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Author Topic: Biden admin announces $7.7B student debt handout for 160K borrowers  (Read 554 times)

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Offline mystery-ak

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Biden admin announces $7.7B student debt handout for 160K borrowers
« on: May 22, 2024, 02:05:46 pm »
Updated May 22, 2024 5:25am ED

Biden admin announces $7.7B student debt handout for 160K borrowers

The Biden administration has cleared a total of $167 billion in student loan debt for 4.75 million Americans, the Department of Education said

By Landon Mion FOXBusiness

The Biden administration announced another massive round of student debt handouts Wednesday morning with $7.7 billion going toward clearing debt for more than 160,000 borrowers.

Three categories of borrowers are covered in the latest handout: people receiving Public Service Loan Forgiveness (PSLF), people signed up for President Biden's Saving on a Valuable Education (SAVE) Plan who are also eligible for its shortened time-to-forgiveness benefit and people receiving forgiveness on income-driven repayment (IDR) as a result of fixes made by the administration.

It includes $5.2 billion for 66,900 borrowers through fixes to PSLF, $613 million for 54,300 borrowers through the SAVE Plan that will go to borrowers enrolled in the SAVE Plan who had smaller loans for their postsecondary studies and $1.9 billion for 39,200 borrowers through administrative adjustments to IDR payment counts, the Department of Education said in a press release.

As of Wednesday's announcement, the Biden administration has cleared $167 billion in student loan debt for 4.75 million Americans, the DOE said.

"The Biden-Harris Administration remains persistent about our efforts to bring student debt relief to millions more across the country, and this announcement proves it," Secretary of Education Miguel Cardona said in the release. "One out of every 10 federal student loan borrowers approved for debt relief means one out of every 10 borrowers now has financial breathing room and a burden lifted."

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https://www.foxbusiness.com/politics/biden-admin-announces-7-7-billion-student-debt-handout-160k-borrowers
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Offline LMAO

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Re: Biden admin announces $7.7B student debt handout for 160K borrowers
« Reply #1 on: May 22, 2024, 03:18:18 pm »
Got to make sure the young people get to the polls
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Offline Smokin Joe

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Re: Biden admin announces $7.7B student debt handout for 160K borrowers
« Reply #2 on: May 22, 2024, 04:04:21 pm »
All in defiance of SCOTUS...

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Offline DefiantMassRINO

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Re: Biden admin announces $7.7B student debt handout for 160K borrowers
« Reply #3 on: May 22, 2024, 04:21:26 pm »
How many more people would have gone to college had they known their college debt would eventually be cancelled?

Student College Debt forgiveness are Government subsidies to overpriced, non-performing universities.

The Government's distortion of college tuition's natural market price keeps college unaffordable and unattainable for many.
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Offline mystery-ak

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Re: Biden admin announces $7.7B student debt handout for 160K borrowers
« Reply #4 on: May 22, 2024, 07:32:27 pm »
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Offline mountaineer

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Re: Biden admin announces $7.7B student debt handout for 160K borrowers
« Reply #5 on: May 22, 2024, 07:48:33 pm »
Wait, what?

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The interest on school loans was supposed to fund the ACA, but billions lost due to “forgiveness” on the backs of taxpayers, many who did not take out school loans or paid theirs back…
3:13 PM · May 22, 2024

But lefties like that idiot Vindman accuse Republicans of not funding Obamacare - when it's really Biden's illegal "forgiveness" scheme that takes money away from it?
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As Virginia’s next Congressman, I will protect the Affordable Care Act for millions of Americans.

We cannot let MAGA Republicans raise healthcare costs. #VA07
9:51 AM · May 22, 2024
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Offline Smokin Joe

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Re: Biden admin announces $7.7B student debt handout for 160K borrowers
« Reply #6 on: May 23, 2024, 12:05:55 am »
Well, a little arithmetic says that 7.7 billion dollars spread over 160,000 recipients translates to $48,125 (on average) per recipient.
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Offline Hoodat

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Re: Biden admin announces $7.7B student debt handout for 160K borrowers
« Reply #7 on: May 23, 2024, 02:45:38 am »
$48,000 per deadbeat borrower.
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Offline Hoodat

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Re: Biden admin announces $7.7B student debt handout for 160K borrowers
« Reply #8 on: May 23, 2024, 02:49:58 am »
Quote from: Smokin Joe on May 22, 2024, 04:04:21 pm
All in defiance of SCOTUS...

Not the first time a Democrat has done that.

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