Joe Biden cancels student debt for almost 153,000 borrowers

| February 22, 2024

The White House approved another round of student debt cancellations. Requirements include being enrolled in the SAVE plan, having up to $12,000 in student debt, and making payments for at least 10 years. Those who have borrowed more than $12,000 are not left out of this cancellation. Total White House approval of student loan cancellation amounts to nearly $138 billion in student debt, benefiting nearly 3.9 million borrowers.

From the White House website:

Today, President Biden announced the approval of $1.2 billion in student debt cancellation for almost 153,000 borrowers currently enrolled in the Saving on a Valuable Education (SAVE) repayment plan. The Biden-Harris Administration has now approved nearly $138 billion in student debt cancellation for almost 3.9 million borrowers through more than two dozen executive actions. The borrowers receiving relief are the first to benefit from a SAVE plan policy that provides debt forgiveness to borrowers who have been in repayment after as little as 10 years and took out $12,000 or less in student loans. Originally planned for July, the Biden-Harris Administration implemented this provision of SAVE and is providing relief to borrowers nearly six months ahead of schedule.

From Day One of his Administration, President Biden vowed to fix the student loan system and make sure higher education is a pathway to the middle class — not a barrier to opportunity. Already, the President has cancelled more student debt than any President in history — delivering lifechanging relief to students and families — and has created the most affordable student loan repayment plan ever: the SAVE plan. While Republicans in Congress and their allies try to block President Biden every step of the way, the Biden-Harris Administration continues to cancel student debt for millions of borrowers, and is leaving no stone unturned in the fight to give more borrowers breathing room on their student loans.

Thanks to the Biden-Harris Administration’s SAVE plan, starting today, the Administration will be cancelling debt for borrowers who are enrolled in the SAVE plan, have been in repayment for at least 10 years and took out $12,000 or less in loans for college. For every additional $1,000 a borrower initially borrowed, they will receive relief after an additional year of payments. For example, a borrower enrolled in SAVE who took out $14,000 or less in federal loans to earn an associate’s degree in biotechnology would receive full debt relief starting this week if they have been in repayment for 12 years. The U.S. Department of Education (Department) identified nearly 153,000 borrowers who are enrolled in SAVE plan who will have their debt cancelled starting this week, and those borrowers will receive an email today from President Biden informing them of their imminent relief. Next week, the Department of Education will also be reaching out directly to borrowers who are eligible for early relief but not currently enrolled in the SAVE Plan to encourage them to enroll as soon as possible.

The White House has additional information here.

Category: 2024 Election, Joe BIden, Society

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MIRanger

Why can’t Biden use his own money that the Chinese gave him, through his son, to pay for everyone else’s debt!
So glad I actually paid off my own loan

What’s next the everyone needs an EV loan repayment?
Or the Housing for non-documented visitors program?

Anonymous

Free college plus an EV for illegal aliens? (The Democrat grail.)

SFC D

University of Arizona gives resident status to illegal aliens and then finds themselves in a deepening budget crisis.

Eggs

Good thing they hired that new athletic director at 1 Mil/yr!!

e.conboy

My shocked face 🤓

Major Tuddy

Good Question! See my post about Mutualism.

HT3

This might make some of you mad, but my student loan is in the running for some forgiveness. I’ve paid off 2/3 of my MBA, but if Pedo Joe is going make everybody pay for these loans I’m going to take advantage. At least I’m an honorably discharged veteran working at NASA and contributing to the overall economy instead some out-of-work pot smokie hippie with $62,000 outstanding on his Philosophy degree.

Major Tuddy

As a Veteran, you earned that forgiveness.

Much respect to you for keeping me free. 🫡🇺🇸

timactual

“As a Veteran, you earned that forgiveness.”

Bullshit. As a veteran, you earned whatever was in the contract you voluntarily signed when you joined; no more, no less. You want to be a freeloading scam artist, that’s your choice, but don’t say you “earned” it.

SFC D

The whole program makes me mad, but you’d be a damn fool not to accept it. You’re at least doing it right, paying your debt and using your education. I hate to break it to you, but you’re not qualified to join the Free Shit Army.

Last edited 1 month ago by SFC D
Slow Joe

Freeloader

e.conboy

Thank you for all the services you render!

