Check your student loan balance. President Biden Paid off my daughters Student loan last night.

[pwb]

She owed just under 10,000 and now her balance is 0$. Just wonderful, She is crying on the phone.

[Hermit-The-Prog]

1. People should not be burdened with a lifetime of debt just to be educated.

[Hugin]

3. Yep.

Commoditization of education is criminal.

[alphafemale]

12. Especially a teacher for near poverty wages.

[Hermit-The-Prog]

13. I have family members who are teachers in Kentucky!

[PatSeg]

31. And it isn't just the cost of people's education,

it is the insane interest rates that they end up paying over the years. It is usury. Most of these people have paid the initial loan amount several times over, but are bogged down paying off interest for much, if not all of their adult lives. What kind of society does that to their young people?

[vanlassie]

2. That ought to cement some life long DEM votes!

Outstanding! As a taxpayer, I could not be more thrilled.

[boston bean]

4. I checked my sons. No difference.

Did he actually do this?

[Celerity]

6. He has not even announced anything yet, I do not see how balances owed could

already be wiped out or have $10K taken off (if that is indeed the number he is doing).

[JohnSJ]

8. He is suppossed to announce it today. So it could not have taken effect yet

https://apnews.com/article/student-loan-forgiveness-Biden-63cf586156ad9cf7f71fe3656cf898f8

[Celerity]

15. Yes, exactly. Very interested to see what he decides. Surely he also keeps the repayment

pause in effect until next year as well. It would be crazy bad for us politically if he allows payments to start a month or two right before midterms and tens of millions get hefty new bills to pay in September and October.

[JohnSJ]

18. I agree Celerity

[Sympthsical]

52. Yeah, I've not seen this from anyone

My partner's probably ineligible because he makes too much. But he has access to niece/nephew accounts because we sometimes pay them (their father, my partner's brother, died eight years ago of brain cancer, so we're all kind of raising four children on account).

Just glanced, and no change in anyone so far. I imagine OP's daughter was in some kind of program.

I've not seen anything from friends on FB, and those people would be shouting it from the rooftops.

Edit: Nothing on Reddit either, which is prime Student Loan real estate.

[pwb]

11. She works for the Veterans Administration.

Her's is real. I tried coping the receipt but am not good at that. 3 loans were all paid in full. Maybe Federal employees got it first. Joe likes them.

[littleredhen]

40. Nothing here either

This thread got me excited.

[gab13by13]

5. I went to a branch campus of Penn State

back in the 60's and then 2 years at the main campus. Back then I had no problem paying my way through college. My how times have changed. Universities have obscene amounts of money and yet raise tuition every year.

To put this in perspective, I follow college wrestling, back in the late 70's early 80's I joined the Penn State wrestling club for 25 dollars a year. I never needed their tickets I could always buy my own, no problem. I didn't want to sit beside wine and cheesers anyway, I was a beer drinker. Single meet tickets were 4 dollars, today you not only have to join the wrestling club, I have no idea what it costs, but you have earn points by giving additional money to the university and then you get put on a waiting list to get season tickets. A single meet ticket today costs as much as 450 dollars, so they tell me.

[JohnSJ]

7. and with the upcoming midterms just a couple months away, instead of being appreciative, some

from the progressive side instead use the opportunity to say it isn't enough, and incorrectly say that "President Biden promised to cancel their student loand"

What President Biden campaigned on was a student loan forgiveness of up to 10K, and that is exactly what he has delivered.

He will announce it today

https://apnews.com/article/student-loan-forgiveness-Biden-63cf586156ad9cf7f71fe3656cf898f8

[pwb]

14. My Daughter works for the V A

Federal employees may have gotten the first happy news. Hope it is for all or I will feel foolish.

[JohnSJ]

16. Excellent. My Daughter has about 3K left on her loan, that will help

[tavernier]

9. I don't really understand the rules to this

The former students of some schools are automatically eligible as well as certain people with disabilities, and anyone who has had student loan debts for over 20 to 25 years? Or not? And some will owe taxes on the amount that was forgiven? The breakdown seems to be a bit confusing. But according to your post, those who are eligible will know right away when they check their payment balance?

Happy for your daughter. Remains to be seen if my three family members swimming in old school loan debts will get any relief. Hope so!

