Understanding Biden's $39 billion student loan forgiveness plan
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- čas přidán 5. 09. 2024
- The Department of Education announced $39 billion dollars in federal student loans will be forgiven for 800,000 borrowers. We're also learning more about President Biden's SAVE plan. FOX 26 Consumer Reporter Heather Sullivan breaks it all down.
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It's amazing, those who are opposed to student loan forgiveness are supporting allocation of hundreds of billions of dollars to prop up the war in Ukraine, essential funding that could instead be used domestically to address various pressing issues. Many people are quick to denounce student loan forgiveness, yet they readily support the perceived squandering of taxpayer money in Ukraine. If the US were genuinely committed to achieving peace in Ukraine, it could be accomplished by addressing Russia's security concerns and restraining NATO's expansion near Russian borders. However, the current approach taken by the US and NATO involves providing military aid to Ukraine to counter Russia, all of which comes from taxpayer funds. Both Republicans and Democrats should oppose this; unfortunately, we witness pro-war sentiments from members of Congress on both sides of the aisle
Well said
The immediate problem is that student debt is financially immobilizing all the brainpower in our country by making them financially risk averse. If all your smartest people have to be risk averse for 20-30 years, than what was the point of training them in the first place? They can't discharge the loans through bankruptcy, so they're forced to take the surest ways of making money instead of innovating. This is why we're falling behind in technology and science compared to other countries.
Train Wreck. Buy them votes Joey…
Hope its BIDENS MONEY CUZ I DON'T FEEL I SHOULD HAVE TO PAY FOR SOMEONE ELSE'S STUDENT LOAN! SORRY NOBODY PAID MINE OFF EXCEPT ME!
@@chris11208asking taxpayers to pay money that YOU borrowed is selfish and entitled
How much do you make? Because if it’s under 100k I’m pretty sure it’s under 10c going to to the program lol. You might have that in your couch. More of your tax dollars is going to welfare and snap
@@chris11208dude the biden administration is digging the tax hole with a excavator. In my state taxes are already over 50% of my paycheck. When is enough enough? 80? 90? At what point are you a slave to your government?
@Ni-fg6je Countless small business loans go unpaid every day by filing bankruptcy. Where's the outrage? Trump filed bankruptcy 6 times to avoid repayment. Where's the outrage? MTG, to name one, made off with $660K in ppp loans and many others made off with more. Where's the outrage? The thing is, when the little guy catches a break, everyone hears about it. Making others' lives more difficult does not improve your life. Kicking down is easy but will never improve your life.
Nancy, I lived on $3.255 cents an hour, so you should too.
They aren't fixing anything.
Cry me a river😭😂
@@stockstock6805 What am I supposed to be crying about Jack?
@chris11208 U bee tripping. That's unbelievable. Ha,ha.
@chris11208 Hey Einstein. Why don't you check out the current situation that too many banks are in because people aren't paying their loans. Did you get a degree in economics like AOC did?
@chris11208Nothing has even happened yet😂
Dumb people "it'll work this time!"
Uhh,,, the Supreme Court just said it has to go through congress. End of story,, DOE can’t do it either.. must go through congress.
Nope. It's been in place, just mismanaged. It's a done deal.
Sleepy Joe always had a backup plan. He never broadcasts his strategy prior to implementing it. He is a brilliant politician and president. Working for the non millionaires.
This is the original loan contract. The only difference is counting 3 years of forbearance as credit and a recount of payments. Which was Navients settlement with 20 state attorney generals.
If they do nothing the Department of Education could be sued by 800,000 people.
Which is cheaper doing nothing or 800,000 lawsuits?
The forgiveness plan is more just a euphemism for higher taxes for all workers
I guess they should stop funding bs then.
This is not about helping poor folk; this is a (partial) stealth bail out of the loan providers. These (minimum monthly repayment, never-ending balance increase) loans are underwater and were never being paid off in full. Now the providers don't have to take the hit on their financials. Since time immemorial, any loan pool with a 5% default rate is out of business - literally it cannot turn a net profit - the real default rate in the student loan business is 30-40%. This is just a band-aid to stop hemorrhaging in yet another part of the financial system.
Biden is just trying to buy votes. Nothing more.
There are loan servicing companies affected, but Isn’t this entire portfolio of loan paper held by the federal government in the form of federal “direct loans” “Stafford loans” and “Perkins loans” that were disbursed by the U.S. Dept. of Education decades ago?
College students who graduated during the pandemic were not paying off loans for 25-30 years.. isn’t this plan already in place? Student loan forgiveness program is different from Biden Student Loan Forgiveness program. What about the students that graduated in 2020 during the pandemic. There’s no way one could pay 240 payments. This plan is initially suppose to be for college students that graduated during the pandemic. They changed up the plan or something? I’m lost.
