Schumer, Warren introduce bill calling on Biden to wipe out student loan debt

[mystery-ak]

Schumer, Warren introduce bill calling on Biden to wipe out student loan debt
By Sylvan Lane - 02/04/21 11:55 AM EST

A group of Democratic lawmakers led by Senate Majority Leader Charles Schumer (N.Y.) and Sen. Elizabeth Warren (D-Mass.) reintroduced a measure Thursday calling on President Biden to forgive up to $50,000 in federally held student debt per borrower.

The resolution from Schumer, Warren, and Democrartic Reps. Ayanna Pressley (Mass,),  Ilhan Omar (Minn.), Alma Adams (N.C.) and Mondaire Jones (N.Y.) is not legally binding, but would serve as a formal congressional endorsement of a popular but polarizing progressive proposal. A similar resolution was introduced in the previous Congress.

“We are not going to let up until we accomplish it, until $50,000 of debt is forgiven for every student in the country,” Schumer said during a Thursday press conference.

“Let’s get it done.”

more
https://thehill.com/policy/finance/537345-schumer-warren-introduce-bill-calling-on-biden-to-wipe-out-student-loan-debt

[cato potatoe]

Those of us who settled for a state school and worked part time are just SOL.  Congress is unfamiliar with the law of unintended consequences. 

I had a conference call with a financial advisor this morning who swore Roth earnings would neeeeeever be taxed ... that's just a paranoid fantasy.   

[jafo2010]

This is pure nonsense.  If this is the kind of representation we have in this country, I fully welcome a revolution.

I took loans, and I did not go to law school thinking the loans would be too huge.  I regret that, but I had no one advising me.  And that is a real hole we have in this country.  I spent six years in school, counting grad school, and I never had one minute of an advisor that was worth a good BM.  Not one minute.

I had ten years to pay my loans off, I paid them off in three years.  Forgiving student loans is so offensive to me, I can even begin to tell you how wrong I think it is.  These people choose to take these loans, signed agreements to pay them back.  The government should have no say whatsoever on this.  So wrong to taxpayers in the USA.

[Fishrrman]

Can a bill of this type fall under "reconciliation"?

If so...   get outta the way...   here it comes...!

[roamer_1]

I would go so far as to allow student loans to be subject to bankruptcy laws. You get in a trick bag, Uncle gets the rake regardless. Same goes with IRS. I know people who went sideways through no fault of their own and stayed that way for a long time... And 90% of what kept them trampled down was student loans, irs, and child support. You can get temporary relief, but you damn well owe the money, with interest and probably penalty.