Odie

2/3 paid off and your accepting an offer for loan forgiveness? You work for NASA. I assume you’re making decent money with an MBA, and you want ME to pay for the new shit you will be able to afford with all your “new” disposable income once YOUR loan is forgiven?

I too am honorably discharged, but I’m not out complaining that if I didn’t have this bill, whatever it is, I would be able to afford another bill.

News flash…. we the people will be paying for this stupid idea with either higher taxes or more interest on loans that will be exponentially harder to get since we won’t have the backing of the government as a co-signer.

I have no complaints about your service,, I’m sure you did a good job.
I will complain about you leaving me with the check to pick up as I’m not getting any benefit from your MBA. That money isn’t making its way to MY bank account.

You probably would have been better off not broadcasting your intentions and have better spent your time making a circle with your hand, and vigorously shaking it up and down at the thought of 1 less bill to pay.

Slow Joe

If the current administration really wanted to solve the student loan problem, they would stop giving loans!

Colleges are that expensive because of the student loans.
Do these people understand basic economics?

Anonymous

In a graphic:
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e.conboy

My heroes always pay their debts!

Major Tuddy

Free college, but only for essential occupations. We need doctors, lawyers, accountants, engineers, and many more. Investing in free education / training in these fields will benefit us all.

However…this needs to be done by private contributions, not government action. I suspect that the real reason why the Democrats want the State to redistribute wealth is because no one will pay for some morbidly obese, mentally unhinged, neon-haired freak to major in Gender Appreciation.

I support the concept of Mutualism, where collectivism respects private property rights, including but not limited to the right to opt-out and retain one’s property rights. Mutual aid societies have existed for centuries. However, they require that we all contribute. St Matthew 25:40-45 and II Thessalonians 3:10 complement each other; they do not conflict. We are a Christian nation, founded on Christian values. Wanna’ make America great again? Get a King James 1611 and govern from there.

SFC D

King James 1611 pairs very nicely with the St. John Moses Browning 1911. Revelation 19:11 foretold it’s arrival. Can I get an AMEN?

26Limabeans

AMEN brother.

Major Tuddy

I prefer Gunnar Glock, but to each his own. 👍

Please tell me that you support the Second Amendment; I’d like to think that we agree on ‘shall not be infringed’, at least. 😉

KoB

Biblical Prophesy coming true…
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Last edited 1 month ago by KoB
SFC D

I’m not really a cat person, but that one I like.

Odie

I like cats occasionally, but I can only eat 1.

26Limabeans

It’s called vote buying. No need to justify this illegal activity with
fancy discussion of Americas needs. It’s fraud and you know it.

Major Tuddy

Vote buying? Fraud? I’m guessing that you were referencing Biden’s student loan forgiveness?

I was referencing private individuals and privately-owned institutions working together for the betterment of society. Nothing fraudulent or illegal about it. Since the State is not an actor, there’s no need to involve it. All voluntary; no coercion.

Are we clear now?

Anonymous

Democrats gonna democrat:
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SFC D

“Private donations” have already purchased the federal government. Some guy named Soros.

Anonymous

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SFC D

Would an anti-gunner revere St John?

jeff LPH 3 63-66

Hey Beans, do you think I can get the money taken out of my taxes to pay off the student’s debts as a tax deduction next year??????

Major Tuddy

What’s to stop you from sending that cash to a scholarship fund? You can do that, yanno?

SFC D

The government really frowns on you sending your tax dollars to someone else. They want their cut to disperse as THEY see fit.

Roh-Dog

Standard deduction went from $13,850 to $14,600 and the ‘first 10%’ bracket both went up 5.4%.

No where near inflation. Not even on the same damn planet.

The thieves in the district of criminals will get their forced contributions, comrade.

I see this as a partial benefit too, the fake charities can starve while the good ones grab ‘the true believers’. (ymmv)

5JC

According to the federal government, inflation was 3.6% last year. At least that is how much my pension went up. It’s really nice when you can both tell everybody who owes you money how much they have to pay, and everybody that they owe money to they can tell them how much they’re going to pay.