It’s bogus just announced. Can’t be done. Biden lying again for votes
They're still working out the kinks but it isn't just for students who graduated in 2020. The save plan is going to replace Repaye. It's supposed to reduce the ceiling threshold for income driven payments. For example, if the old ceiling caps at 15% of your discretionary income for undergrad loans, then this plan caps at 10%. This is an over simplification, as the recalculation will also consider family size and household income based on the poverty line. This will effectively free up more of your discretionary income. Further, so long as you're making your minimum payment, interest will not accrue. Then after 10 years, the slate is wiped clean. The cap for grad loans is a bit higher but the rest is the same. Only borrowers who took out federal direct, subsidized, unsubsidized and consolidated loans, along with PLUS loans made to grads can qualify. Currently, it doesn't matter when you took out these loans to qualify for the program. Hope this brings some clarity :)
@@ashleybrown6299 The problem is that those giving out those loans (it is not the government), do not make money on the interest. So what you are doing is destroying the student loan industry because no investors are going to want to put money into it. Then it falls to the already overburdened tax payer when liberals want to tax for another welfare program that is actually not welfare.
No need for collage you can make more money, By not sitting in the class room.
@@TL-io3fd That doesn't apply to everyone and some people have goals that can only be achieved by going to school.
Not legal nor Constitutional for a President to control the money from the Treasury. That is solely the role of Congress to pass a law.
There’s a lot stuff that’s going on thats not constitutional or legal
@@12CANTMATTERtheres alot of people going to,GITMO
You don't understand the constitution. This is absolutely constitutional.
It is legal to bailout banks and spend our taxes es in wars?
@@sereleg07yes, because even if doing so may be unwise, the funding to do so is still authorized by Congress
It's not a forgiveness, it is a transfer of those loans from the people who signed the loan application to the taxpayers who didn't have student loans and those people who paid off their loans.
Yeah pretty much but it’s joe Biden that they will thank next’ voting time for giving them a free college education of course the taxpayers get the bill and Biden and the college students will get the benefits from the loans forgiveness it’s a political move to buy votes for the democrats
No, not quite lol. Too bad, maybe if you went to school you’d understand this better but I doubt it. Gotta review PPP loan forgiveness to, my religion expressly says “thou shall not forgive loans of private businesses operated and gussied by any Abrahamic faith”. Right after “No representation without taxation.”.
@@tomsawyer283
"No, you're wrong, lol, here's a few buzzwords I picked up from Twitter to make you feel bad, lolol, see how smart I am"
- You
@@undeadman7676”I don’t know how to respond to valid points being made, so I’m gonna just accuse you of using Twitter buzzwords when I don’t know if you even have twitter let alone use it, and then think I won an argument”
-You
Bingo!!
If you don't know how to handle your student loans, you should have stayed at Denny's. You don't want the government getting any more involved with your "education". This is lame.
Shutup
So do any rules or laws apply to this big guy
@anidiotmakesthings I'll stop talking about what Biden does as soon as we stop talking about Trump
@anidiotmakesthings so to answer your question no my tax dollars don't want to put up with cocaine parties in the White House
@anidiotmakesthings come to think of it I've never met a biden voter in person I've only seen them on Facebook expressing their keyboard warrior
@dylanross1386 And you have no education, therefore have no idea how student loans work. Every day small business loans go unpaid by filing bankruptcy. Trump filed bankruptcy 6 times to get out of repayment of loans. Where's the outrage?
@@marybrown7203 yet we don't even know anything about the big guy because the media hides everything for Biden
So it’s ok to ignore the Supreme Court? So we can ignore laws also?
@anidiotmakesthings but you didn’t?
Student loan forgiveness: because why shouldn’t those who were never afforded the opportunity, not pay for the opportunities others couldn’t afford? 🤦♂️
If we feel you have paid enough debt peonage than we MIGHT allow you out of your slave contract.
Already in place for 30 years from the loan companies after paying for 10-20 years depending of loan amount
And those loan companies have not gotten what is owed to them. They create these loans with the expectation that people will pay the interest on them. Then those who invest in those companies, like your retirement fund, rely on that for "income". Plus the whole "personal responsibility" thing. That is the whole problem with the left today. No one takes personal responsibility for their own actions. They think that some tax payer will just magically take care of them from cradle to grave... including paying for the casket.
These are all doctors and destists lol
Yup. Middleclass paying for poor and rich college degrees
it’s called an Income driven repayment plan. If a person has a high income they pay more if they have a low income they pay less.
It is unlikely that they are medical doctors. But highly possible that this will effect dentists because dentists often have high expenses and lower incomes. It is likely psychologists because they usually have lower incomes.
So I am glad a dentist or a psychologist can finally make a little money.
🦄free money🦄
INFLATION!!!.
Why do I pay taxes
Zero-point energy would rid the world of most taxes.
Isoo gaadh joe baydan ayaan codsanayaa degdeg
I forgive them.everyone fingers was in the pot of help during covid landlord's etc.even big chain stores got financial help.i forgive students
Jist like socialist institutions like police departments, hospitals, fire departments, bridges, etc. that tax dollara go towards. So why not rid unnecessary debt, that allows students to pay taxes, better themselves, and not go into crippling debt due to high cost of education (what a joke) along with EXCESSIVE usury?
