Posted on 08/24/2022 6:18:56 AM PDT by Red Badger
Biden is reportedly planning to cancel $10,000 in student loan debt per person for individuals making less than $125,000 per year.
Joe Biden is reportedly planning to cancel $10,000 in student loan debt per person for individuals making less than $125,000 per year, according to reports which say the announcement will be made on Wednesday.
Various outlets have reported on the potential move, with CNN claiming that the Biden administration is “leaning towards” the $10,000 forgiveness amount, and The Hill claiming the same along with an additional pause in student loan payments for roughly four months.
Bloomberg also reported that the White House is planning to make the announcement on loan forgiveness on Wednesday, but did not confirm the amount.
On Sunday, Biden administration Education Secretary Miguel Cardona stated that an announcement on student loan forgiveness would come “within the next week or so” before to the most recent pause on payments is set to end on August 31.
“From day one, we’ve been really focused on making sure we’re protecting our students and our borrowers…We’ve been talking daily about this, and I can tell you the American people will hear within the next week or so from the President and the Department of Education on what we’re going to be doing around that,” Cardona told NBC anchor Chuck Todd.
Should the administration go through with the reported forgiveness of $10,000 per person making under $125,000 annually, it would cost close to $300 billion, according to analysis by the Penn Wharton Budget Model released on Tuesday.
“The President will have more to say on this before August 31. As a reminder, no one with a federally held loan has had to pay a single dime in student loans since President Biden took office, and this Administration has already cancelled about $32 billion in debt for more than 1.6 million Americans — more than any Administration in history,” an unnamed White House official told CNN.
“President Biden should #CancelStudentDebt to: help narrow the racial wealth gap among borrowers, provide relief to the 40% of borrowers who never got to finish their degree, and give working families the chance to buy their first home or save for retirement. It’s the right thing,” tweeted Senator Elizabeth Warren (D-MA) on Tuesday.
Some conservatives have argued that the move is risky, unfair to taxpayers, and may worsen the inflation crisis.
National Review writer Charles Cooke described the plan as “illegal” and “indefensible in every conceivable way.”
“It’s immoral. It’s arbitrary. It makes inflation, the biggest issue we currently face, worse,” wrote Cooke. “It sends other people’s cash to the group with the lowest unemployment rate and the brightest prospects.”
Hey Jo Jo! You wouldn’t be interested in cancelling my mortgage and car payment would you? I’ll send in a couple of banana ballots for you?
There are also college graduates that choose to go to a less expensive state schools than private universities like my son did.
He chose to save himself $47K/year by going to UNH as opposed to WPI.
So, this action IMHO will piss off more people than it helps.
Old boyfriend went to Harvard. In 1975 tuition was 5350. I think 1800 in 1960.
“”Tuition forgiveness/assistance results in higher tuition.””
The point made in a good discussion on FOX the other day. Colleges/universities raise the tuition and what has been accomplished?
Politicians remind me of the guy in Butch Cassidy and the Sundance Kid. Strother Martin played the part and hired the duo to guard the payroll and Newman and Redford were pulling their guns before picking up the payroll. Strother Martin said, “Morons - I got morons. We got no money going DOWN the mountain.”
Priceless - https://www.youtube.com/watch?v=mCbq46sb0sI
Well, DC - we GOT NO MONEY either going up or down the mountain!!
Probably. Keep in mind as you go thru college the amount of money you can get becomes larger. There is no control over how the money is used. You can buy a car or go on vacation etc. it’s not always used for tuition!
Trying to buy votes on the cheap. GOP needs to call this out as an obvious stunt.
The government does not belong in the school loan business. How did it come to be??....with a damn magic wand.
Where can I find the form to get reimbursed for the student loan I paid off back in 1992?
Oh, this is just the down payment. The full on principle payments will come soon, in more ways than one.
This sets up a precedent to forgive future student loans. I’m sure current students will get the idea, that their loans will eventually be forgiven as well.
‘Takes money from a plumber to pay the debt of a lawyer’
BRUTAL thread takes Biden’s plan to cancel student loan debt APART
Twitchy.com ^ | 8/23/2022 | Sam Janney
Posted on 8/24/2022, 8:43:29 AM by NetAddicted
Oh, look, another Biden policy that will hurt the middle and lower classes.
Yay Democrats.
For years, they’ve claimed to be the party of the poor, those in need, and yet every policy they’re shoving through does nothing to help the poor and everything to help their wealthy pals in green energy, and oddly enough, Ukraine.
Making a plumber pay for the debt of a lawyer? That’s Biden for ya’.
Here are some facts: Only 37% of Americans have a 4-yr college degree, only 13% have graduate degrees, and a full 56% of student loan debt is held by people who went to grad school.
Biden’s plan to cancel it would be like taking money from a plumber to pay the debt of a lawyer.
— Greg Price (@greg_price11) August 23, 2022
Yup.
So much for Republicans being the party of the evil rich. Democrats will have officially taken that title if and when Biden does this.
And as @willchamberlain has said for years, let’s cancel student debt by seizing the non-taxable endowments of colleges and making them pay for it instead of taxpayers. Problem solved.
— Greg Price (@greg_price11) August 23, 2022
Bingo.
Oh, and let’s get the government out of student loans altogether. Everything got so much more expensive the moment they got involved.
Funny how that works out.
Simply cancelling debt puts a band aid on the actual problem, which is colleges raising their tuitions every year while the government foots the bill, convincing young kids that taking out thousands of dollars in debt is a good idea. Solve the problem by going after the system.
— Greg Price (@greg_price11) August 23, 2022
What he said.
Times a bazillion.
When do I get back $10,000 of what I paid back several decades ago, plus interest?
Here’s the solution: make student loans dischargeable in bankruptcy once again, and place the burden equally on the schools and the banks (i.e. Feds out of it completely, no guarantees at all). Until and unless a prospective student demonstrates that they are entering a field of study that actually offers a chance at repaying the loan, banks won’t loan the money out...and maybe schools will stop pushing “Womens’ Studies” and “Arctic basketweaving” as majors.
My question also.
And adding another stone on the backs of the working class.
So how does dementia jo have the authority to do this?…why not just cancel all debts and be done with it…an action like this undermines the whole underpinning or society…oh never mind…
Plumbers electricians make very good money. What about the folks working minimum wage jobs?
Now they are saying 20k for people with people grants.
I sure could use $10k right now of the $15k that I paid back to help buy groceries.
I busted my arse working full time to pay for my education. Lesson learned. Don’t work for anything and sit around on the government dole.
Universities will raise tuition knowing that the federal government will pay it off eventually.
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