How does that impact the student loan situation, in your opinion?Biden played the Democrats like an instrument then hit them with inflation
Biden doesn't want to fight for 50,000 student loan relief. It's too hard
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- Start date
Because forgiven debt affects the money supply by increasing it (counts as income based on US tax code). With more money in circulation, the cost of goods increase.
This is in theory however, as the US practices pseudo capitalism so all rules don’t apply.
I have to respect the effort.
Joe did alright with this in my book so I can't blame him that it wasn't successful.
so you have a theory...not actual fact.....noted
If this shutdown happens, it's officially over.
Biden's total student debt relief passes $183 billion, after he forgives another 150,000 borrowers
In his final days in office, President Joe Biden announced that his administration would forgive student debt for more than 150,000 borrowers. That relief includes nearly 85,000 people who attended schools that "cheated and defrauded their students," 61,000 borrowers with a total and permanent disability and another 6,100 public service workers, Biden said in a statement.
Annie Nova
JAN 13 2025
www.cnbc.com
In his final days in office, President Joe Biden announced that his administration would forgive student debt for more than 150,000 borrowers. That relief includes nearly 85,000 people who attended schools that "cheated and defrauded their students," 61,000 borrowers with a total and permanent disability and another 6,100 public service workers, Biden said in a statement.
Annie Nova
JAN 13 2025
Biden's total student debt relief passes $183 billion, after he forgives another 150,000 borrowers
In his final days in office, President Joe Biden announced that his administration would forgive student debt for more than 150,000 borrowers.
A bit of an update on what to expect with SAVE
There is a federal register being published tomorrow that contains some language in the preamble that indicates the ED's plans for SAVE considering the litigation. The language indicates that they are working on amending SAVE to meet the court requirements and it will essentially mimic the old repaye as far as borrowers payment amounts - but will have less of an interest subsidy than repaye had. So essentially the same interest subsidy that IBR and paye have. The language is as follows:
"The Department is working to build a version of the SAVE plan that complies with the Eighth Circuit’s injunction. That plan would generally have the same terms as the 2015 REPAYE rule with respect to the monthly payment amounts for borrowers. At this time, the Department anticipates that such work will not be completed until at least the early fall of 2025."
And later in the document:
"The Department is working to create a version of the SAVE plan that complies with the terms of the Eighth Circuit injunction. This plan will be largely similar to the terms of the REPAYE plan, with the exception that the injunction prevents the Department from providing the interest benefits that were also provided under the REPAYE plan. Both the 2015 REPAYE plan and the SAVE plan provided that a borrower with a subsidized loan would not be charged any unpaid interest for the first three years while enrolled in the plan and that all borrowers with subsidized or unsubsidized loans would only be charged 50 percent of unpaid interest after the first three years enrolled in the plan. Until that revised plan is available, the Department will keep borrowers who remain enrolled in the SAVE plan in forbearance and interest will not accrue."
There is no real discussion about loan forgiveness, including how the "new" repaye plan would include forgiveness nor the injunction around forgiveness currently in place for ICR and PAYE.
If we speculate that the new Education Department administration will withdraw their appeal around SAVE soon after inauguration, I think what this language above tells us that they will probably be extending the SAVE forbearances until they can get this new version in place, which won't be until the fall. Whether they will automatically switch folks over to it currently in SAVE remains to be seen, but I expect they might after giving borrowers the opportunity (which they have now actually) to switch to another plan.
They are VERY clear in this federal register that they do not have the ability to make these save forbearances count towards either PSLF or IDR loan forgiveness. Of course buy back is still available for PSLF borrowers for this period - but it's unclear if buy back will be available for this period for IDR forgiveness.
So with this in mind I think those borrowers pursuing forgiveness have a better sense of whether it makes sense to switch plans now or ride out the forbearance. Also those on SAVE can start budgeting knowing what their payments might look like once the dust has settled. If it does mimic the old repaye it will be AGI-150% of the poverty level for the borrowers family size and state - so the same as paye. I don't expect they will bring back the repaye requirement where both spouse's incomes will count regardless of filing status - so if i'm right those filing separately will be able to continue to just use the borrowers income.
