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Public Service Loan Forgiveness, Pslf

The Winners And Losers Of Biden’s Student Loan Forgiveness Initiatives

The Winners And Losers Of Biden’s Student Loan Forgiveness Initiatives

10/22/2021 8:00:00 AM

The Winners And Losers Of Biden’s Student Loan Forgiveness Initiatives

The Biden administration has cancelled over $11 billion in student loans . But its targeted approach to student loan forgiveness has excluded many borrowers. Here's a breakdown.

The administration recentlyexpanded the troubled Public Service Loan Forgiveness (PSLF) programby temporarily relaxing program requirements and allowing more types of federal student loans, and more types of repayment plans, to qualify towards loan forgiveness. The changes will be in effect through October of next year. The Education Department estimates that over half a million student loan borrowers will gain an average of two additional years towards the 10 years of qualifying payments required to obtain loan forgiveness under the program, with many becoming instantly eligible to have their loans wiped out.

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Disabled Student Loan Borrowersfederal student loan discharges under the Total and Permanent Disability (TPD) dischargeprogram, which eliminates the federal student loan debt for borrowers who are unable to maintain substantial, gainful employment due to a medical condition. The relief applies to borrowers who were already determined to be disabled by the Social Security Administration and are receiving Social Security Disability benefits with a review period of at least five years. The administration also wiped out $1.3 billion in loan reinstatements for TPD borrowers who had their previous disability discharges undone because they didn’t comply with the program’s post-discharge monitoring requirements, which the Education Department has waived indefinitely due to the pandemic.

Many Others Excluded From Biden’s Student Loan Forgiveness ExpansionBiden’s targeted approach to student loan forgiveness has left out many other borrowers, excluding them from relief.Parent PLUS BorrowersParent PLUS loans are a type of federal loan issued directly to a parent for the benefit of their undergraduate child. Parent PLUS loans generally have the highest interest rates of any federal loan, and are already excluded from the government’s most generous income-driven repayment programs. headtopics.com

While Parent PLUS borrowers could potentially benefit from some of the Biden’s administration’s newest relief, including Borrower Defense and the TPD Discharge program, the administration has specifically excluded Parent PLUS loans from the new Public Service Loan Forgiveness (PSLF) changes.

Low Income Student Loan BorrowersStudent loan borrowers struggling with low income and general financial hardship have not been provided with specific, lasting relief. These borrowers have benefited from the ongoing national student loan payment pause, which has suspended most federal student loan payments since March of 2020. But that payment pause is coming to an end in just a few months, and so far, these borrowers have not been provided with any new programs or options. For some, the existing income-driven repayment plan programs may still be too expensive, as they do not factor in expenses or exceptional circumstances.

Read more: Forbes »

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The winners will be those wealthy and upper-middle-class kids that racked up lots of college debt. The losers will be all of the other tax payers who will pick up the check. This will be the biggest transfer from the blue-collar workers to the white-collar college grads. wow Winners - anyone who played $DWAC today. Trump did more for the American people today than Biden has his whole YTD in office.

The Winners And Losers Of Biden’s Student Loan Forgiveness InitiativesThe Biden administration has cancelled over $11 billion in student loans . But its targeted approach to student loan forgiveness has excluded many borrowers. Here's a breakdown. I know we’re not America’s most pressing demo, but it still sucks 🤮 Losers are anyone who actually believed a politician was gonna do something good for the little people haha

The Winners And Losers Of Biden’s Student Loan Forgiveness InitiativesThe Biden administration has cancelled over $11 billion in student loans . But its targeted approach to student loan forgiveness has excluded many borrowers. Here's a breakdown. Biden will be the Loser of my vote next time 'if' he takes the Student Loan Forgiveness Initiatives any further. I paid my Student Loans, car-personal-home loans and so can everyone else.

The Winners And Losers Of Biden’s Student Loan Forgiveness InitiativesThe Biden administration has cancelled over $11 billion in student loans . But its targeted approach to student loan forgiveness has excluded many borrowers. Here's a breakdown. WELCOME TO THE BIDEN FAMILY CRIME SYNDICATE Biden's selective student loan forgiveness is bullshit.

4 Signs That Biden May Not Cancel Student Loan Debt On A Mass ScaleWill there be mass student loan forgiveness ? The push continues, but there are several signs that it may not happen. Of course he's not trump he can't keep his promises. Lots of buyer's remorse with him Let's go Brandon!

4 Signs That Biden May Not Cancel Student Loan Debt On A Mass ScaleWill there be mass student loan forgiveness ? The push continues, but there are several signs that it may not happen. First sign being that he has to be reminded daily that he’s the President. Like 50 first dates. More cons than Trump at this point

4 Signs That Biden May Not Cancel Student Loan Debt On A Mass ScaleWill there be mass student loan forgiveness ? The push continues, but there are several signs that it may not happen. Ok Sign 1) Biden has no legal authority to cancel student debt. Sign 2-4) refer back to sign 1) Another broken promise. This is why you don’t vote democrat 😂 and I would love my student loans forgiven. They promise the world just to get votes