the staff of the Ridgewood blog
Ridgewood NJ, the Biden administration officially launched its student debt relief application on Monday, ending months of anticipation from millions of American borrowers. The debt forgiveness website, which was first released by the administration for beta testing on Friday, features what officials have argued is a relatively simple application process. President Biden announced his plan for student loan debt relief in August forgiving $10,000 in student loan debt for those making under $125,000 annually and $20,000 for Pell grant recipients.
https://studentaid.gov/welcome/
https://studentaid.gov/debt-relief/application
Biden administration officials estimate the forgiveness will cost $24 billion per year, or $240 billion over 10 years. However, other groups say the cost would be much higher. The Committee for a Responsible Federal Budget, a nonpartisan, nonprofit organization that analyzes government spending, pegs the cost at $440 billion to $600 billion over 10 years. An estimate from researchers at the Wharton School of Business is even more pessimistic, figuring as much as a $1 trillion price tag over 10 years. Wharton’s higher-end number assumes more people will enroll in the new income-driven repayment plan, take on more debt, and that colleges will raise tuition in response.
If your kid is a “dependent” student, and most of them are, the threshold will be based on the parents income. So not only did comfortable parents and their have to pay for college, the kids won’t get student loan foregiveness funds AND, they’ll have to keep paying more in taxes to pay back other kids education!
I work my ass off to earn my salary and it sucks that we NEVER get a break.
The program is complete liberal pre election bullshit.
This thing is going to be litigated to death and NOBODY is going to get a DIME.
The President has NO LEGAL AUTHORITY to make this happen…Only congress
controls the purse strings NOT the executive branch.
You are correct…this is the Land of Make Believe. I giggled when this topic came up during the Demokrats’ debates.
Sadly, money will be rushed out (accounting-wise) and then NOBODY will have the backbone to reverse it.
IF the program ever gets deemed to have been illegally implemented it will either be ruled as too late to recall the money or the spinless congress will rush an actual law into place to legitimize the program.
THIS is exactly what they are counting on.
Maybe they’ll fund it by a “1-percenters tax” or some other such misguided liberal utopian wet dream.
https://www.cnbc.com/2022/10/20/supreme-court-rejects-request-to-block-biden-student-debt-forgiveness-program.html
That’s why I pay every thing last second,
Many kids buckled down and paid their loans. Others wasted money on getting useless liberal arts degrees and not surprisingly couldn’t turn that into a paying job. Then there are the dysfunctional element that were a mixture of uselessness and gaming the system knowing this was coming.