Did Anyone Actually Get Student Debt Cancelled? We Investigated

The Biden administration has now canceled $168.5 billion in student loans for 4.7 million Americans. Even after the Supreme Court halted Biden’s major debt relief plan, Education Secretary Cardona found legal ways to forgive student debt. Now 1 in 10 borrowers have seen loans forgiven.

To be clear, there’s still more work to do. It took public pressure to get Biden to move on this issue, and it will take public pressure to cancel more student debt going forward.

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[jamesheuer]

Let’s not forget Governor Reagan! State University tuition and fees in California was free! Reagan cuts taxes, and cut free college tuition! No problem for the wealthy, but now middle class people took on loans! Then, President Reagan did the same thing to all state university subsidized tuition! Cut taxes and increased the national debt by 187%! In 1969, Medical school tuition and fees at UNC-Chapel Hill was $587/year!

[annepeiffer-mgr]

The fossil fuel industry gets $20 billion in subsidies and makes trillions of dollars in profit. Loan forgiveness is chump change in comparison.

[scifirealism]

Reddit thread:
What's classy if you're rich but trashy if you're poor?
Getting government money.

[MinutesGrow]

It's even worse when you know that the government can actually AFFORD to cancel the debt but simply choose not to.

[WilliamCarterII]

My mother borrowed 30, 000 in the 80s and became a pre school teacher. She paid her loans every month, got married, raised 5 kids and retired from teaching. When her loans were forgiven for disability reasons, she owed about $40, 000😐

[mikecontreras]

It really boils my blood as a combat veteran who got out and got to benefit from my GI bill hear people get upset that others get to go to college for free or get their loans forgiven. I am glad that people get that no one should have to pay for an education in this country. It benefits all of us if there are more people working and paying taxes and buying stuff to fund the economy not sitting at home eating ramen because they cant afford to live a comfortable life. We pay nearly a trillion dollars a year on defense and most of that money goes to private companies, and we aren't even in a conflict anymore. We need to invest in our people and not the military industrial complex.

[bonniegaither]

Nobody should be paying a student loan for 25 or 30 years. That’s a mortgage.

[jessicamorrell]

My $48, 000 was forgiven. I originally borrowed $14, 000 in 1997.

[ertnyot]

Why do we need to find more and more “legal avenues” to cancel student loan debt but the rich and corporations get billions without a second thought?

[loisthomas]

We need term limits for the Supreme Court and stop bribes disguised as gifts

[gigaus]

Something that didn't get brought up here: The amount of student loans provide in revenue to the US gov. pair really well with how much government subsidies are given to big corps. Eliminating the debt would mean less money to be sent to big companies.

[leelindsay]

There are people who have paid back the ENTIRE amount that they used for school, but INTEREST caused many students to still be paying interest on the initial amount without yet touching the principle of the loan. Don't let folks lie about "other people are paying your debt" or whatever. The government student loans are not a "real owed" amount. It just is a bit of white out on a page that can help people spend their money on groceries, housing, stuff with family, etc ....instead of paying a student loan. Its why the economy didn't tank like the rest of the world.

[joekelley]

I borrowed $6000, was disabled but then had to drop out to go to work to survive and couldn’t catch up. So now after 30 years, I’m on social security and still owe over $20, 000 after interest. Never graduated or made big money. What a scam for the banksters. Thanks, for nothing.

[TheHsubh]

Some people are so angry and hateful about this thing that helps such a huge number of average people. I don't know why people are so evil.

[vgstb]

Everybody in the swing states (Georgia, Arizona, Michigan, Wisconsin, Nevada, North Carolina and Pennsylvania) should regularly check if their voting registration is still valid and has not been retracted under false pretence like it has been happening to thousands of registered voters in the recent weeks.

[Illegiblescream]

I’m glad it’s happening for them.

I didn’t go to college because I was terrified of being crushed under loans, and I wake up at 3 am to work in a warehouse.

I had dreams.

[scifirealism]

I'm 29 and at community college.

I've spent 10 years trying to get a bachelor's degree and not only do I not have half of that, I don't even have half of *that* (30 credits).

When I was 18 years old, in 2013, I went to community college. I had to rely on welfare/Medicaid because higher education doesn't offer adequate health insurance.

But because welfare isn't an unconditional cash transfer, I couldn't use my health insurance to take care of my sick mom.

She was sick for six years, on oxygen, from 2017-2023. She ultimately passed away.

The stress from this caused me to flunk out of school, lose financial aid, and not get it back despite the financial aid office knowing what happened to my sick mom.

Screw this POS country

[FrankumII]

When the rest of the developed world get free college education, & then are able to work within the us, they have an advantage over us from the beginning. Imagine not having to pay $30, 000 to read from a book, show up on time, & learn how to pass more tests. How does education cost so much, because in America the prices for books are all for profit, when generally they update very little in between editions & charge free information for $200 a book.

[Deescizzle]

Please, do this for ALL student loans! And please create a path so this never happens again.

[ryanmortenson]

I was just forgiven my loans through the PSLF program. It is a crazy feeling to have such a burden lifted off over night. Now we can make bigger payments towards my wife's loans.