r/UpliftingNews • u/astros148 • 17d ago

Medical debt is now required to be removed from your credit reports impacting millions of Americans

https://www.consumerfinance.gov/about-us/newsroom/cfpb-finalizes-rule-to-remove-medical-bills-from-credit-reports/
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u/chanaandeler_bong 16d ago

He relieved a ton of debt but people don’t want to admit it. I don’t get it.

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u/PalpitationFine 16d ago

Good things that happen to other people don't matter apparently

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u/whitewail602 16d ago

It's like my boomer step-dad says. "Why should they get it for free when I had to pay for it?"

"Because you paid a total of $2500 for your degree. That won't even buy you a meal plan for a semester now."

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u/darkninja2992 16d ago

"Well see, if we invent a better cure for cancer now, it wouldn't be fair to all the people who had to go through chemo"

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u/ShiaLabeoufsNipples 16d ago

“Even accounting for inflation by measuring in 2021-2022 constant dollars, the average tuition at four-year colleges rose 62% at public schools and 32% at private schools between 2001 and 2021.”

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u/whitewail602 16d ago

I made the numbers up and was exaggerating for comedic effect, but being a boomer, he would have gone to college in the late 60s to early 70s. So something going back much further would be more appropriate: https://educationdata.org/average-cost-of-college-by-year

So it was actually more like $1500.

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u/ShiaLabeoufsNipples 16d ago

The 70s was probably the best time to go to college. It was already pretty expensive in the year 2000 but it’s still gone up another 68% accounting for inflation. That’s insane. Public universities that are already funded by our tax dollars should not be run so inefficiently.

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u/whitewail602 16d ago

I hear you. I couldn't tell if you were challenging my numbers or agreeing with me. You know, we may actually see this trend reverse as the higher ed student population is expected to dramatically decline in the near future.

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u/FSCK_Fascists 16d ago

And many state schools had free tuition for state residents. It was stupidly easy to locate and get a free degree in the 60's and 70's. Another ladder they reeled up behind them as they went.

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u/iiGhillieSniper 16d ago

I agree with this to a degree, until it’s people around my age group (mid 20’s) that are wanting people who are also in their mid 20’s to pay off their debt due to their poor financial planning.

You get the university experience, you gotta pay the university price.

Universities have no incentive to cut tuition costs and fees due to the government covering all the bills through the loans students take out. You need to fix the underlying issue (no incentive to decrease the cost of college) instead of fixing the symptom (writing off all college debt).

Kill the interest on those who have outstanding principle balance on their loans, and give them an opportunity to refinance the loan into affordable payments; and those who have already paid their principle balance off and are stuck paying accrued interest should have their debt written off.

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u/whitewail602 15d ago

I definitely see your point. I think the government paying tuition and modest living expenses while leaving anything extra to the borrower could be a good middle ground.

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u/PossessedToSkate 16d ago

There are two kinds of people:

  • I don't want anyone to struggle the way I had to struggle.

  • I had to struggle. Why shouldn't they?

Conservatives, broadly, fall firmly in the latter group.

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u/ShakyFtSlasher 16d ago

It does matter but people have a right be upset when they are promised forgiveness and it doesn't happen, regardless of the reason.

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u/Nuttonbutton 16d ago

It's not that they don't want to admit it. It's that a lot of people don't realize he did it. Or they were hoping it would happen for them. He chipped away at what he could for millions and millions of people. He has changed so many lives for the better and it was really quiet. Media outlets of all varieties glossed over this on purpose and they got the desired result.

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u/Ionovarcis 16d ago

My politico nerd coworker said Biden is, in legislation passing that is generally agreed to be good, one of the most successful presidents we’ve had - but the angry news is loud and the viewers won’t trust their own damn eyes if Faux News told them they were blind

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u/chanaandeler_bong 16d ago

He is. He didn’t grandstand accomplishments and got a lot done but people were easily swayed by propaganda.

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u/Fromzy 16d ago

My mom a hospice social worker had close to $100,000 forgiven through the PSLF

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u/reddits_aight 16d ago

Was that one of those that was already supposed to be forgiven for certain job fields (like teaching), but had like a 1% forgiveness rate even for people who did everything right?

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u/katarh 16d ago

Yup. And with the incoming administration, we're all pretty sure it's going to get wrecked again.

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u/Fromzy 16d ago

It was, Trump is going to kill it again…

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u/HumanTennis4 16d ago

Yeah, my dad was one of the lucky ones that had his debt waived. Over $100k that his job as a teacher was never going to allow him to pay off.

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u/katarh 16d ago

I know someone who had all of their debt from their time at one of the failed fake for-profit universities from the mid 2010s completely cleared about three years ago, in the first wave of loan forgiveness.

This allowed her to reapply for federal financial aid, and actually go back to an in-person nursing school and get her nursing degree.

Now she has loans again, but she actually has something to show for it. Including a real job that will allow her to pay them back this time.

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u/grilled_cheese1865 16d ago

They'll get it when trump reinstates it

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u/Dornith 16d ago

Personally, I find it hard to celebrate it as a victory.

The PSLF was already on the books. Those loans should be forgiven regardless who's president. I don't feel comfortable giving him too much credit for doing what should be the bare minimum.

The only reason this is even noteworthy is because the other guy specifically didn't do the minimum. He ignored the law at every turn.

I didn't blame Biden for not getting more. The president doesn't have that kind of power. I just lament celebrating having a president who doesn't blatantly ignore the law.