Education Dept. officially kills Biden-era student loan repayment plan

[Yo_Mama_Been_Loggin]

Source: USA Today

WASHINGTON – It's official: Former President Joe Biden's signature student loan repayment plan is over. And the clock is ticking for millions of borrowers to enroll in another program.

On Dec. 9, the federal Education Department announced a proposed legal agreement meant to kill the program known as the Saving on a Valuable Education, or SAVE, plan. The agency said it settled with several red states who sued to stop SAVE in March 2024.

If approved by the courts, the settlement will require that no new borrowers are enrolled in the SAVE program, which based monthly bills on borrowers' incomes and was hailed by the Biden administration as the most affordable student loan repayment option in history. The department will also deny any pending SAVE applications and move current borrowers into different repayment plans.

The settlement, a death knell for one of Biden's main education policy achievements, puts an end to the legal limbo in which more than 7 million SAVE borrowers have been stuck for more than a year and a half. Those borrowers have been in administrative forbearance, not requiring them to make payments, since June of last year. Interest on their debt restarted this August.

Read more: https://www.yahoo.com/news/articles/education-dept-officially-kills-biden-202201540.html

[dweller]

1. welp

Those borrowers are fucked .

From “ the most affordable student loan repayment option in history “ to the latest Pisswig grift .


😑




✌🏻

[wolfie001]

2. Hate to think some of these borrowers voted for Prez Pedo or sat out the election nt

[ForgoTheConsequence]

3. Most didn't.

College graduates overwhelmingly voted for Harris. This isn't a FAFO; this is an attack on higher education. Just in time for Christmas, too.

[BaronChocula]

9. Most definitely

And for those that did, I wish for them the worst for what they helped do to the country.

[sakabatou]

4. This administration really does love fucking over the People

[IronLionZion]

8. Around half of the people are saying "harder daddy"

[choie]

5. And with that

my dream of being a homeowner is dead.

[ForgoTheConsequence]

7. I feel that.

[Pas-de-Calais]

6. I loathe that simpleton

[Xolodno]

10. Right when more borrowers are starting to go delinquent, good job.

But its still got to go through the courts and we all know how long that takes.

[OhioBack2Blue]

11. Move current borrowers into different repayment plans. NO!

FOR THOSE IN THE SAVE PLAN. THIS CANNOT BE LEGAL!

Reasons:

1) If the Republican lawyers are dropping their lawsuit, then SAVE was not found unlawful & must remain in place for those already in it, with all terms and conditions intact.
2) If BIDEN cannot create the SAVE PLAN, then TRUMP CANNOT create new plans either nor force us into those.
3) If BIDEN cannot create the SAVE PLAN, and the judge cancels the SAVE PROGRAM, then those currently in the SAVE PROGRAM go back to the program they were in such as REPAYE.
4) REPAYE was then clearly unlawfully discontinued by BIDEN and must be restored and accepted by Trump.
5) I signed a LEGAL CONTRACT with the Department of Education that put me in REPAYE for the term of my contract 25 years with a legal and lawful forgiveness clause.
6) Trump cannot willy, nilly change my contract, which would be a material BREACH OF CONTRACT.
7) I am not signing a new contract that may strip me of all my time in repayment, and will definitely strip me of all my rights as per my original contract with the Department of Education.
8) When an organization is "UNDER ADMINISTRATION" due to insolvency, dissolution, and/or being liquidated, the original terms and conditions of my debt (e.g., loan repayments, invoice terms, forgiveness clause) must remain in effect. Just turn my payments back on with NELNET and let me get back to paying under SAVE or the original program approved by congress as REPAYE.

WHERE ARE THE STUDENT LOAN LAWYERS?

WHERE ARE THE CONTRACT LAWYERS?

WHERE ARE THE CLASS ACTION LAWSUITS?

PLEASE, WE NEED A LAW FIRM / LAWYERS TO STEP UP HERE and FILE A LAWSUIT FOR THOSE CURRENTLY IN SAVE.

[choie]

12. Student loan borrowers

Don’t have many champions. I spent a sleepless night trying to figure out how I’m going to manage. I’ve already made some stupid ass financial mistakes, and I fear I’m not going to overcome them.

[róisín_dubh]

13. They can get fucked.

I make next to nothing in the UK and don't have a pot to piss in, nor do I have savings. I own nothing but debt. Yay me.

Thanks, Republican assholes.

[maxsolomon]

14. So many were angry that Biden didn't summarily dismiss all Student Loan debt

But this will pass unnoticed.