Posted on 09/13/2023 11:53:57 AM PDT by lowbridge
In June, the Supreme Court struck down the White House’s plan to cancel $430 billion in student loan debt. Biden’s debt cancellation plan would have been the biggest student debt handout in history, had it not been wildly unconstitutional.
Undeterred, the Biden administration has rolled out smaller debt relief programs in the wake of the Supreme Court’s decision, and it has announced that it is in the process of developing an even larger debt cancellation plan in the near future, one that will likely also be challenged in court.
However, as important as these legal and political battles are, a much more significant policy has also been put into place by the White House. And unlike the others, it has received very little attention from the press or members of Congress. If it is allowed to remain in place, it will cost, at minimum, hundreds of billions of dollars over the next two decades. Over a long enough period, it will likely surpass $1 trillion, making it the most expensive debt cancellation plan ever created.
The reason so few people are talking about the new debt cancellation plan is because it’s buried in a new student debt repayment plan. Additionally, the debt forgiveness would happen over time, not in one fell swoop.
The new repayment plan is called Saving on a Valuable Education (SAVE). It’s a type of income-based repayment plan that allows students with education debt to repay their loans based on income, rather than a fixed monthly amount.
Income-based repayment plans have been around for more than a decade, but key parts of SAVE make it unique and costly.
(Excerpt) Read more at foxnews.com ...
1. Brandon made the payment calculation income based instead of a fixed amount.
2. Brandon greatly reduced the minimum monthly payment on student loans, including increasing to # of students who qualify for $0 payments (if income is 225 X poverty rate, up from 150 X poverty rate).
3. Combine that with the old rule (that I didn't know aobut until I read this article) that college loan debt is forgiven at 20 years (for undergraduates, 25 for grads, as always the devil is in the details.)
So basically, Brandon is letting the college loan payments drag out long enough to be forgiven anyway (assuming they meet the old rules for college loan forgiveness).
Nothing is ever settled, until it is settled the way the left wants it settled.
I’m beginning to think that the motto of MAGA needs to be something very specific, something we could repeat every time it is necessary, over and over and over and over and over in perpetuity.
NO, YOU DON’T!
To be said whenever the left comes up with the next lamebrained idea that it will force everyone to love and serve forever.
I wonder if Joe 81millionvotes Biden is channeling Andrew Jackson.
Jackson: “John Marshall has made his decision; now let him enforce it!”
Biden: “John Roberts has made his decision; now let him enforce it!”
It’s crucial for the Democrats aka Communists to continue to brainwash the young, so they must assure the flow of new tabula rasa minds to their workshops. They can’t let minor things like ethics and financial responsibility stand in their way.
And folks on here were screaming from the rooftops that Gaetz and the other 19 were holding up the workings of Congress and government when they challenged McCarthy for Speaker.
What a perfect time to shut down the government. Between this, Ukraine, impeachment, the Green Deal, and so many other things, lay it all out there and shut the beast down.
Otherwise, it never ends.
How about seizing the property of the universities and their endowments and using that to pay for these wasteful loans?
Here is the script:
1) Make the promise to to cancel all student debt, if elected
2) Gullible students vote for you based on that promise
3) Court declares that promise unconstitutional
4) Next election cycle repeat from 1
They’ve been pulling this scam for decades
Basically the universities were predatory lenders (rehashing an old Dim phrase for banks). Only, the Dims and GOPe gave the banks some govt money all while calling them Dr. Evil.
It's only for people who have been paying on their student loans for decades.
Young people do have the option of trickling in payments for the first year, beginning in October - but loan interest will continue to accrue.
In fact, loan interest begin accruing again on Sept. 1.
These young people ruined their financial lives before they even got started on real adulthood. Especially since student loans are not dischargeable in bankruptcy.
p
bttt
If by Brandon you mean Deep State, just say Deep State.
Brandon is incapable of wiping his own arse anymore.
I would apply the same standards to public and private universities as applied to commercial schools. If the graduate cannot pay back their student loan because of low income or lack of a job, then the school gets hit with the loan.
If you click on the details link in my post it says the 20 year forgiveness rule is only for the newer loans made directly from the gubment (since Obama), not for older gubment backed loans.
Biden administration has rolled out smaller socialism plan communism never sleeps.
Illegals find gold mine set for life.
“Young people do have the option of trickling in payments for the first year, beginning in October - but loan interest will continue to accrue.”
Actually, no. That changed with all this. Regardless of the payment amount the principle cannot be increased.
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