Student Loan Forgiveness Doesn’t Satisfy All Democrats: It’s Not Enough, ‘Cancel All Student Debt’

[mystery-ak]

Student Loan Forgiveness Doesn’t Satisfy All Democrats: It’s Not Enough, ‘Cancel All Student Debt’

Hannah Bleau 24 Aug 2022

President Biden’s plan to cancel a portion of student loan debt has drawn mixed reactions from both far-leftists and conservatives across social media as some leftists contend it is not enough while others celebrate it as a victory for racial justice, and conservatives claim it will only benefit elites.

President Biden on Wednesday announced his plan to forgive a portion of student loan debt for individual borrowers making less than $125,000.

“In keeping with my campaign promise, my Administration is announcing a plan to give working and middle class families breathing room as they prepare to resume federal student loan payments in January 2023. I’ll have more details this afternoon,” Biden said in a post on social media ahead of an afternoon press conference.

According to the graphic attached to the tweet, the administration will forgive $20,000 if an individual making under $125,000 annually went to college on Pell Grants. The figure reduces to $10,000 if the individual did not receive Pell Grants. Additionally, the student loan pause has been extended for the rest of the year, expiring December 31, 2022:

https://twitter.com/POTUS/status/1562462774969581570

However, this announcement has received mixed responses.

Sen. Bernie Sanders (I-VT), for instance, is contending that the plan does not go far enough, calling for the cancellation of “all” student loan debt.

“The average amount of debt forgiveness to businesses receiving PPP loans: $95,700. If we could afford to cancel hundreds of billions in PPP loans to business owners in their time of need, please do not tell me we can’t afford to cancel all student debt for 45 million Americans,” he said:

Bernie Sanders
@SenSanders
The average amount of debt forgiveness to businesses receiving PPP loans: $95,700. If we could afford to cancel hundreds of billions in PPP loans to business owners in their time of need, please do not tell me we can't afford to cancel all student debt for 45 million Americans.
2:53 PM · Aug 23, 2022·Twitter for iPhone

more
https://www.breitbart.com/politics/2022/08/24/student-loan-forgiveness-doesnt-satisfy-all-democrats-not-enough-cancel-all-student-debt/

[mystery-ak]

 Progressives hail Biden for action on student loans
by Hanna Trudo and Alex Gangitano - 08/24/22 2:48 PM ET

Progressives are praising President Biden’s plan on student loans, arguing the move to provide $20,000 in relief to Pell Grant recipients in particular is a real step toward helping the most needy deal with crippling college debt. 

Biden is canceling up to $10,000 in debt for single people making less than $125,000 annually in addition to the $20,000 in relief for those who received the need-based program. 

The extra relief for the Pell Grant group was somewhat of a surprise that sweetened the pot for liberals, who had been calling for as much as $50,000 in debt forgiveness per borrower.

“Today’s announcement marks a historic moment in the long fight to end the student debt crisis,” said Natalia Abrams, president of the Student Debt Crisis Center. “Broad-based student debt cancellation will free millions of Americans to invest in their futures, support their families, and contribute to their communities and the economy.”

“Today is a day of joy and relief,” Sen. Elizabeth Warren (D-Mass.) tweeted after the announcement.

She had introduced the idea of loan forgiveness during the 2020 presidential campaign and got Senate Majority Leader Charles Schumer (D-N.Y.) on her side to convince administration officials to take the issue seriously. Schumer was on the phone discussing details with the White House up until the final decision. 

Left-wing lawmakers and activists see the move as a positive, necessary step of action before the midterms. By forgiving large portions of Americans’ loans, Biden moved closer to becoming the progressive leader that he promised to voters, they said, following through on a campaign pledge. 

Biden’s sweeping plan unveiled officially on Wednesday is the largest forgiveness of federal student loans per person yet. Heeding calls from progressives, he also extended the ongoing federal loan payment freeze and interest accrual until the last day of the year. 

The White House announced that borrowers with existing undergraduate loans can cap repayment at 5 percent of their monthly income. Under his policy, current students with loans are eligible for this debt relief and dependent students will be allowed relief based on their parents’ income.

The Hill reported the news of the planned executive actions and timing on Tuesday. 

Biden still didn’t go as far as some wished, but the complaints were relatively muted just before the official rollout.

more
https://thehill.com/homenews/administration/3614316-progressives-hail-biden-for-action-on-student-loans/

[The_Reader_David]

Stupid inflationary policy.  And no, the taxpayers are not on the hook for this, since they're effectively just printing money, ALL OF US ARE.  This will drastically exacerbate inflation, while mostly benefiting the moderately well-off, fools who took majors that wouldn't contribute to them getting decent job, and parasites whose major only suited them to be hired by a university to work in the already-to-the-left-of-the-faculty Office of Student Life or a grievance studies program.

Leaving aside the poor among the direct beneficiaries, this policy will be most harmful to the poor and those on fixed incomes by at best sustaining the current levels of inflation longer than they otherwise would have lasted (if the Fed does its job) and at worst pushing inflation rates even higher.

[DefiantMassRINO]

Dems want to cancel Capitalism and Private Property Rights.

[Hoodat]

Dems want to cancel Capitalism and Private Property Rights.

Correctamundo.