According to a White House press release:
Today, President Biden is announcing a three-part plan to provide more breathing room to America’s working families as they continue to recover from the strains associated with the COVID-19 pandemic. This plan offers targeted debt relief as part of a comprehensive effort to address the burden of growing college costs and make the student loan system more manageable for working families. The President is announcing that the Department of Education will:
- Provide targeted debt relief to address the financial harms of the pandemic, fulfilling the President’s campaign commitment. The Department of Education will provide up to $20,000 in debt cancellation to Pell Grant recipients with loans held by the Department of Education, and up to $10,000 in debt cancellation to non-Pell Grant recipients. Borrowers are eligible for this relief if their individual income is less than $125,000 ($250,000 for married couples). No high-income individual or high-income household – in the top 5% of incomes – will benefit from this action. To ensure a smooth transition to repayment and prevent unnecessary defaults, the pause on federal student loan repayment will be extended one final time through December 31, 2022. Borrowers should expect to resume payment in January 2023.
- Make the student loan system more manageable for current and future borrowers by:
- Cutting monthly payments in half for undergraduate loans. The Department of Education is proposing a new income-driven repayment plan that protects more low-income borrowers from making any payments and caps monthly payments for undergraduate loans at 5% of a borrower’s discretionary income—half of the rate that borrowers must pay now under most existing plans. This means that the average annual student loan payment will be lowered by more than $1,000 for both current and future borrowers.
- Fixing the broken Public Service Loan Forgiveness (PSLF) program by proposing a rule that borrowers who have worked at a nonprofit, in the military, or in federal, state, tribal, or local government, receive appropriate credit toward loan forgiveness. These improvements will build on temporary changes the Department of Education has already made to PSLF, under which more than 175,000 public servants have already had more than $10 billion in loan forgiveness approved.
- Protect future students and taxpayers by reducing the cost of college and holding schools accountable when they hike up prices. The President championed the largest increase to Pell Grants in over a decade and one of the largest one-time influxes to colleges and universities. To further reduce the cost of college, the President will continue to fight to double the maximum Pell Grant and make community college free. Meanwhile, colleges have an obligation to keep prices reasonable and ensure borrowers get value for their investments, not debt they cannot afford. This Administration has already taken key steps to strengthen accountability, including in areas where the previous Administration weakened rules. The Department of Education is announcing new efforts to ensure student borrowers get value for their college costs.
AUTHOR COMMENTARY
[5] But if a man be just, and do that which is lawful and right, [6] And hath not eaten upon the mountains, neither hath lifted up his eyes to the idols of the house of Israel, neither hath defiled his neighbour’s wife, neither hath come near to a menstruous woman, [7] And hath not oppressed any, but hath restored to the debtor his pledge, hath spoiled none by violence, hath given his bread to the hungry, and hath covered the naked with a garment; [8] He that hath not given forth upon usury, neither hath taken any increase, that hath withdrawn his hand from iniquity, hath executed true judgment between man and man, [9] Hath walked in my statutes, and hath kept my judgments, to deal truly; he is just, he shall surely live, saith the Lord GOD.
Ezekiel 18:5-9
It should be noted that Ezekiel 18:5-9 does not apply for the born again believer today in terms of doctrine and salvation (as OT salvation was works-based); but for instruction in righteousness and learning, it very much applies to this situation. Instead of paying off that debt that people got themselves into, people decided to steal their degree with no intention on paying back the fees, but rather force the oppressive government to steal from the American tax cattle.
Adding to what the Economic Ninja said, it should also be noted that $10K is only a fraction of the amount of student loan debt that people are holding onto. The strong majority will still stay in debt, to which many will still defer to pay. Moreover, this, in my eyes, will probably entice more people to go into deeper college debt by taking on another semester, courses, or play collegiate sports scholarship-free as a walk-on, and so forth – thereby increasing the debt load even more, similar to how the Covid stimmies made everyone think they were millionaires.
[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).
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Joe Biden said that he will forgive up to $10000 for a while. Senators Chuck Schumer & Elizabeth Warren proposed loan forgiveness of up to $50000. On the other hand, radical leftists like AOC want ALL student loan debt forgiven. I think that this will tell people don’t worry about your student loans, because you will be forgiven of the debt at the expense of tax payers and ALL people of the world who possess the US dollar.
