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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsBiden is moving to cancel $4.5B in student loan debt. Who gets the new relief?
President Joe Biden's administration has announced major changes to a federal student loan forgiveness program that could relieve borrowers of more than $4.5 billion in debt.
The overhaul also will help hundreds of thousands of other Americans move closer toward seeing their student loan balances wiped clean, the U.S. Department of Education says.
That would give them more financial room to save, invest or get a handle on their other debts.
But who qualifies? And what's happened to the idea that Biden might erase student loan debt in a more sweeping manner, for tens of millions of people?
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https://finance.yahoo.com/news/biden-moving-cancel-another-4-163000230.html
Johnny2X2X
(18,967 posts)A ton more changes are coming. Pay as you earn will be 5% of adjusted income vs the old 10%. And that adjustment will be bigger, instead of 1.5 Turks the poverty rate income it will be double.
Biden is about to more than halve everyones payments.
markie
(22,756 posts)BlueLucy
(1,609 posts)The noise makers on twitter will not only not care.. they will criticize this move.
comradebillyboy
(10,128 posts)These folks have huge earning potential even if they aren't already rich.
BlueLucy
(1,609 posts)These folks still say, " cancel all student loans, regardless."
rickyhall
(4,889 posts)And it's just interest on loans paid years ago. Oh, well, they'll stop when I'm dead.
SteelReel
(25 posts)When you get Social Security some gets taken every month.
rickyhall
(4,889 posts)Too many years of lousy wages.
Backseat Driver
(4,377 posts)Last edited Fri Oct 8, 2021, 09:45 PM - Edit history (1)
But when you get put out of work in prime earning years....well, you'd think they'd (feds) have a vested interest in keeping folks working at living wages...SMH. The bill grew and grew to the cost of a house, so I expect the eventual same end to the loans.