Posted on 07/14/2023 5:34:30 AM PDT by Oldeconomybuyer
WASHINGTON — The Education Department announced Friday it would automatically forgive student loans for more than 800,000 borrowers.
The action is a result of what the department calls a “fix” to income-driven repayment plans. It's expected to total $39 billion in federal student loan forgiveness.
The department said the move will address administrative issues in the income-driven repayment system. Under the plans, federal student loan borrowers are eligible for forgiveness after 20 or 25 years of payments, depending on the plan. But for some, qualifying payments that “should have moved borrowers closer to forgiveness were not accounted for,” it said in a news release.
The Supreme Court struck down President Joe Biden’s plan to forgive up to $20,000 in debt for 43 million federal student loan borrowers in a 6-3 ruling last month, dealing a blow to one of his key campaign promises.
Friday's announcement is a smaller step the Biden administration is taking to pursue federal student loan relief with existing authority.
“For far too long, borrowers fell through the cracks of a broken system that failed to keep accurate track of their progress towards forgiveness,” Education Secretary Miguel Cardona said in a statement. “By fixing past administrative failures, we are ensuring everyone gets the forgiveness they deserve.”
(Excerpt) Read more at nbcnews.com ...
Oh, so that's what they're calling socialism now, eh?
Fine. I paid mine back in the early 80s. I d like it back now with interest
Remember Biden will bring back sanity?
More theft by government.
Didn’t the SC JUST rule that this was unconstitutional?
THAT”S OUR MONEY THEY ARE GIVING AWAY!!! EVIL...PURE EVIL!
Democrats are LAW-LESS because Republicans are BALL-LESS!
Just take the money from the Education Dept’s budget.
Given to fat rich white women who got useless degrees and voluntarily took on debt.
Basically money directly to Gigglypuff.
When it’s someone else’s money, it’s easy to give away. But at $31+ trillion in debt, you’d think we’d stop...
I paid mine back in the 90’s. I am now paying full freight for my daughter.
I will be taking out a federal college loan for her for $20,000. If biden’s plan goes through i will not be paying it back. If they harass me i will send them $10 a month
To hell with the Constitution they say!
That is Perfect! Can I use that ball less line?
Good luck.
Equality under the law means that I - and others not in debt - should receive vouchers equivalent to this giveaway.
But obviously the right thing to do is hold those accountable to their actions and NOT further drive up the debt in a vote-buying scheme.
That includes the fraudulent actions of both government and the shakedown academia.
No, the total forgiveness was merely a distraction to let this forgiveness by regulation changes go through with relatively little notice. This was flawlessly executed.
If you’re yearning for a little schadenfreude...every one of those receiving forgiveness will also receive a 1099 form in January so they can report and pay taxes on the “gift” they got from the Dept. of Ed. That can result in many thousands of dollars in a tax obligation in one big whack next year. Ain’t no such thing as forbearance or income-based payment plans with the IRS. File this under “Be Careful What You Wish For.”
Yes, it is!
But, that is just the very tippy-top part of this huge problem!
$30 TRILLION -- AND GROWING FAST.
The US Constitution doesn’t mean anything to these Marxist. Since our Congressional Reps only care about themselves and not the people there is only one recourse. However, I don’t believe there is the will or organization to remove the usurpers and we are all being led down the path of serfdom in support of the global NWO.
This is a sad time in America.
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