Biden announces student loan forgiveness plan, 'final' payment pause extension

President Joe Biden announced Wednesday his plans to deliver on a campaign promise to provide $10,000 in debt cancellation for many Americans — and up to $10,000 more for those with the greatest financial need.

Details of the plan have been kept closely guarded, but borrowers who earn less than $125,000 a year, or families earning less than $250,000, will be eligible for the $10,000 loan forgiveness, according to a tweet from the president.

[kyqorioskygo]

Student loan interest should have never been above 1.5%. Student loan at 5% is ridiculous.

[mer]

Screwing over everybody who worked away through college everybody who worked instead of went to college by making them foot the bill.… Taxation without representation

[doomtomb]

This excludes: those that paid back student loans. those that just had a wage increase over the threshold.

[ecole]

I graduated in 2019 with modest (30k) student loan debt. I had a decent job through the pandemic, but I watched housing costs increase by 50% in those 3 years, all while the payments of my loans were looming. I have no other debt, but am still struggling due to inflation and housing costs. This is life changing for me, because it gives me a huge income boost.

[fishydubsfishing]

$10, 000 that will cover a lot of sexual ramps and alcohol induced parties why should I have to pay for that I don't even have a college education

[loganpedroza]

Yes, keep making these stupid loans while at the same time forgiving them. Genius.

[jiayouchinese]

Let's forgive irresponsible people but not help those that are hard working and/or careful with money.

[akaMyThought]

So they are giving 10k to 20k to people who signed a binding contract knowing they were taking money and had to pay it back and did not. They should be giving that money to the people you had to figure out how to pay there loans back and did. I spent 7 years paying back my loan and did it. I did not cosign with these people. That is there individual debt that they brought on themselves and signed there names to. This makes as much sense as telling me that everyone at work took a month off than showed up and the boss comes to me and says i know you have been here working 10 hours every day but uh well the other employees couldn't meet there obligations so we are going to take money out of your pay to pay them for what they couldnt achieve. That's fair they say.. wow screw this administration and Joe Biden. .

[gillbasketball]

"I aLrEaDy pAyEd mY lOaNs, tHiS iSnT fAiR"

[MyWasteOfTime]

No this isn't canceling the loan, its making all other tax payers pay for it!

[JD-twov]

The debt doesn’t disappear, taxpayers pay the debt. INFLATION!!!

[ashelinrose]

Calling students who are just trying to get an education, and being in monumental debt failures is absolutely ridiculous. Maybe try blaming the system that put Americans into over 1T dollars worth of debt in the first place instead. How dare we have the gull to try get an education in America? Truly, we should have known better.

[illreportbackinabit.]

What a great example!!!! Make a legally binding agreement and beg the government to pay your debt so you will vote for Brandon.

[thomwessels]

When do students who stood tall and PAID their loans get THEIR debt reimbursed,
or is this just for Poetry Degrees sought by irresponsible children who still live with
Mom and Dad? (Like John Fetterman did till he was 45 YEARS OLD)??

[yameshraberts]

oh sure, just make everyone else pay for your little handout...
inexcusable.

[-.TS.-]

What’s the cut off date for the loan? I unfortunately paid off my debt so I am looking to pick up more and have our children pay for it.

[bobbywilliams]

Yes let us hard working grunts pay for these rich kids education

[medlord]

How is that fair for those who worked hard and paid off their college tuition loans… I find it highly unfair.

[Parker--]

So as someone who has been paying their loans off for years, I am now at an economical disadvantage against people who did not pay their loans off. It is harder for me to buy a home, buy a car, start a business, get a loan, etc. I am punished for being responsible. Thanks, Joe.

[footlonghotdog]

This administration is like a slow moving F5 just zigzagging its way aimlessly across our great country!!