Planet Money The new Biden plan that could still erase your student loans
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Aug 11, 2023 The podcast dives into the tumultuous journey of student loan forgiveness under the Biden administration. It unpacks the recent Supreme Court ruling that blocked a major debt relief plan while shedding light on the lesser-known SAVE plan that could still offer significant help. Listeners learn about the evolution of income-driven repayment and its potential to ease financial burdens for borrowers, including personal stories that illustrate the impact. The episode critiques past initiatives and sparks hope for new solutions in the student loan landscape.
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The Big Announcement
- President Biden announced a large student loan forgiveness plan in a press conference.
- It was later struck down by the Supreme Court.
Hidden Plan
- Biden's initial plan failed, but a less-noticed part of his speech unveiled a different approach.
- This approach uses income-driven repayment to achieve broader student loan forgiveness.
Clinton's Sneaky Tool
- The "sneaky tool" for Biden's plan originated during Bill Clinton's presidency.
- It was designed to address a student loan default crisis in the 1990s.