Biden Cancels Student Loans for 60,000 Public Service Workers

[mystery-ak]

Biden Cancels Student Loans for 60,000 Public Service Workers

Simon Kent 17 Oct 2024

The Biden administration announced Thursday it is racing to cancel student loans for more than 60,000 public service workers. The move comes just 18 days before the 2024 election and brings the number of public service workers who have now benefitted from such taxpayer-funded largesse to over one million.

The gift delivers $4.5 billion in debt relief to teachers, firefighters, and other service workers who have been dutifully meeting loan repayment obligations for over a decade, the Hill reports.

The administration claims fixes it has made to the Public Service Loan Forgiveness (PSLF) program over the past four years has made the windfall possible, which has resulted in upwards of one million public service workers seeing loan forgiveness, costing some $175 billion, the Hill report states.

more
https://www.breitbart.com/politics/2024/10/17/biden-cancels-student-loans-for-60000-public-service-workers/

[mountaineer]

costing some $175 billion
 

[GtHawk]

Now have the IRS nail all of them for the cancelled debt as additional income for the year.

[Smokin Joe]

By what authority does POTUS, ANY POTUS, cancel loans?

[mountaineer]

By what authority does POTUS, ANY POTUS, cancel loans?

I believe that would be NONE.

[berdie]

By what authority does POTUS, ANY POTUS, cancel loans?

None that I see. It's vote buying...that's different, lol.

[Kamaji]

By what authority does POTUS, ANY POTUS, cancel loans?

In this case, most likely under direct authority from Congress, pursuant to the College Cost Reduction and Access Act of 2007 signed into law by President George W. Bush.  Source:  https://en.wikipedia.org/wiki/Public_Service_Loan_Forgiveness

This one's on GWB and the republicans.

[Smokin Joe]

costing some $175 billion
 

That works out to $2.9 million per person.

Where is that money really going? Is this a last minute snatch and grab robbery?

[mountaineer]

My student loan was only $6,000, but if someone wanted to give me $2.9 million, I might accept.

[jafo2010]

No mystery.  Going to Ukraine, and they are funneling probably a third back to the Democommies.  Called money laundering, something Biden is highly accomplished at doing!!!

[Hoodat]

The gift delivers $4.5 billion in debt relief to teachers, firefighters, and other service workers who have been dutifully meeting loan repayment obligations for over a decade, the Hill reports.

If they had been dutifully meeting loan repayment obligations for over a decade, their loans would have been paid off already.

[rangerrebew]

Biden-Harris Admin Has Forgiven Total Of $74 Billion In Student Loans Just For Gov’t Workers
Story by Jaryn Crouson • 18h


The Biden-Harris administration boasted Thursday that $74 billion in student loans had been forgiven for government and public service employees.

The administration announced an additional $4.5 billion in student debt was being canceled using the Public Service Loan Forgiveness (PSLF) program, bringing the total to over one million teachers, firefighters, police officers, nurses and other government workers to have debts forgiven since the Biden-Harris administration began, according to a White House press release. The program was first implemented in 2007 to pay off the debt of people who work in public servant roles for at least 10 years, but only 7,000 people utilized the program before Biden took office.
 
“Higher education should be a pathway to economic opportunity — not a lifetime of debt,” Vice President Kamala Harris said in a separate press release. “That is why I have fought to make education more affordable and reduce the burden of student debt throughout my career.”

Student loan borrowers demand President Biden use “Plan B” to cancel student debt Immediately at a rally outside of the Supreme Court of the United States on June 30, 2023 in Washington, DC. (Photo by Paul Morigi/Getty Images for We The 45 Million)

https://www.msn.com/en-us/money/careersandeducation/biden-harris-admin-has-forgiven-total-of-74-billion-in-student-loans-just-for-gov-t-workers/ar-AA1ss5fZ?ocid=msedgdhp&pc=HCTS&cvid=0c5dcec238044370832c943905c2d69e&ei=107