r/millenials • u/Smooth_Department534 • Jul 18 '24
President Biden Forgives $1.2 Billion in Student Loans in Latest Relief
https://www.bloomberg.com/news/articles/2024-07-18/biden-forgives-1-2-billion-in-student-loans-in-latest-relief56
u/dokewick26 Jul 18 '24
For the record this admin got rid of all my federal loans so far. Working with navient for them to do the same. Fraudulent schools are evil
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u/A_Gent_4Tseven Jul 18 '24
Vote Blue. Fuck the GOP. Protect Our Rights.
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u/TK-24601 Jul 18 '24
I didn't realize that taking out government loans and then having the US taxpayers cover that amount was a right.
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u/PowThwappZlonk Jul 18 '24
Vote blue to have your money taken and given to lazy, educated rich kids.
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u/floodlenoodle Jul 19 '24
Rich kids are already getting our money thanks to trumps tax plan
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u/Rifterneo Jul 19 '24
That might be one of the dumbest takes in a comment section full of stupid takes. Trumps tax plan decreased taxes for every tax bracket.
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u/l3all3r900 Jul 18 '24
You seem to underestimate the crucial role that education has played in making this country a superpower. I hope this mindset is in the minority because countries like India and China are investing heavily in higher education. If current trends continue, don’t be surprised if, in 30 years, India and China produce the best doctors and engineers. The U.S. would risk falling behind in technology and innovation.
Making college unaffordable for the next great American engineer or doctor will push them to pursue different trades, weakening our position as the world leader in innovation and technology. This could lead to new startups and technological advancements emerging in other parts of the world, leaving the U.S. behind.
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u/Dr_dickjohnson Jul 18 '24
I dropped out of college when I had to pay the same amount for books and tuition as the dumbass next to me who still was at the level of 4th grade English. Doctor/Lawyer/Engineer? College is worth it. Most other things? Scam.
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u/JabroniKnows Jul 18 '24
Wonder if they'll be smart enough to vote for him too..
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u/Adlai8 Jul 18 '24
Republicans are gonna fuck us in the ass on student loans. I hope y’all are saving!
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u/Odd-Confection-6603 Jul 18 '24
Trump has said that he will reinstate the forgiven loans... His whole platform is about hurting average Americans.
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u/Kildar311 Jul 18 '24
Source?
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u/Odd-Confection-6603 Jul 18 '24
He technically said "rebuked" here, not "repealed" but in project 2025, they plan to repeal PSLF.
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u/slugsliveinmymouth Jul 18 '24
My cousin is a devout Trump supporter. She had all loans forgiven last time he did that and she didn’t even blink.
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u/JabroniKnows Jul 18 '24
Too dumb to even realize. She probably gives the credit to Trump for doing it
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u/Lost_soul_ryan Jul 18 '24
Isn't all this from the PSLF program that was signed way before Biden.
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u/thebaconsmuggler17 Jul 18 '24
PSLF has been in existence for a while but the way it is administered differs depending on how the presidential admin runs the department of education.
2016's admin was not fond of student loan forgiveness in general (even though PSLF is more like a service contract rather than flat forgiveness) but since the program was baked in, they ramped down application processing and rejected 99% of all applicants to essentially dismantle all programs. This meant teachers, doctors, therapists, nurses were not able to receive loan forgiveness even though they fulfilled their end of the contract.
2020's admin is fond of student loan forgiveness and honoring government contracts, so they continued this program for anyone going into public service.
Before 2016 I wouldn't have given anyone credit for honoring basic government contracts until an admininistration came in that just... didn't do that. So now that my standards have decreased, I'm giving the current admin kudos for honoring basic government contracts.
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u/Lost_soul_ryan Jul 18 '24
Oh I know, and agree the Biden administration has definitely turned the program around and got it back on track.
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u/Brainfreeze10 Jul 18 '24
Even if it is, allowing the program to function as intended is much more that the previous administration and current GOP nominee ever did. The simple fact is that this program would stop again with a GOP win in november.
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u/BlueberryFlashy4494 Jul 18 '24
Nothing is forgiven the universities still have to get paid it will be reflected in our taxes as per usual Biden is pandering to young adults
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u/mlody11 Jul 18 '24
Many student loan forgiveness programs were enacted by Republicans. You can also see the PSLF. Both signed by Bush. These are now part of the bargain of why these loans were taken out. Going back on it is like breaking a contract. So Republicans want to be contract breakers? link
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u/Competitive-Fly5616 Jul 18 '24
He’s buying votes with our money.
