Biden doesn't want to fight for 50,000 student loan relief. It's too hard
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Former US President and Republican presidential candidate Donald Trump speaks during an election ... [+]
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As Donald Trump prepares to return to the White House, President Joe Biden’s student loan forgiveness initiatives are increasingly in jeopardy. But even borrowers who weren’t expecting loan forgiveness anytime soon could be facing a new threat: higher payments.
With mass student debt cancellation initiatives effectively dead on arrival once Trump is sworn in again, the question for many borrowers will largely be what repayment plans will look like. The SAVE plan, a new income-driven repayment program that provided borrowers with lower monthly payments and an interest subsidy, appears destined for elimination — either by the 8th Circuit Court of Appeals in an expected ruling that could be issued at any time, or by a Trump administration repeal (SAVE was established by the Biden administration without direct involvement by Congress, and can be repealed via the same process).
That, combined with the end of the associated SAVE plan forbearance and upcoming required income recertifications for IDR plans, means that millions of borrowers are almost certainly going to experience significant increases in their monthly payments. Here’s a breakdown.
PROMOTED
With these programs essentially dead, borrowers who expected to get debt relief will now instead be in repayment going forward.
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More than eight million borrowers have been in a forbearance due to the court order blocking the SAVE plan. During this forbearance, no payments are due and no interest accrues while the litigation continues, although the period doesn’t count toward loan forgiveness.
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The Education Department had previously indicated that the SAVE plan forbearance could last another six months or longer. That’s because it will take some time for the 8th Circuit to issue a ruling on the program. And it was widely expected that whatever that ruling is, the Biden administration would appeal the decision to the Supreme Court. Borrowers would be expected to remain in the forbearance during that time, which could last at least through the summer of 2025.
But with Trump’s victory and the 8th Circuit seemingly poised to strike down the SAVE plan, the forbearance may end much sooner. If the court issues a ruling relatively quickly, the Trump administration could simply choose not to appeal to the Supreme Court as the Biden administration had intended. That would effectively end the SAVE plan — and the associated forbearance — possibly within the next few months. Once the SAVE plan forbearance ends, interest would start accruing again, and borrowers would need to return to repayment.
IBR is an older income-driven plan created by Congress, and therefore will be more difficult for the incoming Trump administration to interfere with. There are two versions of IBR. A newer version of IBR for borrowers who first took out student loans on or after July 1, 2014 features lower payments and a 20-year loan forgiveness term. Borrowers who took out student loans prior to July 1, 2014 would have higher payments and a 25-year loan forgiveness term. But both versions of the IBR plan could be more expensive than the SAVE plan would be for most borrowers — in some cases, dramatically so.
An single undergraduate borrower with an Adjusted Gross Income (or AGI) of $65,000 would have a SAVE plan payment of only $130 per month. If they qualify for the post-2014 version of IBR, their IBR payments would be more than $350 per month. If they borrowed prior to July 1, 2014, their IBR payments would be around $530 per month — more than three times the SAVE plan payment.
The Education Department recently announced that officials would be taking steps this fall to reopen the ICR and PAYE options for borrowers in light of SAVE’s likely demise. But it’s unclear if that would actually result in lower student loan payments for most borrowers, as ICR tends to be more expensive than IBR in most cases, and PAYE is similar to the newer version of IBR.
Because of the Covid-19 payment pause, which lasted for more than three and a half years, many borrowers in IDR plans haven’t had to recertify their income in years, with many IDR recertification dates pushed into 2025. And their current IDR payment may be based on income from before the pandemic even began. Borrowers who have experienced an increase in their income since then could be in for a dramatic surprise when their IDR payments skyrocket following the recertification of their income, particularly if they were on the SAVE or Revised Pay As You Earn plan, and their only option going forward will be IBR.
Take, for example, the borrower referenced above with an AGI of $65,000. Let’s say that was her AGI in 2019, which was the basis of her payment calculation in 2020. That income information then has carried through to this year due to the Covid-19 forbearance and the associated waiver of annual income recertification requirements. Let’s say that she now has an AGI of $80,000. If her SAVE payment, based on that older income figure, was $130 per month as noted above, and she now must switch to IBR and provide updated income information with the $80,000 AGI, her payment could be as high as $720 per month — more than a 500% increase.