It's a shame to lose that extra interest subsidy for sure. And of course the lower payments SAVE provided. For those that want to fight this all you can do is encourage Congress to put a plan such as SAVE into federal law.
Just to set the stage - everything I know is here. I'll post the link to the federal register once it's published tomorrow, but I did mention everything relevant in this post.
Student Loan Update as Debt Cancellation May Change
The incoming Trump administration plans to make substantial cuts to government spending. One of the major points in those proposed cuts is to end Biden-era student loan debt cancellation efforts.
By Ashley Parks
January 14, 2025
www.newsweek.com
The incoming Trump administration plans to make substantial cuts to government spending. One of the major points in those proposed cuts is to end Biden-era student loan debt cancellation efforts.
By Ashley Parks
January 14, 2025
Student loan update as cancellation may change
The Trump Administration has indicated plans to cut government spending by eliminating Biden-era student loan initiatives.
www.newsweek.com
All this shit was a fucking mess and joke.Student Loan Update as Debt Cancellation May Change
The incoming Trump administration plans to make substantial cuts to government spending. One of the major points in those proposed cuts is to end Biden-era student loan debt cancellation efforts.
By Ashley Parks
January 14, 2025
Student loan update as cancellation may change
The Trump Administration has indicated plans to cut government spending by eliminating Biden-era student loan initiatives.
U.S. Rep Steve Cohen (D-TN) reintroduces bill allowing private student loan bankruptcy
FOX13 Memphis News Staff
Jan 15, 2025
www.fox13memphis.com
Memphis Congressman Steve Cohen (TN-9), along with other representatives, reintroduced a bill that would allow people to file bankruptcy on private student loans.
In a statement Wednesday, Congressmen Cohen, Danny K. Davis (IL-7), and Eric Swalwell (CA-14), put forward the Private Student Loan Bankruptcy Fairness Act, "a measure to provide critical relief to those in severe financial distress because of overwhelming student loan debt."
Prior to 2005, private student loans issued by for-profit lenders were treated like credit cards, or most other kinds of consumer debt, when it came to bankruptcy. Meaning that, if the borrower fell on hard times, they were able to declare those loans in bankruptcy; the act Rep. Cohen and the others reintroduced would allow those loans to be declared in bankruptcy again.
"When Congress changed the bankruptcy law, it did so without considering the harm that would be done by those who could not afford their private student loans but prohibited them from resorting to the unappealing but available remedy of bankruptcy," Cohen said. "We have waited far too long for this common sense solution to be enacted, and for fairness to return to the treatment of all consumer debt."
Private student loans can often have high interest rates with no caps, hidden charges or fees, and lack the protections federal student loans have, such as deferments, income-based repayment plans, cancelation rights, or loan-forgiveness programs.
U.S. Representative Steve Cohen (D-TN)
FOX13 Memphis News Staff
Jan 15, 2025
Cohen reintroduces bill allowing private student loan bankruptcy
STUDENT LOAN BANKRUPTCY: Memphis Congressman Steve Cohen, along with other representatives, reintroduced a bill that would allow people to file bankruptcy on private student loans.
Memphis Congressman Steve Cohen (TN-9), along with other representatives, reintroduced a bill that would allow people to file bankruptcy on private student loans.
In a statement Wednesday, Congressmen Cohen, Danny K. Davis (IL-7), and Eric Swalwell (CA-14), put forward the Private Student Loan Bankruptcy Fairness Act, "a measure to provide critical relief to those in severe financial distress because of overwhelming student loan debt."
Prior to 2005, private student loans issued by for-profit lenders were treated like credit cards, or most other kinds of consumer debt, when it came to bankruptcy. Meaning that, if the borrower fell on hard times, they were able to declare those loans in bankruptcy; the act Rep. Cohen and the others reintroduced would allow those loans to be declared in bankruptcy again.
"When Congress changed the bankruptcy law, it did so without considering the harm that would be done by those who could not afford their private student loans but prohibited them from resorting to the unappealing but available remedy of bankruptcy," Cohen said. "We have waited far too long for this common sense solution to be enacted, and for fairness to return to the treatment of all consumer debt."