Roh-Dog

The Empire of Lies holds a gun to our heads, forcing us to eat the fetid fruit of their pilfered tree.

But hey, the average household spending 11+% on food (a record high) won’t have any negative effects. /s

IMF (2011)

In the High Income Countries, where the incidence of anti-government demonstrations, riots, and civil conflict is relatively low, increases in the international food prices did not have a significant effect on intra-state stability. International food price increases also did not significantly affect these countries’ political institutions. Our empirical analysis therefore yields that the world’s poorest countries, that arguably are the least responsible for changes in the international food prices, are strongest hit.

…until they’re wrong.

“Prepare” –The FoFs Legend.

KoB

Math was never my strongest subject, but I was pretty damn good in ‘rithmetic. Pretty much EVERYTHING is twice the price that it was 3 years ago. Escort duty yesterday gave me a chance to step into the K Roger for some items. $24+- 3 years ago was nearly $50…same items. The figures (((they))) give us just don’t “add” up. When the food trucks stop rolling and you can’t just step into a store to get food, then its gonna get real. You WILL have to defend what is yours against those that would take from you. Prepare! SGA got another order from me on evening last. MPS will get another one placed next week. Below is another Gentleman’s opinion…

https://bayourenaissanceman.blogspot.com/2024/02/i-fear-this-may-be-true.html?m=1

Odie

Govt has to get its share first, you know this.

KoB

According to the JEF himself we are no longer just a Christian Nation. And that’s probably why we have sunk so low. The Founders stated back yonder that a Nation without God will not stand. And here we are, steadily going downhill.

No, I don’t agree that we should have “free” college. Give a man a fish, feed him for a day…Teach a man to fish and you feed him for life. The taxpayer of this country is 34 TRILLION $s in debt. We can no longer sustain the constant tax and spend and gimmies that have become the norm. Personal responsibility has fallen by the wayside. I should NOT have to pay for someone else’s education, or anything thing else, no one paid for mine.

In my AO there is a major college, connected to a major health care facility. The college will not only give some one a “free” education but will also pay a small stipend for anyone that wants to become a nurse, doctor, or health care technician. Upon completion of training the person has to work for the associated health care group (at the current rate of pay) for a set amount of time (5 years?). Local car dealerships, plumbing companies, electrical contractors, and other trades will also fund training and guarantee a job upon completion. Many of the young men and women that I have mentored over the years have taken advantage of these programs and are living a good life, without a debt load.

I do not see where prezzy sniffy has the legal right to commit taxpayer funds to do this by Executive Order. Congress needs to do their frickin’ job and put a stop to this.

Oh, and BTW…All Hail HMS JMB (HBHN)…ALL HAIL!

Major Tuddy

The situation that you described in your third paragraph is a shining example of Mutualism in action. That’s the way society should be.

SFC D

I view it as applied capitalism. The company makes a financial investment in a person, and expects a return on that investment. Any company, corporation, of government that says it’s doing something “for the public good” is lying. The piper will be paid, there must be a profit for the investor.

Major Tuddy

Now we agree. Everyone puts in their best effort so that everyone profits.

Thanks for explaining. 👍

SFC D

No. It’s a calculated risk, taken by the original investor. There’s no guarantee of profit. It’s an “investment”, you’re describing a self-licking lollipop.

Slow Joe

Stop it.
There is no such thing as “mutualism”.
There is collectivism and individualism
Command economy and free market.
Choose wisely.

Major Tuddy

So…no such thing as teamwork in your world?

SFC D

I can only disagree on one minor point. If you teach a man to fish, he’ll sit in a boat and drink beer all day. Not that there’s anything wrong with that.

Last edited 1 month ago by SFC D
KoB

I always take a 12 pack of bait when I go fishing.

26Limabeans

You fish alone?

Eggs

Well, he did say -a- twelve pack, so that serves one for at least half a day (ydmv)

Roh-Dog

When he fishes alone he prefers to be by himself.

Major Tuddy

I prefer a big thermos mixed with equal parts Southern Comfort and Dr Pepper chilled to perfection, but you do you. Lotsa good fishing spots here in Central Florida, but the best are in Polk County.

SFC D

That’s a new one. I’m gonna have to give it a try.