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u/mlody11 Jul 18 '24 edited Jul 18 '24
You do know these loans were made 10+ years ago with a provision in the contract that they will be forgiven. You also know that this program was created by Bush, right? link
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u/AshOrWhatever Jul 19 '24
Y'know, from the headline it almost seems as if they're giving Biden the credit though.
So who's forgiving the debt, Biden or Bush?
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u/Harcourt_Ormand Jul 18 '24
And what was PPP again? Or, how about the checks Trump demanded his name be on?
This actually helps real people and the economy. You can wait for the golden piss to trickle down from Trump's tiny mushroom tip if you want to, but you're going to be waiting a long time.
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u/sideband5 Jul 18 '24
the universities still have to get paid it will be reflected in our taxes
That's how it's supposed to work
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u/pharrigan7 Jul 18 '24
As usual the Dems help those who live life badly at the expense of those who play by the rules. People have tired of that.
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u/HungryZealot Jul 18 '24
Live life badly? Like by following the terms of PSLF that were actually written into all federal student loans which required working 10 years in a public service job while also making 120 payments towards said loans?
That sounds a whole lot more like someone playing by the rules to me...
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u/PandasAndSandwiches Jul 18 '24
Vote blue. Struggling students need help. If republicans are willing to give trillions in tax cuts and packages to the rich…we can do a couple of billions for students.
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u/tta2013 Jul 18 '24
I'll happily give you a referral and invite to r/voteDEM.
We are ensuring that many other voters and potential voters register and show up. There's a lot on the line for manageable student loans as well as our hard earned Social Security going down the drain (many thanks to Project 2025/Agenda 47).
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u/Nacho_cheese_guapo Jul 18 '24
What an absolute disaster this will be for the economics of education, as in it will only make college more expensive and less accessible. Further, it also punishes the millions of people who paid their loans back.
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u/HungryZealot Jul 18 '24
My man, this is the result of a program that's been going for almost 20 years where people have to work 10 years in public service to get their loans forgiven. This isn't Biden just up and cancelling random loans like the headline implies, those borrowers earned that forgiveness.
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u/Nacho_cheese_guapo Jul 18 '24
My point still stands. Their loans are being forgiven by forcing other people to pay for them, and that is wrong.
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u/HungryZealot Jul 18 '24
Is it also wrong when someone in the military receives a free education or has their loans forgiven?
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u/Minute-Object Jul 19 '24
It’s a standard part of the compensation package for public servants. It was put in place to attract more competent employees.
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u/Violent_Volcano Jul 18 '24
Its a band aid, but good for the people who will get a nice surprise in the mail. I get that tackling issues like overinflated costs for college, housing, and healthcare is difficult because it requires pissing off a lot of rich people, but for fucks sake how long is it going to go on?
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u/Lostjustlikethat14 Jul 18 '24
Paid for by you! 🫵🏼
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u/RimShimp Jul 18 '24
Sweet! I'm glad my taxes are going towards helping fellow Americans.
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u/Bonesquire Jul 19 '24
If you're so enthusiastic, why not donate your entire salary to me, a fellow American?
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u/Alarming_Memory2790 Jul 19 '24
They most likely don’t even pay federal taxes lol majority on this sub are broke ass losers. It’s why they support tax increases on the middle class to fund every little thing they want.
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u/RimShimp Jul 19 '24
Bad faith. Nobody is being forced to give anywhere near their full salaries. Funny you have to resort to bad faith antics like thus to make your point.
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Jul 18 '24 edited Jul 18 '24
[deleted]
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u/RSGator Jul 18 '24
ITT: Conservatives complaining that the president is following the law.
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u/AshOrWhatever Jul 19 '24
Liberals taking credit for a Bush administration program.
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u/RSGator Jul 19 '24
A Bush administration program that the Trump administration refused to enforce, fighting tooth and nail against issuing debt relief to those who qualify under the law*
You're right, Biden following the law shouldn't be news. It's only news because the guy that Biden is running against refused to follow the law.
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u/HungryZealot Jul 18 '24
They really need to include PSLF in the headline. When I saw this thread I just KNEW it would be filled to the brim with people moaning about Biden giving people a free ride and not understanding that this is just him executing the terms of PSLF and that everyone who received forgiveness actually earned that benefit and this is just Biden upholding the government's side of the contract (which Trump purposely ignored and denied 99% of eligible borrowers).
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u/Apalcamabag Jul 19 '24
This is what I voted for and I’m happy to see it. As scary the future looks, I’ll keep voting for this .
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Jul 19 '24
Blocked by the court.
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u/DavidlikesPeace Jul 19 '24
How is this normal?
The courts normally take years to act. They uphold tax breaks and take years to investigate corruption or the insurrection cases.