Private student loans can often have high interest rates with no caps, hidden charges or fees, and lack the protections federal student loans have, such as deferments, income-based repayment plans, cancelation rights, or loan-forgiveness programs.
U.S. Representative Steve Cohen (D-TN)
Title of thread needs to be changed to…
“Biden Tried To Help You, Trump Is Gonna Screw You”
Student Loan Debt to Increase Under Republican Proposals: What to Know
GOP Congress members are aiming to pass a significant reconciliation bill that would extend or expand key provisions of the 2017 Tax Cuts and Jobs Act, signed into law during Trump's first presidency.
By Aliss Higham
Jan 22, 2025
www.newsweek.com
…To help cover these costs, Republican lawmakers on the House Budget Committee have singled out federal spending programs that could be cut, with several of Biden's student debt reduction and elimination policies on the chopping block...
“Biden Tried To Help You, Trump Is Gonna Screw You”
Student Loan Debt to Increase Under Republican Proposals: What to Know
GOP Congress members are aiming to pass a significant reconciliation bill that would extend or expand key provisions of the 2017 Tax Cuts and Jobs Act, signed into law during Trump's first presidency.
By Aliss Higham
Jan 22, 2025
Student loan debt to Increase under Republican proposals: What to know
The Republicans have touted making cuts to student loan savings and forgiveness after former President Joe Biden's reforms.
www.newsweek.com
…To help cover these costs, Republican lawmakers on the House Budget Committee have singled out federal spending programs that could be cut, with several of Biden's student debt reduction and elimination policies on the chopping block...
FACTS!Title of thread needs to be changed to…
“Biden Tried To Help You, Trump Is Gonna Screw You”
Student Loan Debt to Increase Under Republican Proposals: What to Know
GOP Congress members are aiming to pass a significant reconciliation bill that would extend or expand key provisions of the 2017 Tax Cuts and Jobs Act, signed into law during Trump's first presidency.
By Aliss Higham
Jan 22, 2025
Student loan debt to Increase under Republican proposals: What to know
The Republicans have touted making cuts to student loan savings and forgiveness after former President Joe Biden's reforms.
…To help cover these costs, Republican lawmakers on the House Budget Committee have singled out federal spending programs that could be cut, with several of Biden's student debt reduction and elimination policies on the chopping block...
Thread definitely should be updated to this, but folks will make every excuse in the world to hate Biden
Cohen is a jurist. How much does he stand to profit from this if it becomes law?U.S. Rep Steve Cohen (D-TN) reintroduces bill allowing private student loan bankruptcy
FOX13 Memphis News Staff
Jan 15, 2025
Cohen reintroduces bill allowing private student loan bankruptcy
STUDENT LOAN BANKRUPTCY: Memphis Congressman Steve Cohen, along with other representatives, reintroduced a bill that would allow people to file bankruptcy on private student loans.
Memphis Congressman Steve Cohen (TN-9), along with other representatives, reintroduced a bill that would allow people to file bankruptcy on private student loans.
In a statement Wednesday, Congressmen Cohen, Danny K. Davis (IL-7), and Eric Swalwell (CA-14), put forward the Private Student Loan Bankruptcy Fairness Act, "a measure to provide critical relief to those in severe financial distress because of overwhelming student loan debt."
Prior to 2005, private student loans issued by for-profit lenders were treated like credit cards, or most other kinds of consumer debt, when it came to bankruptcy. Meaning that, if the borrower fell on hard times, they were able to declare those loans in bankruptcy; the act Rep. Cohen and the others reintroduced would allow those loans to be declared in bankruptcy again.
"When Congress changed the bankruptcy law, it did so without considering the harm that would be done by those who could not afford their private student loans but prohibited them from resorting to the unappealing but available remedy of bankruptcy," Cohen said. "We have waited far too long for this common sense solution to be enacted, and for fairness to return to the treatment of all consumer debt."
Private student loans can often have high interest rates with no caps, hidden charges or fees, and lack the protections federal student loans have, such as deferments, income-based repayment plans, cancelation rights, or loan-forgiveness programs.
