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George II

(67,782 posts)
Thu Aug 19, 2021, 12:49 PM Aug 2021

Biden To Automatically Cancel $5.8 Billion In Student Loans For Over 300,000 Borrowers [View all]

Biden To Automatically Cancel $5.8 Billion In Student Loans For Over 300,000 Borrowers

Source: Forbes

Aug 19, 2021,11:26am EDT

The Biden administration announced on Thursday that it will be automatically wiping out the federal student loan debt for 323,000 borrowers.

The administration will be cancelling borrowers’ federal student loan debt through the Total and Permanent Disability (TPD) discharge program. The TPD Discharge program allows student loan borrowers who are unable to maintain substantial, gainful employment due to a physical or psychological medical impairment to get their federal student loans cancelled. However, to get student loans forgiven under the program, disabled student loan borrowers must submit a formal application, which can be challenging for those facing serious health issues.

Advocates have long argued that the Department of Education has the ability and the authority to automatically grant TPD Discharges to disabled student loan borrowers who are receiving disability benefits through Social Security (provided that they have a disability review period of at least five to seven years). The Social Security Administration had previously identified hundreds of thousands of disabled student loan borrowers who would qualify for TPD discharges, and the agency has shared that information with the Department of Education, but the Department had not acted.

On Thursday, that finally changed, and the Department of Education will move forward in automatically discharging approximately $5.8 billion in federal student loans for disabled borrowers identified by the Social Security Administration as eligible. Secretary of Education Miguel Cardona characterized the action as "in alignment with our strategies from day one to put our borrowers at the center of the conversation... Today's action removes a major barrier that prevented far too many borrowers with disabilities from receiving the total and permanent disability discharges they are entitled to under the law,” he said.

Read more: https://www.forbes.com/sites/adamminsky/2021/08/19/biden-to-automatically-cancel-58-billion-in-student-loans-for-over-300000-borrowers/?sh=43cf89eb4487
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It's a start. WhiskeyGrinder Aug 2021 #1
It's a continuation - he's already forgiven over $3B before this. But we never see..... George II Aug 2021 #3
My comment was dry, because $5 billion is hardly a drop in the bucket. WhiskeyGrinder Aug 2021 #4
He probably won't forgive it all, nor should he. George II Aug 2021 #6
He should, but you're right. WhiskeyGrinder Aug 2021 #7
There is a member of Congress with net worth of close to $30M, should his student debt be forgiven? George II Aug 2021 #10
Sure. WhiskeyGrinder Aug 2021 #12
Lol! Nt USALiberal Aug 2021 #15
More of your decisive insight! LanternWaste Aug 2021 #16
Fix your quote! USALiberal Aug 2021 #17
Ain't gonna fix what ain't broken, pal. LanternWaste Aug 2021 #19
So basically I need to explain what is wrong with a quote you decided to use?? LOL...... USALiberal Aug 2021 #20
I have no idea what you need to do. I simply want to see assertions supported with evidence. LanternWaste Aug 2021 #21
Fix your quote! USALiberal Aug 2021 #22
Doing the same thing over and over again and expecting different results, eh? LanternWaste Aug 2021 #23
The recession of the '90s was over by March 1991, it lasted only 8 months. It was followed by.... George II Aug 2021 #18
The recession was certainly over on paper. But the jobs came back more slowly, which is why WhiskeyGrinder Aug 2021 #24
I'll give you until 1994, by then Clinton's policies had fully kicked in. So that leaves us.... George II Aug 2021 #25
I'm not quite sure what you're asking me to answer -- any individual person can have any WhiskeyGrinder Aug 2021 #26
There's no need to decide, President Biden has already done so. George II Aug 2021 #27
Excellent! Thank you, President Biden! Aristus Aug 2021 #2
Canceling it all ain't happening, but if it did, whoa. Johnny2X2X Aug 2021 #5
That's what they should do instead of blindly forgiving all debt. George II Aug 2021 #8
They already have the 10% PAYE option Johnny2X2X Aug 2021 #9
They need to fix the root cause of student loan problem. College doesn't have to be free but JoanofArgh Aug 2021 #11
No one wants to talk about that MichMan Aug 2021 #13
I hope there are refunds for students who busted there ass paying off their loan! Nt USALiberal Aug 2021 #14
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