Biden's second try at student loan cancellation moves forward with debate over the plan's details
Biden's second try at student loan cancellation moves forward with debate over the plan's details
President Joe Biden’s second attempt at student loan cancellation is moving forward as a group of negotiators meets to debate what a new proposal might look like.
My wife and I just paid the last $6k on her student loan because we thought forgiveness would be hopeless. We just took it out of our savings. It feels good to be rid of that debt. I still hope it goes through for everyone else.
This is the way everyone should think.
I agree. I also just made my first payment in a large sum, but I still hope others get the relief they need.
The last $753.53 for my wife's master's degree yesterday. It's the last bit out of $27K we took out. We payed over 10K after March 2020 until they sent us a letter saying the loan qualified for forgiveness. We left the last little bit unpaid after that.
We paid it off just in time to cut a check for our oldest son's tuition. The only reason we could afford to cut that check was because of the master's degree. At least he won't have to be saddled with the student loan debt load.
Personally I think that higher education should be fully funded by business taxes: college, trades schools etc. They are the ones that profit the most from an educated workforce.
I also think that the unemployment programs should offer more education and retraining free of cost to get them back to productive work...all paid for by the company that laid them off.
I hope something happens. I know it won't but man, it'd be so nice.
Remember to vote on election day. There are lots of Reps, most of them Republicans, who do not want anything to happen.
I always do!
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Looks like the stuff they’re talking about is going to exclude me, which is unfortunate since I could really use the relief. But I hope something goes through and everyone else can get the help. It’ll be good for the economy and I’ll survive even if it means continuing to work two jobs.
This is the best summary I could come up with:
WASHINGTON (AP) — President Joe Biden’s second attempt at student loan cancellation began moving forward Tuesday with a round of hearings to negotiate the details of a new plan.
In a process known as negotiated rulemaking, 14 people chosen by the Biden administration are meeting for the first of three hearings on student loan relief.
“The HEA gives the Secretary of Education the authority to ‘enforce, pay, compromise, waive, or release any right, title, claim, lien, or demand,’ including Federal student loans,” Kvaal said in his comments.
Those details will be decided after the administration takes input from the negotiators, who meet in a series of sessions scheduled to continue into December.
The administration plans to finalize the new rule sometime next year, but Education Secretary Miguel Cardona has declined to say if it will be in place before next fall’s presidential election.
The paper notes that, when deciding whether to collect on debt, some other federal agencies consider whether it “would be against equity and good conscience,” or if it would “impose financial hardship.”
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