U.S. Representative Steve Cohen (D-TN)
What Student Loan Borrowers Should Know About Trump’s Attempts to Shut Down the Department of Education
Editorial Ethics at Student Loan Planner
advertising disclosureThe Trump administration appears to be taking steps to unwind the U.S. Department of Education. An executive order is expected to be issued later this month, according to widespread reports. And in the meantime, administration officials are already taking steps against department employees.
It is unclear how far the administration can, or will, go in its efforts to shutter or diminish the Education Department, which was created in 1979 under President Jimmy Carter. But one thing is clear: any resulting disruptions associated with significant changes to the department may impact student loan borrowers in a big way.
Here’s what to know.
Trump may issue executive order to “unwind” the Department of Education
Reporting by major national news outlets indicates that the White House is working on an executive order that would direct the Education Department to “unwind” itself or diminish its footprint.To be clear, an executive order cannot eliminate a federal department like the Department of Education. It would take an act of Congress to do that. While congressional Republicans have filed legislation to disband the department, it’s unlikely to pass and become law.
Democrats would likely oppose the legislation, and while Republicans now hold majorities in both the House and the Senate, they don’t have sufficient numbers to overcome an expected filibuster by Democrats in the Senate. And it’s unlikely that a Department of Education repeal could be included in a reconciliation bill Republicans are currently working on (the reconciliation process allows lawmakers to bypass the filibuster and enact legislation with simple majorities in the House and Senate, but only to pass budget-related legislation).
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Trump Administration takes other steps against the Department of Education
But the Trump administration may not need legislation passed by Congress to kneecap the Department of Education.Administration officials have already placed dozens of department staff on leave, and more employees could be targeted in the coming weeks. In addition, the so-called Department of Government Efficiency (DOGE), a unit spearheaded by Elon Musk, has reportedly already penetrated Department of Education computer systems, including potentially sensitive datasets that include personal details on millions of federal student aid recipients, according to The Washington Post. It’s also possible that Congress, in an upcoming government funding bill, may cut funding for Department of Education programs, including potentially the Office of Federal Student Aid, which oversees the Direct federal student loan system.
“Voters put President Trump back into office to lower the cost of living and stand up for working people,” said Mike Pierce, executive director of the Student Borrower Protection Center (SBPC), in a statement on Tuesday. “Instead, President Trump has spent his first weeks burning political capital and pissing off voters from coast to coast: raising the cost of basic necessities, handing power over to billionaire oligarchs like Elon Musk, and pushing wildly unpopular executive actions like the rumored plan to abolish the U.S. Department of Education.”
The SBPC pointed to a recent poll conducted by Data for Progress, showing that 61% of respondents somewhat or strongly oppose an executive action to abolish the Department of Education.
How the Department of Education wind-down could impact student loan programs
If the Education Department gets shut down, it will not eliminate federal student loans or associated repayment or loan forgiveness programs. Instead, the Office of Federal Student Aid (FSA), which administers those programs, would simply be moved to a different government department, likely the Department of Treasury.Legislation introduced last year by Senator Mike Rounds (R-SD) would codify the transition of FSA from the Department of Education to the Department of Treasury. Rounds characterized his bill as a “rehoming these federal programs in the departments where they belong” in a statement released last November.
Many legal experts doubt that FSA could be moved to the Department of Treasury or other government departments without Congress passing a law authorizing it. The Higher Education Act (HEA), a major law that governs much of the department’s operations, states that FSA is to be housed at the Department of Education, and that does not appear to be discretionary. Any attempt to unilaterally move FSA to a different department or officially disband the Department of Education without congressional authorization would likely invite a serious legal challenge.
“Shutting down @usedgov is a short-sighted, deeply unpopular recipe for chaos and confusion,” said the National Student Legal Defense Network in a statement on X earlier this week. “And trying to do it without Congress is clearly illegal. Our team is already exploring options to stop this unconstitutional overreach.”
But the Trump administration could still dramatically change the Education Department without formally shutting it down:
- The administration could sideline additional staff, as it is expected to do in the coming weeks.
- It could shut down programs or offices within the department, even if doing so invites legal challenges.
- President Trump could sign legislation passed by Congress to reduce the department's funding, forcing the agency to operate its remaining programs with a smaller budget and diminished workforce.