MustangCPT

Well, got an entry-level Penn surf casting rig using some “kudos” points from various co-workers so I’ll try it out on the big lake here in a few weeks and see if I can’t catch me some brown trout, steelhead, or coho salmon. Since it’s shoreline fishing, I have to be a little discreet in terms of liquid refreshment.

Slow Joe

Major Tubby,

There is no such thing as “mutualism”.
Collectivism is a forced redistribution of wealth that keeps the population poor and only benefits the political class that runs that system.
In the history of mankind, there has never been a collectivist society that has succeeded. They all fail.

So, if you are a collectivist, you are a friggin communist!

Major Tuddy

Uh…seriously? 🙄😑🤦🏻

I’m starting to think that you’re a Biden supporter pretending to be a Trump supporter for the purpose of making them look bad. No one…NO ONE can be that far out there and still be intelligent enough to remember how to breathe.

Go outside, get some air, touch some grass.

Odie

We also need carpenters, brick layers, mechanics, weders, HVAC etc. I don’t hear any trade school graduates complaining about their student loans. They’re too busy making money on a 2 year education, or however long their trade school, apprenticeship program lasts.

My son got his A&P license and is doing quite well for himself. 29 yo and making North of 6 figures after 5 years in the trade. Yeah, it’s a niche market, but a needed job. Apparently you can write your own ticket in some trades.

SFC D

I’d much rather pay for loan forgiveness on a mechanic’s eternal debt to Snap-On than a student loan for a master’s in feminism as expressed in ancient Phoenician pottery that some barista owes. But that’s just me.

Odie

Agreed. But the truck in convenient, if over priced. Plus, they offer “easy monthly payments”. Harbor freight offers good tool boxes for considerably cheaper. Plus, you can get one in snap on red too.

SFC D

I’m a dedicated Harbor Freight customer. Their quality has improved a bunch over the years. If you shop carefully.

RGR 4-78

Tools, knives, and firearms.

It starts as a hobby then becomes an obsession.

SFC D

My original college major was aircraft mechanics, one of my biggest regrets in life was my spectacular college failure. To be honest, I never should’ve been there. I graduated HS at 17, straight off to college, dad and I both knew it was not going to end well but mom wasn’t having any of that.

Odie

If mom ain’t happy, nobody will be happy.

SFC D

OK, so student loans are forgiven, legitimate debts are erased. How wonderful.

My question is, how do the original lenders get repaid? Taxpayer dollars?

And now, the $64,000 question: What do I get for playing by the rules, living within my means, and being responsible with my debt?

Stay tuned for the next episode of Fuck Joe Biden.

Anonymous

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5JC

When will Joe’s cancel my mortgage? I have regrets on the house that I bought and I don’t want to pay for it anymore. But I have to live somewhere. If he would just cancel my mortgage then I would be okay..

26Limabeans

I borrowed money from the VA to go to college.
First few years of work after college were difficult because I
had to pay off the loan.
Now I’m really pissed and I want every cent of that money back.
No wonder nobody wants to join the military. FJB and the goat
he rode in on.

SFC D

My mortgage is guaranteed by the VA. If I default, the original lender gets paid by the VA, and I’m on the street. OK, that’s reasonable, that’s how guarantees work. BUT… if I follow the FJB plan, shouldn’t I be allowed to default, the VA pays the note, and I get to keep the house?

26Limabeans

Default is a rather harsh word.
In a kinder and gentler nation we would all have free
housing and medical care.
Higher education would be free allowing for degrees
in whatever the government feels is needed.
If the government feels a need for more gender benders but you want to be a Dentist then you can
pay for it yourself. If you want to save the planet then
I’m sure there is tuition help available.

5JC

We are getting closer and closer to the day to evacuate the country. My only regret is that my pensions are denominated in soon to be worthless hyper inflated dollars. If only there had been a Swiss Franc option.

SFC D

I have no desire to live in that brave new world.

Odie

Remember when Americans were threatened with fines if they didn’t buy into the affordable care act insurance program? Now we are giving that invaders, I mean newly arrived undocumented migrants, free health care.

As Yaakov smirnov usta say… America, what a country.

