Part 1: Joe Biden's new Student Loan Plan

President Biden has a new plan for student relief.

The proposed forgiveness plan is an alternative to the sweeping $400 billion debt relief program that Biden announced in 2022 and the Supreme Court blocked last summer. Since that court defeat, the Biden administration has worked through a negotiated rulemaking process to craft a regulation that achieves large-scale debt cancellation, albeit with a much more targeted approach than the last plan.

The Education Department will release a draft rule on the forgiveness plan to solicit public comment in the coming months. But the Biden administration is releasing more details of how the proposal will accomplish the president’s goal of sweeping debt reduction.

[veronicadoggone]

Paying for 20 YEARS!!! On a student loan... WTF! When did the cost of a 4 yr degree (basic university, not ivy league) become the same as a $400K house 🤦

[philipmassicotte]

This a good thing. People who are against it should remember that Trump forgave the PPP loans of millionaires and billionaires. So, FDJT!

[AMO]

This sounds great. Now make it so this never happens in the first place.

[liamfoxy]

The problem isn't the loans, its the interest. Its always been the interest. Make student loans a fixed 4-7 percent and reverse all the predatory rates and the crisis would basically vanish. People want to be financially responsible, but its impossible when it takes time to get hired and you are already in debt for twice what you took out by the time you start paying

[TenApplesforTime]

The same people saying if you can't afford college you shouldn't go are the same people who will look down on others for working low income jobs in service and retail

[tetramin]

Sounds like we need to reform the education system more than we need to pay off student loans.

[Ian-qumg]

This could change so many people's lives

[josephcourtright]

Ah yes student loans. The program which endures that collage gets exponentially more expensive.

[Lucas-foci]

So everyone who made bad decisions is getting rewarded and everyone who made good decisions and paid off their loans get nothing

[ithinkitmightbe]

As an aussie I cannot begin to fathom paying off a student loan for over 25 years, wtf america

[skitskert]

We need to get rid of all these damn programs.

[drlnielsen]

The forgiveness of interest and capitalized interest isn't loan forgiveness, it's relief from usurious lender practices. $20, 000 is not enough

[tancao]

Let’s go Brandon ! DammonkRats are a Mafia party!

[adaml]

Student loans should be given based on value/worth. You cant get a $500k mortgage on a $100k house. Same w/ car loans. Yet, they lend huge $$ on degrees that are worth little more than the paper they are printed on.

[Rygore_BoldHeart]

$20k debt forgiven is a drop in the bucket

[onesunghero]

Graduated twenty years ago. Haven't made the first payment and i never will.

[dlehcnj]

As a carpenter I think this is crazy.Joe Biden didn’t pay for my tools.

[thehillbillygamer]

Why should all the taxpayers that didn't get to go to college that work at a minimum wage job have to pay for this and they are paying for it because they pay taxes

[kaydim]

If a couple makes $230, 000/year, you are telling me that they need help with student loan repayments?
I will need more details for this one please.

[ohwhoaitzjoe]

I think we should expand student loan forgiveness for teachers. I believe it’s somewhere under 20k and has restrictions to only those teachers in low income schools.

We should also extend it to more classified staff and allow more roles in education some sort of forgiveness.

I think we can all agree teachers are a necessary public servant and that they’ve bad for the last decade or two.