Your Student Loan Payments May Go Up In 2025 As Loan Forgiveness Paths Narrow
Former US President and Republican presidential candidate Donald Trump speaks during an election ... [+]
AFP via Getty Images
As Donald Trump prepares to return to the White House, President Joe Biden’s student loan forgiveness initiatives are increasingly in jeopardy. But even borrowers who weren’t expecting loan forgiveness anytime soon could be facing a new threat: higher payments.
With mass student debt cancellation initiatives effectively dead on arrival once Trump is sworn in again, the question for many borrowers will largely be what repayment plans will look like. The SAVE plan, a new income-driven repayment program that provided borrowers with lower monthly payments and an interest subsidy, appears destined for elimination — either by the 8th Circuit Court of Appeals in an expected ruling that could be issued at any time, or by a Trump administration repeal (SAVE was established by the Biden administration without direct involvement by Congress, and can be repealed via the same process).
That, combined with the end of the associated SAVE plan forbearance and upcoming required income recertifications for IDR plans, means that millions of borrowers are almost certainly going to experience significant increases in their monthly payments. Here’s a breakdown.
PROMOTED
Several Student Loan Forgiveness Pathways Soon To Be Cut Off
The Biden administration had several student loan forgiveness initiatives in the works that could have provided relief to more than 25 million borrowers. These included:- The SAVE plan, which allows some borrowers with smaller initial balances to get loan forgiveness in as little as 10 years (as opposed to the normal 2o- or 25-year repayment term for most other borrowers enrolled in IDR plans). The plan is currently blocked by a federal appeals court due to a legal challenge brought by Republican-led states.
- So-called “Plan B” student loan forgiveness, which would wipe out the federal student loan debt, in whole or in part, for borrowers who owe more now than what they originally borrowed due to runaway interest, those who attended low-value schools with poor outcomes, people who first entered repayment at least 20 or 25 years ago, and borrowers who qualify for existing loan forgiveness programs but haven’t applied.
- Hardship-based student loan forgiveness, which would allow borrowers who are at a high risk of default due to personal and financial struggles to receive debt relief either automatically or through an application process.
With these programs essentially dead, borrowers who expected to get debt relief will now instead be in repayment going forward.
End Of SAVE Plan Forbearance And Shorter Loan Forgiveness Will Likely Be Sooner Than Expected
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More than eight million borrowers have been in a forbearance due to the court order blocking the SAVE plan. During this forbearance, no payments are due and no interest accrues while the litigation continues, although the period doesn’t count toward loan forgiveness.
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The Education Department had previously indicated that the SAVE plan forbearance could last another six months or longer. That’s because it will take some time for the 8th Circuit to issue a ruling on the program. And it was widely expected that whatever that ruling is, the Biden administration would appeal the decision to the Supreme Court. Borrowers would be expected to remain in the forbearance during that time, which could last at least through the summer of 2025.
But with Trump’s victory and the 8th Circuit seemingly poised to strike down the SAVE plan, the forbearance may end much sooner. If the court issues a ruling relatively quickly, the Trump administration could simply choose not to appeal to the Supreme Court as the Biden administration had intended. That would effectively end the SAVE plan — and the associated forbearance — possibly within the next few months. Once the SAVE plan forbearance ends, interest would start accruing again, and borrowers would need to return to repayment.
Higher Payments And Longer Student Loan Forgiveness Term Under IBR Plan Than SAVE Plan
With the SAVE plan likely coming to an end, and the ICR and PAYE plans having been phased out, the only viable IDR option for many borrowers will be Income-Based Repayment, or IBR.IBR is an older income-driven plan created by Congress, and therefore will be more difficult for the incoming Trump administration to interfere with. There are two versions of IBR. A newer version of IBR for borrowers who first took out student loans on or after July 1, 2014 features lower payments and a 20-year loan forgiveness term. Borrowers who took out student loans prior to July 1, 2014 would have higher payments and a 25-year loan forgiveness term. But both versions of the IBR plan could be more expensive than the SAVE plan would be for most borrowers — in some cases, dramatically so.