5JC

I joined the army to pay for college. Who knew I would end up looking like such a chump? Will Joe Biden give me 5 years of my life back? They were all in my twenties, when it is the best time to be boozing it up and knocking the bottom out. I mean, not that I didn’t do that when I was enlisted in the army, but college girls are a lot easier. Plus I could have been smoking weed all that time.

26Limabeans

“chump” Now there’s a good bumper sticker.
Placement would be interesting.

SFC D

Just think, you could’ve been doing all that on the taxpayer’s dime.

e.conboy

You are one of my Heroes, though! 😊

Old tanker

Being that it is congress that has the authority to disburse funds, I’d really like to know where president diaper gets the power to forgive loans.

5JC

This isn’t true. The Congress tells the executive what to spend the money on and then the executive spends it. If they never hold his feet to the fire then he can do whatever he wants, kind of how everyone in the federal government is today. There is no accountability for anything. They pick and choose whatever laws they want to follow and then sick the justice department on their political enemies.

They are burning it all down right in front of us which is why it’s time to leave.

timactual

Article I, Section 9
“No Money shall be drawn from the Treasury, but in Consequence of Appropriations made by Law;…”

Fyrfighter

They are burning it all down right in front of us which is why it’s time to leave.”… Or time to burn them all down..

Hack Stone

Hack Stone managed to make it to 60 years of age before incurring student debt.

If we have to pay their tuition, shouldn’t we get a say in what degrees they pursue. Starbucks has enough baristas with degrees in Feminine Studies.

Major Tuddy

Wait up; it just hit me. Aren’t all debts automatically cancelled after so many years?

Legit asking; isn’t there a statute of limitations for these things already? I would be very surprised if student loan debts didn’t have this clause.

Hack Stone

And isn’t a forgiveness of a loan debt now considered income by the IRS? Will this people who had their debt forgiven be paying taxes on the windfall?

Anonymous

Ding! Ding! Ding! Yes, indeed.

Raising taxes is a big thing this year. We’re getting tax refunds (i.e., money being returned, and we already paid tax on, because the gov’t took too much) taxed this year now, too. Loan forgiveness didn’t sudden get “hot” again after court rulings against it for no reason.

Anonymous

P.S. A wee Math problem…

If the gov’t just forgave $1.2 Billion in student loan debt and the average tax rate is roughly 20%, about how much 2024 tax revenue did the gov’t just create for itself?

What is $240 Million, Alex? Every little bit helps! Sic ’em, IRS!

Last edited 1 month ago by Anonymous
26Limabeans

If you die the bank can and will go after your estate.
Never heard of any such expiration of debt. Even in death.

Roh-Dog

And when a bank dies you’ll get paid when and if FDIC feels like it!

5JC

Federally guaranteed student loans are never forgiven….. At least according to the law. If they were…. People would never pay them.

TheCloser

Some debts (including child support and student loans) aren’t even forgiven in bankruptcy.

Blaster

My problem is that you (the student) signed your name saying that you accepted the debt to get what you wanted. Now, it’s time to honor your word.

I do accept the fact that most college teachers, professors, etc. are overpaid and that all of the “nonsense” colleges and universities are paying for is the reason for the stupidly high tuition. I currently have 3 in college and if it wasn’t for my VA benefits helping, I’d be looking at 10 more years of work to help them out.

It’s ridiculous, but not one of my 3 have taken a loan yet. They work hard jobs and go to school. We help a lot, but they are also trying to keep themselves and us, out of debt.

BTW, they all want to do the service route( HVAC, electrical and plumbing), and while I’m for it, I do want them to get a degree, for when the time comes that their bodies no longer want to cooperate with them.

I had to finally accept the fact that I’m not immortal. I was immortal up to around 45 years old (53 now) Now I’m glad that my education allows me to point, rather than do.

Odie

Hopefully, by the time they get to where the body doesn’t want to cooperate, they will be a supervisor, scheduler or purchase agent or something along those lines if no degree.

5JC

25 years ago that was genius strategy.

Now that we are fast becoming a lawless nation of looters and freeloaders it seems useless. Why pay for things when you can simply take the? Borrow money and you will never have to pay back.

SFC D

I’m 61 and still immortal. I’m a little slower at it, and standing up without sound effects is a chore, but still immortal.