Thanks for your post. I will advise them to check their balances.

[pwb]

19. The income limit is $125,000. I am not sure if the payment is considered income?

I doubt Joe would do that but It is still better to pay tax on $10,000 than pay back $!0,000. Best of luck to your family.

[DetroitLegalBeagle]

38. Debt forgiveness is typically taxed as income by the IRS

Not sure if the President can waive that or not.

[fescuerescue]

55. What year is the income based on?

Hopefully 2020.

[obamanut2012]

17. How? It hasn't even been implemented yet

[GB_RN]

20. Sounds Like She Was In The PSLF Program...

Public Service for Loan Forgiveness. 10 years of qualified payments while working for a non-profit or government agency, and all remaining debt is forgiven. Under Dolt45, very few applications were approved for the program and fewer still had their debt removed once they had completed their payment requirements.

The 10 (or whatever number) years of payments could be retroactivity credited to your balance of 120 payments if you were already making payments at the time you applied for the program, as long as you had documentation that you had been working for a qualifying agency.

[pwb]

21. No she was in the regular loan program.

Only been working for Uncle Sam for 3 years. What you describe sounds like a puke program which usually equals not much.

[GB_RN]

27. No. PSLF Was Created Under Obama.

It was an effort to 1) promote teaching, nursing, etc, and 2) for people in those professions to have a way to alleviate their debt in exchange for their years in public services (where salaries aren’t the highest).

Betsy DeVos and Agent Orange abused the program - she owns a student debt collections agency - but it DEFINITELY is not a “puke program”.

As a nurse, I’m in the program and recommend it.

[pwb]

28. I thought you said it started under 45?

I misread that.

[GB_RN]

36. Not At All.

I said that under Dolt, few applications were approved and fewer still had their qualified debt forgiven. No mention made of when the program was created. 😉 All good, though.

[oswaldactedalone]

24. Even as a person

who knew some Phi Beta Kappas, I have no idea what all that means.

[Farmer-Rick]

25. Yeah, I think you're right

My daughter got some forgiveness for having worked for the Alzheimer's organization. But under Trump it was never credited to her. But now she is getting credit for it.

Also, he is forgiving those people who got defrauded like with ITT.

I found this info helpful this is what has already been forgiven:

"$9.6 billion in student loan forgiveness under the Limited PSLF Waiver, an initiative that temporarily expands relief under the Public Service Loan Forgiveness program. The Department estimates that 175,000 borrowers have benefited so far.

$9 billion in student loan discharges for 425,000 disabled borrowers through the Total and Permanent Disability (TPD) Discharge program. This includes borrowers who had prior loan reinstatements reversed due to bureaucratic issues, as well as borrowers who had their loans automatically discharged through a data-sharing initiative between the Education Department and Social Security Administration."

https://www.google.com/amp/s/www.forbes.com/sites/adamminsky/2022/08/18/biden-administration-approves-32-billion-in-student-loan-forgiveness-and-more-is-coming---heres-how-to-apply/amp/

[USALiberal]

22. This is not been implemented??? How did that happen for your family

[pwb]

26. All I can think is Federal Employees were to be presently surprised

first. I hope It is for all.

[AntivaxHunters]

23. I'm over $165k in debt

I will NEVER pay it off in my lifetime.
What about people like me? Don't we matter?
And before the chants of "you took out a loan, pay it back!" begin, understand I'm legally disabled & too ill to work. I rely on just $800 a month to live on.

What about us????

[viva la]

29. It would be great if they changed the law...

To make student debt dischargeable in bankruptcy.

It's like they (not Biden) went out of their way to make sure former students are trapped.

[AntivaxHunters]

30. You know who's responsible for that right?

Google that because I don't think I'm even allowed to say who is.
I'm bowing out of this discussion because I'm genuinely furious & angry.

[Farmer-Rick]

32. Yeah, they are giving forgiveness to 100% disabled students

But it looks like you have to be fully disabled. Not like me that's only 30% disabled.

My daughter is in the same situation as you. She got a $60,000 loan but thanks to compounded interest, she now owes $120,000 after paying for 7 years.

Students loans are just another capitalist scam. I would never recommend it ever again to any student.

