Author Topic: Biden asks his Education Secretary if he can legally cancel up to $50,000 in student debt for every  (Read 972 times)

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Online mystery-ak

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Biden asks his Education Secretary if he can legally cancel up to $50,000 in student debt for every American

    President Joe Biden's Secretary of Education is looking into whether the president can cancel up to $50,000 in student loan debt per borrower
    Chief of Staff Ron Klain said at a Politico Playbook event Thursday that Biden had asked Education Secretary Miguel Cardona to write a memo
    Biden has agreed to canceling $10,000 in student loan debt and has publicly asked that Congress send him a bill
    A number of prominent Democrats, including Senate Majority Leader Chuck Schumer, have asked that he do it by executive action and make it $50,000

By Nikki Schwab, Senior U.S. Political Reporter For Dailymail.com

Published: 18:12 EDT, 1 April 2021 | Updated: 18:52 EDT, 1 April 2021

President Joe Biden's Secretary of Education is looking into whether the president can cancel up to $50,000 in student loan debt for millions of borrowers.

White House Chief of Staff Ron Klain said at a Politico Playbook event Thursday that Biden has asked Education Secretary Miguel Cardona to figure out if the president has the legal authority to wipe out their balances.

On the campaign trail he said he wanted to wipe away $10,000 per borrower, but prominent Democrats, including Senate Majority Leader Chuck Schumer, Sen. Elizabeth Warren and Rep. Alexandria Ocasio-Cortez have pressed him to pursue $50,000 in debt relief per student.

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https://www.dailymail.co.uk/news/article-9428627/Biden-asks-Education-Secretary-legally-cancel-50K-student-debt.html
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Online Hoodat

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What about those of us who went to work and paid off our student loans on time?  Do we also get $50,000?
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Offline PeteS in CA

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Can he retroactively cancel a student debt paid off in the 70s? Maybe reimburse with interest? Asking for a friend, :whistle: .


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If, as anti-Covid-vaxxers claim, https://www.poynter.org/fact-checking/2021/robert-f-kennedy-jr-said-the-covid-19-vaccine-is-the-deadliest-vaccine-ever-made-thats-not-true/ , https://gospelnewsnetwork.org/2021/11/23/covid-shots-are-the-deadliest-vaccines-in-medical-history/ , The Vaccine is deadly, where in the US have Pfizer and Moderna hidden the millions of bodies of those who died of "vaccine injury"? Is reality a Big Pharma Shill?

Millions now living should have died. Anti-Covid-Vaxxer ghouls hardest hit.

Offline skeeter

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How about those who not only paid for their own educations, but sent their kids to college as well?

We are some kinda suckers.

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My dil just paid off her student loans in Feb... 888mouth
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Offline Sighlass

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What about those of us who went to work and paid off our student loans on time?  Do we also get $50,000?

How about those students who are just now taking loans, do they still have to pay them off? Asking for my son (now in college incurring debt because he didn't want to go cheap locally).
Exodus 18:21 Furthermore, you shall select out of all the people able men who fear God, men of truth, those who hate dishonest gain; and you shall place these over them as leaders over ....

Online bigheadfred

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Do it for everyone with medical debt instead.
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Offline Right_in_Virginia

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Biden asks his Education Secretary if he can legally cancel up to $50,000 in student debt for EVERY American
Daily Mail/UK, Apr 1, 2021

President Joe Biden's Secretary of Education is looking into whether the president can cancel up to $50,000 in student loan debt for millions of borrowers.

White House Chief of Staff Ron Klain said at a Politico Playbook event Thursday that Biden has asked Education Secretary Miguel Cardona to figure out if the president has the legal authority to wipe out their balances.

On the campaign trail he said he wanted to wipe away $10,000 per borrower, but prominent Democrats, including Senate Majority Leader Chuck Schumer, Sen. Elizabeth Warren and Rep. Alexandria Ocasio-Cortez have pressed him to pursue $50,000 in debt relief per student.

[...]

While Psaki pointed to Congressional action, Democrats have urged Biden to wipe away the debt using executive order.   

'Biden-Harris can cancel billions of dollars in student loan debt, giving tens of millions of Americans an immediate financial boost and helping to close the racial wealth gap,' Warren tweeted in November, days after the election was called in Biden's favor. 'This is the single most effective executive action available for a massive economic stimulus.'

Earlier this week, the administration also announced that it was expanding the pause on student loan payments for the more than 1 million borrowers who defaulted on private loans that were guaranteed by the federal government. 

