As said above this is just pslf, a program to get people into geographic locations/careers of need. These are typically situations where you could make more money taking a job in location X this leaving the people in location Y with out specific services (medical, educational, etc). Pslf provides incentive to get services to the people in location Y

infinity ag said:

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Biden hates people who are financially competent and pay their bills.


https://finance.yahoo.com/news/biden-administration-discharges-another-9-billion-in-student-loan-debt-202105897.html

Quote:

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President Joe Biden today wiped away an additional $9 billion in student debt.
Since he took office, his administration has discharged $127 billion in student loan debt for more than 3.5 million borrowers.
The total discharged debt includes $51 billion for 715,000 borrowers through the public service loan forgiveness (PSLF); $11.7 billion for permanent disability discharges for more than 513,000 borrowers; $42 billion for 855,000 borrowers under the one-time income-driven repayment (IDR) adjustment; and $22.5 billion for more than 1.3 million defrauded borrowers, according to the Education Department (ED).

The additional $9 billion announced today by the Department of Education includes $5.2 billion for 53,000 PSLF borrowers, $2.8 billion for 51,000 borrowers under the one-time payment adjustment for income-driven repayment plans, and $1.2 billion for nearly 22,000 borrowers with a total or permanent disability.
This announcement comes after borrowers started repaying loans this month after a three-year pandemic forbearance pause.

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These all sound like programs where people agree to a term of the loan, fulfill those obligations and the balance of the debt is forgiven. Or in the disabled or defrauded cases, special circumstances were present that allowed for the forgiveness.

In other words, this would have happened under any other president, it's just been all delayed b/c 'covid'.

SociallyConditionedAg said:

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double b said:

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I was a benefactor of this program. Borrowed roughly $50,000 and made a monthly payment of $308 for 16 years straight, even through the Covid period. Last Fall, I qualified and the last bit of my loan was forgiven, which at that point was essentially interest.

I think it is a good program and as long as the payments are structured accordingly and their non-payment period does not qualify them.

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I'm working with a financial advisor and he told me about this type of loan forgiveness before the Biden administration started outright forgiving loans. Basically, pay for 15 to 20 years and the government forgives the remainder. It's happened for years but I'm not sure when it started.

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The only issue is that if you miss a payment, all the interest that has accrued to that point + principal balance now becomes due.

In double d's example above, his $50k loan example, at 10% interest for 16 years, his loan payment should have been $523/mo. totaling $100,406. He only paid $308/mo (total of $59,136). Lets say he misses a payment in year 15. He now owes all the accrued interest + principal over 15 years b/c he was really $215 short every month.

This is some of the crazy debt numbers your seeing in the stories online. I saw one where someone was claiming they borrowed $20k, made payments for 10-years but still owed $50k! (that's just an example). People are making that minimum payment, but some life situation happens and they miss a payment or two and suddenly their student load debt due balloons to the balance of the principal + accrued interest.

On the one hand, yes it seems like a good idea, but on the other, it just makes costs go out of control b/c everyone has skin in the game. Banks, schools and the students all thing they're getting something for nothing.

EDIT TO ADD:

Basically, if this sound convoluted and screwed up, welcome to working with the government.

Just to clarify, my interest rate was 3.25%, which I secured back in 2006 with loan consolidation.

So in a nut shell he's paying off federal employees.

A lot of money and I disagree with it, but was this done under existing law or was it done by fiat executive action?

Nothing to see here. These are all reasonable reasons to forgive student loan debt.

Seamaster said:

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I paid all my student loans.

Maybe old Joe can make me whole by just paying my mortgage?

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I've paid off my mortgage and auto loans too.

WHAT DO I GET????????????????????????????

Notice he is focusing on categories of debtors that are more likely to be sympathetic to his political party. He is literally buying their votes with public debt obligations.

Dems are so corrupt.

This whole "the debts just go away" thing is disgusting. No, it goes onto the tax payer you ****er.

annie88 said:

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This whole "the debts just go away" thing is disgusting. No, it goes onto the tax payer you ****er.

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I have a Muslim friend. Muslims don't study much, they love the swagger and the good life. Much like another racial group I will not name. So he is very much for "loan forgiveness". I asked him you sent your daughter to a UC school, you expect everyone else to pay for it? He mumbled about "why does the US Govt give money and tax breaks to rich people" and things like that.

So this culture of freeloading that comes from some countries has infected people here as well.

frenchtoast said:

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Free **** for everyone!

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infinity ag said:

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annie88 said:

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This whole "the debts just go away" thing is disgusting. No, it goes onto the tax payer you ****er.

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I have a Muslim friend. Muslims don't study much, they love the swagger and the good life. Much like another racial group I will not name. So he is very much for "loan forgiveness". I asked him you sent your daughter to a UC school, you expect everyone else to pay for it? He mumbled about "why does the US Govt give money and tax breaks to rich people" and things like that.

So this culture of freeloading that comes from some countries has infected people here as well.

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I mean, that cultures is all over the US, regardless of race, religion, etc.

infinity ag said:

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annie88 said:

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This whole "the debts just go away" thing is disgusting. No, it goes onto the tax payer you ****er.