Praise the Lord
Its honestly embarrassing that after 25 years these people could not prioritize their debts. They clearly didn't take a math class in college. Most indulge in all the first world luxuries, like credit cards, big houses, new cars, new smartphones, TVs, and fancy vacations, but they whine they have no money. Gee I wonder why?? Just add it to the taxpayer's bill.
You clearly have zero grasp on reality.
but men in the military can get 43 million towards viagra to get their limb diks up but we are ok spending that much money?
The military has also spent $15,000,000 on psychotherapy & surgery for "transgender" troops
That is to help a medical condition, that is to support life. Abortion takes life.
Buden gets off sniffing lil kids. #chomo
Fine with me
Let the poor that didn’t go to college and make under 40k pay for my college debt!!!! Hahahaha this is why I vote democrat!! Make the poor pay!!!!
I wish u were whining the same way when rich Retrumplicans especially those in congress were grabbing ppp loans faster than hot potatoes and not paying back with impunity or where was your whining😭 when Trumpy was transferring more wealth to the super rich by giving out trillions in tax cuts to the super wealthy while making the making the poor and middle class pay more🤔 Please spare ur crocodile MAGA tears🤮🤫🙄😂
They're poor, they don't even pay taxes in most cases.
@@Brandan09997 people making 40k pay taxes. Now they will pay taxes knowing they paid for my degree at which I make 225k hahahahahaa!!
Did you major in trolling? 🤡
@@four20smp You'll always pay like 10x more in taxes than they will. So its mostly the rich paying for it, not the poor.
We need a blue collar worker in office not some pushing paper pencil stencil. America needs a trade person in office , they will build america again It’s not hard to do the right thing around people who want to to the right thing. It’s hard to do the right thing around others who don’t want to do the right thing. These the people we vote for lol
How about putting funds to rescue social security instead? That way people who actually paid in get what they are due, instead of foolish/deadbeat borrowers getting a free pass.
This is so tone deaf. This is not a free pass. You still have to pay, you're just getting saddled with less interest accrual. The point of a loan is to pay off the principal. It isn't foolish to get an education when it's one of the few options available that grants an opportunity to earn above the poverty line. Using your logic, why should more money be spent on social security so people who failed to properly prepare for retirement can get a free pass? I would rather money be spent to give young adults proper footing to start a good life versus a comfortable life for those knocking on deaths door.
@@ashleybrown6299 good response, thanks! I guess we're on opposite sides of the matter then. I support those that paid in to the system for many years, you support those that withdrew from it (borrowed) and now don't feel like making the sacrifices necessary to pay it back according to the terms they borrowed under. All good though; not everyone always has to agree. I still feel my idea has merit, and hope it gathers other proponents.
@@pizzacrusher4632 No, I support people being able to get an education without being saddled with 2 mortgages worth of debt. I'm against the structured interest accrual for these loans because it's not okay for any one at any point over the last 30 years to suffer under the weight of a sophie's choice. I care about Americans being able to afford to live as they deem fit. If we can spend 2 trillion dollars on defense, I think we can take a hard look at how we can fix the federal loan programs. The youth are our future and they deserve nothing but the best of what we can offer. :)
@ashleybrown6299 You think the government should be giving out interest free loans? Are you that fkn stupid?
@ashleybrown6299 Fkn commies like you should do us a favor and gtfo
Makes sense. Just like the ppd loans and pandemic rent relief that is causing landlords to go bankrupt.😬😬😬
Ha ha ha! Ha ha ha ha. Let the haters begin. Ha ha ha.
Haters.. lol.. barely anyone gets anything. But thats gonna make even more people mad cuz it was 40,000,000 people now on 840,000.. they will now see how us who paid our debts feel.. im loving it.
@@kidmac1514imagine being proud of paying back money from a group that has shifted the tax burden onto you
HAHAHHAHA You have to make 300 payments first then maybe you qualify! HAHAHAHA
buying votes is an old and honored tradition. beloved by scum everywhere. :)
@@GrunnOmaz - Yes, and for a degree that obviously was a meaningless piece of parchment.
OK, Which of you college grads wants to clean some toilets? HAHAHA, some of you will! LOL
How many small business loans go unpaid each day by filing bankruptcy? Where's the outrage? Trump filed bankruptcy 6 times to avoid repayment. Where's the outrage? MTG took $660 million in unpaid ppp loans. Gaetz, closer to a $million. There's more, but where's the outrage? Making other people's lives harder does not improve your life. BTW The Republican House just gave themselves a raise. $174K just wasn't enough for them. Where's the outrage?
Complete article on Biden Loan Forgiveness Plan:
financeguruinsights.blogspot.com/2023/07/biden-student-loan-forgiveness-white.html?m=1