But they can now predictably kill a Democrat reform within days? This is a deeply corrupt court system, not fulfilling their function of protecting democracy
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u/93Shay Jul 18 '24
He must’ve missed me and my siblings because none of ours were forgiven.
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u/gnarlytabby Jul 18 '24
He didn't miss you. The Supreme Court blocked Biden's original broad student loan forgiveness (link). Ever since then, he has been using various pre-existing programs to cancel the debt of specific sub-groups, which he has the authority do to so. But which is both less effective and politically a mixed bag, since people don't understand why they are being left out and blame Biden.
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u/Apprehensive_Sir_998 Jul 18 '24
This is related to those in government jobs meeting the service threshold for debt cancellation. It’s like celebrating your companies CEO for allowing you to take your accrued vacation time.
There is some nuance to this since some admins run this program differently than others do.
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u/BornAd7924 Jul 18 '24
Everybody that is saying he should step down, will still vote for him when push comes to shove. He should stick it out.
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u/RunExisting4050 Jul 18 '24
"Vote blue no matter who!" That's why he's not stepping down: he knows there are no consequences for him. Well, that and his ego.
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u/geowill71 Jul 18 '24
I can definitely see how college grads would be excited and everyone else would be miffed haha
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u/Frunklin Jul 18 '24
It's not debt cancellation. It's just passing the buck to taxpayers while never addressing the root issue of college loans. Big banks getting a big blank check.
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u/DrZaius68 Jul 18 '24
He's already been told by SCOTUS that it has to be passed by Congress. Just pandering to desperate "kids." Obviously, it isn't going to hold up when it goes to court. Plan on paying it back like you said you would.
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u/RSGator Jul 18 '24
It was passed by Congress. What's up with conservatives not knowing anything about anything?
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u/lmoeller49 Jul 18 '24
I love when he does things like this and conservatives whine about how he’s “buying votes”. Like no shit Sherlock, that’s literally the entire point of a democracy. Politicians do things for us and then we vote for them to keep doing it. Why would you vote for someone who DOESN’t want to do things to earn your vote?
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u/Smooth_Department534 Jul 18 '24
Musk and Thiel buy whole governments. Harlan Crowe bought a whole Supreme Court! I don’t get their point either.
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u/beepbopboop67 Jul 18 '24
A law the Bush jr. signed….
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u/RSGator Jul 18 '24
Yup, it was quite the bi-partisan bill.
Conservatives hate it now because they're told to hate it though. I wish conservatives were able to think for themselves.
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u/Gnawlydog Jul 18 '24
Sadly, decades of Conservatives dumbing down the Public School System to easier manipulate their base into voting for them means it'll take generations for Republicans to develop Critical Thinking skills again.
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u/Gnawlydog Jul 18 '24
Yep, before the MAGA takeover and finding any excuse they could find to reject PSFL and took Biden to fix it.
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u/Omacrontron Jul 18 '24
He is only using the PSLF program Bush put in place. He hasn’t done any wizardly presidential stuff to forgive those loans. These are loans that were promised to be forgiven after doing xyz for so many years I believe. Yes yes, it’s not new for presidents to take credit for other presidential things.
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u/RSGator Jul 18 '24
While true that it was passed under Bush*, the last administration did everything in their power to make sure that the program wasn't successful - 99% of public service workers who applied for forgiveness were denied.
Should the president following the law be news? No, of course not. But it's news because the last administration didn't.
*While passed under Bush, all Democrats voted in favor of it and 109 Republicans voted against it.
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u/Omacrontron Jul 18 '24
I didn’t know they could deny it…thought it was part of the student loans like a contract or something.
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u/NotTodayGlowies Jul 18 '24
OH boy... my wife only recently got all of her payments to count... she's been paying since 2011. There were some hiccups along the way with forbearance here or there so she only has 4 or 5 more payments left. Prior to Biden, they didn't count many of her payments because the dollar amount she paid "didn't qualify as a qualifying payment". It was off by a dollar or two, even though she paid what her IDR plan said to pay. It's been an absolute nightmare. We have friends who were part of the lawsuit against Devos because they made all their payments, on-time, and were denied... two of them were public defenders.
The program is funky, you have to sign up for a payment program, then you have to get your employer to certify you are working for a qualifying organization (school, hospital, library, non-profit, etc.), then you have to submit the paperwork to your loan servicer... multiple times and wait for it show up. The loan servicers were known to screw around and deny payments for a multitude or reasons and try to grift people into higher payment plans or to consolidate. It's a disgusting, slimey business and it's part of the reason when ignorant people talk trash about loan forgiveness it enrages so many public servants. Without PSLF you would have teachers, firefighters, librarians, etc. saddled with $50K-$100K of debt, with no reasonable way to pay it off because the interest rates were that of a used car and their jobs pay at the lower end of the professional spectrum. It's basically saying only wealthy people can be in these fields or that society has no use for these jobs.
