Biden’s New Attempt to Forgive Student Loans Explained
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Biden’s New Attempt to Forgive Student Loans Explained
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Now that his previous plan for student-loan forgiveness was shot down by the Supreme Court, President Biden has found another way. How will this new plan work?
From The Wall Street Journal. The Biden administration plans to give as many as 30 million Americans a second shot at student-loan forgiveness.
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The new regulations, which will be detailed in coming months, would provide relief to struggling borrowers whose loan balances have ballooned because of unpaid interest. The relief would apply to those who have been making payments for decades but haven’t yet paid off their balances. …
Who gets debt forgiveness under the new plan?
The core of the plan is a proposal to provide relief for those whose balances have increased beyond the amount they initially borrowed. The administration proposes to cancel up to $20,000 in unpaid interest for borrowers who owe more than their initial loan amount. Individual borrowers who earn $120,000 or less and married couples who earn $240,000 or less would be eligible to have that interest wiped from their balance. …
Do I need to apply?
No. Most of the relief will go into effect automatically, according to Biden administration officials, though in some cases the Education Department might ask for additional information to prove that a borrower is facing financial hardship. …
How many borrowers are eligible?
As many as 25 million borrowers would be eligible for relief from the interest provisions, according to the White House. Almost all of them—23 million—would see the entirety of their interest-related balance growth forgiven. …
In total, the new proposal would cancel student debt for over four million people and provide more than 10 million borrowers with at least $5,000 in debt relief, according to the White House. …
When will the new program go into effect?
The Biden administration will roll out the new proposals in phases over the coming months, and it might not be finalized for several additional months after that. Officials said the plan to slash accrued interest could go into effect in the fall, and some in the administration hope that millions of people will see loan relief before the November presidential election.
Will the Supreme Court kill this plan, too?
Republican state attorneys general have said they are planning to challenge the new proposal, once it is finalized, with a goal of overturning it. They argue that Biden is overstepping his authority and misinterpreting the Higher Education Act, the 1965 law that the administration is using as a basis for the new proposal. …
How do you feel about this new plan? Share your thoughts below.
(Excerpt from The Wall Street Journal. Photo Credit: Gage Skidmore from Surprise, AZ, United States of America – Joe Biden, CC BY-SA 2.0, Wikimedia Commons)
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There must be a group of evil radical persons who find every unamerican idea and make it into a Executive order, that costs billions looking for votes. This has to be true since we are pummeled every day with another evil plan. Congress and the public are overwhelmed with administration garbage, As normal citizens we can do little without getting into trouble. It seem all getting out and voting is the big one. Second, letters to your reps with strong language.
god blest all who do there part.
When someone wants go give you ” free money”, your indebted to them for live.
Bewear of taking this money!
Father, You are LORD over heaven and earth, You are the Great Multiplier. Thank You that you are not surprised with this measure.
Yet again, Joe Biden is misusing taxpayer funds, in addition to the previous “debt forgiveness “this time it is 7.4 billion dollars. This “debt forgiveness” was ruled unconstitutional by the Supreme Court. No matter how it is spinned, it is an attempt to garner more votes in November.
Father, please thwart this effort. Put in place barriers to all agencies that are involved with this “debt forgiveness” . Rise up Your servant to say this is wrong.
Rescue and deliver us from the hands of the those who are making decisions that take this country further away from Your Word and the Constitution.
Remove them Father and replace them with men and women who are governed by You.
In Jesus Name. Amen
Thank Jesus, many of our Gen Z missionaries students are being stiffled from going overseas to spread God’s word due to these debts! Praise God! Hopefully with these debts diminishing, our young folks can go to 3rd world mission trips and spread God’s love, give medical care and education, shelter etc.!
Praise God, thank you most holy Jesus our Lord of Lords!