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Member since: Mon Apr 20, 2015, 05:44 PM
Number of posts: 8,507

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Biden Predicts Student Loan Relief Checks Within Two Weeks

This is hopefully a big boost for the midterms, but I'm a little confused by his statement regarding checks.

All this time I thought the loan forgiveness would just be applied to the outstanding balance on the loans held by the Federal government and no money would actually be changing hands. This statement today seems to indicate that $10k checks are going to be sent out soon to everyone who is eligible.

Who are the checks the president referenced going to be sent to? The students who took out the loans?

How do they ensure that the money is actually applied against the loan balance and just not spent on something else? Also, don't understand how they could verify eligibility so quickly for millions of applicants.

I assumed up to now that fraud was going to be negligible because the money could simply be added back into people's outstanding loan balances if it was found they weren't eligible. If they are actually sending out $10k-$20k checks like he said, how would you ever get that money back ?

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