Posted on 09/30/2022 12:59:46 AM PDT by Libloather
It’s been barely a month since President Joe Biden announced he would be forgiving $10,000 of student loan debt for millions of borrowers and his administration is already walking back certain elements of that plan.
The U.S. Department of Education just quietly changed some of its own guidelines for who does and does not qualify for loan forgiveness. Specifically, it reversed its inclusion of older types of loans: Perkins loans and Federal Family Education Loans (FFEL). The plan as announced only applied to federal loans, not private ones. But it would allow Perkins and FFEL loans - which are privately owned federal loans - to be consolidated into the Direct Loan program, making them eligible for forgiveness. This was all written out explicitly on the Education Department’s own website. And then suddenly it wasn’t.
All of a sudden, the language on that website changed. It now states that “As of Sept. 29, 2022, borrowers with federal student loans not held by ED cannot obtain one-time debt relief by consolidating those loans into Direct Loans.” That language was switched, by the way, on September 29. Meaning there was no warning for this change.
As for why the Biden administration did this, it seems to have to do with a lawsuit that was filed today on behalf of six state attorneys general, who are desperate to make sure the people in their states don’t see the relief Biden is offering. These AGs claim the loan forgiveness would be a burden to taxpayers and a harm to financial institutions.
**SNIP**
It is truly disappointing to see Biden’s plan - which was a step in the right direction but did not go nearly far enough - already be walked back, with no notice for the approximately four million borrowers affected.
(Excerpt) Read more at themarysue.com ...
Such a shame to to have to learn---at college, no less!---that liars and cheaters often go back on their words and deeds.
"The mean old Republicans won't let us bribe you with poorer people's money"
Yes, democrats are thiefs and liars.
“It is truly disappointing to see Biden’s plan - which was a step in the right direction but did not go nearly far enough - already be walked back”
FOAD Vivian. Marxist putz.
Typical, everything in Washington D.C is broken. Looks like the animals have overtaken the zoo.
Yes, every harebrained liberal initiative is a step on the right direction yet didn’t go far enough. What a quaint summation of the douchebaggery of liberal ideas.
His hand was forced. Many loans went through private lenders. They would have sued and won.
Bkmk
In short, the U.S. Dept. of Education promised debt forgiveness if its claimed debtors would register and give the government more information about themselves. After getting that information, the U.S. Dept. of Ed. revoked the debt forgiveness and can now collect the debt more aggressively. People trust government promises at their jeopardy.
They only want to forgive loans the federal government owns because to do otherwise requires a disbursement of funds to the non-governmental owner, money FedGov does not have.
To forgive a loan owned by FedGov rewuires a mere accounting entry (write-off).
King FJB, master of logic and consistency.
Millions, my arse.
Deep State controls over 90% of the student loan market.
Yes, democrats are thiefs and liars.
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Personally I think that could be expanded just a
tad to include many others across the spectrum.
If Biden was so right, why didn’t he just fight the lawsuit?
Could it be he knew he would lose?
Sorry all you parasites. Biden just scraped you off the shell.
I am more into the Betty Lou.
Probably because taxpayers would have to fund this billion dollar giveaway.
And if I was a gambling man I’d lay odds that 95% of those were white...
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