It’s official. President Biden announced on Wednesday a new student loan forgiveness plan that would wipe out significant amounts of debt for tens of millions of Americans. He said the long-awaited plan would erase $10,000 in debt for those earning less than $125,000 per year (or $250,000 for households) and $20,000 for recipients of Pell Grants — for students with the greatest financial need.

The debt relief — which was delivered after years of pressure and heated debates — comes just weeks before the midterm elections. "An entire generation is now saddled with unsustainable debt in exchange for an attempt, at least, at a college degree," Mr. Biden said in his remarks at the White House. "The burden is so heavy that even if you graduate, you may not have access to the middle-class life that the college degree once provided."

Immediately, the topic took over the internet with anyone and everyone offering their opinions on the matter. And a brief scroll through Twitter made one thing clear — responses to the news have been all over the place. Although the plan is a game-changer for those trapped in a cycle of staggering debt, certain people online were quick to denounce the plan.

Below, we at Bored Panda wrapped up some of the reactions people shared online to Republicans criticizing the move, from the sarcastic to the sincere. Continue scrolling and upvote the ones you agree with the most. Then let us know where you land on this topic, we’d love to hear your thoughts in the comments!

President Biden announced on Wednesday his long-awaited student loan forgiveness plan that will wipe out up to $10,000 in debt for borrowers and up to $20,000 for Pell Grant recipients

The internet immediately erupted with reactions, here’s what people had to say

#2

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RandyHeyyyy Report

Don't you wish you knew
Community Member
3 months ago Created by potrace 1.15, written by Peter Selinger 2001-2017

I have a BS degree and no student loan debt but I think it's great if people who do can get some relief from it.

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The new student loan forgiveness plan fulfilled President Joe Biden’s campaign pledge to deliver financial relief for millions of Americans. However, not everyone with debt will qualify. "Both of these targeted actions are for families who need it the most — working and middle-class people hit especially hard during the pandemic making under $125,000 a year," Biden said. "You make more than that, you don’t qualify."

The debt forgiveness applies to current students as well, although future students will not be eligible for relief as it applies to those who took out their loans before July 2022. Undergraduate loan payments will also be no more than 5% of monthly income — down from the 10% available under the most recent income-driven repayment plan.

Moreover, according to the Education Department, the relief is capped at the amount of a borrower’s outstanding eligible debt. "For example: If you are eligible for $20,000 in debt relief but have a balance of $15,000 remaining, you will only receive $15,000 in relief."

As stated in the tweet, the president will also extend the payment pause on most federal student loans "one final time" through December 31, 2022.

#4

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Feminist News Report

Sonja
Community Member
3 months ago Created by potrace 1.15, written by Peter Selinger 2001-2017

The fact itself that generational injustice was made on you, doesn't mean it should be repeated over and over again on next generations. Until someone tries to overstep their own shadow, no one can move forward. It is holding back of everyone

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#5

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NoLieWithBTC Report

Megan Curl
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3 months ago Created by potrace 1.15, written by Peter Selinger 2001-2017

And let’s remember that, in most cases, 10K is not nearly paying off the entire debt. It’s just making it a little less burdensome. Regardless of political affiliation, this is just a good idea.

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#6

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cbowsin Report

Laika-Mutton
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3 months ago Created by potrace 1.15, written by Peter Selinger 2001-2017

Had someone tell me this. I said, "Yes, I know! Because before the war, they had all this money and were just giving it away to poor Americans." I think he figured out it was sarcasm.

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In his remarks, Biden said that 95% of borrowers, or about 43 million people, would benefit from these actions. Of those, over 60% are Pell Grant recipients — that’s around 27 million people who will get $20,000 in debt relief.

Altogether, nearly 45% of borrowers would have their debt fully canceled: "That’s 20 million people who can start getting on with their lives," Biden said.

"All of this means people can start to finally crawl out from under that mountain of debt to get on top of their rent and their utilities, to finally think about buying a home or starting a family or starting a business."

#7

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BlamZonro Report

Pirates of Zen Pants
Community Member
3 months ago Created by potrace 1.15, written by Peter Selinger 2001-2017

THIS. All day, all night, holidays and weekends. THIS.

