Posted on 11/29/2023 8:39:58 AM PST by Red Badger
* Biden is sending emails to 813,000 student-loan borrowers whose loans were wiped out in August.
* It's a result of account adjustments to ensure all borrowers' payments are accounted for.
* This email comes just months after borrowers resumed federal payments after the pandemic-era pause.
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Check your email: Thousands of student-loan borrowers are receiving emails from President Joe Biden after their balances have been reduced to zero.
On Tuesday, the White House announced that about 813,000 borrowers whose accounts were adjusted in August will receive an email from Biden congratulating them on their loans being forgiven due to the Education Department's one-time account adjustment to evaluate which borrowers have met the qualifying payment threshold on their repayment plan.
A White House official said that the ongoing relief for borrowers comes on the heels of many not getting proper credit toward payments made on income-driven repayment plans intended to allow borrowers to make payments based on their income with the promise of forgiveness after 20 or 25 years.
"Congratulations — your student loan has been forgiven because of actions my Administration took to make sure you receive the relief you earned and deserve," the email from Biden says.
"For too long, the student loan program failed to live up to its commitments – and millions like you never got the relief you were owed because of errors and administrative failures," the email says. "I vowed to fix that, and I'm proud that my Administration has delivered on that promise."
Over the past few months, a growing number of borrowers have been receiving debt relief through the Education Department's adjustments to borrowers' accounts. In October, 125,000 more borrowers got $9 billion in debt wiped out through not only income-driven repayment adjustments but also relief through Public Service Loan Forgiveness.
(Excerpt) Read more at businessinsider.com ...
How do we compete with that?
Answer: We don’t.
How does he have the power to do that?
In direct violation of the SCOTUS ruling. Too bad we don’t have a functioning constitutional government.
I want my $8k student loan money that I PAID OFF back!!
“How do we compete with that?”
No way to compete with that. We just pay for it. And we’ll never be thanked.
I want my $80K student loan money that I didn’t take because I worked given to me because a penny saved is a penny earned so I EARNED that money!
/s/s/s
So, he's saying "We eff'd up and I'm PROUD we eff'd up. So vote Dem in 2024."
Lunchbucket Joe Biden
I want my $12000 that I paid as a ‘fine’ for Obamacare back.................
With a $34 trillion debt (soon to be $50 trillion) and an annual interest charge of $1 trillion, we DO NOT pay for it. Our kids and grandkids will “pay” for it through permanent inflation. So the students whose loan is forgiven get screwed in the end.
It’s like the COVID relief checks. Your $1,200 check was nice when you got it, buy you are paying for it through a 50% to 100% hike in the price of everything you buy.
Yes by refusing to make borrowers pay their debt’s the program has not lived up to expectations.
No more Government Financial Aid or backed loans. Every college has an Endowment from which to draw, or if funded by the public tax payers, every single year it be voted on how much is spent by a city or state, but to repaid by the Schools if the student defaults.
He doesn't.
I don’t know, but they are using emails to tell people their loans are wiped out?
emails, really?
My friends there will always be people in need. These people are not and it’s the squeaky nut getting the oil. They’re educated and vote left. Add to it an uncontrolled border, 87k IRS agents, and a new FBI building. Throw in a few weak-kneed republicans and we’re on the run. An election won’t fix it.
Can we take care of those in need without giving away the store? It’s doable and it starts with the house leaders we put in. Can’t see it happening because they have to cut first.
The student loan was a wealth transfer from students to the indoctrinators (universities). Loan “forgiveness” is a wealth transfer from taxpayers to the indoctrinated.
“And we’ll never be thanked.”
That’s EXACTLY what I was thinking! Ungrateful losers.
The headline needs to be put in full context.
1. There are more than 45 million student loans out there—so this article is discussing less than 2% of them.
2. More than 500,000 (about 60%) of the forgiven student loans are from a pre-Biden program (PSLF—more info at link).
3. The “new” forgiveness is less than 1% of the total students loans—a drop in the bucket.
4. Even this miserable less than 1% may still be subject to court review and rejection.
https://www.lendingtree.com/student/student-loan-debt-statistics/
Buden is a threat to the Republic.
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