SaysWho? Posted August 19, 2021 Share Posted August 19, 2021 US to automatically wipe out more than $5.8B in student loan debt WWW.WFLA.COM The Biden administration announced Thursday it will automatically erase student loan debt for more than 300,000 Americans with severe disabilities that leave them unable to earn significant incomes… Quote The Biden administration announced Thursday it will automatically erase student loan debt for more than 300,000 Americans with severe disabilities that leave them unable to earn significant incomes. The move will wipe out more than $5.8 billion in debt, according to the Education Department, and it marks the start of a broader overhaul of a program that has been criticized for having overly burdensome rules. “We’ve heard loud and clear from borrowers with disabilities and advocates about the need for this change and we are excited to follow through on it,” Education Secretary Miguel Cardona said in a statement. 2 Quote Link to comment Share on other sites More sharing options...
Spawn_of_Apathy Posted August 19, 2021 Share Posted August 19, 2021 It’s a start. Quote Link to comment Share on other sites More sharing options...
marioandsonic Posted August 19, 2021 Share Posted August 19, 2021 Why not just wipe it for everyone? Considering federal loan payments have been put on interest-free forbearance for over a year, it's not like they're showing they desperately need the money. Quote Link to comment Share on other sites More sharing options...
skillzdadirecta Posted August 19, 2021 Share Posted August 19, 2021 22 minutes ago, marioandsonic said: Why not just wipe it for everyone? Quote Link to comment Share on other sites More sharing options...
Guest Posted August 19, 2021 Share Posted August 19, 2021 I am always shocked by how much student loan debt my friends racked up 😬 Quote Link to comment Share on other sites More sharing options...
MarSolo Posted August 19, 2021 Share Posted August 19, 2021 Quick, someone hit me in the leg with a bat. 1 Quote Link to comment Share on other sites More sharing options...
foosh Posted August 19, 2021 Share Posted August 19, 2021 1 hour ago, sblfilms said: I am always shocked by how much student loan debt my friends racked up 😬 wife and i combined, nearly 300k when we graduated lol. nearly paid off now tho. Quote Link to comment Share on other sites More sharing options...
Jason Posted August 19, 2021 Share Posted August 19, 2021 6 minutes ago, MarSolo said: Quick, someone hit me in the leg with a bat. @stepee Quote Link to comment Share on other sites More sharing options...
Kal-El814 Posted August 19, 2021 Share Posted August 19, 2021 5 minutes ago, Jason said: @stepee Too soon. 1 Quote Link to comment Share on other sites More sharing options...
Uaarkson Posted August 19, 2021 Share Posted August 19, 2021 I have been not paying on $10k in student loans since 2008 Quote Link to comment Share on other sites More sharing options...
Jwheel86 Posted August 19, 2021 Share Posted August 19, 2021 Cool, but how are we cripples supposed to pay the forgiveness income tax when we're on SSI making $794 a month and limited to $2,000 in assets? Can't wait to read in my disability facebook groups how some dumb fuck social worker rules that this now makes them ineligible for home care because of income. Disabled poverty is a 110% a choice that's written into federal and state law. Quote Link to comment Share on other sites More sharing options...
brucoe Posted August 19, 2021 Share Posted August 19, 2021 31 minutes ago, Jwheel86 said: Cool, but how are we cripples supposed to pay the forgiveness income tax when we're on SSI making $794 a month and limited to $2,000 in assets? Can't wait to read in my disability facebook groups how some dumb fuck social worker rules that this now makes them ineligible for home care because of income. Disabled poverty is a 110% a choice that's written into federal and state law. Just curious, and this is seriously a question, if your loans were forgiven, and they charged a forgiveness income tax you cannot afford to pay, are you allowed to declare bankruptcy as a response? I ask this because this is the one problem most people with astronomical student loans can't take because congress screwed over American students at the behest of banks, but I kind of wonder if this opens up a future loophole to be able to be used. I'm legitimately asking because I don't actually know the answer. Quote Link to comment Share on other sites More sharing options...
Jwheel86 Posted August 19, 2021 Share Posted August 19, 2021 26 minutes ago, brucoe said: Just curious, and this is seriously a question, if your loans were forgiven, and they charged a forgiveness income tax you cannot afford to pay, are you allowed to declare bankruptcy as a response? I ask this because this is the one problem most people with astronomical student loans can't take because congress screwed over American students at the behest of banks, but I kind of wonder if this opens up a future loophole to be able to be used. I'm legitimately asking because I don't actually know the answer. From what I'd see the IRS can garnish up to 15% of your Social Security Quote Link to comment Share on other sites More sharing options...
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