US Biden Won’t Extend Student Loan Relief And Confirms Student Loan Payments Restart February 1 - Melinda Scott on Suicide Watch?

The Biden administration won’t extend student loan relief and confirmed student loan payments restart February 1, 2022.

Here’s what you need to know.

Student Loans​

White House Press Secretary Jen Psaki confirmed to reporters during a press briefing that the Biden administration won’t extend student loan relief — and the student loan payment pause will end January 31, 2022. (No, Biden won’t extend student loan relief again). Here are some highlights from her comments:

• “In the coming weeks, we will release more details about our plans”
• “We will engage directly with federal student loan borrowers to ensure they have the resources they need and are in the appropriate repayment plan.”
• “We are still assessing the impact of the Omicron variant.”
• “A smooth transition back into repayment is a high priority for the administration.”
• “The Department of Education is already communicating with borrowers to help them to help to prepare for return to repayment on February 1.”
• “41 million borrowers have benefitted from the extended student loan payment pause, but it expires February 1, so right now we’re just making a range of preparations.”

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Student loan relief: this won’t sit well with progressives and advocates​

Progressive members of Congress, leading advocacy groups and student loan borrowers have lobbied President Joe Biden to extend the student loan payment pause beyond January 31, 2022. (Here’s a list of everyone who wants Biden to extend student loan relief). They cite potential financial devastation for millions of borrowers if temporary student loan forbearance isn’t extended. Senate Majority Leader Chuck Schumer (D-NY) and Sen. Elizabeth Warren (D-MA) say that 89% of student loan borrowers feel financially unprepared to restart student loan payments. They also argue that nine million student loan borrowers in default will suffer further financial detriment. (5 ways Biden could cancel more student loans). With other U.S. senators, they have pressured Biden to postpone the return to student loan payments for at least several months and at most until the end of the Covid-19 health emergency. Despite these pleas, the Biden administration seems definitively focuses on ending this student loan relief on January 31.

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Student loan cancellation won’t happen either​

Some student loan borrowers have hoped that Biden will deliver a last-minute financial lifeline by enacting wide-scale student loan cancellation. (Here’s how to get student loan forgiveness during the Biden administration). However, there is no indication that Biden will cancel everyone’s student loans. Therefore, don’t expect Biden to cancel student loans before student loan relief ends.

On the contrary, Psaki provided an update on Biden’s actions to date to enact student loan forgiveness. Since becoming president, Biden has cancelled $12.5 billion of student loan debt for approximately 640,000 student loan borrowers. When questioned by a reporter about the Biden administration’s plans to help student loan borrowers, Psaki made no mention of any future plans for wide-scale student loan forgiveness. (How to qualify for automatic student loan forgiveness). Psaki’s posture has been consistent with Biden’s in that the president supports wide-scale student loan cancellation of up to $10,000, but Congress should pass legislation on mass student loan forgiveness.

With less than 60 days remaining until the end of temporary student loan relief, it’s essential that you understand all your options for student loan repayment. Here are some popular options to save money on your student loans:

• Student loan refinancing (lower interest rate + lower monthly payment)
• Income-driven repayment plans (lower payment, but same interest rate)
• Public service loan forgiveness (student loan forgiveness for public servants)

Article

 

[The Last Stand]

To those college students who went up to bat for Biden/Harris to be "progressive," THIS is what they think of you.

 

[Hereitis]

Good. Stop giving the handouts. Its about time they started paying back the debt owed

 

[CircuSphere]

They gave 'your college money' (really it's my tax money) to bankers and illegals you stupid over-socialized faggots. You are worthless, even your dear leaders know it. Just kill yourselves next time you are thinking about voting, it'll save everyone a lot of time and energy.

 

[Foxxo]

College tuition should be tied to real world earning potential. Your student loan shouldn't exceed 3-4 years salary at a typical pay rate in the field.

But then there wouldn't be any History or Gender Studies degrees!

 

[Open Window Maniac]

Student loan forgiveness is welfare for the rich.

