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President Biden: student loan borrowers enrolled in SAVE “who took out less than $12,000 in loans and have been in repayment for 10 years will get their remaining student debt cancelled immediately" (www.whitehouse.gov)

submitted 10 months ago by 0x815@feddit.de to c/usnews@beehaw.org

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"Borrowers who may be eligible for early debt cancellation to sign up for the SAVE plan at studentaid.gov," a statement by the White House says.

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[–] Midnitte@beehaw.org 4 points 10 months ago (2 children)

I wonder why that limit, and if they'll raise it...

[–] HumbleFlamingo@beehaw.org 12 points 10 months ago (1 children)

They're doing it in small chunks to make it harder for the Republican's to block it. I think the total is above $120 billion forgiven at this point out of the $400 billion target. Couple hundred million here, few billion there. They've been doing a lot better than most people understand at getting it done as best they can.

[–] Rentlar@beehaw.org 6 points 10 months ago* (last edited 10 months ago)

My uneducated guess is that banking corps getting "harmed" by the fact they can't suck money out of their borrowers will have to spend more effort putting each order through the courts.

At the very least, the more times that Biden's student loan forgiveness plan is blocked like this, it will get it into voters' heads that it's not the President and Democratic party's failure to act but co-ordinated obstruction by Republicans and the financial institutions.

[–] Sharpiemarker@startrek.website 10 points 10 months ago (1 children)

Probably because Republicans in Congress have been stonewalling the president's student debt forgiveness. He's been forced to lower the amount and the scope of the debt forgiveness several times.

[–] Midnitte@beehaw.org 3 points 10 months ago (1 children)

Indeed, I'm curious how they came to that specific number, though, and what they might plan for the future...

[–] HumbleFlamingo@beehaw.org 4 points 10 months ago

I think it's just a bunch of people reading through all of the laws and looking for any way it can be forgiven without congress, and without the SCOTUS.