The Biden administration is canceling student loan debt for 804,000 borrowers who qualify under income-driven repayment plans but haven't received it because of errors
If you're in a situation where you thinking "i need $500 now", the recent news about the Biden administration canceling student loan debt for over 800,000 borrowers could offer some relief. While this specific action targets borrowers who qualify under income-driven repayment plans and have faced errors in receiving debt relief, it's a reminder of the potential for assistance in managing financial burdens.
However, if you're not among those benefiting from this particular initiative and still find yourself in need of immediate funds, there are other avenues to explore. Consider reaching out to local assistance programs, community organizations, or even friends and family for short-term support. Additionally, exploring alternative sources of income or seeking out short-term work opportunities could provide the financial boost you require.
Remember to also assess your financial situation carefully and explore options for managing expenses and debt in the long term. Seeking guidance from financial advisors or counselors can help you develop a sustainable plan for navigating your financial challenges.
My current policy is that I ain't paying a dime of my student loan debt until I receive financial help with general income and living expenses. Until then they can go fuck themselves.
Just worthy of always re-noting that the SCOTUS ruling ending the original cancellation was based on defective and, frankly, idiotic reasoning.
Literally it was a reverse Goldilocks judgement. The HEROES Act gave the DOE broad authority to freely modify or waive loans during an emergency (e.g., global pandemic). The SCOTUS ruled that generally waiving a large amount of debt was too MUCH to be considered a "modification" and not enough to be considered a full waiver, and that the law did not give permission to do anything between those two extremes.
Anyone with a brain knows it was a bad, dumb, stupid opinion written in bad faith by dumb, stupid, idiot judges. Of course if the DOE has authority to modify or waive, they have authority to modify the amount remaining and waive any remainder. It's just what the fucking words mean. It was totally illegitimate, everyone in the admin knows it was illegitimate, but their only recourse is to either take the beating or trigger a full-blown Constitutional crisis by ignoring it. So here we are, going through the kayfabe of finding alternate legal routes.
Great article. At first, I was confused, because I had stopped following this when the Supreme Court shot it down. I had thought it was a dead issue that was still making headlines for some reason.
The situation is well explained. Even someone who’s out of the loop can understand what’s been going on.
Bonus: I got to read a quote from a hypocritical Republican who whined that “the Biden administration is trampling the rule of law”. I’m pretty sure they were being completely sincere and unironic, which only makes it funnier.
It’s really sad that his relief only extends to undergrad. This is, after all, INCOME-BASED help. If people with graduate degrees are struggling with low income they are, by definition, in just as much trouble. Probably more trouble since their loans were more expensive.
While Biden isn’t going far enough, at least he’s doing something.
Contrast that to Republicans, who, out of pure cruelty, tried to add RETROACTIVE interest to student borrowers.
Yeah, though I’d imagine that it’s an easier sell for undergrad debt forgiveness; I don’t think too many people realize that having an advanced degree doesn’t always bring in more cash. Ask me how I know that…
Also sidenote: you got me to begrudgingly floss, so thanks.
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