[shortsegments]

US President Biden announces US Student Loan Forgiveness Program Details.

• A campaign promise of the current U.S. President was College Student Loan Forgiveness.
• Details of the proposed program were released today, which will totally forgive the debts of many, and a large percentage of others.
• The apparent target group for the proposal is the group of students currently earning so little income that loan default is statistically probable.

source

Details available now include:

• Proposal to forgive $10,000 in student loans for borrowers who earned less than $125,000 during the pandemic.
  source

• Additionally proposes that : People who received Pell Grants, and grants to low-income students, while they were enrolled in college will be eligible to have $20,000 in debt forgiven.
  source

• The proposal states that only Only people who earned less than $125,000 as an individual or $250,000 as part of a married couple in 2020 or 2021 will be eligible for forgiveness.
  source

It is projected that this measure will help by:

• Completely forgiving and erasing the student debt entirely for 15 million of the 43 million people with federal loans. source

• Partially forgive the debt of an additional 5 million people.
  source

• This will not help over 23 million students.

• The estimated cost of the proposal is $230 billion dollars. source

Right or wrong?

• This gives financial relief to 20 million US Students.
• Some will debate the fairness of forgiving some, but not others, and some will debate it due to the cost.
• What fo you think?

@shortsegments

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Comments

[poshtoken]

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[shortsegments]

Thank you.

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[defigeek]

This fact alone:

This gives financial relief to 20 million US Students.
...is amazing

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[cryptosnowball]

Educating yourself does not guarantee you have a well-paying job. So I presume this will help those with this to carry on their shoulders.

[shortsegments]

Yes, many are earning to little to pay their debts.

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[jfang003]

I think it's skewed too much and I don't agree with all of the reasons why. However, I do agree that student loans have ruined a lot of people and it might not be worth it to take out a loan for college.

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[shortsegments]

Yes, it seems generous 125k yearly salary. But I am happy to see the government bailing out the little guy for a change.

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