Biden administration cancels additional $55.6 million in student debt

[alpha12]

Biden administration cancels additional $55.6 million in student debt

The Department of Education announced Friday that $55.6 million of student loan debt would be canceled, bringing the total amount to $1.5 billion.

news.yahoo.com

"The Department of Education canceled an additional $55.6 million in student loan debt for 1,800 students who were victims of a for-profit college fraud, bringing the total amount of canceled student loan debt by the Biden administration to $1.5 billion."

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[projektreverb]

I wouldn’t really call this “cancelling student loans”. The real question is when will they go after people related to these schools.

 

[mentos]

Can they cancel my mortgage too?

 

[Sine Cura]

Cap student loan amnesty at 20k per debtor and call it a day.

 

[confettiflyer]

I’m just happy I got like 19 months of PSLF credit, that’s like my kind of backdoor lovin’

 

[mentos]

Pharmacy schools are fraud at this point.
They must know how bad the job market is and how poorly the majority of the pharmacists are being treated by emoloyers.
Schools must be full of psychopaths to let students go through their programs, knowing how the majority of them end up.
Besides, those schools that are using old and/or misleading salary and employment data- straight up fraudulent.
I wouldn't say all of them, but many of them for sure.

Agreed. When I was in school, I sat in on a BOP conference call with one of my preceptors and they straight up said there were no jobs available and residencies inflated the job placement numbers, only to delay further unemployment down the line. This was like 8 years ago.

 

[JustFillIt]

I have never wanted “student loan cancellation”. However I do think that things have gotten out of hand and it’s more complex than saying “you took the loan you need to pay it how the terms say or your a bum”.

I am in favor of canceling all interest for everyone and paying back a principle balance. There is fault from many on all levels to be shared here.

 

[PharmtoCS]

I’m just happy I got like 19 months of PSLF credit, that’s like my kind of backdoor lovin’

Now 23 months.

The goalposts keep getting moved.

 

[VA77]

So do people get credit if they are on REPAYE OR IBR?

 

[Gombrich12]

I think everyone is getting credits for payment during the pause. You'd be a fool to not be on some sort of income based repayment plan. Not sure how all of this resolves, but it's clear by now going the Dave Ramsey route with your student loans is foolish.

 

[confettiflyer]

Yeah my 10 year PSLF just became 8 years and 1 month.

It’s almost like I’m praying for a massive recession so they have an excuse to extend it further. This is likely the last one, though…still beyond my wildest dreams. This waster equivalent of a ~$34,500 stimulus.