Biden says he's breaking campaign pledge to provide 'limited' student loan forgiveness and is now co

[mystery-ak]

Biden says he's breaking campaign pledge to provide 'limited' student loan forgiveness and is now considering wiping 'substantial' amount of $1.6tn owed by 43,000 borrowers

    Joe Biden said he was thinking about forgiving student debt but failed to provide specifics
    Has raised speculation he's now planning to cancel far more than the $10,000-per-student he proposed while running for presidency
    Progressive Democrats have called for all student debt to be forgiven 
    U.S. Rep. Tony Cardenas said the president suggested a plan to canceling some debt for the 43 million students holding $1.6 trillion in loans on Monday
    The White House has yet to provide the logistics on how student loan forgiveness would work with a deadline set for August 31
    It comes after the Department of Education elected to once again extend the halt on student loan repayments until the end of August

By Ronny Reyes For Dailymail.Com

Published: 01:20 EDT, 27 April 2022 | Updated: 01:53 EDT, 27 April 2022

Joe Biden is considering reneging on a campaign promise to cancel limited amounts of student debt, and is now mulling far more substantial coverage of the $1.6trillion in debt owed by 43,000 people. 

Biden alluded to his plan during a meeting on Monday with the Congressional Hispanic Caucus, where he told Rep. Tony Cardenas, a California Democrat, that he had plans that would please the group.

The president previously supported canceling up to $10,000 of debt per student, but is now said to be open to forgiving a larger - if unspecified amount.

more
https://www.dailymail.co.uk/news/article-10757691/Biden-considers-forgiving-federal-student-loan-debt-43-million-borrowers.html

[cato potatoe]

So their debts are forgiven, while everyone else is stuck with the bill.  Third world here we come.

[IsailedawayfromFR]

Biden has no power to do this.

Congress never authorized

[Cyber Liberty]

Biden has no power to do this.

Congress never authorized

Shortbus Joe rules by decree.

[DefiantMassRINO]

The Federal Government (i.e., the American tax-payer, me) will have to pay to make good on the guarantees of Federally-backed student loans.

Future students may have to pay higher rates or may not be able to find student loans.

So much for the good faith and credit of the US Government, and everything it backstops.

[GtHawk]

So their debts are forgiven, while everyone else is stuck with the bill.  Third world here we come.

I want a $10K credit with the IRS if he pulls this Bull$hit. I didn't make the bad life choices picking a worthless major, or spending the loan money on vacays, alcohol binges, electronic toys and eating out, so as you say why should everyone else be stuck with their bill. Maybe if DIckhead does this all those who opt to not pay their debt should not be allowed to receive SS until 75, but then only at the age 65 benefit.

Oh and the part about Biden breaking a campaign pledge, how is that news?

[DefiantMassRINO]

If Biden follows through, it makes me rethink other Federal guarantors, such as the FDIC.

Who's to say Biden's radicals won't conclude that making good on deposit insurance mostly benefits banks, the rich,  and non-minorities?  As such, making good on deposit insurance only backstops systemic racism and inequity.  Thus, the FDIC trust fund would be better deployed towards correcting systemic racism and inequity than giving it to the rich.

If radical woke theory is applied to all institutions, their willingness to make good on obligations can no longer be taken for granted.

We can no longer afford to trust the system that woke radicals want to destroy.

[rustynail]

Why not just allow the borrowers to file bankruptcy?

[Cyber Liberty]

Why not just allow the borrowers to file bankruptcy?

It's a shame that action is not available for student loans.

[DefiantMassRINO]

Federally-backed student loan liabilities cannot be discharged in bankruptcy.  But, that is a law that can be changed.  Education institutions should have some liability, along with the students, for loan repayment.

The current system financially incentivizes colleges and universities to be tax-payer subsidized diploma mills and student debt factories.

Universities acquire and keep the money indifferent of student outcome.

[mystery-ak]

Tom Cotton
@TomCottonAR
·
21h
Why should a trucker who didn't go to college have to pay off a lawyer's student loan debt?

Because that is what Biden is proposing when he says he will "forgive" student loan debt.

[DefiantMassRINO]

It's an insidious Government wealth transfer.

