Will student loans be forgiven

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I read today that Biden has a plan to forgive student loans. But I also read that Republican Senate might be an obstacle. The way to bypass it is executive order, but is Biden likely to make one?

I guess the reason I am asking is because I, personally, took out 20,000 dollar unsubsidized loan, that now became 24,000 dollars. How likely do you think my loan would be forgiven?

Based on what I read, Biden wants to forgive 10,000 to everyone, and the whole thing to people that went to public universities. Every single university I went to was public. So does it mean that I can be forgiven the whole thing, or was he only talking about certain "kind" of public universities?

The universities I went to were UC Berkeley, University of Minnesota, University of Michigan, University of Mississippi and University of New Mexico. I took out the loan only for New Mexico which is where I am now.

From what I read, his plan for full federal student loan forgiveness is for those that meet the following criteria:

a) Attended a public university or other eligible institution.

b) If the loans were taken out as an undergraduate.

c) If you make less than $125,000 a year.


And others from non-eligible universities could be forgiven $10,000 in federal student loans (also b and c). Graduate debt is ineligible for cancelation.

Sounds like its just the broad strokes.

I definitely make less than $125,000 a year. But my loan is from graduate school. So you said graduate debt is ineligible for cancelation, but what about 10,000 dollar part, will the 10,000 be forgiven from graduate debt?

I don't know if student loans have done anything bad to need forgiving.

By forgiveness I mean that the student is allowed not to pay it back. Partial forgiveness is when a student pays back only part of it rather than all of it. Full forgiveness is if student doesn't pay back anything at all.

I'm not sure. The wording says all borrowers so at face value I guess that includes graduate debt for the $10,000.

I hope you did not mind my wierd sense of humour. I just saw an amusing angle to it.

It will be great if student debts can be wiped clean, but I realize it is not easy. Here in Britain we used to have free further education for those who were over schooling age (Over 18) but there came a time when the costs to the country to keep it up and the taxes that needed to be raised to do this were more then the country could afford As where once jobs were plentiful and therefore there were more people putting into the tax system to pay for things like this, things then took a decline after the late 1980's recession and the country had to introduce the student loan system to compensate.
Sadly many people did not go into further education because of the risk that they could not pay it back.(It did jot have to be paid back until one had a job earning kore then a certain amount which made those who took on these debts either try for lower paid jobs or high paid jobs. The jobs somewhere in the middle could catch people out as they could have to pay back debts but due to this be worse off then if they were in a job that was earning less money! The thought of being in debt with no guarantee that one will pass ones course, and then no guarantee of a well paid job at the end of it, had meant that a great many people decided not to go into further education... So in a way the UK is heading back to the class system of years ago where only wealthy sons ad daughters were educated beyond school age (And before the days of free school, only the wealthy sons and daughters were educated at all!)
So it is swings and roundabouts.

The whole situation in which we as a large economy can do less education, because of fewer jobs and thus less tax base, sounds like a downward spiral to me.

And my United States has also had fewer middle-wage jobs.

Have you learnt anything about how America works yet?

What are you trying to infer?

Really?

"How America works" is a very broad term. I don't know what aspect of it you were referring to.

Oh right, it is just America is not really a place for forgiving people financially. It is normally the average person that suffers. There is a big anti socialism thing there. If your saying Biden is wanting to do it, there might be a chance. Personally I would not get your Hope's up though.