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I have a Muslim friend. Muslims don't study much, they love the swagger and the good life. Much like another racial group I will not name. So he is very much for "loan forgiveness". I asked him you sent your daughter to a UC school, you expect everyone else to pay for it? He mumbled about "why does the US Govt give money and tax breaks to rich people" and things like that.

So this culture of freeloading that comes from some countries has infected people here as well.

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Tax breaks aren't just for the rich. But I'm sure your friend doesn't understand that either.

Sigh.

annie88 said:

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infinity ag said:

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annie88 said:

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This whole "the debts just go away" thing is disgusting. No, it goes onto the tax payer you ****er.

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I have a Muslim friend. Muslims don't study much, they love the swagger and the good life. Much like another racial group I will not name. So he is very much for "loan forgiveness". I asked him you sent your daughter to a UC school, you expect everyone else to pay for it? He mumbled about "why does the US Govt give money and tax breaks to rich people" and things like that.

So this culture of freeloading that comes from some countries has infected people here as well.

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Tax breaks aren't just for the rich. But I'm sure your friend doesn't understand that either.

Sigh.

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He is looking for freebies for a reason. He isn't highly educated (high school, no college) but he worked his way up. But he has an extravagant show-off lifestyle so he doesn't save. He didn't tell me this but I had my doubts, but I was able to find some documents online which said that they petitioned the court to not take possession of his house some years ago. So financially he isn't doing very well.

Hence the demand for loan forgiveness. But what about the fancy cars he leases every 3 years?? My car is 9 years old and my first car was an Accord which I drove for 17 years. WTF I have no patience for these people. Yes he is my old friend but it is still not right.

frenchtoast said:

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Free **** for everyone!

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.....just not you.

Or me, or anybody that actually produces

Treating our currency like it is monopoly money; oh wait…

Gilligan said:

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F me for having two jobs and putting myself through A&M with zero debt.

F me for making good decisions and sacrifices to put three kids through A&M debt free.

Such BS!

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You are honorable and deserve respect. The Democratic Party leadership is attempting to raise generations of grifters.

C@LAg said:

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infinity ag said:

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Then he distributes our money to freeloaders.

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ban money to Ukraine.

everywhere.

also for student loans forgiveness.

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The obsession with Ukraine is bizarre and ridiculous. And that's saying something, considering I follow the war daily.

Y'all have zero reason to hate the Ukraine funding except that it's Biden doing it. This is insanity. You have a perfectly valid thing to be angry about (unconstitutional student loan forgiveness), and you STILL mention Ukraine. You're obsessed in the worst way.

Seek help.

Waffledynamics said:

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C@LAg said:

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infinity ag said:

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Then he distributes our money to freeloaders.

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ban money to Ukraine.

everywhere.

also for student loans forgiveness.

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The obsession with Ukraine is bizarre and ridiculous. And that's saying something, considering I follow the war daily.

Y'all have zero reason to hate the Ukraine funding except that it's Biden doing it. This is insanity. You have a perfectly valid thing to be angry about (unconstitutional student loan forgiveness), and you STILL mention Ukraine. You're obsessed in the worst way.

Seek help.

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There are plenty or reasons to hate that we are sending money & supplies for Ukraine to secure their own borders while ours are wide open.

So awesome that my two kids had about $50K combined student debt, worked their asses off to pay it off, and now baristas get it for free. What a world!

Data tell interesting stories.

Talk is cheap.

https://simple.wikipedia.org/wiki/U.S._economic_performance_under_Democratic_and_Republican_presidents

Bill Clinternet said:

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Nothing to see here. These are all reasonable reasons to forgive student loan debt.

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Ha ha ha. Funny.

Waffledynamics said:

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C@LAg said:

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infinity ag said:

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Then he distributes our money to freeloaders.

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ban money to Ukraine.

everywhere.

also for student loans forgiveness.

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The obsession with Ukraine is bizarre and ridiculous. And that's saying something, considering I follow the war daily.

Y'all have zero reason to hate the Ukraine funding except that it's Biden doing it. This is insanity. You have a perfectly valid thing to be angry about (unconstitutional student loan forgiveness), and you STILL mention Ukraine. You're obsessed in the worst way.

Seek help.

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You have to be joking. Zelenskyy is a conman.

America first.

And I can remember when the left hated him.

Huh, Weird.

Maybe your the one who should 'seek help'

Ukraine has absolutely been highly politicized between the left and right for years. When the right supported Ukraine, particularly during Trump's administration, many on the left hated it. Now that the shoe is on the other foot many on the right are regurgitating the same leftist talking points.

Rossticus said:

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Ukraine has absolutely been highly politicized between the left and right for years. When the right supported Ukraine, particularly during Trump's administration, many on the left hated it. Now that the shoe is on the other foot many on the right are regurgitating the same leftist talking points.

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The left always does that. Member when they thought Bush 2, and McCain were the literal devil incarnate, and then they began supporting them once they spoke out against Trump. It's a constant flip-flop. But given Biden's connection with the corruption with Ukraine and Burisma and everything it's even more laughable.