An single undergraduate borrower with an Adjusted Gross Income (or AGI) of $65,000 would have a SAVE plan payment of only $130 per month. If they qualify for the post-2014 version of IBR, their IBR payments would be more than $350 per month. If they borrowed prior to July 1, 2014, their IBR payments would be around $530 per month — more than three times the SAVE plan payment.
The Education Department recently announced that officials would be taking steps this fall to reopen the ICR and PAYE options for borrowers in light of SAVE’s likely demise. But it’s unclear if that would actually result in lower student loan payments for most borrowers, as ICR tends to be more expensive than IBR in most cases, and PAYE is similar to the newer version of IBR.
Income Recertifications For IDR Plans Could Drive Up Monthly Payments
Many borrowers are also facing the prospect of recertifying their income for IDR plans in 2025. Typically, borrowers must update their income information with the Department of Education every 12 months under IDR plans. Any changes to their income would result in a recalculation of their monthly payment for the subsequent 12-month period.Because of the Covid-19 payment pause, which lasted for more than three and a half years, many borrowers in IDR plans haven’t had to recertify their income in years, with many IDR recertification dates pushed into 2025. And their current IDR payment may be based on income from before the pandemic even began. Borrowers who have experienced an increase in their income since then could be in for a dramatic surprise when their IDR payments skyrocket following the recertification of their income, particularly if they were on the SAVE or Revised Pay As You Earn plan, and their only option going forward will be IBR.
Take, for example, the borrower referenced above with an AGI of $65,000. Let’s say that was her AGI in 2019, which was the basis of her payment calculation in 2020. That income information then has carried through to this year due to the Covid-19 forbearance and the associated waiver of annual income recertification requirements. Let’s say that she now has an AGI of $80,000. If her SAVE payment, based on that older income figure, was $130 per month as noted above, and she now must switch to IBR and provide updated income information with the $80,000 AGI, her payment could be as high as $720 per month — more than a 500% increase.
imagine how many young black ppl this affects.. ppl had a chance to give the next generation of black youth & adults a chance at some ease of coming into life in the real world..do yall know what a deferred or forgiven college student loan can do for a young black persons life in this lifetime ? we say all this shit about upward mobility & building generational wealth & all that shit & these folks couldn't even help their own kids & nieces & nephews get a head start in life like the white kids ! but selfishness .. ppl actively fought to disenfranchise their cousins, nieces, nephews & kids but wait till the AHCA finally gets the go ahead to unravel... only a Krakka & his acolytes would support such & we know why! but hey "price of eggs" but I guess they will now save enough to give reparations now
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I’m curious to know how many people had their student loans cancelled or reduced by Biden.
Then turned around and voted for Trump.
Trump ain’t gonna do jack shit to eliminate student loans.
Then turned around and voted for Trump.
Trump ain’t gonna do jack shit to eliminate student loans.
The student loan was the head start in life if we are being honest.
The tax payers invested in all these kids with the promise said investment would pay dividends. What kind of generation do we expect to have where people are taught they are going to be bailed out of their bad decisions? What does it tell the rest of society?
Im pretty left wing, but the whole recent loan forgiveness thing just seemed like poor policy to farm votes. If you teach or work for the feds? Sure, keep the loan forgiveness on the books for public service, but just giving every kid who took the investment from the taxpayer a write off? That just seems wack.
You’re not left wing.
I will always err on the side of black youth getting any leg up we can facilitate for them in this world where we know the world is gonna be harsh to them.. but it is what it is.. I know what a student debt relief could've done for many of my friends coming up, even tho I lucked out cos my parents made tough but eventually great financial decision but I know may didn't have that .. but it is what it is.. I guess.. t
but yeah ..the BOLDED I can rock with100% !!!
That's a pretty wack POV... You open up by saying that student loans was a head start but then turn around and imply that their decision was a bad one ( didn't complete your thought so no idea if you think the loan was a bad idea or going to school was bad idea - both are bad takes regardless)
Do you have an issue with bailouts for banking, housing, airline, and agriculture?.... bailouts that were results of negligence and mismanagement...
What are your thoughts on Pro Sports teams being publicly funded with tax dollars?
What are your thoughts on the PPP loan forgiveness that we all know people were finessing the system for free money?
