Not Quite What They Say It Is

An Unparalleled Record of Support for Federal Student Loan Borrowers 

Biden-Harris Administration Approves Additional $4.28 Billion in Student Debt Relief for Nearly 55,000 Public Service Workers, U.S. Department of Education

Federal Student Loan Portfolio-by-Age.xls

Since day one, the Biden-Harris Administration has been committed to helping borrowers who have struggled with the burden of student loan debt. Over the past four years, the Administration has approved nearly $180 billion in student debt relief for 4.9 million borrowers through various actions, taking historic steps to aid hardworking Americans across the country who have worked to repay their student loans but remained in debt.

In total, the Biden-Harris Administration has also approved:

• $56.5 billion for more than 1.4 million borrowers through Income-Driven Repayment, including the Saving on a Valuable Education SAVE plan. This includes administrative adjustments to income-driven repayment that brought borrowers closer to forgiveness and addressed longstanding problems due to past inaccuracies and the misuse of forbearance by loan servicers.

• $28.7 billion for more than 1.6 million borrowers who were cheated by their schools, saw their institutions precipitously close, or are covered by related court settlements.

• $16.2 billion for almost 572,000 borrowers with a total and permanent disability.

AB: Nothing wrong with the totals forgiven during the Biden administration. Still peanuts when 1.7 trillion borrow hold student loan and many loans are in default or not being paid in full monthly. Still the loan balance grow,

In addition to ensuring that student loans are not a barrier to educational and economic opportunity for students and families, the Administration also secured a $900 increase to the maximum Pell Grant—the largest increase in a decade—and finalized new rules to help protect borrowers from career programs that leave graduates with unaffordable debts and insufficient earnings.

AB: So, what is the issue?

Since the 1990s and probably before, Biden was the antagonist and possibly the head antagonist to any student loan relief. He can not walk away and say I did my best after doing his worst over the years. Because he started way to late to help students with their loans.

What has made matter worst was rolling over a loan and adding it all accrued interest and not just principal. For example:

Do you think the $96,000 Includes interest and fees being paid? It most definitely does. The roll-overs were meant to recast a loan so as to make it easier for a person to pay the loan off. The result here is the new loan balance is greater than the Total amount paid which was greater than the Amount Origination.

The Remaining Balance is slightly less than if you add the two other amounts together. And that is not the payoff balance.

~$57 billion against a total $1.7 trillion is a pittance. It will not get Biden in heaven. Joe’s last act occurred in 2005 when he resurrected a bill from 2001. Bill Clinton vetoed the original bill after Hillary advised him not to support it. In 2005, the bill passed making it nearly impossible for a student to declare bankruptcy.

Yep. Biden messed up over decades. There is a timetable in the “History” post. And this does not relieve Republicans from responsibility. They are worst. Roughly 13% of the population is holding $1.7 trillion in Student Loans. Many of these loans are decades old. ~2.8 million people over sixty are holding $121 million in student loans. An average of ~$37,000. Do you believe this will be paid off? Not Likely.

The same holds true for millions of others.

“The Bank Always Gets Paid,” Mr. Potter, Angry Bear

History of Discharging Student Loans in Bankruptcy, Angry Bear

Joe Biden’s Role in the Student Debt Crisis Dates to the 1970s (theintercept.com)

History of the Bankruptcy Discharge for Student Loans (cappex.com)

Where Does Joe Biden Stand On Student Loan Debt? (forbes.com)

How Biden helped create the student debt problem he now promises to fix | US elections 2020 | The Guardian

President Biden changing his mind on student loan forgiveness ‘is a tremendous victory,’ Rep. Pressley says (msn.com)

Joe Biden Backed Bills to Make It Harder for Americans to Reduce their Student Debt | Consumer Bankers Association

Claims of Student Loan Cancellation Benefiting the Wealthy are Still False, Angry Bear