President Joe Biden has announced a new forgiveness program after months of speculation.
The plan will forgive $10,000 of student debt for individuals making less than $125,000 per year and up to $20,000 for Pell Grant recipients. It also applies to couples with a combined annual salary under $250,000.
Biden is scheduled to give a speech on the announcement Wednesday afternoon.
Critics argue that spending vast sums of money might buy votes but it won't solve the college debt problem. Even The New York Times editorial board called it a “bad idea” in a May 14th editorial.
A CNBC/Momentive poll of 5,142 adults conducted between Aug. 4 to Aug. 15 found that 59% of respondents worry forgiving student debt will make inflation worse. The poll has an estimated margin of error of plus or minus 2 percentage points. Others say it will breed resentment from the vast majority of Americans who either didn't go to college or had to pay off their loans themselves.
Despite being the largest forgiveness of federal student loans to date, progressives are already complaining that it doesn't go far enough.
The Hill has more on Biden's plan:
The move comes just a week ahead of the White House's self-imposed Aug. 31 deadline. The timing has left millions of Americans waiting for guidance from the Department of Education on whether student loan payments that have been deferred since the start of the pandemic would resume next month.
…
Since Biden has taken office, his administration has greenlighted over $31 billion in student loan relief for hundreds of thousands of borrowers. But that relief has only extended to certain cases, including for those who have attended schools found to have misled students, borrowers with disabilities and those participating in the Public Service Loan Forgiveness program.
But the $10,000 in forgiveness for a much wider breadth of borrowers will likely not satisfy some Democrats or activists who have pushed the Biden administration to forgive much more in federal student loan debt.
In May, Senate Majority Leader Charles Schumer (D-N.Y.), Sen. Elizabeth Warren (D-Mass.) and Sen. Raphael Warnock (D-Ga.) met with Biden to push for forgiveness. Advocates and other Democrats, including Schumer, have pressed for forgiveness of $50,000 per borrower or to cancel debt entirely.
This story is developing. Stay with American Liberty News for the latest updates.
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No one ever paid me back for school that I paid for this is bullshit
What about some relief for people saddled with debt from medical bills that they didn’t apply for ? It really irritates me to give deadbeats forgiveness.
For those that have made an honest effort to repay their self incurred debt and did so need to join in unity and initiate a class action law suit alleging discrimination to recover their paid share. It is not fair to all who borrowed the money with honest intent and who paid it back. If Biden insists on giving debt relief to select individuals then all who borrowed should get the same relief.
But those who want this think it is a gift from the government and no one has to pay. They don’t understand that the government’s money comes from taxpayers. Just like they do not think that illegals get any help from the government. They don’t know the government is the People. Shoot the government doesn’t know that it is the People not them there.
And yet another lesson in “how not to be responsible.” All three of my children took out loans. I had to take them out (for them) too. I paid them back. They’re still paying. That’s exactly how the system should work. I didn’t ever expect other people to step up and pay my bills for me. I shouldn’t have to pay other people’s.
Liberals have been demanding this since the start of the Obama days. They have gotten more insistent with this weak fool Biden.
MSDNC has done several sympathetic interviews with student loan defaulters.
They claim their education “improves the country and enhances the fairness of society.”
They believe they have “sacrificed” for the country, so everybody owes them.
They are oblivious to the fact that their taxes will go up too.
What about the people who made $50,000-$75,000 a year through the last 19 years who paid off their student loans? What about us? We did the right thing! We took out the loans and promised to pay it back and we did. I think that shows we are people of good character and have integrity. Will your next bright idea be to also pay off people’s credit card debt?
They don’t care about you. They want you to pay but not the people who make more than you and me.
Well there’s some more votes for the left wing loonies. Hopefully that will be more than offset by the taxpayers that have to pay that bill and they vote against every democrat, regardless what office they are running for.
Colleges should pay down loans since students pay loans to attend colleges
(minus expenses)
When they finally admit who pays for all of this it becomes a problem.
But the lefty loons think the government pays and don’t know who pays the government.
You want your college paid for, join a branch of service! Serve Uncle Sam and you will be rewarded. How come this is never promoted anymore? I paid for my own college plus the help from the Reserves and I’ve been responsible saving for my kids college, when that time comes. Too may deadbeats in this world and we’re paying for them to sit on their a$$es.
prepare for the price of college to rise in parallel. . .
Continuing to ruin our country😡 vote no!!! I have a daughter and grandson with student debts, but it was their choice to go to college and certainly do not expect the government to pay them back. Why don’t YOU quit spending the Americans hard earned money and why don’t You quit living off the taxpayers money. Maybe then you will see how the real people feel!!!!!
Just another attempt to buy votes in November and in 2024…….I can hear it now….”Look what “we” did for you, we paid off your school loan. Oh, by the way, don’t forget to claim that $10,000.00 on you income tax next year !!”
I paid my son’s student loan. I did not take a “breather” during covid. Now that it is paid I will not get any money. This is bullshit. I wrote the WH and told them so. So if we flood the WH with emails that this is BS they’ll get sick of it. We need him out of office. We need the whole lot of them out of office. I told them they could take 10k off my mortgage if they were giving money out. But what those bozos who wanted this do not realize someone else will be carrying this debt. It’s just the big shuffle. WE need our country back.
Every penny the schools get in money from government backed loans the school raises the cost by $.60 on the dollar! So those schools are screwing the taxpayer and the student over half the cost of college.
Pell Grant recipients. don’t ever have to pay that money back, what a commie donkey hole this commie demented finger rapist is (tara reade)
It should be back dated 10 years and have no cap, so there will be no discrimination.