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#8

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ForSwartz Report

#9

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XXmynameisNeganXX Report

Katy McMouse
Community Member
3 months ago Created by potrace 1.15, written by Peter Selinger 2001-2017

Leave it to that personification of a fruit fly to bring this up. He's only mentioning it to be contrary. It would be beyond helpful to be reimbursed for even a fraction of my loans, but I'm not holding my breath.

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If you’re unsure whether you need to take action to receive loan forgiveness, the U.S. Department of Education explained that nearly 8 million borrowers won’t have to lift a finger. Because the department already has relevant income data, they are eligible to receive relief automatically.

If the Department of Education doesn't have your income data (or you don't know if they do), the Administration will launch a short application for people seeking debt relief in the coming weeks. It will be available before the pause on federal student loan repayments ends on December 31st. If you would like to know when the application is available, the Department of Education says borrowers can sign up to be notified here.

#10

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Seiurus Report

Pirates of Zen Pants
Community Member
3 months ago (edited) Created by potrace 1.15, written by Peter Selinger 2001-2017

I couldn't agree more. In the U.S., we have free education until high school graduation. You used to be able to become a lawyer, say, with a high school diploma or less. (Think Abraham Lincoln.) Now the number of good jobs you can get with a high school diploma is small. A college education is required for most jobs, and the costs of that are generally all on the individual worker. I already paid off my loans, but I would rather young people not have to go through what I did.

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#11

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AginsMichael Report

E B
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3 months ago Created by potrace 1.15, written by Peter Selinger 2001-2017

Poor people are not "too big to fail" apparently.

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#12

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mcgill256 Report

TheQueenZ
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3 months ago Created by potrace 1.15, written by Peter Selinger 2001-2017

It's #3 that makes me smile. I'm happy there are still good, unselfish people in this country.

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Recently, the term "student loan crisis" has become familiar across the U.S. Over 40 million Americans are in debt for their education, owing a cumulative $1.7 trillion. Skyrocketing higher education costs coupled with stagnant wages have historically outpaced inflation in recent decades, as well as caused the amount of student debt to soar. The mean average balance today is over $30,000, up from around $12,000 in 1980.

#14

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its_kachi Report

Pirates of Zen Pants
Community Member
3 months ago Created by potrace 1.15, written by Peter Selinger 2001-2017

I've got a dumptruck full of YES, and I'm driving it down to this guy's house.

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#15

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alexis_krieg Report

Eric Law
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3 months ago (edited) Created by potrace 1.15, written by Peter Selinger 2001-2017

Many of the people whining about this (and pushing others to whine about it) don't go to coffee shops, they have people that do it for them.

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Although the president had been pushed by Democrats and advocates to deliver deeper relief and cancel $50,000 or more per person as up to $20,000 won’t please everyone, he had repeatedly expressed reluctance to wipe out that much debt. That amount of relief would add up to more than $900 billion and would leave 80% of student loan borrowers no longer owing anything. But that large amount is more likely to be met with political attacks and legal challenges, higher education expert Mark Kantrowitz told CNBC.

"The biggest criticism of forgiving $50,000 is that it provides forgiveness for borrowers who are capable of repaying their own student loans," Kantrowitz said and added it’s usually people with multiple degrees who owe the most. "Republicans, who largely oppose student debt forgiveness, are also less likely to challenge a lower amount of forgiveness simply on the cost factor," he explained.

#16

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johnpavlovitz Report

Pirates of Zen Pants
Community Member
3 months ago Created by potrace 1.15, written by Peter Selinger 2001-2017

“If you lend money to any of my people with you who is poor, you shall not be like a moneylender to him, and you shall not exact interest from him." Who said that? Oh, right: the Biblical God. Exodus 22:25, y'all.

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#18

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briantylercohen Report

censorshipsucks
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3 months ago Created by potrace 1.15, written by Peter Selinger 2001-2017

*"ghoul" is too kind, the word you are looking for is "republican".

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But as it turns out, the amount of forgiveness does not matter, as the plan still received backlash from Republicans and certain people who already paid their loans or never even borrowed because they saved up in advance, worked their way through college, or simply didn’t go there. In the past few days, Biden’s plan has triggered an avalanche of criticism from Republican lawmakers, the GOP, and a handful of Democratic moderates.

