Official Student Debt Cancellation Watch Thread

[No1]

The fact sheet put out by the WH specifically mentions undergraduate and lower-income borrowers but doesn't go into any detail outside of the $125K single, $250K married requirements.

I’m talking about for that IBR program. It’s not clear what the cap in income is for that unless I missed it.

 

[Serious]

 

[SupaVillain]

He's speaking now.

 

[Lord Beasley]

TrumpSet is furious right now

 

[Serious]

TrumpSet is furious right now

Doesn't matter they'd be mad either way.

They'll never give him credit for shyt.

It'll never be good enough.

Just miserable fukks all around.

 

[Hood Critic]

I’m talking about for that IBR program. It’s not clear what the cap in income is for that unless I missed it.

It looks like its an adjustment to the current IBR, so qualifications as of now appear to be the same with the caveat that the government is going to pickup interest to avoid balances balooning.

To qualify for IBR, a borrower must demonstrate a “partial financial hardship.” A formula using adjusted gross income (AGI), family size and state of residence will determine how much a borrower is able to pay. If that amount is less than the monthly amount required under the standard 10-year repayment plan, that student would be eligible for IBR.

You monthly payment will be 0$ if your AGI is less than 150% of the federal government’s established poverty line of $12,880 in 2021. That means your income would have to be under $19,320. In addition, if a monthly IBR payment doesn’t cover the loan’s interest, the federal government will pay the unpaid accrued interest on a subsidized Stafford loan for up to three years from the time an IBR plan is implemented.

Income-Based Repayment of Student Loans - Plan Eligibility

If you have too much debt and too little income to pay off your student loans, the Income-Based Repayment plan can help prevent default.

www.debt.org

 

[Trust Me]

The 5% monthly income cap is big.

That’s huge and I thought I read somewhere that if your earnings average is under $15hr, payment isn’t required. Not sure if that was an opinion piece or if it was in the bill itself.

 

[Lord Beasley]

10K wipes away the rest of my wife's loan I'm sure the TLRepublicans are spinning this 7 ways from Sunday tho

 

[dora_da_destroyer]

*makes note to file taxes this weekend*

 

[Robbie3000]

You could of been on the winning team if you didn’t turn against us in the primaries , but good to see you come around.

I remember you were on the ropes after Iowa and NH. Dark Brandon was a good bet for you.

 

[Insensitive]

I searched high and low and the 2021 OR 2020 income Debt Forgiveness is


I'll be nearly debt free for a little bit prior to move into pursuing a second bachelors and eventually
a masters level education.


I'll give Biden this one.

 

[Atlrocafella]

I remember you were on the ropes after Iowa and NH. Dark Brandon was a good bet for you.

I never wavered. I said as long as he remained steady and got to SC, he would do a sweep, which he did

 

[Serious]

fukker asked a Trump related Question during this student loan conference.

 

[Serious]

McConnell says that your 10 & 20K student loan debt cancelation is an "unfair" redistribution of wealth

There's some sick irony behind this statement.

 

[Eternal Tecate]

You neolibs clapping like seals for something that barely qualifies as a band aid for the core issue

I'm so numb to this shyt