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Hello everyone! I'm posting this here. This is meant to be a master thread for the Biden Administration's Student Loan Debt Plan that will be announced at 2:15 Eastern Standard Time for American students. This is a significant amount of student loan forgiveness that will be for Pell Grant recipients and non-recipients, which will effect the vast majority of DegreeForum.
Please keep all comments relating to this plan in this thread. Please be respectful of other people's beliefs.
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Wish this could apply to new loans too lol
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08-24-2022, 11:53 AM
(This post was last modified: 08-24-2022, 11:55 AM by LevelUP.)
People think that the President of the United States has the power for debt forgiveness. He does not!!!
Suppose your child just decided they, at this time, did not want to go to college but you’re paying taxes to forgive somebody else’s obligations. You may not be happy about that!!!
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(08-24-2022, 11:49 AM)mohelena02 Wrote: Wish this could apply to new loans too lol
I was really hoping there would be permanent loan interest rate changes.
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08-24-2022, 12:25 PM
(This post was last modified: 08-24-2022, 12:26 PM by ss20ts.)
(08-24-2022, 11:53 AM)LevelUP Wrote: People think that the President of the United States has the power for debt forgiveness. He does not!!!
Suppose your child just decided they, at this time, did not want to go to college but you’re paying taxes to forgive somebody else’s obligations. You may not be happy about that!!!
No need for the bold, supersized font. You don't need to yell at people on here.
Plenty of things are paid for with my tax dollars that I dislike. That's called life. For many student loan holders, the interest far exceeds the amount of the loans.
(08-24-2022, 11:55 AM)ashkir Wrote: (08-24-2022, 11:49 AM)mohelena02 Wrote: Wish this could apply to new loans too lol
I was really hoping there would be permanent loan interest rate changes.
This is what we REALLY need! There are federal loans at almost 9%!! the government should not be making 2, 3 4 times the loans in interest. The interest is what is crippling most borrowers.
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Politics aside, I'm wondering what the cutoff date on this forgiving plan is. Before covid? 6/30? Today?
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Clearly, not everyone is happy about this type of loan forgiveness program. Some think it's too much, some think it's not enough. I think the loan forgiveness is probably helpful for a lot of people but I hope they don't stop there. The whole system needs overhauling and this would be a good time to do it.
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(08-24-2022, 12:54 PM)frankc Wrote: Politics aside, I'm wondering what the cutoff date on this forgiving plan is. Before covid? 6/30? Today?
"Current students would only be eligible for relief if their loans were originated before July 1, 2022." according to this article.
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08-24-2022, 01:45 PM
(This post was last modified: 08-24-2022, 01:51 PM by allvia.)
I'm curious how far back the PELL Grant awards can go...or is it if you where ever awarded a PELL Grant (in any amount, they don't say it has to be a full grant award).
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08-24-2022, 01:57 PM
(This post was last modified: 08-24-2022, 01:58 PM by SteveFoerster.)
(08-24-2022, 12:56 PM)Alpha Wrote: Clearly, not everyone is happy about this type of loan forgiveness program. Some think it's too much, some think it's not enough. I think the loan forgiveness is probably helpful for a lot of people but I hope they don't stop there. The whole system needs overhauling and this would be a good time to do it.
This would have been the only time to do it, since it seems likely that Republicans are about to retake the House and this is not exactly an era of bipartisanship. But all the momentum on this has been on loan forgiveness via executive order rather than a legislative overhaul. Oh well.
(08-24-2022, 01:45 PM)allvia Wrote: I'm curious how far back the PELL Grant awards can go...or is it if you where ever awarded a PELL Grant (in any amount, they don't say it has to be a full grant award).
I got a small Pell grant in 2004, so I'm basically the canary in the coal mine for whether it applies to "anyone". I look forward to finding out. 
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