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Slash

One Winged Slayer
Banned
Sep 12, 2018
9,859

View: https://x.com/POTUS/status/1745815401273929904?s=20

The White House announced Friday that some student loan borrowers enrolled in President Joe Biden's SAVE plan may see their remaining balance wiped away starting next month. The forgiveness, originally scheduled to go into effect in July, comes ahead of schedule and applies to borrowers with a federal student loan balance of $12,000 or less who have been making payments for at least 10 years.

"This action will particularly help community college borrowers, low-income borrowers, and those struggling to repay their loans," Biden said in a statement. "And, it's part of our ongoing efforts to act as quickly as possible to give more borrowers breathing room so they can get out from under the burden of student loan debt, move on with their lives and pursue their dreams."
The Saving on a Valuable Education plan was launched last summer after the Supreme Court struck down Biden's one-time student loan forgiveness program aimed at delivering up to $20,000 of relief to millions of borrowers.

Unlike the proposed program, SAVE is a repayment plan that provide benefits for both current and future borrowers who sign up for it. Nearly 7 million borrowers have signed up for the plan, according to the White House.
The forgiveness provision is among the most dramatic benefits of the plan as it will allow borrowers who have made payments for at least 10 years to qualify for forgiveness, while other income-driven repayment plans – which base payments on borrower's income and family size – usually require a borrower to pay for at least 20 years before seeing any debt cancellation.

The SAVE plan also offers generous terms for low-income borrowers by lowering the qualifying threshold for $0 monthly payments compared with other income-driven repayment plans. Nearly 4 million borrowers have a $0 monthly payment, the White House said Friday.

 

Volimar

volunteer forum janitor
Member
Oct 25, 2017
39,949
Keep trying to get my kid to sign up for this. His loan amount isn't even that high, just get it taken care of.
 

Milennia

Prophet of Truth - Community Resetter
Member
Oct 25, 2017
18,416
I have about 30k in loans as an active student, so I guess I'm fucked

Sucks ass because I qualified immediately for the last one
 
OP
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Slash

Slash

One Winged Slayer
Banned
Sep 12, 2018
9,859
Get this bullshit out of my face. Worthless president

Do you not care about the millions of Americans this will improve the lives of?

I checked the replies on the tweet thinking a lot of people would be happy
Nope.. They are so angry wtf

Most of the people replying to his tweets are the Elon simps and others who are angry that he can't cancel all student loan debt immediately.
 

djplaeskool

Member
Oct 26, 2017
19,957
So... I'm kind of in a bind. The SAVE plan actually increases my monthly payments compared to my current ICR after I consolidated last year.
I've also got a balance of about 16k left on a loan I've been paying on since 2008. Not sure what benefit I'd be given.
 

jph139

One Winged Slayer
Member
Oct 25, 2017
14,596
If you took out less than $12k in student loans and are still paying them back after 10+ years, you're probably in desperate need of this.

That being said: I can't imagine that's all that many people?
 

Sain

Member
Nov 13, 2017
1,538
Great stuff. Hope that he and his administration continue to keep chipping away at it despite a lack of support from Congress.
 

Einbroch

Member
Oct 25, 2017
18,219
"If you're still paying back a 12k loan 10 years, later, you really need the help. Here's some help."

"Fucking Biden useless president where's MY money asshole"
 
Oct 27, 2017
2,196
Get this bullshit out of my face. Worthless president
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Meanwhile, the rest of us are going to be happy for people that qualify for this and hope Biden continues to push forward on cancelling as much student debt as possible even in the face of obstructionist Republicans that don't want to do anything to address a national issue.
 

vixolus

Prophet of Truth
Member
Sep 22, 2020
57,784
So is this truly "took out less than" or "owe less than"?

I don't remember how much I originally drew but I owe 8k still 🤔

but there are other benefits coming in the Summer like so:

The shortest repayment term before forgiveness is 10 years (120 monthly payments) for individuals who borrowed $12,000 or less. The repayment term increases for every $1,000 you borrowed above this amount. This means that even if you borrowed more than $12,000, you could still be eligible to receive forgiveness in less than 20 years.

For example, if you borrowed any amount between $12,001 and $13,000, then your repayment term would be 11 years (132 monthly payments). If you borrowed between $13,001 and $14,000, then your repayment term would be 12 years (144 monthly payments), and so on until reaching your repayment term cap (the maximum length of time that your repayment term can be).
 

millsaps05

Member
May 21, 2022
638
Yeah, that solution also sucked ass lmao. I'll let yall get back to clapping for this man who cant even do the bare minimum
Explain what more he could of done given the legislative constrains he is working under? Spoiler, its likely you can't. Uneducated takes like this are what is going to get us the dictator type executive that you apparently want.
 

RailWays

One Winged Slayer
Avenger
Oct 25, 2017
15,949
Yeah, that solution also sucked ass lmao. I'll let yall get back to clapping for this man who cant even do the bare minimum
I mean, this plan forgives my parent's student loan debt but yeah I guess that ain't the "bare minimum"

Like do some of y'all hear yourselves sometimes?
 

Piston

Member
Oct 25, 2017
11,343
Do we have the hard numbers on that because what's being described sounds like a pretty narrow window.
Sure... but Biden has been actively pushing every button he can to get student loan forgiveness to as many people as possible. Since he didn't get the 10-20k broader forgiveness, he has consistently been going for full forgiveness for the most acute cases (which is 3.6 million people per that Tweet).
 

SasaBassa

Member
Oct 25, 2017
7,241
Common Biden W on this file. Get this bullshit into the face of voters, so he can do more

Pokemon go to the polls but fr this is nothing but a good thing. Anyone balking at this should go and make themselves useful
 

Avitus

Member
Oct 25, 2017
12,975
So if you are low income but have a balance over 12k you don't qualify? kind of strange
 

Deleted member 11637

Oct 27, 2017
18,204
"If you're still paying back a 12k loan 10 years, later, you really need the help. Here's some help."

"Fucking Biden useless president where's MY money asshole"

This has been going on from the very beginning of Biden's loan forgiveness actions. Millions of the poorest college graduates are getting relief while grad school leftists complain, "but what about me?"
 

Xyer

Avenger
Aug 26, 2018
7,535
Why can't Biden just hand wave all the debt away and magically bypass all the shitty GOPers and corrupt as shit supreme court justices?! Worthless bum of a president.

Fuck this guy, I'm voting for Trump. He'll help me instead.

/s obviously.