What do all those bailouts tell society that differ from the message you're so hesitant that student loan borrowers would receive with loan forgiveness?
What kind of society thinks it's a good idea to strap up a 19 year old at the beginning of their journey in life with 10s to 100s of thousands of dollars in crippling debt on the hopes they become what they think they want to be at that time of their lives?
Pro sports should not be paid for by tax dollars. I was protesting, as a college student, Mercedes Benz being built here to replace a less than 25 year old stadium in Atlanta and displacing historical black churches.
PPP loans were given by the government to businesses after the government forced people to stay home and not work. That is completely different.
The simple fact is, if you took money from the government to pay for your degree, and are now coming back later and wanting to be bailed out of that choice it was a poor decision on your part. When you sign up for these loans you are forced to go through all the documentation, along with your cosigner, that lays it all out on you. When I took my first loan in 2008 there were kids in my homeroom who were going to fight in Iraq/Afghanistan just with the promise of paid schooling on the other side. That is the reality of adulthood. America took an investment on you, being a citizen is paying it back. That is part of becoming a man, and a decent citizen, paying back what you owe. Its what makes someone like Trump so despicable. A rich man who brags about not paying taxes to the country which gave his family EVERYTHING. What part of the game is that?
The same society that sends an 18 year old to the desert in west Asia to look for castles in the sand.
America is a country where a kid, of no academic talent, can get into a school and chase their dreams. Not only that, but the American taxpayer will subsidize said student throughout school. All of that with just the promise at the end that you will become a producitive citizen and pay back the country for said investment. You know how much of a step up that is in life? Now you want the same people to renege on this promise? Nobody is going to go for that, and if they did, the education system would never recover.
Taxpayers don't subsidize student loans. The federal Government Subsidizes loan companies by guaranteeing the loan. So who really benefits from the system. If the student still has to pay the debt the only beneficiary are the loan companies. Now what if the student has a worthless degree or can't afford the loan payments because the cost of school has skyrocketed and starting pay for college graduates has tumbled.
We are turning our best and brightest into long term debtors. It is not a good system. Education in America even higher education should be free. If we want to be the greatest country in the world we need to have healthy educated people. Free Health Care and Free education should be step one in an advanced society.
The nation sent their best and brightest to the desert in Las Vegas to fleece folks.
The same society that straps a gun to their shoulder and sends them off to war. Do you know the rhythm of the empire?
And who subsidizes the federal government?
Theres no such thing as a worthless degree in a country where a large number of people dont have any degree at all. You have an art history degree? If your loans are federal you can legit go teach students and get them forgiven after 10 years. If you teach at a black(or other minority group) school you get nearly 20k removed after just 5 years.
I fully support free healthcare.
Education is free(subsidized) from 5-18.
Excellent post.
I do wonder whether or not the anti-student loan forgiveness crowd ask themselves these questions.
Then, whether or not they look inward to determine where their opinion is really coming from.
The electoral college decides who the president will be Not the popular vote....
Doesn't matter if the people voted or not, They are not part of the elite factor that brings in the president.
Yeah mayne you're following a right-wing talking point that people took out student loans with no plans to pay it back...
Most people I know with student loans, including myself, accept the responsibility of paying it back (despite the predatory premises of the loan and the further difficulties that Betsy devos brought)... And in some situations if it comes to utilities, food, essentials vs that student loan payment I don't blame them for saying fuck it...
The issue of student loan forgiveness shouldn't even be a conversation if dissention in the Black community... The fact that it is just lets me know people choose not to see the economic impact it has on not just the country, but more specifically for Black people/economics...
PPP loans were poorly mismanaged by the govt, people abused the shit out of it and the govt had no plan of reconciliation so they whipped the numbers away... What lesson is taught there? You can spin it how you want, but we all read the threads and know people that did NOT need or qualify yet got that bread and never got caught...
