 days ago

            The president is the most powerful person in this country. He is explicitly empowered by Congress to forgive student debt. The only actor here that is limited in power is our SCOTUS who constantly over step their bounds, make up judicial theory out of whole cloth, or ignore their own rules.

            How come I never hear the experts say they are limited power in these executive vs judicial debates?

            • partial_accumen
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              729 days ago

              The president is the most powerful person in this country.

              The office is, yes. It still doesn’t mean he’s an all powerful king. We have power divided into 3rds to provide checks and balances. The Executive is only 1/3rd.

              He is explicitly empowered by Congress to forgive student debt.

              I’d like a citation on that claim.

              The only actor here that is limited in power is our SCOTUS who constantly over step their bounds,

              Then why are you complaining that Biden isn’t doing enough?

              • @[email protected]
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                328 days ago

                He is explicitly empowered by Congress to forgive student debt.

                I’d like a citation on that claim.

                That part is correct, but the Supreme Court will probably make up some fake “major questions” to deny it.

                https://www.warren.senate.gov/imo/media/doc/Ltr to Warren re admin debt cancellation.pdf

                Amongst the general powers conferred by Congress to the Secretary in the HEA is the power to “enforce, pay, compromise, waive, or release any right, title, claim, lien, or demand, however acquired, including any equity or any right of redemption.” 20 U.S.C. § 1082(a)(6)

              • @gastationsushi
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                Funny you bring up a king. Biden is empowered by congress to forgive debt, people broadly support student debt relief. How is forgiving debt acting like a king in this circumstance?

                I think you are confusing the actions of the unelected SCOTUS who routinely takes actions against the will of the people. If Biden wants to stop unilateral actions, he literally needs to fight against this far right SCOTUS.

                Why are you arguing about student debt relief if you don’t know the law that empowers POTUS? It’s cited by Biden himself, but you can google yourself, you might learn something.

                • partial_accumen
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                  629 days ago

                  Biden is empowered by congress to forgive debt

                  I asked for a citation on this. Show me where you’re seeing that please.

                  It’s cited by Biden himself, but you can google yourself, you might learn something.

                  You make the claim, you’ve got to back it up.

                  I think you are confusing the actions of the unelected SCOTUS who routinely takes actions against the will of the people.

                  I’m not a fan of the current make up of the SCOTUS, but its never been their job to represent the “will of the people”. Their job is to interpret laws written by the Legislative Branch and signed into by the Executive.

                  I don’t think you have a good grasp of the basics of our system of government.

                  If Biden wants to stop unilateral actions, he literally needs to fight against this far right SCOTUS.

                  If you’re looking for insurrectionists, you’ll find them on the Conservative side.

    • HubertManne
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      2429 days ago

      problem is he was blocked from doing broad based so he is squeezing things through as he can.

      • @gastationsushi
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        -429 days ago

        Do you want debt reform or not?

        Congress empowered the president to forgive debt. The courts ignored standing rules to even take that case and SCOTUS has no power to overrule both congress and the president.

        President’s have ignored SCOTUS before but Biden doesn’t even have to do that. He can forgive debt like he’s doing now but do it broadly and instantaneously.

        If SCOTUS later rules against that broad forgiveness, there’s nothing administratively they can do. No politician D or R would reinstate $.5 trillion in voter debt just to appease the unelected SCOTUS. You can’t put that genie back in the bottle.

        • HubertManne
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          329 days ago

          you realize what your saying is a longer form of what I was right? because your initial question makes it sound like I was saying he should not be doing what I pointed out rather than me pointing out he is doing what he can.

          • @gastationsushi
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            -429 days ago

            If you believe forgiving the debt 100k students here and there is reform, then we are in disagreement.

            I think over 100 million student debt holders will need some type of debt forgiveness to actually reform things. That why I push for broad forgiveness.

            And yes Biden can! It’s his administration and admins forgive debt all the time. We are so many liberals in this thread defending SCOTUS?

            • HubertManne
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              229 days ago

              he can’t because he tried and got it blocked so he is working at it as he can based on the ruling. When a ruling like this is made you have to dissect it and see what you can work around that is specified in the ruling. that is what he is doing.

              • @gastationsushi
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                -129 days ago

                What are you saying? Biden himself says the ruling is wrong and will do any means possible to forgive student debt. He’s doing that on a minor scale, he can by his own account, do it at a larger scale.

                • HubertManne
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                  328 days ago

                  you make no sense. just because he thinks a ruling is wrong does not mean he does not need to abide by it and he is using any means possible within the law and certainly he meant legally. We know the man that well enough.

    • @[email protected]
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      129 days ago

      This technocrated BS isn’t helping any but the lucky few that end up qualifying. It helped me via the TEPSLF and we got a much more reasonable monthly payment rate for my spouse’s loans. Biden and the members of Congress who moved the TEPSLF program through the legislation is awesome and we should be forgiving these loans en banc so we free up generations of fellow citizens to actually live and grow.

      • @hydrospanner
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        329 days ago

        I mean, I truly am happy for you and your spouse…really, I am, as someone coming up on 40 and still with five figures of student debt.

        That said, you really only responded to the quoted portion by saying in so many words that you’re “the lucky few that ended up qualifying”.

        Which, again, is great!

    • @jo3jo3
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      -1129 days ago

      So just stop paying 🤷 I have over 80k and I haven’t paid anything in over a decade. I just don’t care. They can cancel it, or not, makes no difference to me, I’ll never pay anything.

      • iAmTheTot
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        2229 days ago

        You should probably not take financial advice from this person.

        • @ShunkW
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          1829 days ago

          More than that, they’ll garnish your wages eventually. It happened to me once when I was barely getting by. I had to go to court and show my finances on public record and be humiliated to get them to back off.

          • @jo3jo3
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            -729 days ago

            I live and work outside the US, they can’t touch my wages

            • @[email protected]
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              929 days ago

              So your advice is: 1) don’t pay it and 2) work and live in a different country. Super reasonable! /s

              • Kalkaline
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                -129 days ago

                Work and live in another country is actually pretty darn good advice if you can get out of this shit hole.

              • @jo3jo3
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                -729 days ago

                No, I’m not giving advice to do anything. The op was frustrated they would not get their loans forgiven, so suggested the possibility of not paying. It’s an option. No payment as a form of protest. And I definitely did not tell anyone to live in a different country… Learn how to read

        • Kumatomic
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          329 days ago

          Yep, they took mine even when they weren’t supposed to anymore for at least two months after I got them dismissed for TPD. When I tried to get back the overpayment they literally told me they can do anything they want and I would never get my money back. They were right. At least they never got the 27k back that was cancelled. Eat shit Nelnet.

        • @jo3jo3
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          -829 days ago

          What social security money? I’ve pretty much never worked in the US, never paid in. I’ve lived outside the US for 16 years now.

          • Flying Squid
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            729 days ago

            Do you think that might possibly have something to do with it?