The plan "would unnecessarily provide tens of thousands of dollars to many high-income households in a way that goes well beyond even what he promised in the heat of a Democratic primary when the problem facing the country was low inflation — not high inflation," Jason Furman, a Harvard economist and former top economist for President Barack Obama, told The New York Times. And the Republican National Committee even released a statement blasting the program as "Biden’s bailout for the wealthy."

#19

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PFleeceman Report

Andi
Community Member
3 months ago Created by potrace 1.15, written by Peter Selinger 2001-2017

Wasn't that the Christ that turned out the moneylenders ? asking for a friend .....

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#20

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Drea_got_rage Report

Pirates of Zen Pants
Community Member
3 months ago Created by potrace 1.15, written by Peter Selinger 2001-2017

Good for her! Who knows what she'll do once she has financial freedom? Once all her cash is not being diverted to loans, she may be able to find a better housing situation, get a car, have a kid. Wouldn't it be better for all of us if our neighbors were able to pursue their life goals without chains around their ankles?

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In response, The White House caused a stir on Twitter when they used Paycheck Protection Program (PPP) loan forgiveness to clap back at criticism, with Biden saying, "No one complained that those loans caused inflation." This program was created in March 2020 and aimed to keep employees of small businesses’ payrolls during the early days of the pandemic.

#22

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DwightMarshal19 Report

Inigo Montoya
Community Member
3 months ago Created by potrace 1.15, written by Peter Selinger 2001-2017

I'm not the biggest fan of the guy, but I do like that he says things like this publicly. Plus, I honestly would have voted for a trained monkey to be president over the orange fűćkboy.

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#23

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ddanpereira Report

Pirates of Zen Pants
Community Member
3 months ago Created by potrace 1.15, written by Peter Selinger 2001-2017

This is true. If you accept public aid as a poor person (think "grocery money to feed your kids during a rough patch"), you're treated like a parasite. If you get infinitely more public aid as a rich person (think "having your bank bailed out"), you're treated like a genius businessman. It's got to stop.

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For example, The White House Twitter account reminded Congresswoman Marjorie Taylor Greene, a frequent Biden critic, that she was once a recipient of the PPP and was forgiven $183,504 in loans. Each Republican who criticized Biden’s student loan forgiveness plan felt the heat from the White House.

"I will never apologize for helping America’s middle class — especially not to the same folks who voted for a $2 trillion tax cut for the wealthy and giant corporations that racked up the deficit," Biden wrote on Twitter Thursday.

Our team here at Bored Panda is curious — what do you think of this long-awaited plan? Has it changed your life in any way? Or do you believe there's much more that still needs to be done? Be sure to tell us where you stand on the matter in the comments, we’d love to hear from you.

#25

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sku736273949472 Report

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#27

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BashoreForOhio Report

Eric Law
Community Member
3 months ago Created by potrace 1.15, written by Peter Selinger 2001-2017

This particular one has another component: poor teacher pay. $19K a year? Really? That sounds like less than someone could make working at McDonald's.

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#28

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MalyndaHale Report

Bender Bending Rodríguez
Community Member
3 months ago Created by potrace 1.15, written by Peter Selinger 2001-2017

That's the normal Jesus you're talking about. American Conservative Jesus would take the bread and fish, make tiny pieces of it, slap a brand "Blessed", and sell it to hungry for more than the price of whole loaf/fish.

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#29

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OhioEricJones Report

Jerry Mathers
Community Member
3 months ago Created by potrace 1.15, written by Peter Selinger 2001-2017

I don't mind if my taxes go up to pay for student debt, food and shelter programs, healthcare for all, roads, anything that benefits society. What I do mind my taxes going for is filling shortages in government income due to tax cuts /.under taxing the wealthy and businesses, legal fees that states use to defend dumb laws like "in god we trust" signs, subsidies to oil companies, and helping Texas every couple of years because those dummies keep doing stupid stuff like cutting government services, unhooking from the national power grid, and legislating the stupid religious beliefs.

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#30

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WhiteHouse Report

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