New Plan for Student Loan Forgiveness
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New Plan for Student Loan Forgiveness
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President Biden is tackling student loan debt again, this time on a much smaller scale. What do you think of this?
From CBS News. The Biden administration said it is forgiving $9 billion in student debt for 125,000 borrowers. …
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The debt cancellation is the latest push from the White House to erase some student loans in the wake of the Supreme Court’s June ruling. …
With that debt forgiveness plan struck down, the Biden administration has focused on other methods for relieving student debt, including creating a new income-driven debt repayment (IDR) plan as well as outright forgiveness for some qualified borrowers. Meanwhile, with millions of student borrowers resuming payments this month, there are reports of problems with loan servicers, ranging from long wait times for callers to customer service reps who can’t answer questions.
Who is getting their student debt forgiven?
The Biden administration said it is forgiving debt for three types of borrowers:
- Public servants: About 53,000 borrowers who are enrolled in Public Service Loan Forgiveness programs will get $5.2 billion in forgiveness, according to the Education Department. …
- People in IDRs: About 51,000 borrowers enrolled in IDRS and who have $2.8 billion in debt will get relief. … the Education Department said it is reviewing the plans and discharging debt for some borrowers who have been in repayment for more than 20 years but “never got the relief they were entitled to.”
- Disabled borrowers. Another 22,000 borrowers with $1.2 billion in debt who have a total or permanent disability will get their debt discharged. …
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(Excerpt from CBS News. Photo Credit: Kevin Dietsch/Getty Images)
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Comments
What happened to good old working and studying hard to earn scholarships? Why does anyone think their higher education should be given to them for nothing? Do the work people! You will feel better about yourself. If you qualify for a special scholarship to help you then Praise the Lord! But don’t think it should automatically be given to you. I have a daughter in her 50’s who might still owe for her degrees but it’s what she felt called to do. I have 4 grandchildren in college: 2- I believe- have earned some scholarships, 1 is working his tale off to pay as he goes, and 1 his dad pays for it. However, they do it, I’m proud of them . Thank You, Lord for helping them to get it done.
When a decision is made to loan money, the conditions for repaying such loan are itemized and agreed to prior to the funds being released. I fail to see that any forgiveness is fair or legally binding. To me this is a non issue and every loan should be repaid in full..
I agree with the comments here about paying back what we borrow and vetting those we borrow from. Even better don’t borrow from the government. Student loans have been a scam that have driven students into the pit of debt. I agree with improving loans but not at the cost of forfeiting freedom of privacy or some unforeseen hidden agenda.
Am I wrong in thinking that colleges should lower the cost of tuition as a measure of curbing lifelong debt? Otherwise, how long can taxpayers keep paying debt forgiveness while the colleges get the benefit?
Make tuitions fair for everyone. And pay off loans by achieving a good career. Fairness and responsibility yield higher long term benefits then being a taker.
No one can come close to the debt forgiveness Jesus paid for us. Amen.
I paid my student loan debt!!!
My children and I should not have to pay for others debt with increased taxes!!!
If your profession doesn’t require college/university degree… Why send your children to be damaged by woke indoctrination, loss of Biblical worldview, student loans, etc… ?
This is a great time for the Church to teach about “borrowing and debt”. Borrowing money enters the borrower into a financial “covenant”. As believers we want to be careful about the covenants we make and who we make them with. Student loans, the push of every family toward FAFSA (Free Application for Federal Student Aid), require incredible disclosure. We are financially yoking ourselves with entities that do not have our best interests in mind. We must be more discerning about with whom we link our treasure. It’s best not to fund entities that are in blatant opposition to Biblical TRUTHS.
It is written, “Thus saith the Lord, It shall not stand, neither shall it come to pass.” Isaiah 7:7, in the mighty name of Jesus Christ, amen.
Please stop making excuses for laziness and coddling. If you have been to college, unless something tragic has happened you are employable. Pay your debt like all the others before you, including myself. Parents, if your kids are not responsible enough to get a job and pay for the education they got then you should pay it. It is not society’s responsibility.
if you incur a debt — pay your debt. Biden is pandering for votes
Exactly right, DLC. This is just more vote buying by the Democrats.
No!!!!! Many students have payed off their loans. Please pray this government comes to their senses and stops using our money to give people a free ride especially to get votes.
It sounds like the Supreme court will once again have to do something to enforce their decision. It is sad that our “president” has such little respect for this decision. Actually, it’s the New World Order who is running things. They need to be shut down. Lord, please, intervene in this situation.
There are those who are still paying off their loans and those who have worked hard to pay off their loans. Therefore, those who have unpaid loans need to learn to be responsible and fulfill their commitment to pay back their loans. Pardon only those who cannot work because of severe medical reasons with a stipulation if they should recover and return to work they will repay their debt.
I pray for the development of work/volunteer programs that will help pay off their debts and also payback incentives that would encourage the students build good credit. Also, pray for loan debt counselors that will provide guidance in these matters.
I am confused. The Supreme Court said this is illegal. Yet, he is doing it anyway. How? Doesn’t the Congress have to have a say? Isn’t this discrimination and violation of equal opportunity?
Carrying debt from college education is not anything new. My husband and I worked for probably ten years to pay off the debt he incurred from receiving a degree in physical therapy. Your choices for education dictate how large your debt will be and also how long it will take to pay it off based on salary. These are choices we all made. God will give wisdom to people and provide strategies to pay off debt. People should not rely on government loan forgiveness to get out of debt.
I do not think it is fair to give relief through legislation at this point in the process. If someone had agreed upfront to take a particular job, such as a teacher, or a doctor and could have received help on their student loans for doing that particular job, I am totally in favor of helping the public and receiving a reduction in student loans. Otherwise pay your debt! I have two sons that received a college education one having a masters degree and have some student loan and they are paying it diligently and will have it paid off before their 27th birthday. Obviously they are successful. You have a debt you pay a debt that is biblical.