 

[ChefKiss]

If you cancel the student debt now then you can not run on cancelling it on your 2024 platform. Same with 15 minimum wage hahahaha

They'll get their 15 minimum wage soon enough with this level of inflation. It'll be hailed as a massive win for dems delivering on their promises

 

[Duke Nukem]

I find it insanely hilarious when some liberal shit like AOC or Buttgieg's cock cleaner whine about studen loan debt while making $200k a year.
Well, you took the loan. The loan helped you get that job. Now pay back the loan or fucking kill yourselves, you fucking parasites.

I genuinely feel sorry for the ones who went to college in the hopes of a better life after and got fucked by the economy and are stuck working in fast food or something.

However, cunts like AOC can fucking choke on it.

 

[Walrus and Carpenter]

What do you mean? Social security is ungarnishable.

Not true, it can be garnished for taxes or child support.

 

[Ita Mori]

MFW the sibling who decided to work for Costco 15 years ago now runs the whole warehouse and makes $170k per year and is completely debt-free while owning a house and 3 vehicles plus real estate investments vs the sibling who went to college to get a history degree is 90k in debt and owns nothing, can't get a job for what they studied, and still lives in their childhood room at their old folk's home.

The CIC needs to be nuked and every teacher who brainwashed a student that it's college-or-die forced to eat buckshot.

 

[Kosher Dill]

What do you mean? Social security is ungarnishable.

Not so: https://www.aarp.org/money/credit-loans-debt/info-2018/student-loans-garnish-ss.html
If you have a federal loan they can garnish up to 15% of your Social Security benefits (apart from SSI).

 

[Mr. Zed da Robot Poon Fed]

Just get rid of federally subsidized loans. Tuition would have to decrease significantly, and they would have to discard gender studies degrees for actual useful degrees. Because they know the government will pay off the loans, colleges have increased their tuition to cover shit like golf courses, movie theatres, five-star dinners and shit that's supposed to be irrelevant for college.

 

[Alexander Thaut]

Just get rid of federally subsidized loans. Tuition would have to decrease significantly, and they would have to discard gender studies degrees for actual useful degrees. Because they know the government will pay off the loans, colleges have increased their tuition to cover shit like golf courses, movie theatres, five-star dinners and shit that's supposed to be irrelevant for college.

Caddyshack, the film, has a really dated premise.

I mean the protagonist makes enough money through his summer job in order to pay a year's tuition at college. I fucking wish that'd be a thing nowadays.

 

[Michael Janke]

To those college students who went up to bat for Biden/Harris to be "progressive," THIS is what they think of you.

how many kids do you think took the biggest loan they could gambling their chances on Bernie and Biden forgiving it?

even if Biden could forgive the debt, wouldn't he only have immediate authority over government loans. he'd have to jump through a few hoops to forgive private loans, right?
edit: government loans work with you to help you pay it back. they have things like minimum payment plans and forgivement plans if you work in charities or public service. its also given to you by the government giving them some chance of forgiveness if its warranted. private loans don't have any of those benefits. you'd have to work hard to get it by congress to have it forgiven.

 

[MrJokerRager]

What do you mean? Social security is ungarnishable.

It can be garnished for unpaid taxes and child support.

Edit: Ninja'd but SSI on the other hand is never garnished.

 

[Secret Asshole]

Time for me to come in and talk about this.

Good. Stop giving the handouts. Its about time they started paying back the debt owed

Wrong. Student loans are not handouts. The government makes MASSIVE amounts of money from student loans. No matter how much they lend out, they always make money. In 2014, they made $50 billion, and that number is only going up. They don't forgive student loans because 'bootstraps' or 'debt owed', its because it makes them gigantic amounts of money. Now that the government has cut the banks out, their profit margins have only increased. Student loans make money for the government, there's no will on either side (Besides progressives like Sanders) to ending it.

Student loans facilitate debt slavery and it is one of the tightest shackles you can bind yourself. The government is only happy to take your line and slap it to people, because it generates income for them, shackles a problematic class of people to them, and basically works for tighter government control. Advocating against forgiveness is advocating for governmental policy that is manipulative, controlling and generates profit for them. Obama basically was the only one to avert the crisis when he instituted IBR. Otherwise the entire system would have combusted.