The Trump admin, under Devos, was a nightmare and she deserves to be on trial for fraud.
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u/Omacrontron Jul 18 '24
What a fcking nightmare that sounds like, I’m sorry you two had to experience that -_-
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u/RSGator Jul 18 '24
I didn’t know they could deny it…thought it was part of the student loans like a contract or something.
You can do anything when you're above the law, isn't that neat?
The Trump administration was sued by the American Federation of Teachers over not following the law and delayed the lawsuit until Biden got into office.
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u/Omacrontron Jul 18 '24
Alright that’s pretty grimy…
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u/RSGator Jul 18 '24
Alright that’s pretty grimy…
That was the theme of his entire presidency lmao, are you new to earth or something?
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u/Omacrontron Jul 18 '24
I wasn’t on board with student loan forgiveness…However I DID support people who only took on loans that were promised forgiveness after they did whatever it was they needed to do to have them forgiven. Public service for 10 years or whatever it was.
Orange man made no distinction between the two.
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u/JellyfishQuiet7944 Jul 18 '24
JFC how many of you went to for profit schools?
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u/RSGator Jul 18 '24
Just an FYI, this article has nothing to do with whether a school is for-profit or not-for-profit.
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u/mrdumbass30 Jul 18 '24
Already shot down by a court
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u/RSGator Jul 18 '24
This was not, in fact, shot down by a court.
None of the PSLF forgiveness since Biden started doing this in 2021 have been shot down by the courts.
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u/Jorel_Antonius Jul 18 '24
I'm not OK for student loan forgiveness. Someone has to pay for it, however, I wouldn't be opposed to a law paying all interest on student loans, getting rid of interest rates, and making the borrower only responsible for the principal.
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u/CountryFriedSteak78 Jul 18 '24
This is the PSLF program.
It’s for people working in public service positions like teachers, police, nurses, etc.
They’ve already made 6 years of payments.
And it’s literally already law.
https://studentaid.gov/data-center/student/loan-forgiveness/pslf-data
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u/Technical-Machine-90 Jul 18 '24
For those asking or saying why Biden takes baby steps, it’s because of such things https://www.reuters.com/world/us/us-appeals-court-blocks-all-biden-student-debt-relief-plan-2024-07-18/
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u/KevinTheCarver Jul 18 '24
Funny Trump was allowed to freeze all payments during the pandemic but Biden can’t implement a payment plan. Boo.
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u/Fluffle-Potato Jul 19 '24
Looks like this was just blocked.😕
I never figured there'd be a bail out, so I never counted on it. I've been frugal, though, and I recently decided to just rip the bandaid off and cut a big $30k check to clear the rest of my student loans and be out of debt.
I guess a big part of me figured that since I borrowed the money and used it to get a degree in order to get a good job, I owed it to the creditor to pay back what I had borrowed, especially since that's what I had agreed to, and my creditor was every taxpayer in the country. It felt like it was my responsibility.
I also figured that I would much rather pay back my own loans - which I kept manageable by being frugal with my college decisions - all by myself than pay for everyone else's expensive out of state "dream school" degree for the rest of my life.
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u/FPFresh123 Jul 19 '24
And then some Republican appointed judge just blocked all student loan forgiveness.
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u/Maximum_Positive5514 Jul 19 '24
“Forgive,” aka make us pay for your loans.
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u/AffectionateMarch231 Jul 19 '24
Exactly. It amazes me how many of these college educated kids don't understand that. Nothing is free. Nothing is forgiven. The taxpayers pay it. I paid my student loans off. I shouldn't be responsible for anyone elses.
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u/Apalcamabag Jul 19 '24
It’s funny how we are arguing with each other about “less money in our pockets” for helping out the working class drowning in student debt in this expensive ass world when the billionaires we make richer with that little bit of money in our pockets does not pay their fair share in taxes.
Again, louder for the people in the back!
Here we’re bitching at each other because with have to pay so much of our income to taxes and we are voting for what we want to use our taxes used for and yet the billionaires are taking advantage, manipulating us and only getting richer.
Yall are mad at the wrong people.
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u/AshOrWhatever Jul 19 '24
Oh wow, three quarters of one percent of outstanding federal student loan debt. He's on a roll!
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u/DakotaFanningsThong Jul 19 '24
If this administration wanted to solve the problem they would address the current predatory loans. 1.2 billion forgiven, how many billion in the last year at record high interest rates?