Advocates warn of “chaos and confusion” for borrowers
All of this could significantly impact federal student loan programs, as it could mean longer processing times for certain loan discharge and forgiveness programs, clerical and administrative errors, recordkeeping problems, and poor oversight of contractors such as student loan servicers.“Your student loans will NOT go away if ED is dismantled,” said the Student Debt Crisis Center (SDCC) in a blast email to student loan borrowers earlier this month. “More than 45 million borrowers rely on the Department of Education to process applications, provide servicer oversight, and deliver critical information about existing programs and updates. Dismantling ED will strip borrowers of protections from for-profit loan servicers and send the entire student loan and education system into complete chaos… We are sounding the alarm.”
In a previous email to borrowers in December, the SDCC warned that dismantling or diminishing the Education Department could cause “chaos and confusion.” If the Department of Education is effectively kneecapped, “There could be a breakdown in how loans are managed, leading to even more chaos for borrowers.”
For now, student loan borrowers will have to continue to contend with a fluid, volatile, and uncertain environment, while the ultimate fate of the Department of Education remains uncertain.
Don't worry like the people said before they decided to help get this fool elected. There will be checks and balances.What Student Loan Borrowers Should Know About Trump’s Attempts to Shut Down the Department of Education
Written By Adam S. Minsky, JDUpdated on February 6, 2025
Editorial Ethics at Student Loan Planner
advertising disclosure
The Trump administration appears to be taking steps to unwind the U.S. Department of Education. An executive order is expected to be issued later this month, according to widespread reports. And in the meantime, administration officials are already taking steps against department employees.
It is unclear how far the administration can, or will, go in its efforts to shutter or diminish the Education Department, which was created in 1979 under President Jimmy Carter. But one thing is clear: any resulting disruptions associated with significant changes to the department may impact student loan borrowers in a big way.
Here’s what to know.
Trump may issue executive order to “unwind” the Department of Education
Reporting by major national news outlets indicates that the White House is working on an executive order that would direct the Education Department to “unwind” itself or diminish its footprint.
To be clear, an executive order cannot eliminate a federal department like the Department of Education. It would take an act of Congress to do that. While congressional Republicans have filed legislation to disband the department, it’s unlikely to pass and become law.
Democrats would likely oppose the legislation, and while Republicans now hold majorities in both the House and the Senate, they don’t have sufficient numbers to overcome an expected filibuster by Democrats in the Senate. And it’s unlikely that a Department of Education repeal could be included in a reconciliation bill Republicans are currently working on (the reconciliation process allows lawmakers to bypass the filibuster and enact legislation with simple majorities in the House and Senate, but only to pass budget-related legislation).
Get the 2025 IDR Calculator
Join over 116,800 others and see how much you could save.
DOWNLOAD
Trump Administration takes other steps against the Department of Education
But the Trump administration may not need legislation passed by Congress to kneecap the Department of Education.
Administration officials have already placed dozens of department staff on leave, and more employees could be targeted in the coming weeks. In addition, the so-called Department of Government Efficiency (DOGE), a unit spearheaded by Elon Musk, has reportedly already penetrated Department of Education computer systems, including potentially sensitive datasets that include personal details on millions of federal student aid recipients, according to The Washington Post. It’s also possible that Congress, in an upcoming government funding bill, may cut funding for Department of Education programs, including potentially the Office of Federal Student Aid, which oversees the Direct federal student loan system.
“Voters put President Trump back into office to lower the cost of living and stand up for working people,” said Mike Pierce, executive director of the Student Borrower Protection Center (SBPC), in a statement on Tuesday. “Instead, President Trump has spent his first weeks burning political capital and pissing off voters from coast to coast: raising the cost of basic necessities, handing power over to billionaire oligarchs like Elon Musk, and pushing wildly unpopular executive actions like the rumored plan to abolish the U.S. Department of Education.”
The SBPC pointed to a recent poll conducted by Data for Progress, showing that 61% of respondents somewhat or strongly oppose an executive action to abolish the Department of Education.
How the Department of Education wind-down could impact student loan programs
If the Education Department gets shut down, it will not eliminate federal student loans or associated repayment or loan forgiveness programs. Instead, the Office of Federal Student Aid (FSA), which administers those programs, would simply be moved to a different government department, likely the Department of Treasury.
