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    Buying Votes: Biden’s Bold Move – $1.2 Billion in Student Loan Debt Automatically Discharged for 153,000 Borrowers Under New SAVE Plan

    JimBy Updated: Whatfinger News 7 Mins Read

    Even though rebuffed by the Supreme Court, Biden cares not for the law. Who cares what the Supreme Court says… as America descends into banana republic status 

    ‘TYRANNY: “Biden has now unilaterally wiped away nearly $138 billion in federal student loans for almost 3.9 million borrowers without a single act of Congress. The student loan bailouts come after the U.S. Supreme Court blocked Biden’s initial debt cancelation plan last year, which would have cost more than $400 billion.”  said Tom Fitton of Judicial Watch

    The U.S. Department of Education has announced the automatic discharge of $1.2 billion in federal student loan debt for 153,000 borrowers as part of President Joe Biden’s latest and most generous income-driven repayment (IDR) plan. The initiative, named SAVE, targets borrowers who have been making payments for at least 10 years and initially borrowed $12,000 or less for their college education.

    The US Supreme Court ruled that student loan forgiveness was unconstitutional. Yet four times since that ruling, Biden has cancelled more debt including the most recent $1.2 billion in federal student loan debt set to be automatically forgiven for 153,000 borrowers. The President of the United States does not have the constitutional authority to directly override a decision made by the Supreme Court. Can you imagine the outrage if Trump had done this?- Isabella Maria DeLuca

    Under SAVE, borrowers can receive debt discharge for every $1,000 borrowed above the $12,000 threshold, with an additional year of payments required for each increment. For instance, those with an original balance of $13,000 can see their remaining debt wiped out after 11 years of repayment. All borrowers on the SAVE plan are eligible for forgiveness after 20 or 25 years, depending on whether they have loans from graduate school.

    U.S. Secretary of Education Miguel Cardona emphasized the relief for borrowers with low balances, stating, “If you’ve been paying for a decade, you’ve done your part, and you deserve relief.” He affirmed that the fight to cancel student debt is an ongoing historic effort.

    This development aligns with the Biden administration’s renewed push for large-scale federal student loan debt cancellation following the setback of a $400 billion plan last summer by the nation’s highest court. After the court ruled against the initial plan, President Biden instructed the Education Department to develop a new proposal on a more solid legal foundation, involving a complex process known as “negotiated rulemaking.”

    According to the Education Department, over $138 billion in federal student loan debt has been canceled so far, benefiting more than 3.9 million borrowers. This includes relief for those on IDR plans, public sector workers, individuals with a permanent disability, and those who were misled or defrauded by their schools.

    The SAVE plan, with its 7.5 million enrollees, is hailed as the most generous offered by the Education Department. Similar to previous IDR programs, SAVE adjusts monthly payments based on the borrower’s income and family size. Currently, 4.3 million enrollees on SAVE are paying $0 each month.

    Under traditional IDR plans, borrowers may become eligible for remaining balance cancellation after a specified repayment period, typically 20 years for undergraduate loans and 25 years for graduate school loans. However, SAVE expedites debt cancellation for undergraduate borrowers with relatively low starting balances.

    Moving forward, borrowers meeting the eligibility criteria for forgiveness under the SAVE plan will have their loans automatically discharged, requiring no action on their part. The Education Department will continue identifying qualifying borrowers regularly.

    In addition to the automatic discharge, the Education Department unveiled a plan on February 15 to consider “hardship” in borrowers’ lives that may impede loan repayment progress. Factors such as age, income, disabilities, and the typical income for graduates of the attended college program will be taken into account. Borrowers with high loan balances and payments relative to household income, along with those facing high-cost burdens for essential expenses, may also qualify for debt discharge.

    This proposal aims to provide relief for borrowers experiencing difficulties in loan repayment and will be discussed during a negotiated rulemaking session on February 22 and 23. Under Secretary of Education James Kvaal highlighted that these ideas align with President Biden’s overarching plan to provide relief to as many student loan borrowers as possible. The Education Department seeks to leverage its existing rule-making authorities to address the diverse challenges faced by borrowers.

    Joe Biden is set to spend as many tax dollars as possible in order to help his efforts against Trump.  November is getting closer and closer and Joe Biden gets more desperate.

    Major Points Discussed:

    • The U.S. Department of Education announces the automatic discharge of $1.2 billion in federal student loan debt for 153,000 borrowers under President Biden’s new income-driven repayment plan called SAVE.
    • Borrowers must have enrolled in the SAVE plan, made at least 10 years of payments, and originally borrowed $12,000 or less for college to be eligible for debt cancellation.
    • Additional debt discharge is granted for every $1,000 borrowed above the $12,000 threshold, with borrowers receiving forgiveness after 20 or 25 years, depending on graduate school loans.
    • The announcement follows the Biden administration’s renewed effort for large-scale federal student loan debt cancellation after the initial $400 billion plan was rejected by the nation’s highest court last summer.
    • The Education Department has canceled over $138 billion in federal student loan debt so far, including relief for those on IDR plans, public sector workers, individuals with disabilities, and those misled or defrauded by schools.

    Comments – Threads – Links

    • Still don’t understand how he is getting away with this! It’s unreal that if he’s told something is unconstitutional…he does it anyway with no consequences for not following the laws- P Mac
    • He’s buying votes cause he can’t win over the younger gen- Blake Beye
    • we are no longer a country ruled by law- HumanProbably
    • Biden is a true dictator. Accuse others of what he is doing- Bosspuma1
    • There’s a big problem with college loans, schools are very expensive over rated, fewer people after they graduate will be able to get a good job, to pay for their loans, we need America first for better paying jobs and that will be the solution- Saul Cobian Gavino+
    Biden and crew are doing everything possible to take the nation down. Nations and banks around the world are buying Gold fast and at record amounts.  Do yourself or your family a favor, check out GOLD now – Whatfinger endorses Goldco, which has helped people all over America to protect their 401Ks and retirement – get the free details –  CLICK HERE or below…
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