Higher education should never have been offered to the untested high school graduate with no money, but rather it should have been reserved for those who have proven themselves diligent workers on the job site and have the means to pay for the labor of their educators. In other words, like that new house, job promotion, or new car, it’s something that one should earn, not be gifted nor something that one should be allowed to go into debt to obtain. And for the record, I’m also talking about trade schools, as those will become the new collages in the future, if given another decade or two, complete with sports teams, extreme cost of tuition, and eventually, Trade school loans.
In other words, if you cannot make it as a cashier, farm-hand, janitor, or some other basic entry level job, you’re clearly not ready for the more prestigious jobs in the market and the required education needed for them. And if you cannot afford that education, then you should save up until you can afford it, though said higher education in many fields is becoming more and more worthless these days.
I agree with you!
Those are great points.
96 percent of college degrees are worthless.
When the economy crashes partly thanks to all of the student loans and debts, these colleges and universities will fall apart as well.
Also, I dropped out of college – community college mind you, just like five classes or so away from an associate degree in general classes (I guess an AAS or AA of sorts) because it wasn’t getting me anywhere and also I was inducted to Phi Theta Kappa the international honors society in 2010, I started to see the vanity and pride in that and I decided nah it’s time to leave.
The majority of them went to get their bachelors maybe masters degrees and PTK only pays a fraction of their tuitions so they’re still stuck with debt either way – it’s just a gold star on their resumes but employers won’t give a flip either way.
Another way to control the compromisers, dupes & “useful idiots/useless eaters” until it’s time to accuse, marginalize & cull them as the wicked tools of Satan, the father of lies& first tempter, accuser of the brethren who think they are ‘wise’, & ‘beating’ God. Barring repentance, miraculous salvation, they will see the folly of their ways & the perverse, puny-ness & inability of the spirit they follow & serve as Isaiah 14 describes, at the great white throne judgment at the very end of this world & the millennium. They don’t die well….wicked & perverse Voltaire clawing the walls & cursing; evil Crowley, so cocksure, mocking & horrific, dying ‘perplexed’; initiated & deceived ‘white’ witch of Hellywood, Michael Landon, used to the corrupting & ‘transformation’ of ‘conservative Christianity’ w/ Roma (Roma…how appropriate, & her character: Monica, the icon-worshipping, aristocratic, pilgrimage-taking witch mother of Augustine, father of the perverse false Christianity of this age, MYSTERY, BABYLON THE GREAT, MOTHER OF HARLOTS AND ABOMINATIONS OF THE EARTH) Downey & her voodoo, acting partner, Della Reese. They should have called it ‘Touched by a FALLEN Angel’….and ‘Highway to Hell’) dying crying out, ‘no, no, I’m not ready’…by the testimony of their families and attending caretakers.
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All the mocking, conniving, witches & sorcerers following their master, bearing the hard yoke & refusing the easy yoke of the Lord, drinking of the wrong cup, the Lord’s strange work, & not his first, & best, will for any member of the race of man created in his image.
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Matthew 25:41 Then shall he say also unto them on the left hand, Depart from me, ye cursed, into everlasting fire, prepared for the devil and his angels:
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Isaiah 28:21 For the LORD shall rise up as in mount Perazim, he shall be wroth as in the valley of Gibeon, that he may do his work, his strange work; and bring to pass his act, his strange act.
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2 Peter 3:9 The Lord is not slack concerning his promise, as some men count slackness; but is longsuffering to us-ward, not willing that any should perish, but that all should come to repentance.
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John 3:16-20 For God so loved the world, that he gave his only begotten Son, that whosoever believeth in him should not perish, but have everlasting life.
Joh 3:17 For God sent not his Son into the world to condemn the world; but that the world through him might be saved.
Joh 3:18 He that believeth on him is not condemned: but he that believeth not is condemned already, because he hath not believed in the name of the only begotten Son of God.
Joh 3:19 And this is the condemnation, that light is come into the world, and men loved darkness rather than light, because their deeds were evil.
Joh 3:20 For every one that doeth evil hateth the light, neither cometh to the light, lest his deeds should be reproved.
Joh 3:21 But he that doeth truth cometh to the light, that his deeds may be made manifest, that they are wrought in God.