Mitchell Epner: The Biden Administration has made SAVE retroactive for 10 years, meaning that anyone who took out less than $12k of student loans and has been repaying for 10 years IMMEDIATELY has rest of their students loans cancelled. Community college students will receive most of this relief. Spread the word!

The Biden Administration has made SAVE retroactive for 10 years, meaning that anyone who took out less than $12k of student loans and has been repaying for 10 years IMMEDIATELY has rest of their students loans cancelled. Community college students will receive most of this relief. Spread the word!

Statement from President Joe Biden on Early Student Debt Cancellation for Borrowers Enrolled in SAVE...www.whitehouse.gov From Day One of my Administration, I vowed to fix the student loan system and make sure higher education is a pathway to the middle class – not a barrier to opportunity. Already, my Administration h...

According to the AP article on this, students who borrowed more than $12k will also be eligible for forgiveness, with an additional 1 year in repayment required for every additional $1000 borrowed.

phases out at 21k apparently

I think that’s because the loans get cancelled after 20 years anyway.

?? I’ve had my gradschool loans for more, and Mohela is still billing me :/ (Have been too poor the whole time to get out of forbearance and pay anything down)

This is a new program that was implemented this summer. It’s the SAVE program, which you need to opt into. Under the program (which is now retrospective for the last ten years, as of this announcement) undergrad loans go away after 2 years and grad loans after 25.

The plan information is here: studentaid.gov/announcement...

studentaid.gov

It's a nice step in the right direction. I borrowed more than $12K, though, so I don't qualify. I wish these measures were a bit less fiddly, but I'm glad some people will see some measure of relief as a result of this.

This response rules. A breath of fresh air.

Yes. I paid mine off, because I managed to consolidate right away—but I’m not going to be-grudge anyone who hasn’t been able to pay it off.

this is insulting narrow

prettt sure $12k will still help a lot of people don't let perfect be the enemy of good, here

"Help a lot of people" isn't cancelling student debt. Trump's mere existence doesn't mean anyone has to be grateful for austere bait-and-switch.

it's not cancelling all student debt, but it *is* helping a lot of people it really is shocking that you're presenting that as worse than him doing nothing at all - no one would be talking about how bad biden is on debt if he did nothing case in point: obama and trump, where were y'all then?

before you say y'all were there shouting at obama and trump about it, no you weren't you were presenting it as an issue the next progressive president should solve, it was considered a foregone conclusion that they would not address it, they were let off the hook entirely for it

These strawmen you're talking about... are they in the room with us?

Nothing is ever enough for these people.

Agreed. Online leftists demand perfection even if it gets in the way of actual progress.

I didn't say it was worse than doing nothing at all. Where you getting that? 100% I would be out here asking "where's debt cancellation" dealing with other horseshoe theorists like yourself would be climbing over each other to say how I'm "helping Trump." Please.

I think this the how divisive politics has become where we are expected to be grateful for half measures and not allowed to criticize it any way to advocate for more than the bare minimum

y'all imply it when you only bring up how mad you are at a president when they take action that's too small rather than no action at all where were y'all under trump when he did nothing but increase pressure on students loans? no one gets as upset when it's assumed our leader is a complete monster

I feel like im taking crazy pills this is not what austerity means my guy

How many people - for 10 years -regularly paid -loans under 12k AND -have ongoing payments? Can’t be many

Literal peanuts.

12k can buy many peanuts!

I'm in default, so whelp. 🙃

As usual, Gen X and millennials are short shafted.

More of this please 🙏

So Biden does have the ability to dismiss loan debt after all. Guess he was just waiting until everybody hated him.

That's great news! I know some people this will help.

It should be all. ALL student loans are a wealth transfer to financial institutions from vulnerable people.

Does this include people who have deferred their loans?

It's a start. Less than $12K and paying for 10 years already, would mean they likely have little left to pay - at least compared to the debts racked up by those requiring student loans in 2023/2024. Still, any break for student loans is better than none.

Once again, since nothing is ever good enough

Now wipe it clean for everyone on State/Federal assistance like Medicaid or SNAP.

This plan does that de facto, because they’d be forgiven after a series of $0 “payments.”

Huzzah, President Uncle Joe!

JFC, does it really take 10 years to actively payoff $12K in student loans, or does that include a time period where no payments are made? Because I borrowed more than twice that for my car and paid it off in 5 years, and I didn't work for 1/3 of that time, and my payments were not crushing. ???

Worth remembering a lot of people with smaller dollar balances are people who weren’t able to complete their degree.

I don't have big balances either, but I'm not judging, i just don't understand how you can't pay off $12k in 10 years.

Like, what are the interest rates on that???

really wish it weren't means-tested so every student got their debt cancelled, and anyone who complains about student debt forgiveness gets to have the debt instead

Its something. Needs to go farther though. I'm still mad at Biden for giving R's way too long to fight the original 20k plan when he can literally, from his desk, just cancel loans immediately.

Can he?

He tried to eliminate a larger segment of student debt, and the Supreme Court struck it down. That decision was brought to you by the 3 Supreme Court justices appointed by Donald Trump. In a world where Hillary Clinton got the Green Party votes in 2016, student debt relief would be the law.

www.npr.org

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