Biden Admin Takes Another Run At Forgiving Student Loan Debt

Andrew Donaldson

Born and raised in West Virginia, Andrew has since lived and traveled around the world several times over. Though frequently writing about politics out of a sense of duty and love of country, most of the time he would prefer discussions on history, culture, occasionally nerding on aviation, and his amateur foodie tendencies. He can usually be found misspelling/misusing words on Twitter @four4thefire and his food writing website Yonder and Home. Andrew is the host of Heard Tell podcast. Subscribe to Andrew's Heard Tell SubStack for free here:

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2 Responses

  1. Jaybird
    Ignored
    says:

    The plan announced Friday draws on the Education Secretary’s existing authority over loan repayment programs.

    I wish the story went into more detail. Seriously, it went into more detail about the plan that got shot down than the current plan.

    So I searched…

    Today’s action is part of the Biden-Harris Administration’s implementation of the payment count adjustment announced in April 2022. That action addressed historical inaccuracies in the count of payments that qualify toward forgiveness under IDR plans. Under the Higher Education Act and the Department’s regulations, a borrower is eligible for forgiveness after making 240 or 300 monthly payments—the equivalent of 20 or 25 years on an IDR plan or the standard repayment plan, with the number of required payments varying based upon when a borrower first took out the loans, the type of loans they borrowed, and the IDR payment plan in which the borrower is enrolled. Inaccurate payment counts have resulted in borrowers losing hard-earned progress toward loan forgiveness. This action also addresses concerns about practices by loan servicers that put borrowers into forbearance in violation of Department rules. The Department previously began discharging loans for borrowers who reached forgiveness for Public Service Loan Forgiveness (PSLF) through these changes.

    Hrm.

    Interesting.

    I don’t know who this will help, exactly but I like the idea of saying “they’ve been paying this back on schedule for 20 or 25 years… just pay it off.”Report

  2. Marchmaine
    Ignored
    says:

    It’s not even policy any more… not even trying. Cringe even.

    You’d think the administration would back-up, look to cut a deal on Higher Education funding reform … then position debt reduction as the carrot that makes the reform sting less. Alas, when all the money we spend on Education is pandering to a preferred constituency, there’s no way to make everyone on your team happy with actual policy.

    That’s why the School Debt Relief is correctly seen as a money give-away and not any sort of good ‘policy’ … you can get debt relief, but it will cost you funding reform.Report

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