In a jarring reversal, the U.S. Department of Education quietly revised its online guidance on who qualifies for the $10,000 of student loan forgiveness that President Biden announced in August
- In doing so, it pulled the rug out from under at least several hundred thousand people
- At issue: Borrowers who have Perkins loans and Federal Family Education Loans (FFEL).
- Those earlier-generation loans were issued and are managed by private lenders.
The @FAFSA just updated their website to say that ffel borrowers who didn't consolidate before 9/29 aren't eligible for debt relief.
- As recently as yesterday the site said they were working on a solution for these borrowers. This is a gut punch to say the least...
Bottom Line
- Biden's loan forgiveness proclamation was in keeping with a 2020 campaign pledge, and the announcement was clearly timed to maximize its impact on the midterm election.
- The estimated cost of the debt forgiveness scheme has already soared in just the first month after it was announced. The Congressional Budget Office says it will cost at least $400 billion over three decades, far above earlier estimates of $300 billion.
https://www.zerohedge.com/political/psyche-biden-yanks-student-loan-forgiveness-770000-borrowers
No comments:
Post a Comment