[AntivaxHunters]

37. Well said

Thank you

[lostnfound]

88. Student loans were fine in the 1970s - 1980s

Small, very low interest, and back then wages were rising. Ruined thereafter by much higher interest rates and rising tuition.

[W_HAMILTON]

62. I will still have student loan debt after the $10k forgiveness...

...and yet I am still very grateful for what Biden has done and I am thankful that the $10k forgiveness will wipe out the entire balances of numerous borrowers and lift a burden from their shoulders.

Stop being so selfish and only caring about yourself. It's called PROGRESS.

[AntivaxHunters]

63. This doesn't make sense

How am I "being selfish" when I want all student loan debt relief erased?
That isn't logical & makes no sense.
Talk about lacking class consciousness, you win the trophy.

Meanwhile............



We have a healthcare crisis in this country.
We have a severe shortage of healthcare workers & this includes doctor's.
Student loans are a big part of the reason why too.
Are you aware that the average student loan debt for medical students graduating medical school is nearly $204,000?
That's a figure cited by the Association of American Medical Colleges.

[W_HAMILTON]

66. It does make sense when you go back and read your very self-centered message.

And just to reinforce the point, you go and make this post primarily about yourself once again. No thanking the Biden administration for taking this unprecedented step that will completely lift the burden of student loan debt from many Americans. Not even a "this is great first step, thank you Biden, but let's keep pushing for more." Nope. Just a woe-is-me attitude towards the whole thing.

And don't try to claim that you are for canceling all student loan debt when you have just been shitting on the $10k forgiveness that WILL cancel all student loan debt for a significant portion of borrowers. Don't hide behind that easily-seen-through bullshit. You want all YOUR student loans canceled. You don't care that other people just had theirs canceled. So, yes, it's a very selfish attitude.

[BannonsLiver]

65. You owe $10,000 less.

Do you always complain when people give you free money?

[samnsara]

33. are these just federal loans and do people have to apply?

[Farmer-Rick]

35. Yeah, for now it only affects federal programs

This is such an awful way to treat our students.

Saddle them with never ending debt just so they don't have to work digging ditches. Capitalism a never ending con.

[The Jungle 1]

34. My son still has the same number of years on his ROTC military commitment!

[oldsoftie]

44. Good point. Smarter kid too I would say. He'll get more in his future.

Meanwhile, we're paying for other peoples debts. great.

[The Jungle 1]

51. I am not against the idea of lowering the cost of school.

I am not against helping people that have taken on this huge debt. I just think my kid should also get some consideration.
The worst part is a lot of the degrees folks get are worthless. Graphic Design. 16 - 17 dollars an hour.
I know a guy that just signed up to serve an apprenticeship with a power company. Two years in college and utility training, two years on the job training. Ending with six figures. Go union!!!!

Bottom line is we give out way more is socialist corporate welfare then we give out is socialist social welfare. We can afford to help American citizens. Why do we build sports stadiums? Why do we give billions to oil companies? Why do we have a 500 billion farm bill? As soon as republicans start talking about reducing corporate welfare I will listen.

[spanone]

39. K&R

[lindysalsagal]

41. OMG!!!! Take THAT, GQP!!! Let's see that approval rating jump!

wOW!

[Groundhawg]

42. Don't alert on me but I'm not for this

While I absolutely do sympathize with those struggling with student loan debt (and something really needs to be done about the cost) , it simply isn't fair to all of us that literally broke our ass to pay them back,
And 300 billion definitely will add to the inflation problem, and certainly colleges will see this and potential future loan forgiveness as a piggy bank and raise prices even higher.

[pwb]

43. I never alert on people.

I feel good that others are getting help that I didn't.

[oldsoftie]

45. No, it's NOT right at all. Make better choices before going into debt.

That debt doesnt go away its just added to the US debt.
Stop going to overpriced schools. Stop getting over priced degrees that don't come with a comparable high income. THINK.
University costs should be looked into as much or MORE than oil companies & medical costs. because college costs, historically, have risen FASTER than medical costs.
So why aren't Universities being called out for "gouging"?

[Pobeka]

53. In my state, state funding for higher education dwindled over time, directed primarily to k-12.

This was an important factor that led to higher college tuition as that subsidy decreased. Of course, all those years we were paying into the state coffers didn't count just as our two children went to college.

