Biden student loan forgiveness: Promises, Pitfalls, and Payback


Biden student loan forgiveness: Promises, Pitfalls, and Payback

Biden's been chippin' away at that student loan debt, little by little, but folks ain't givin' him much dap for it.

So, after the Supremes shut down Biden's big plan to wipe out billions in student loan debt, people were like, "Yo, how's he gonna make good on his word to tackle this massive debt burden?"

His move? Tackle it one piece at a time.

My man Biden just dropped another $1.2 billion in loan forgiveness, makin' the total he's canceled $138 billion for nearly 4 million borrowers. Now, that's nothin' to sneeze at, but it's a far cry from his original plan to axe $400 billion for like 43 million folks.

Still, even the haters gotta admit, Biden's gone further than any other prez in easing that debt load for millions.

"It's all gravy for the economy," Biden said, kickin' it at a library in Culver City, Cali. "By lettin' millions off the hook from student loans, they can finally live their lives."

To get around the Supreme Court roadblock, Biden's been playin' it slick, makin' tweaks to existing programs that been bogged down in red tape. Like this latest cancellation? It's for around 150,000 borrowers in this income-driven repayment setup called the SAVE plan. They've been payin' up for at least a decade and got lower balances.

But even with these moves, Biden's catchin' flak. Some say he's all talk, no action. Others, like Representative Clyburn, are worried folks ain't seein' the wins 'cause they're too focused on what Biden ain't delivered.

See, Biden's stuck in a tough spot. He set the bar sky-high with his big promises, so now even though he's makin' strides, folks are still feelin' let down. Tough crowd, yo.

Da prez dropped da sickest investment eva to battle climate change, but turns out most Americans ain't even hip to his top-notch climate law. Despite droppin' mad cash on stimulus, infrastructure, and health, folks ain't feelin' like he's done much. Even his day-one homies ain't impressed wit da economy, even though inflation's chillin' and unemployments at rock bottom.

But check it, Biden's crew reckon cancellin' student debt could be da move to fix up some lives real quick and bounce back on his low approval ratings.

They threw out some smaller fixes helpin' public service peeps and those strugglin' with disabilities. Last week, Education Department came through with a proposal to cancel more debt for them folks who be really strugglin' to pay off them college loans.

In this latest move, folks in the SAVE program who borrowed up to $12,000 and been makin' payments for at least a decade gonna see their debt vanish. Biden himself even sent out an email to these peeps, lettin' 'em know their debt's gettin' wiped this week.

“If you qualify, you’ll be hearing from me shortly,” Biden said.

Brewington, one of Biden's crew, reckons Biden's been handling this student debt thing better than any other admin, but admits it's gonna be tough to convince voters he's come through when only a small fraction of those in debt gonna get relief.

Biden took more than a hot minute to even announce his plan to forgive student debt, and that just got folks expectin' even more. He was all about cancelin' some debt during his campaign, but then he was stuck playin' eeny, meeny, miny, moe tryna make sure rich cats didn't just cash out.

“I get they want to talk about the work they’ve done on student debt, and I think they’re trying to have some nuance, but to a degree, it’s just not going to land with so many people,” Brewington added. “Especially when you’re saying ‘promises kept.’ I mean, good gracious.”

And it ain't helpin' that the rollout of the new Free Application for Federal Student Aid's been a hot mess, causin' delays and drama for colleges tryna sort out aid for mad students, especially those on the low end.

Republicans been all over that screw-up, sayin' Biden's more worried 'bout his campaign promises than gettin' stuff done.

They even sent a letter to Education Secretary Miguel A. Cardona callin' out the department for puttin' debt on the taxpayers' tab instead of stickin' to Congress's game plan.

To show off the impact of his loan relief, Biden popped by this dude Eric Fitts' crib in North Carolina. Fitts, a 49-year-old teacha, had his $125,000 in loans wiped clean. Instead of droppin' stacks on debt, he's plannin' to invest in his kids' college funds and start up a real estate hustle.

Fitts told Biden how much of a struggle them loans were, and how they held him back from certain opportunities.

But Ashley Pizzuti, a student debt warrior rollin' with Biden's crew, gets why folks ain't singin' his praises over the loans.

“There’s a lot of really upset people rightfully because they were told they were going to get this forgiveness and it was taken back,” Ms. Pizzuti said of Biden’s plan that was blocked by the Supreme Court. “And a lot of people blame Biden for that.”

So, yeah, Biden ain't exactly lived up to his word on this one, and folks ain't afraid to say it.