MustangCPT

Just call me Rice Krispies, because every time I stand up, all you hear is *Snap* *Crackle* and *Pop*!🤣

Last edited 1 month ago by MustangCPT
Fyrfighter

I’m a few years behind, but feeling the same. Made a stupid decision last summer, just after I got promoted.. seems that a few beers had impaired my judgement, and made me think that the offer to ride a bull was a good idea.. I damn sure covered, but got a separated pelvis for my trouble.. took my whole 4-day off, then went back on duty… my PA sister seems to think I should have taken a month or so off to recover.. ahh well..

Hack Stone

Why doesn’t Joe Biden demand common sense college tuition reform from the institutions of higher education? If they were not paying politicians tens of millions in salary as “professors”, maybe a degree would not be so expensive to begin with.

Roh-Dog

As the cost of a degree is made worth-less, the outcome of that sheepskin approaches zero.

Add to that concrete economic function, many, if not most, sour-mind mills (read: institutions of ‘higher’ ‘education’) required the vaxxxine, a fake and experimental, not tested, mRNA jabination to attend.

These in the least effected group by the chicomm flu put fear and diktats before logic, reason, and their own right to not be made servile by a state-corporation hybrid.

Fuck every single one of thesepeople‘.

This brain drain is going to be felt for generations, IF we ever recover.

And that is before we even get into the political realm!!!!!!!(link)

Fyrfighter

One of the many reasons I’m finishing my degree online.. along with the fact that I’m old enough to be the father of most others in my classes, and that due to their level of indoctrination, I’d probably kill most of them out of frustration if I had to sit in class with them.

Pecos Phil

I still have the old question: What about those of us who already paid off our student loan(s)? Do we get reimbursed?

26Limabeans

BOFO

Fyrfighter

BOHICA

TheCloser

As usual, the numbers make no sense.

How can that many people have that small a debt (<12,000), make payments for >10 years, and apparently not even come close to paying it off?

I guess the only important thing is that the Big Guy gets his 10%

SFC D

You gotta pay the vig.

26Limabeans

Inflation

USMC Steve

Maybe I am remembering wrong, but didn’t this wend its way through the courts, and did they not tell him he has no legal authority to do any such thing?

KoB

No, you are remembering correctly. The previous “plan” did go to SCOTUS and SCOTUS ruled that joe did NOT have the authority to do this. Now…is this latest a new “plan”, that will have to weave its’ way thru the court? Or is sniffy creepy just giving the finger to the court and saying “you can rule against me but you can’t stop me”? Maybe joe borrowed barry’s pen and phone?

Y’all think it’s bad now, just wait until “Big Mike” takes over next January…or before. Watch

SFC D

SCOTUS will rule that this plan is also illegal, but it will be AFTER the debts are forgiven and will be impossible to reverse.

Devtun

To paraphrase Andrew Jackson: The Supreme Court has ruled. Now let them enforce it.

Anonymous

…and the IRS seizes and garnishes $$$ galore.

SFC D

They should’ve been doing that with defaulted student loans all along.

fm2176

Let me get this straight…

I’m a “successful” young person. I graduated high school after being told for years by my family and teachers that I need a degree or degrees to truly succeed as an adult. My grades were good, but not scholarship material, I was never an athlete, and my parents can’t afford to pay 100% of my tuition, so I make the adult decision to apply for student loans, with the agreement to pay them back in full plus interest.

Reality sets in. My passion was genderqueer interspecies reproduction, and my degree focused on those studies, but there’s not a lot of demand for the Bachelor of Arts in Homobeastiality I spent six years earning. So, I’m now in my late-20s, working as a barista at the local vegan-friendly java shoppe, and trying to pay back the $60k in loans while I make $12/hr. (plus tips, but how many customers at those places are generous tippers). I have a few options: OnlyFans, where I can take just the tip; get a second and/or third job; or find a rich Sugar Daddy/Mommy to take care of me and hopefully pay those loans off. Oh wait, we have Sugar Daddy Extraordinaire in the White House! Thanks, Joe! I can go on about my adulting knowing that I’ve successfully avoided fulfilling my obligations!

rgr769

Welp, we know who has your vote in the General Election.