[AntivaxHunters]

56. Ya let's keep exploiting people for getting an education!

What a brilliant hill to die on!
I'm sure that will win us elections in an age when young voters are the largest voting bloc and student loans is a top issue among them.

[MissB]

74. lots of companies look for people with a college degree

and will hire someone with one over someone without. Fair or not, that is the world we live in.

Folks want to live well. College is often a path to a better life.

Tuition was $500/term when I started college. That wouldn't even pay for a 3-credit class nowadays, let alone full time tuition. I was still able to borrow the maximum student loan amount, which hasn't changed much since I was in college.

Note: I paid for my loans in full. My kids got through college without any student loans, because they earned academic scholarships that covered the full cost plus a stipend.

I don't begrudge today's graduates that $10k erasure.

[AllyCat]

84. Thank you MissB!

[AntivaxHunters]

54. People should suffer because you did

is not a path towards winning elections.

[Sympthsical]

59. Also starting on second base and thinking you hit a double

I've seen more than one story around these parts, "When I was in school, I had a part time job to pay for things! Students today are so lazy."

It's like they don't fathom how much tuition has increased over the years even at state schools. I'm paying for my return to school out of pocket, and every time I see costs, I keep wondering how 18 year olds are expected to pay for it all. $500 a semester for textbooks no one will ever need or look at again. (Which I obviously don't pay, because the internet exists).

I paid off my previous student loans. I want relief for others, because having people locked into this kind of indentured servitude for twenty to thirty years for merely seeking an education is a completely absurd situation.

With these state school systems, I want to see administrations hauled in front of law makers to start justifying not only these stratospheric costs but some of these jobs. "What is it exactly you do all day? Meetings? Hmm. And what gets done during these meetings?" Administration size has exploded. What are we paying these people to do? Because anyone who needs the administration to do anything at all finds it very hard going.

It's time to introduce a little efficiency in these things.

[oldsoftie]

68. That is one of my points. WHY is no one ever holding these admins up for scrutiny?

Many of these colleges are ripping off the students simply because of their NAME. And a name on a degree doesnt guarantee you a job. As someone who worked closely with the interviewers at a major company; the college didnt matter. The INTERVIEW did.
And so many degrees that are 1/2 useless in the market anyway.

[MissB]

76. State schools are expensive too.

I picked the state university that I attended, not one of the big two in my state. Costs still pencil out to about $26k/year. It's a deal compared to the two big state schools.

For the most part, college degrees help with the soft skills (except for things like nursing or engineering). Employers still want college graduates.

[samplegirl]

58. Great you were able to pay your kids student loans

Not all of us were that lucky. My husband lost his job of 31 years while paying on my daughters student loans.
So we had to get our own student loan so my husband could find work.
Still working and paying at age 65

[Sympthsical]

60. I have four nieces and nephews who lost their father suddenly

My partner and I and their grandparents pay for most school things. We've been guiding them through two years of community college, then finish up at a UC.

But not everyone has that wider family that can just step right in. So, what, if you're not already privileged in many ways, no more school for you?

It's very 1800s of us.

[Wingus Dingus]

70. I am not for it either--and my son does benefit from it.

I just think it's a bad and unfair idea. Would have been better to make the loans interest free or very low interest, income-based repayment scale, generous forbearances etc. The magic wand is stupid and is a naked grab for millennial/Gen Z votes.

[AllyCat]

83. Not going to alert on you.

Just refuse to share in your woe-is-me pity party. Biden has done something wonderful for many. But because you didn’t get yours, no one should?

I’ve been paying for a nursing degree for 18 years and still owe thousands. I qualify for PSLF but my employer refuses to sign the ECF form. This gets around that. I’m thrilled but to you, I suppose I’m just another taker since you don’t benefit.

Thank you President Biden is a great response.

[Evolve Dammit]

46. awesome! I love happy endings!

[Upthevibe]

47. Awesome! n/t

[Jack the Greater]

48. The American taxpayer paid off your daughter's student loan.

Credit where credit is due.

[pwb]

61. Taxpayers don't make things happen.

Joe Biden's policy did this. For sure it wasn't a puke policy.