Why should I have to repay my Federally backed mortage?  It burdens me.

[Kamaji]

Why not just allow the borrowers to file bankruptcy?

That is what should be happening, but right now, it's almost impossible to get student loans discharged in bankrupcty.

[GtHawk]

That is what should be happening, but right now, it's almost impossible to get student loans discharged in bankrupcty.

Well they used to be able to before Sen. Pell (D) sponsored S.2657 - An Act to extend the Higher Education Act of 1965, to extend and revise the Vocational Education Act of 1963, and for other purposes was introduced in 1975 and passed in 1976, overwhelmingly. And things got worse after the feds took over student loans in 1993 courtesy Crooked Will and democrat controlled congress.

[LMAO]

What makes the burden of student loan debt so special that it must be forgiven? Why not the burden of a home mortgage, or a credit card debt, or car payment debt?

How about those of us who paid off our college loan debts? What makes this current group of borrowers so important and so precious that they cannot experience any type of hardship?

[cato potatoe]

What makes the burden of student loan debt so special that it must be forgiven? Why not the burden of a home mortgage, or a credit card debt, or car payment debt?

They are getting to that, along with pension shortfalls for every blue state. 

[Kamaji]

Well they used to be able to before Sen. Pell (D) sponsored S.2657 - An Act to extend the Higher Education Act of 1965, to extend and revise the Vocational Education Act of 1963, and for other purposes was introduced in 1975 and passed in 1976, overwhelmingly. And things got worse after the feds took over student loans in 1993 courtesy Crooked Will and democrat controlled congress.

Yes, but part of the reason why they were eventually excluded from the normal bankruptcy rules was that - as I understand it - a bunch of law school graduates with lots of student loans realized from their bankruptcy classes that they were "bankrupt" right after graduation because the definition has to do with whether your liabilities exceed your assets, and most law school graduates tend to have few assets and lots of student loans (their primary asset, their earning power, is not evaluated), so they started filing for bankruptcy as soon as they graduated from law school.  They had to go through the 7 years black mark on their credit history, but they didn't have to give up the law degree, so they entered the workforce with their earning potential largely unimpaired, and no debt to repay.

[Smokin Joe]

Has anyone done the math on this???

$1.6 trillion divided by 43,000 borrowers is an average of $37.2 MILLION dollars each.

I got my Bachelor of Science, with room and board included for about $20K, back in the '70s.

Where in the Hell does anyone rack up a $32 million dollar tab for going to college?

Even the most expensive colleges in the US are still under $100K/year.

[Kamaji]

Has anyone done the math on this???

$1.6 trillion divided by 43,000 borrowers is an average of $37.2 MILLION dollars each.

I got my Bachelor of Science, with room and board included for about $20K, back in the '70s.

Where in the Hell does anyone rack up a $32 million dollar tab for going to college?

Even the most expensive colleges in the US are still under $100K/year.

Actually, I believe that was 43 million borrowers, which works out to on average about $37,209 per borrower.

However, the debt is not evenly distributed like that.  People who did graduate school as well can easily have student loan debt over $200,000 (I knew someone like that who had borrowed for both undergrad and law school).

[IsailedawayfromFR]

It's an insidious Government wealth transfer.

Why should I have to repay my Federally backed mortage?  It burdens me.

Taking it further, why shouldn't the govt also pay me for my own tuition of years ago?

[mystery-ak]

Sahil Kapur
@sahilkapur
·
2m
News —> @POTUS
 says he's taking "a hard look" at further action on "debt forgiveness" for students.

"I am considering dealing with some debt reduction. I am not considering $50,000."

He says he'll have an answer in the "next couple weeks."

[mystery-ak]

https://twitter.com/atrupar/status/1519702269842890755

[IsailedawayfromFR]

Or in other words, he Lied.

[DefiantMassRINO]

If Biden follows through, there will be a $h!t$st0rm of trouble - political, legal, and financial.

His best opportunity to exploit this issue amongst his constituency is to keep pandering the false hope of student loan debt forgiveness, but not actually accomplish anything.  Just keep stringing them along through the midterms.

[Wingnut]

This is how you counter loan "forgiveness"


https://www.youtube.com/watch?v=62i2feu9fxk&t=56s