Biden Administration Forgives $39B of Student Debt in Income-Driven Payment Plans

Seeking Alpha2023-07-14

The Biden administration on Friday announced that it will forgive $39B in student debt for 804,000 borrowers in an effort to fix the federal student loan system's income-driven repayment plans, ...

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Echowhiskey
2023-07-14
Echowhiskey
After20 to 25 years... debt free? Can i sign pay until i die?
klarky
2023-07-14
klarky
Part of being an adult is, you take a loan you pay it back!! Not the people who are actually financially responsible! Democrats will try to buy as many votes as possible I guess.

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Any debt left after that period is then automatically forgiven.The Education Department said the fixes address historical failures ","collect":0,"end_time":0,"defaultTopTitle":"seekingalpha.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"SOFI":"SoFi Technologies Inc."},"translate_title":"拜登政府在收入驱动的支付计划中免除了390亿美元的学生债务","themeId":"","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"SOFI":1.1},"content_text":"The Biden administration on Friday announced that it will forgive $39B in student debt for 804,000 borrowers in an effort to fix the federal student loan system's income-driven repayment plans, according to media reports.Under those plans, borrowers pay a fixed percentage of their income for 20 or 25 years, depending on the plan's terms when they took out the loans. Any debt left after that period is then automatically forgiven.The Education Department said the fixes address historical failures in administering the federal student loan program for the income-driven payment plans. Payments that should have brought a borrower closer to paying off their debt hadn't been properly accounted for, the Education Department said.\"For far too long, borrowers fell through the cracks of a broken system that failed to keep accurate track of their progress towards forgiveness,\" said U.S. Secretary of Education Miguel Cardona.Under the fix, the administration counted partial or late payments and credited borrowers who had paused payments in certain deferments and forbearances.The move came after the Supreme Court on June 30 struck down President Biden's plan to forgive up to $20K of student loans per borrower in response the pandemic.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":197886272077960,"gmtCreate":1689346491859,"gmtModify":1689346495956,"author":{"id":"3586927510697647","authorId":"3586927510697647","name":"Echowhiskey","avatar":"https://static.tigerbbs.com/094b10d09de8295aa44524e91fdc3efc","vip":1,"hat":"https://static.tigerbbs.com/b0a2963eb37c60c5d6d4a8dbcd266952","crmLevel":2,"crmLevelSwitch":1,"authorIdStr":"3586927510697647","idStr":"3586927510697647"},"htmlText":"After20 to 25 years... debt free? Can i sign pay until i die?","listText":"After20 to 25 years... debt free? Can i sign pay until i die?","text":"After20 to 25 years... debt free? Can i sign pay until i die?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/197886272077960","repostId":1131870053,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":197883906371624,"gmtCreate":1689345860414,"gmtModify":1689345864456,"author":{"id":"4126097619390902","authorId":"4126097619390902","name":"klarky","avatar":"https://community-static.tradeup.com/news/440ae307ae3a7b5cc1f7c25d579801d8","vip":1,"hat":"https://static.tigerbbs.com/b073a07f77dbe6b3bec6b12311fde6bd","crmLevel":5,"crmLevelSwitch":1,"authorIdStr":"4126097619390902","idStr":"4126097619390902"},"htmlText":"Part of being an adult is, you take a loan you pay it back!! Not the people who are actually financially responsible!&nbsp; Democrats will try to buy as many votes as possible I guess.","listText":"Part of being an adult is, you take a loan you pay it back!! Not the people who are actually financially responsible!&nbsp; Democrats will try to buy as many votes as possible I guess.","text":"Part of being an adult is, you take a loan you pay it back!! Not the people who are actually financially responsible! Democrats will try to buy as many votes as possible I guess.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/197883906371624","repostId":1131870053,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":17,"commentSize":2,"repostSize":2,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1131870053"}