I'll side with the student over the finesser any day
Out of the total amount of money owed in stident loans outstanding, what percentage is held by black folks?
google is your friend
2024 Student Loan Debt by Race | BestColleges
Student loan debt varies drastically by race. Find student loan demographics, Black student loan debt statistics, and debt by race and gender.
www.bestcolleges.com
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In 2022, 36% of Black adults carried student loan debt. One in five white adults (20%), 15% of Hispanic adults, and about 24% of adults of other races carried student loan debt.Note Reference [1]
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The median Black student loan debt is $26,000. It’s $25,000 for white borrowers, $13,000 for Hispanic borrowers, and $25,000 for borrowers of other races.Note Reference [1]
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By 2022, the median Black student loan debt had quadrupled from thirty years ago.Note Reference [1]
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Black adults are more likely to carry student loan debt than white adults at every level of educational attainment.Note Reference [2]
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Hispanic or Latino/a private student loan borrowers face repayment difficulties at rates more than double that of white borrowers.Note Reference [3]
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Black private student loan borrowers face repayment barriers at rates almost four times that of white borrowers.Note Reference [3]
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While most bachelor’s degree-holders’ debts shrink after earning their degree, Black degree-holders’ debts grow after graduation, on average.Note Reference [4]
Meh...miss me with that noble bs....we live in a society that's given breaks to wall street and the rich while penalizing the poor and working class. You free up that ridiculous debt people were TRICKED and SCAMMED into incurring and you'll more productive citizens who will put more money into the economy.
In this conversation, that's the question you typed and pressed enter on?
Google or ChatGPT don't work for you?Instead of looking for a gotcha moment just state your opinion
Brother, please don't take the following personally and don't get defensive. It is an admirable quality for a man to just admit he may be wrong and reconsider his position rather than continue to argue something just to remain "right" in his eyes.
I think that you are making some inaccurate assumptions. I suspected that you really had no idea what impact Biden's student loan plan had on Black folks and were actually stating your position based on your intuition rather than knowledge. I did use ChatGPT to inquire about the percentage (obviously you didn't know) and the answer was "As of 2022, Black borrowers held approximately 23% of the total student loan debt in the United States." This means that 77% of total student loan debt is held by non black folks. I am sure there are other ideas that can better benefit Black folks.
I do have a question for you and other black folks that are looking for the government to bail them out of their student loan debt. What would be your advice for your children when they graduate from High School?
There's approximately $1.7 trillion dollars of total student loan debt. So 23% is around $400 million. So it's still a significant amount of money. So is your argument that because it only affects a minority of Black Americans (those who college degrees or some college education), that it shouldn't be a cause of concern?
When I ask the question of "What has Biden done for Black folks?" The only thing that I read/hear is this Student Loan Forgiveness plan. Now lets take your numbers above. Why jump for joy over a plan that is giving $1,300 billion to white folks and $400 billion to us? What is the equity in that? And that is assuming that all things are equal such as the income restrictions, who submits the paperwork, who is approved, etc etc. Instead of a program in which other people are receiving 77% of the benefit, what is your resistance to demanding assistance specifically for us?
Before any of you complain about demanding money specifically for us, please see the money that our government is currently giving to other groups that demand it:
LBGTQ- 2.6 billion
U.S. Government Announces Largest-Ever Budget Request, $2.6 Billion, to Advance Gender Equity and Equality Around the World | Press Release | U.S. Agency for International Development
Today, on International Women's Day, USAID Administrator Samantha Power, along with Secretary of State Antony Blinken and Office of Management and Budget (OMB) Acting Director Shalanda Young, previewed that the President's 2023 Budget will request approximately $2.6 billion for foreign...
LBGTQ- 5.1 million
LBGTQ- 4.1 billion
How the US Spent $4.1 Billion on Global LGBT Initiatives| @amacforamerica
During the past three fiscal years, $4.1 billion in federal money from taxpayers has flowed to LGBT initiatives in the United States.
amac.us
JEWS- 454 million
Ukraine- 174.2 billion
Aid to Isreal to continue genocide in middle east- 18 billion since October 7th
U.S. military aid for Israel tops $17.9 billion since last Oct. 7
The United States has spent a record of at least $17.9 billion on military aid to Israel since the war in Gaza began and led to escalating conflict around the Middle East.
www.pbs.org
That's from a quick google. I'm sure much more has been spent on holocaust survivors, illegal immigrants, asians, and other groups.
Personal responsibility, and duty to yourself, is a right-wing talking point only in a world where we seek to remove all responsibility. I agreed with that, but I have seen what doing so does to people. It ruins lives because you have to go through something to become great.