[Celerity]

64. The American taxpayer pays for a shedload of the things you and everyone else uses to live in the US

Welcome to DU, btw

[Wingus Dingus]

67. Yes. Including people who never went to college and don't benefit at all

from the investment into someone's kid's degree. They are all picking up the tab for someone else's son or daughter.

[MissB]

72. we all benefit in some way

A better educated populace is important for the strength and future of this country. Young people being able to buy homes before they're 40 is good for the economy, as they'll spend even more money to furnish, fix and add to the homes. Those purchases support small businesses and large companies.

It isn't as simple as someone just getting $10k for nothing.

Heck of a lot of kids these days have taken private student loans to bridge the gap between what college costs and the small amount of federal loans that a kid can take on over the 4 years. Folks like me went to college in an era where tuition was $500-$1500/term, all in. It isn't like that anymore.

[Wingus Dingus]

73. This doesn't help build an educated populace. It's a cash giveaway before an election.

It's a giveaway to people who are already societally advantaged, by the way--the degree earners. Many people never go to college.

[MissB]

75. College helps build an educated populace

I fully support Biden's action today.

I don't benefit from it in any way. I've already paid my student loans. My kids earned full ride academic scholarships, so my cost for their college was... nothing.

Wiping out $10k in debt will have a cascading effect on those peoples' lives. It won't be immediate.


Folks are more likely to vote on abortion issues than a mere $10k in student loan debt.

[Wingus Dingus]

77. Carefully targeted cash handout to the younger demographic, with the hope they will vote

for Democrats. It's pretty easy to see it for what it is. It does not make college more affordable for the future. Edited for wonky grammar.

[AllyCat]

87. I'm in my 50s. I still owe on a nursing degree

Making blanket statements like this sounds really misleading.

[AllyCat]

86. My tax money well spent.

An educated society will be there to care for us as we age. The tax money I spent on PPP loans for Republicans really was a bad purchase. I think the American students and youth will do a better job.

[Hekate]

49. This is fantastic news

[AllaN01Bear]

50. if it wasnt for the board of governors fee waiver , i wouldnt have been able to goto s

college. this is a big thing for many.

[samplegirl]

57. Wonderful

It’s better than nothing.

[sarcasmo]

69. The Democratic party cares.

[MissB]

71. I paid back every cent of my student loans (took the max federal student loan amount)

Back when I first started college at a state school, one could almost work full time over the summer pay for tuition, books and fees. I had the great joy of being on my own - couldn't go home and crash with a parent over the summer, so I needed to pay for living expenses. I ended up taking the maximum student loans so that I could afford to live in a rental apartment. I was also studying engineering, which is a fairly demanding course of study. Homework would often eat up 5+ hours a night.

So eventually I graduated. Married, kids. Took the slow route to paying for my loans.

Do I begrudge younger folks the $10k help that they're getting today? Heck no. They're faced with some significant tuition costs. My first tuition bill was $500/term or $1500/year. The cost for that same state college is now $3600 per term in tuition alone, not including fees or books. Add in housing costs and you're looking at a fair amount of dough each year - I'm guessing around $26k/year. The max fed loans a kid can sign up for is about $31k total, spread over the 4 years.

The federal government made an investment in my career by allowing me to borrow $. My career has been great - I pay the equivalent inital total balance amount in taxes to the feds in just over a year. These kids that are getting the $10k are getting a bit of a break, but we're also saddling them with evermore debt. They'll get some breathing room, and in some cases they'll have their balances wiped out. They can then think about using that $ to pay for a house or other consumer purchases. It's all good.

Folks that have already paid their loans - good for you (and me). We paid off the loans that helped us go to college in an era where college was cheaper. It is an investment in the young folks and in the country. Stop complaining, please. It isn't pretty.

[Shrek]

78. The NelNet site seems to be overloaded at the moment

Not that I'm surprised.

[helpisontheway]

81. I checked my balance an hour prior to announcement. No change. Nt

[Trueblue1968]

79. happy tears

[pwb]

80. Yeah Happy tears

So rare these days.

[eppur_se_muova]

82. studentloan.gov show my account current as of ***2014***

No payments made since are reflected. Sent them a complaint.

[madville]

85. It's a nice gesture

But doesn’t mean much for those that owe more, if someone owes 60k, suddenly owing 50k doesn’t wean much, probably makes them made more than anything.