'That's actually a pretty significant step,' Psaki remarked Tuesday. 


https://www.dailymail.co.uk/news/article-9428627/Biden-asks-Education-Secretary-legally-cancel-50K-student-debt.html


Offline Right_in_Virginia

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Quote
'Biden-Harris can cancel billions of dollars in student loan debt, giving tens of millions of Americans an immediate financial boost and helping to close the racial wealth gap,

Student loans is a big reason for the "racial wealth gap"?   *hmmmm*

Offline Right_in_Virginia

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I can't imagine how happy the lending institutions must be.   :smokin:

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Do it for everyone with medical debt instead.
Can I just have my fitty gran? I mean by the time Harris-Biden are done it might be worth about fitty bucks.

Offline Fishrrman

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RinVa wonders:
"I can't imagine how happy the lending institutions must be..."

That's a good question.
As in:
- what happens to the outstanding loans?
- will the lending institutions be told to "write off" individual loans that have been "forgiven" by the feds?
- or... will such institutions be offered a "bailout" by the government, to wit, the dollar amount of the loan that was cancelled, plus (perhaps) a small additional payment to cover lost revenue (which would have been the interest)?

If the federal-communist government forces the banks and lending institutions to "eat the debt", then why would any of them lend to "a student" again...?

Aside:
"Citizen/comrade banker, you WILL lend to whomever student requests a loan, or we will take steps that may impact your institution... or... your freedom..."

Offline mountaineer

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I paid off my student loan - early -  sometime in the early 1980s. Just send me a $50,000 check, Idiot Joe.  *****rollingeyes*****
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Offline The_Reader_David

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I can't imagine how happy the lending institutions must be.   :smokin:

The lending institution in this instance is the Federal government, or rather the American taxpaying public.   The loans to be forgiven are all held by the Federal government.
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Online cato potatoe

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Student loans is a big reason for the "racial wealth gap"?   *hmmmm*

I have to wonder how long we have until the appropriation of white-owned property.  The rhetoric becomes more extreme with every passing week.

Offline Idiot

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What about my mortgage?

Online Hoodat

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Student loans is a big reason for the "racial wealth gap"?   *hmmmm*

Then the federal government needs to get the hell out of the student loan business.
If a political party does not have its foundation in the determination to advance a cause that is right and that is moral, then it is not a political party; it is merely a conspiracy to seize power.

-Dwight Eisenhower-


"The [U.S.] Constitution is a limitation on the government, not on private individuals ... it does not prescribe the conduct of private individuals, only the conduct of the government ... it is not a charter for government power, but a charter of the citizen's protection against the government."

-Ayn Rand-

Offline Cyber Liberty

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"Legally?"  LOL!  Who cares!
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Offline Cyber Liberty

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RinVa wonders:
"I can't imagine how happy the lending institutions must be..."

That's a good question.
As in:
- what happens to the outstanding loans?
- will the lending institutions be told to "write off" individual loans that have been "forgiven" by the feds?
- or... will such institutions be offered a "bailout" by the government, to wit, the dollar amount of the loan that was cancelled, plus (perhaps) a small additional payment to cover lost revenue (which would have been the interest)?

If the federal-communist government forces the banks and lending institutions to "eat the debt", then why would any of them lend to "a student" again...?

Aside:
"Citizen/comrade banker, you WILL lend to whomever student requests a loan, or we will take steps that may impact your institution... or... your freedom..."

In this case, the government is the lending institution, so they'll either print the money, or confiscate it from us.  Or both.
For unvaccinated, we are looking at a winter of severe illness and death — if you’re unvaccinated — for themselves, their families, and the hospitals they’ll soon overwhelm. Sloe Joe Biteme 12/16
I will NOT comply.
 
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Online Hoodat

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In this case, the government is the lending institution, so they'll either print the money, or confiscate it from us.  Or both.
  Correct.  The Obama regime scrapped our robust student loan industry and replaced it with a government monopoly.  Interest rates tripled, all under the lie of helping students.
If a political party does not have its foundation in the determination to advance a cause that is right and that is moral, then it is not a political party; it is merely a conspiracy to seize power.

-Dwight Eisenhower-


"The [U.S.] Constitution is a limitation on the government, not on private individuals ... it does not prescribe the conduct of private individuals, only the conduct of the government ... it is not a charter for government power, but a charter of the citizen's protection against the government."

-Ayn Rand-