Posted on 04/09/2024 5:42:59 AM PDT by Red Badger
The Biden administration on Monday announced a new sweeping student loan forgiveness plan that would provide relief for more than 30 million borrowers.
Why it matters:
The plan is Biden's latest attempt to cancel student debt after the Supreme Court blocked his signature student debt cancellation plan last year.
Since then, the administration has found ways to deliver relief to millions of borrowers by using its existing authority and circumventing the need for Congressional or court approval.
Driving the news:
Under the new plan, the administration would cancel up to $20,000 of a borrower's accrued interest, regardless of income, the White House said in a statement Monday.
In addition, low-and-middle income borrowers — single people making less than $120,000 or couples making less than $240,000 — enrolled in an income-driven repayment plan would have all of their interest forgiven.
No application will be required to receive the relief, the statement added.
If the plan is implemented as proposed, the Biden administration estimates it will "fully eliminate" accrued interest on 23 million borrowers' unpaid balances.
The plan would also wipe out the full amount of debt owed by 4 million Americans and give partial relief of at least $5,000 to more than 10 million additional borrowers.
Context: The Education Department has been working on a proposal to replace the one that the Supreme Court dashed last year, the White House said.
Under the new plan, four sets of borrowers are automatically eligible for relief: borrowers who have seen their balances grow beyond what they originally borrowed; those who took out loans that are in repayment for over 20 years; borrowers who are eligible for relief but haven't applied; and those whose college or program didn't deliver sufficient financial value.
Such a “relief” …to pass this debt onto taxpayers
About $143 billion so far
So the jobless college graduates with degrees in Hate America studies get their loans cancelled in violation of the Supreme Court decision and the people of East Palestine, Ohio, who got nothing, get to pay for it. Trump 2024.
obviously invalid.
ruled unconstitutional by SCOTUS last june... not that it matters to the criminals in the WH.
Transfers debt from those it, to those that don’t.
Redistribution of wealth. The money will be paid. But not by the people who borrowed it. The taxpayers will pony up to repay what was spent by others. We are deep into a Soviet-style system now.
Many of those allegedly "worthless" degrees are actually quite valuable. Many such graduates find employment as diversity consultants, or in Human Resources Depts. in big corporations, or museums, or ad agencies, or working for NGOs, or government agencies, the military, the intelligence community, police depts., government funded "community activist groups." Some are simply employed by universities after graduation.
The joke, once again, is on us, the taxpayer.
Vote buying with our money.
If you just woke from a coma and wondered if this is an election year, here’s your indication.
Why not payoff everyone’s debt while you’re at it and completely destroy everything
Oh good, I always wanted to pay for some deadbeats bills. I can’t even imagine what kind of lowlife shoves their bills off on others.
Why not payoff everyone’s debt while you’re at it and completely destroy everything
The debt doesn’t disappear. It is transferred to another.
Like Jesus did for us, but evil.
Don’t give them any ideas, or they’ll be comparing Biden to Jesus next...................
It slashes debt for millions of people ... and transfers the debt to 350 million people.
So actually, contrary to the headline, it vastly increases the the of people indebted.
The gaslight media is gonna gaslight.
It is forgotten that in 2010 legislation was signed by President Obama for a federal takeover of the student loan program, eliminating private sector lenders.
Federal assumption of all student loan debt effectively gave the federal government the power to change condition, forgive interest and forgive loans.
One thing that has always bothered me about this is student loan forgiveness does not forgive all student loans. Those loans already paid off by the borrowers get no relief. Those students still in school that haven’t started paying off their loans won’t get any relief. Those students who have yet to enter college and take out a student loan aren’t guaranteed any relief. How is this student loan forgiveness fair at any level?
Disgusting!
The student loan gambit is a win-win fork for the Biden apparatchiks.
If it prevails, gets votes
If it loses, Republicans get heaps of grief from the media sycophants’
The gambit will fail again and the king will fall
It isn’t. It meant to buy votes. That is all..................
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