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Biden cancels $10,000 in federal student loan debt for most borrowers
CNBC ^ | 8/24/2022 | Annie Nova

Posted on 08/24/2022 8:46:56 AM PDT by Tell It Right

President Joe Biden announced on Wednesday that he will forgive $10,000 in federal student debt for most borrowers, fulfilling a campaign pledge and delivering financial relief to tens of millions of Americans.

Biden will also cancel up to $20,000 for recipients of Pell Grants, he said in a tweet on Wednesday.

The relief will be limited to Americans earning under $125,000 per year.

(Excerpt) Read more at cnbc.com ...


TOPICS: Crime/Corruption; News/Current Events; Politics/Elections
KEYWORDS: 2022election; annienova; anwr; bidenflation; cnbc; debt; election2022; impeach; impeachnow; keystonexl; kingpuppetthefirst; loan; mediawingofthednc; msnbc; nbc; nobrainscollectively; opec; partisanmediashill; partisanmediashills; ronklain; student
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To: Tell It Right

Well let’s see, both my wife and I graduated from college and took out student loans to pay for it. We also worked summer jobs to pay for school. We payed back our student loan debt in full when we graduated and found jobs. Times were tough financially just starting out. I wonder if this EO is retroactive and we will get a ten thousand check in the mail. I doubt it. I need to control myself.


61 posted on 08/24/2022 9:09:58 AM PDT by kawhill (kawhill)
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To: joshua c

45 million borrowers. Average student loan debt is $20K or so. Most will qualify for the $10K of forgiveness as household income just needs to be below 250K. One third of borrowers also have Pell Grants and they get $20K in forgiveness.


62 posted on 08/24/2022 9:10:02 AM PDT by olivia3boys
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To: God luvs America
$52K a year? Please tell me that includes a room, weekly pedicures, and hopefully A/C and cruise control.

That's about how much I recently spent on a bachelor's for my daughter in Sweet Home Alabama for the entire years plus books, not just one year. But she commuted from home (no dorm costs). Plus she worked full time the entire time and invested her money (her mother still "thanks" me for putting that idea into our daughter's head).

And FYI, I worked full time the whole time I was in college getting a BS in computer science.

63 posted on 08/24/2022 9:10:17 AM PDT by Tell It Right (1st Thessalonians 5:21 -- Put everything to the test, hold fast to that which is true.)
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To: Tell It Right

I am so glad that I put my son’s tuition on my line of credit and have been paying that down for the past 5 years or so. FJB!


64 posted on 08/24/2022 9:10:19 AM PDT by The Public Eye
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To: Tell It Right

The Biden Admin’s next step is to take everyone’s money and give them an allowance


65 posted on 08/24/2022 9:10:55 AM PDT by butlerweave
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To: dfwgator
Washington Post economic reporter Jeff Stein: "Due to a provision Schumer included in the American Rescue Plan last year, Biden's student debt forgiveness action will NOT be counted as taxable income -- key point"

Source.

66 posted on 08/24/2022 9:11:01 AM PDT by kristinn (Serving ten to life in paradise)
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To: Tell It Right
Biden cancels $10,000 in federal student loan debt for most borrowers

Can't find in the Constitution where a President has authority/power to cancel debt for a select group in society resulting in taxpayers footing the bill. I believe the Constitution dictates that $ matters originate in the House and must be passed by the House - or did I miss something?

We don't have a king! The R party needs to challenge this outrageous illegal overreach - and take it to the SCOTUS.

67 posted on 08/24/2022 9:11:03 AM PDT by JesusIsLord
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To: Tell It Right

Current student loan holders shouldn’t make any more payments, wait for the next forgiveness.


68 posted on 08/24/2022 9:11:06 AM PDT by AU72
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To: joshua c

Another article I read on the subject said $300 billion.

That’s about 30 million people at $10k each. So it sounds about right.


69 posted on 08/24/2022 9:11:08 AM PDT by Jotmo (Whoever said, "The pen is mightier than the sword." has clearly never been stabbed to death.)
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To: BuchananBrigadeTrumpFan
Probably unconstitutional...

And just who would 'go after Biden'? The corrupt FBI? The equally corrupt DOJ? Those groups won't even go after Biden for "splitting the loot" from the Ukraine and China sharkdowns with Hunter...

70 posted on 08/24/2022 9:11:31 AM PDT by GOPJ (Merrick's proud the DOJ & FBI are being renamed "Lavrentiy Beria Society' in honor of Joseph Stalin.)
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To: Tell It Right

Yes this applies to government loans, not private loans. They won’t need to be paid back by anybody; the government will just write them off.


71 posted on 08/24/2022 9:12:00 AM PDT by hinckley buzzard ( Resist the narrative.)
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To: Fresh Wind

But she didn’t say that they shouldn’t try it anyway!


72 posted on 08/24/2022 9:12:12 AM PDT by 100%FEDUP (I'm seeing RED!)
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To: Tell It Right

When I got married in 1973, I also got the opportunity to pay off her student debt - which we did on one income of $9,000.

I’ve kept my wife but I’d like to get my money back for that historic injustice of contract enforcement.


73 posted on 08/24/2022 9:13:13 AM PDT by jeffersondem
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To: redgolum

Student loans used to be dischargeable in bankruptcy (I think it was George HW Bush who changed that.)

Borrowers first had to wait 5 years, then 7, for them to be eligible. The problem is it was too easy to just wait it out and then just get them discharged at age 25. Then just wait 7 more years for the credit to be repaired by age 32. And there’s no stigma to bk anymore and no collateral to seize and take back—you can’t remove the education from the borrower’s brain.


74 posted on 08/24/2022 9:13:16 AM PDT by olivia3boys
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To: Tell It Right

I wonder how many votes this will buy?

5.56mm


75 posted on 08/24/2022 9:13:34 AM PDT by M Kehoe (Quid Pro Joe and the Ho got to go.)
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To: Jotmo
"Another article I read on the subject said $300 billion."

Don't forget 10% for the big guy, who we need to protect us from Corn Pop.

76 posted on 08/24/2022 9:14:15 AM PDT by Tell It Right (1st Thessalonians 5:21 -- Put everything to the test, hold fast to that which is true.)
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To: Tell It Right

Yes all new federal loans since 2010 are 100% government loans (Department of Education held) and no longer involve banks or guaranty agencies.


77 posted on 08/24/2022 9:14:42 AM PDT by olivia3boys
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To: God luvs America

If you don’t pay back the parent loan it will default and the Dept of Education can (and will) initiate wage garnishment without a court order and also offset any federal payments such as IRS refunds or Social Security payments and apply it to the debt. So it’s a risk.


78 posted on 08/24/2022 9:16:26 AM PDT by olivia3boys
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To: hinckley buzzard

“They won’t need to be paid back by anybody; the government will just write them off.”

As long as it is just the government that is taking the hit - fine and dandy.

The thing that would concern me is if the taxpayers get stuck with paying.


79 posted on 08/24/2022 9:17:06 AM PDT by jeffersondem
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To: gloryblaze

That was what I wanted to know. Thought a grant did not have to be repaid.


80 posted on 08/24/2022 9:18:59 AM PDT by madison10 (Eat meat!)
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