The impacted borrowers are people enrolled in the SAVE Plan.

The Biden administration will begin automatically relieving student debt for another 153,000 people on Wednesday, bringing the total number of Americans approved for debt relief to nearly 3.9 million.

President Joe Biden will tout the new debt relief in a speech from Los Angeles, and thousands of people will receive an email from the president informing them that they now qualify for relief.

“Congratulations — all or a portion of your federal student loans will be forgiven because you qualify for early loan forgiveness under my Administration’s SAVE Plan,” the email from the president will read.

The people receiving debt relief beginning Wednesday are those who enrolled in the newest student loan payment plan, called the SAVE Plan, which the Department of Education calls the most affordable plan for the majority of borrowers.

Anyone enrolled in the SAVE Plan who took out less than $12,000 in initial loans and has been paying them down for the past 10 years or more will have them forgiven.

  • Flying Squid@lemmy.world
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    6 months ago

    Looking forward to seeing people bitching about how they didn’t get any relief (THANKS, BIDEN!) rather than being happy for those who did.

    • Admiral Patrick@dubvee.org
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      6 months ago

      (I’m not nit-picking you, just building off what you said)

      I was eligible for the original forgiveness plan that got cock-blocked, and I was rightfully angry after having that dream smashed. The difference between me and “someone I know IRL who I will not name” is that I’m well aware of where to place the correct blame (hint: not Biden).

      Thus far, I have slipped through the additional forgiveness cracks. Am I salty about that? Not in the slightest. I’m in a decent enough position that resuming payments wasn’t a huge hardship, but some people are and have since qualified for the watered-down forgiveness plans. Good for them (and I mean that).

      But yeah, there are definitely some people blaming the guy who fucking tried to blanket forgive their debt and radio silent on the party they vote for that was responsible for smothering that plan in its crib.

      • Flying Squid@lemmy.world
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        6 months ago

        The problem is where they place the blame. I have repeatedly been told by people here on Lemmy that Biden promised student loan forgiveness and he didn’t deliver, ignoring the fact that SCOTUS, who can block anything he passes, blocked his student loan forgiveness plan.

        • Admiral Patrick@dubvee.org
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          6 months ago

          True. I added an additional sentence to my comment right before I saw your reply which is right there with you.

          I have repeatedly been told by people here on Lemmy that Biden promised student loan forgiveness and he didn’t deliver,

          I can’t speak for all of those, but I’m sure you’ve noticed the same pattern that I have among a handful of accounts . I’d guess a big chunk of those “people” part of the same “Biden bad; don’t vote” campaign.

          • Spiralvortexisalie@lemmy.world
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            6 months ago

            Biden choose the most controversial way of accomplishing the debt relief plan and has refused to pursue the plan outlined by legal scholars even after his plan failed source. Considering that Biden has long been talking out both sides of his mouth, see his stance on Israel at the moment for a contemporary example, it would appear that he does not want to give the actual relief promised.

    • skuzz@discuss.tchncs.de
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      6 months ago

      What a one-dimensional take. I’m very happy more peoples’ loans are being forgiven. I’m also not happy that it’s been promised/unpromised at every turn for so many. I also don’t blame Biden, I blame the whole stupid inept Federal government for hating its citizens so much they’d rather see us all be poor and die than ever actually improve the state of things even a few inches.

    • Hildegarde@lemmy.world
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      6 months ago

      It literally costs more to exclude people. Every program Biden has implemented or attempted was designed around offering minimal relief for maximal cost.

      • Flying Squid@lemmy.world
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        6 months ago

        You mean apart from his student loan forgiveness program that would have given people what they wanted but then SCOTUS struck it down and now he would need congress on his side, including Republicans, to pass it again?

        • Hildegarde@lemmy.world
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          6 months ago

          You wean the one that required the federal government to spend money on marketing to make sure borrowers knew about the form they needed to fill out in order to allow the government to verify the borrower’s income so they could decide whether they were eligible for only $10k? Yes.

          Even if it wasn’t blocked, it ads so many unnecessary administrative costs instead of just processing a single transaction on every account.

          Even before the court’s intervention, Biden has shown no interest in doing forgiveness well, neither in the amount foregiven, nor the costs of doing so.

            • Hildegarde@lemmy.world
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              6 months ago

              The cost of forgiveness is not proportional to the value of the relief. $100k costs the same as $10k. The number he chose is arbitrary. It’s telling he picked a small one.

              • Flying Squid@lemmy.world
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                6 months ago

                You must be quite wealthy if you think $10k is not a lot of money to be forgiven.

                Also, are your student loan debts really $100k? Because they’re around $30k-$40k for most people. I would say 1/3 to 1/4 of the way to being debt free is pretty damn good.