But now, with IBR, there's little to no chance of that happening. The shackles are basically there forever. In fact, it is so profitable, it is hard to find a recent article with just how much the government makes off of them. This is intentional, its kind of a bad look if the government revealed how much it was making off of people with insane loans. These are not handouts. These are revenue.

Student loan forgiveness is welfare for the rich.

Wrong. Rich people can easily afford college or use their connections for easy scholarships. Rich people don't take out student loans.

This is basically upper, middle and lower class relief. Student loans shackle young people to debt, delay their lives and basically slow down the entirety of the economy. It makes the middle classes dependent upon the government, just like it makes the poorer classes dependent on it for other reasons. Student loan functions like no other debt in existence. Its non-dischargeable, it (used to not expire on death, but a couple of REALLY bad media stories ended that), you can take out massive amounts with no collateral and a minor can get hundreds of thousands of dollars.

1) When I was 16, a minor, I was able to take out a six figure student loan. Nowhere else on Earth would a minor be allowed to do this. Remember, it is minors taking out these loans. Its minors getting 'career advice' from liberal progressives. These guys are good, they wouldn't steer them wrong, right? It takes a lot of strong will that most young people don't have in their lives to see this for what it is. And I took my loans out before the crisis was a thing.
2) They are difficult, but not impossible to discharge through bankruptcy. The government and loan industries parroted this so much almost nobody tries it. Oh, and who signed the 2005 bill restricting student loan bankruptcy and terms? That's right, Joe Biden.
3) They've inflated school prices to the point where most people cannot go to school without a loan. And you almost need a college education these days for menial jobs. Its a government slavery program designed to limit your options and shackle you to the United States. Removing federal loans would not fix this problem for at least a decade, as research shows that schools have been upping their prices because parents believe more money = better than. Literally. So colleges are actually increasing prices to compete with each other. It is batshit crazy.

Not so: https://www.aarp.org/money/credit-loans-debt/info-2018/student-loans-garnish-ss.html
If you have a federal loan they can garnish up to 15% of your Social Security benefits (apart from SSI).

Oh, not only that, the government can quite literally come into your bank account and take your cut directly from it if you aren't paying. They can basically just take it if you aren't giving it. Defaulting on federal loans is probably the worst thing you can possibly do because they will take everything you own and not give a shit.

Student loans are a form of governmental control on the middle class and can be used to shaft them and force them to be reliant on them. It is a simple tool of control. And it generates a profit for those in control. Not a bad deal for the government. A bad deal for everyone else.

 

[Town Drunk]

I support this, but imagine voting for this potato who ran on this. Not "I'd love to but we can't" but a solid, get fucked, its not happening.

Add this to his other number of things he promised, and not only made no efforts to acutally happen, but told you to eat shit for wanting them.

I have no idea what the long term stratgey of the dems is at this point.

 

[Dyn]

Same with 15 minimum wage hahahaha

Wait the minimum wage in America isn't even $15/hr?

 

[Jason Wynn]

I spent the first two years of college at a community college. Saved me a ton of money, I learned the same things I would have starting at a four year university and I was able to transfer my credits with no hassle. I still lived with my parents instead of on a dorm, I didn’t spend too extravagantly and I ended up with a very manageable amount of debt after earning my degree I was quickly able to pay off.

Two of my close high school friends made fun of me for going to a community college. They saw it as no better than Special Ed. One went to ITT Tech for Game Design. Spent all four years basically at a glorified daycare with a worthless degree. They’ve been working a minimum wage job now (their only job) for the past 12 years and only recently paid off their debt. Same scenario with my other friend except he wasn’t retarded enough to enroll at ITT Tech and actually has a decent job but still accrued a mountain of debt.

You want to take out a ton of loans, treat college like high school, do nothing but spend it all on frivolous bullshit and then whine when it comes time to pay the piper? Lol welcome to adulthood, first lesson being actions have consequences.

 

[CircuSphere]

Time for me to come in and talk about this.