I also dont begrudge anybody who does not pay a loan if the question is between life and doing so. Thats not really the case for most though is it? In a lot of cases, especially in Atlanta, folks not paying their loans are young women mad about not being where they feel they should be, and mad about not having the life of social media influencers. Even more so when these same women look down on the blue collar brothers who didnt have as much, yet is part of the workforce who contirbutes to make these loans possible. People should simply pay back what they promised to pay back. If they cant, they can get into a public service role for a few years and get it paid off before leaving to do whatever they want.
People who went to for profit schools that were scams already are getting things forgiven. If you majored in Art History because you wanted to do it, and now you cant get a job that allows you to flex on people on instagram, then you shouldnt be forgiven for a choice you made. You received what you paid for. You learned, you grew, you pay back, or you get it forgiven by paying this knowledge forward in the public sector.
When I ask the question of "What has Biden done for Black folks?" The only thing that I read/hear is this Student Loan Forgiveness plan. Now lets take your numbers above. Why jump for joy over a plan that is giving $1,300 billion to white folks and $400 billion to us? What is the equity in that? And that is assuming that all things are equal such as the income restrictions, who submits the paperwork, who is approved, etc etc. Instead of a program in which other people are receiving 77% of the benefit, what is your resistance to demanding assistance specifically for us?
Before any of you complain about demanding money specifically for us, please see the money that our government is currently giving to other groups that demand it:
LBGTQ- 2.6 billion
U.S. Government Announces Largest-Ever Budget Request, $2.6 Billion, to Advance Gender Equity and Equality Around the World | Press Release | U.S. Agency for International Development
Today, on International Women's Day, USAID Administrator Samantha Power, along with Secretary of State Antony Blinken and Office of Management and Budget (OMB) Acting Director Shalanda Young, previewed that the President's 2023 Budget will request approximately $2.6 billion for foreign...www.usaid.gov
LBGTQ- 5.1 million
LBGTQ- 4.1 billion
How the US Spent $4.1 Billion on Global LGBT Initiatives| @amacforamerica
During the past three fiscal years, $4.1 billion in federal money from taxpayers has flowed to LGBT initiatives in the United States.
JEWS- 454 million
Ukraine- 174.2 billion
Aid to Isreal to continue genocide in middle east- 18 billion since October 7th
U.S. military aid for Israel tops $17.9 billion since last Oct. 7
The United States has spent a record of at least $17.9 billion on military aid to Israel since the war in Gaza began and led to escalating conflict around the Middle East.
That's from a quick google. I'm sure much more has been spent on holocaust survivors, illegal immigrants, asians, and other groups.
Dude, you're preaching to the choir! I have a whole reparations thread on here, specifically talking about reparations for US. So I'm certainly not the one this message is meant for. The inequality in student loan debt being held is just indicative of the overall racial wealth gap in America.
The ONLY reason that people who went to scam schools are getting their loans forgiven is because Biden and the Dems pushed for it. Otherwise they just be fucked... the way you want it. As it stands you got people who went to shit like trump university back in the early 00s SOL...
Trump paid the $25 million in January of last year, but it was held in escrow until the court upheld the settlement, according to The Associated Press. Schneiderman applauded the settlement in a statement. "For years, President Trump refused to compensate the victims of his sham university. His reversal in 2016 —and the large-scale settlement that resulted — opened the door for student victims to finally obtain the restitution they deserve," he said. "My office will continue to hold those who commit fraud accountable, no matter how rich or powerful they may be." The court said in its ruling that plaintiffs are expected receive 80 percent to 90 percent of what they paid for Trump University programs.
The ONLY REASON that orange fuck settled and gave them their money back was because he ran for president in 2016...THE ONLY REASON..otherwise they would have been fucked...just like your talking about.
As for art history degrees..that's the other mindfuck played by society itself. It pushes young people to go to college because stats say a degree increases salary and job opportunities... what they don't say is that's a big fat MAYBE depending on what kind of degree you get and a bunch of other factors. So you got people PUSHING their kids to do this based on peer pressure and stats. So if someone is getting a useless degree it may not be because they wanted it.. how many people go to college solely on expectations from others?
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