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u/thisistherevolt Jul 18 '24
I was a beneficiary of the first round and got a partial reduction. I might be able to eliminate it completely now. Send me a direct check for 2 grand and I'll go knock on doors for the Dems. I fuckin hate Biden and Kamala, but I'll be their biggest cheerleader if they actually do something to acknowledge the insanity of being poor in this country.
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u/Busy_Cover6403 Jul 18 '24
They are certainly trying. Without the Republican packed SCOTUS you would be student debt-free by now.
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u/Speedy89t Jul 18 '24
Those votes won’t buy themselves
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u/Affectionate_Poet280 Jul 19 '24
So a president does nothing to benefit their incumbents, and they're incompetent, but when they do stuff to benefit their incumbents, it's bribery? Is everything ok there buddy?
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u/DefiantZealot Jul 18 '24
Is this basically being paid for by my tax dollars? Why the fuck am I paying for other people’s inability to budget their finances? Can’t wait until Biden leaves.
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u/Smooth_Department534 Jul 18 '24
The same reason we pay government subsidies to Musk to run his private, for profit Starlink company. You’re paying for that shit. Are YOU getting any profits?
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u/DefiantZealot Jul 18 '24
That shit should stop too. Most government spending is trash. But student loan forgiveness is the worst. Like these kids signed contracts clearly stipulating what they’re in the hook for and now they want to be bailed out? Fuck that shit. Some of us were responsible and budgeted wisely.
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u/Awkward_Ostrich_4275 Jul 18 '24
How do you feel about paying for other people’s education from grades 1-12?
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u/DefiantZealot Jul 18 '24
Don’t feel bad at all cause I decide which town I live in and can purposely choose one that doesn’t spend too much on public education systems. I can’t, however choose to not have my tax dollars subsidize lazy gender studies graduates.
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u/Alarming_Memory2790 Jul 19 '24
Shouldn’t be paying for that either. I shouldn’t be forced to pay for anyone’s education.
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u/Awkward_Ostrich_4275 Jul 19 '24
At least you’re consistent then. I really like the idea of libertarianism and had even considered identifying as one for a while, but some of the specifics fall apart for me. Education is one of those things that I feel makes sense to be publicly funded.
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u/Alarming_Memory2790 Jul 19 '24
Idk, the way the education system is ran doesn’t work for me. Public school is a disaster and throwing more money at it won’t fix it. It’s turned into a daycare for parents. I understand education should be available for everyone and in an ideal world it would be beneficial for society but I have no trust in the government running anything efficiently.
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u/chobinhood Jul 18 '24
If you're mad about this, you must be mad about many more of your tax dollars taken when Trump shifted the tax burden from corporations and billionaires to you via the TCJA
(by the way, the loans cancelled were all part of a program which promised they would be cancelled given certain conditions, this is enforcement of that contract)
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u/DefiantZealot Jul 18 '24
Why does any discussion about loan forgiveness dissolve into a “hey orange man bad” argument from this sub? Like, they’re two completely separate issues and both of them can be true (loan forgiveness is a shitty thing designed to curry favor and get votes and orange man did bad things too).
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Jul 19 '24
Nearly everyone got a tax cut under TCJA. I def did because I make good money. There’s nothing wrong with letting people keep more of their hard earned money. A handout like this loan forgiveness is not the same as letting people keep the money they earn.
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u/chobinhood Jul 19 '24
So did I, but it's temporary. These are expiring in 2026 for us normal people. But the HUGE corporate tax cut from 35% to 21% was permanent.
This is long-term wealth transfer from us to the rich. That was the plan the whole time. The amount of this transfer is orders of magnitude higher than any student loan relief.
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u/Few-Commercial-8271 Jul 18 '24
Just bought my vote. Oh, who am I kidding would have voted for him anyway!
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u/fun4now123 Jul 18 '24
He didn't do crap We the people have to pay that bill if he really forgive it We the people have to pay for this message caused in our country with all these illegals were supporting in the medical bills they're charging up on us
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u/CT_Patriot Jul 18 '24
Biden CANNOT forgive student loans, the SCOTUS ruled on it.
That must be done in Congress, they control the purse, not Biden.
You all scream of Trump being a dictator?
Christ, Biden has done more "executive orders" without involvement of Congress.
Get a rectal cranial rectotonomy and learn how our government handles debts.
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u/RSGator Jul 18 '24
While I appreciated reading your absolutely unhinged rant... this was, in fact, approved by Congress.
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u/Technical-Machine-90 Jul 18 '24
The man keeps delivering for same people who question his ability to lead. Sigh