Biden to cancel $10k of fed. student loan debt

[Morphine Prince 109,645]

5 minutes ago, StarstruckIllusion said:

“Up to” Lol how unlucky do you have to do get less than $9,990k of relief? Sigh it’s getting slimy…

From Biden: 

20M people are getting their entire loans cancelled with this. 

[Morphine Prince 109,645]

Not my friend crying cause more than half her debt will be wiped out  

[Bling 31,680]

14 hours ago, Morphine Prince said:

$10K is $10K… everyone who has loans who I’ve spoken to about this is happy. 

Is it enough? Of course not. 

According to educationdata.org, the average student loan debt in America (2021) was 37k. Mine is 42k. 10k of forgiveness quite literally, means nothing to majority of borrowers. Does it reduce overall payment time? Maybe, depending on interest. 

But it doesn't change the fact that Americans can't afford the payments set up by this system, which was more often than not, sold to them at a time when they were fresh out of high school and not capable of grasping the amount of money they were borrowing. The system knows this and knows most people will be indebted for life. This country is a joke  some are working multiple jobs to make minimum payments on student loans which will never be paid off. Slaves to the system.

9 hours ago, lilboyblue said:

Just curious. How much student debt does one usually accrue at the end of a 4-year degree in the US?

I got 42k in 3 years 

[Morphine Prince 109,645]

2 minutes ago, WheresMy911Alice said:

According to educationdata.org, the average student loan debt in America (2021) was 37k. Mine is 42k. 10k of forgiveness quite literally, means nothing to majority of borrowers. Does it reduce overall payment time? Maybe, depending on interest. 

But it doesn't change the fact that Americans can't afford the payments set up by this system, which was more often than not, sold to them at a time when they were fresh out of high school and not capable of grasping the amount of money they were borrowing. The system knows this and knows most people will be indebted for life. This country is a joke  some are working multiple jobs to make minimum payments on student loans which will never be paid off. Slaves to the system.

I got 42k in 3 years 

Well, fortunately if you received a Pell Grant they are cancelling $20K and for 20M people that would cancel their entire debt. 

Millions will be happy today. 

[Alannah 2,988]

I think majority of my loan was Pell Grants, as well as the debt my mom took on. This would take me down to 10k in my name and 70k in my mom's. Good news for my mom, better news for me. 

[StarstruckIllusion 53,562]

1 hour ago, Morphine Prince said:

From Biden: 

20M people are getting their entire loans cancelled with this. 

 

1 hour ago, Morphine Prince said:

Not my friend crying cause more than half her debt will be wiped out  

20M?? Yesss. Rare Biden W?? Its not all debt or $50k but I think this is bigger step forward than what the left is used to? Gah I’m so happy for the millions of lives this will help 🥲🥲🥲 Hope the next admin can do even more

[AsleepOnTheCeiling 6,939]

1 hour ago, StarstruckIllusion said:

“Up to” Lol how unlucky do you have to do get less than $9,990k of relief? Sigh it’s getting slimy…

It's capped at your balance, which is where the up to comes from. So balance is $8,200? That balance is canceles but you won't get $1,800 sent to you. 

[AsleepOnTheCeiling 6,939]

1 hour ago, WheresMy911Alice said:

According to educationdata.org, the average student loan debt in America (2021) was 37k. Mine is 42k. 10k of forgiveness quite literally, means nothing to majority of borrowers. Does it reduce overall payment time? Maybe, depending on interest. 

But it doesn't change the fact that Americans can't afford the payments set up by this system, which was more often than not, sold to them at a time when they were fresh out of high school and not capable of grasping the amount of money they were borrowing. The system knows this and knows most people will be indebted for life. This country is a joke  some are working multiple jobs to make minimum payments on student loans which will never be paid off. Slaves to the system.

I got 42k in 3 years 

It wasn't stated very clearly but at the bottom of his little card it was mentioned there'll be a new IBR plan. I highly suggest reading the education dept's release of info (and he's apparently giving a press conference in an hour with more info as well)

https://studentaid.gov/debt-relief-announcement/

 

 

[StarstruckIllusion 53,562]

5 minutes ago, TortureMeOnReplay said:

It's capped at your balance, which is where the up to comes from. So balance is $8,200? That balance is canceles but you won't get $1,800 sent to you. 

Thanks for the clarity, it’s how I expected it to go anyway 

This is great and I hope it happens again one day/or college costs absolutely crater. Imagine this on medical debt?

[Alannah 2,988]

I definitely can't log into my account to see my loans because the servers crashed, LMAO.

[AsleepOnTheCeiling 6,939]

30 minutes ago, StarstruckIllusion said:

Thanks for the clarity, it’s how I expected it to go anyway 

This is great and I hope it happens again one day/or college costs absolutely crater. Imagine this on medical debt?

I could see a bill coming someday limiting how much federal loans will cover in order to rein in colleges on their tuition, which would be great. Ever since federal loans have become a thing, costs have just risen. I think that a similar thing could happen in terms of medical insurance forcing providers to lower costs, but I don't think we'll see the same debt forgiveness unfortunately.

17 minutes ago, Alannah said:

I definitely can't log into my account to see my loans because the servers crashed, LMAO.

Is that what it is? I thought the servicer just had a terrible website.

[LateToCult 41,827]

20 minutes ago, Alannah said:

I definitely can't log into my account to see my loans because the servers crashed, LMAO.

SAME. 

[Morphine Prince 109,645]

1 hour ago, StarstruckIllusion said:

 

20M?? Yesss. Rare Biden W?? Its not all debt or $50k but I think this is bigger step forward than what the left is used to? Gah I’m so happy for the millions of lives this will help 🥲🥲🥲 Hope the next admin can do even more

I mean... Biden did mention $10K back in 2020.

We can't expect Biden to do so much. He has been proven to be what we all knew he was... but at least this will be life changing for many people. 

[Alannah 2,988]

48 minutes ago, TortureMeOnReplay said:

Is that what it is? I thought the servicer just had a terrible website.

I had no issues a couple days ago when I was debating starting September payments early. Glad I waited for many reasons but when I tried logging in, it said the server was busy and they were unable to log me in due to traffic. I'm sure they're not built to have so many eager people signing in to look at their loans, LOL.

[StarstruckIllusion 53,562]

Oh wow oh wow