Wrong. Student loans are not handouts. The government makes MASSIVE amounts of money from student loans. No matter how much they lend out, they always make money. In 2014, they made $50 billion, and that number is only going up. They don't forgive student loans because 'bootstraps' or 'debt owed', its because it makes them gigantic amounts of money. Now that the government has cut the banks out, their profit margins have only increased. Student loans make money for the government, there's no will on either side (Besides progressives like Sanders) to ending it.

Student loans facilitate debt slavery and it is one of the tightest shackles you can bind yourself. The government is only happy to take your line and slap it to people, because it generates income for them, shackles a problematic class of people to them, and basically works for tighter government control. Advocating against forgiveness is advocating for governmental policy that is manipulative, controlling and generates profit for them. Obama basically was the only one to avert the crisis when he instituted IBR. Otherwise the entire system would have combusted.

But now, with IBR, there's little to no chance of that happening. The shackles are basically there forever. In fact, it is so profitable, it is hard to find a recent article with just how much the government makes off of them. This is intentional, its kind of a bad look if the government revealed how much it was making off of people with insane loans. These are not handouts. These are revenue.

Wrong. Rich people can easily afford college or use their connections for easy scholarships. Rich people don't take out student loans.

This is basically upper, middle and lower class relief. Student loans shackle young people to debt, delay their lives and basically slow down the entirety of the economy. It makes the middle classes dependent upon the government, just like it makes the poorer classes dependent on it for other reasons. Student loan functions like no other debt in existence. Its non-dischargeable, it (used to not expire on death, but a couple of REALLY bad media stories ended that), you can take out massive amounts with no collateral and a minor can get hundreds of thousands of dollars.

1) When I was 16, a minor, I was able to take out a six figure student loan. Nowhere else on Earth would a minor be allowed to do this. Remember, it is minors taking out these loans. Its minors getting 'career advice' from liberal progressives. These guys are good, they wouldn't steer them wrong, right? It takes a lot of strong will that most young people don't have in their lives to see this for what it is. And I took my loans out before the crisis was a thing.
2) They are difficult, but not impossible to discharge through bankruptcy. The government and loan industries parroted this so much almost nobody tries it. Oh, and who signed the 2005 bill restricting student loan bankruptcy and terms? That's right, Joe Biden.
3) They've inflated school prices to the point where most people cannot go to school without a loan. And you almost need a college education these days for menial jobs. Its a government slavery program designed to limit your options and shackle you to the United States. Removing federal loans would not fix this problem for at least a decade, as research shows that schools have been upping their prices because parents believe more money = better than. Literally. So colleges are actually increasing prices to compete with each other. It is batshit crazy.

Oh, not only that, the government can quite literally come into your bank account and take your cut directly from it if you aren't paying. They can basically just take it if you aren't giving it. Defaulting on federal loans is probably the worst thing you can possibly do because they will take everything you own and not give a shit.

Student loans are a form of governmental control on the middle class and can be used to shaft them and force them to be reliant on them. It is a simple tool of control. And it generates a profit for those in control. Not a bad deal for the government. A bad deal for everyone else.

Good points but if we start letting people off the hook now it just perpetuates the system instead of crashing it. People need to learn that student loans are still loans, the only way people learn is consequences. The government never ever gives up a revenue stream as you have illustrated, that battle is lost. We have to restore the balance of power between the employable departments (and the rest of society for that matter) and the fagademics. We have to crash the system and the only way this happens is to let people wear their women's studies degree shaped albatrosses around their necks. It's not like the state isn't porking me at every turn and I didn't fuck up my life chasing careers I wasn't cut out for or smoking myself stupid at art school (I smoked myself stupid productively dammit!). Don't complain to me barista, let the glassy eyed communist acolyte on the line from your Alma Matter know how you feel when they call up for donations.

Ps. I have a dumb degree from a state school, it's all bullshit, there are a handful of people doing very hard work who will have no problem paying those loans but most of these kids are retards just looking for sex and prestige. They want to live in nice apartments, play sports ball, do as little work as possible and do everything in their power not to think of the future at all. It's a piece of paper that says "I manged to skate through desk work without drinking myself to death in 4 years."

 

[Reporterward]