Legislation introduced last year by Senator Mike Rounds (R-SD) would codify the transition of FSA from the Department of Education to the Department of Treasury. Rounds characterized his bill as a “rehoming these federal programs in the departments where they belong” in a statement released last November.
Many legal experts doubt that FSA could be moved to the Department of Treasury or other government departments without Congress passing a law authorizing it. The Higher Education Act (HEA), a major law that governs much of the department’s operations, states that FSA is to be housed at the Department of Education, and that does not appear to be discretionary. Any attempt to unilaterally move FSA to a different department or officially disband the Department of Education without congressional authorization would likely invite a serious legal challenge.
“Shutting down @usedgov is a short-sighted, deeply unpopular recipe for chaos and confusion,” said the National Student Legal Defense Network in a statement on X earlier this week. “And trying to do it without Congress is clearly illegal. Our team is already exploring options to stop this unconstitutional overreach.”
But the Trump administration could still dramatically change the Education Department without formally shutting it down:
- The administration could sideline additional staff, as it is expected to do in the coming weeks.
- It could shut down programs or offices within the department, even if doing so invites legal challenges.
- President Trump could sign legislation passed by Congress to reduce the department's funding, forcing the agency to operate its remaining programs with a smaller budget and diminished workforce.
Advocates warn of “chaos and confusion” for borrowers
All of this could significantly impact federal student loan programs, as it could mean longer processing times for certain loan discharge and forgiveness programs, clerical and administrative errors, recordkeeping problems, and poor oversight of contractors such as student loan servicers.
“Your student loans will NOT go away if ED is dismantled,” said the Student Debt Crisis Center (SDCC) in a blast email to student loan borrowers earlier this month. “More than 45 million borrowers rely on the Department of Education to process applications, provide servicer oversight, and deliver critical information about existing programs and updates. Dismantling ED will strip borrowers of protections from for-profit loan servicers and send the entire student loan and education system into complete chaos… We are sounding the alarm.”
In a previous email to borrowers in December, the SDCC warned that dismantling or diminishing the Education Department could cause “chaos and confusion.” If the Department of Education is effectively kneecapped, “There could be a breakdown in how loans are managed, leading to even more chaos for borrowers.”
For now, student loan borrowers will have to continue to contend with a fluid, volatile, and uncertain environment, while the ultimate fate of the Department of Education remains uncertain.
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Searching for you comments on PPP repayments
Or the ability to file bankruptcy to discharge every other form of debt even if it's accumulated via irresponsible behavior by the individual.
Thread title needs to be changed to…
Biden Tried To Help You With Your School Loans…But Your Dumbass Voted For Trump…
Biden Tried To Help You With Your School Loans…But Your Dumbass Voted For Trump…
Student loan borrowers could see ‘massive’ payment spikes
While the GOP proposals might change quickly, student loan forgiveness is now a thing of the past, and borrowers are bracing as their loans become a potential reconciliation target.
Lexi Lonas Cochran and The Hill
February 24, 2025
While the GOP proposals might change quickly, student loan forgiveness is now a thing of the past, and borrowers are bracing as their loans become a potential reconciliation target.
Lexi Lonas Cochran and The Hill
February 24, 2025
Student loan borrowers could see ‘massive’ payment spikes
Student loan borrowers could see their payments increase under budget plans currently under discussion by House Republicans, a violent about-face after years of working with the Biden administratio…
fox8.com
Folks very quiet in this joint......
Have to wonder if some of the people that were the loudest even went to college........
Of course not.
Their only point and desire was for others to not be helped just because.
There was no rhyme or reason to it.
Some people just don't like seeing other people happy or get something they don't.
Now that it's mission accomplished they've probably moved onto another thread shitting on a possibility of other people receiving assistance.
This is my concern as well.
Honestly I'm concerned that it will be more than triple.
And I think I read that they're trying to revoke people's loan forgiveness that was already granted and have them resume payments again.
They're quiet because they were for it before they were against it. Then against it after they were for it. In other words there is no satisfying contrarians.
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