Posted on 01/12/2024 9:39:31 AM PST by GrandJediMasterYoda
Some Americans will get their student loans canceled in February as Biden accelerates his new plan
WASHINGTON (AP) — The Biden administration will start canceling student loans for some borrowers in February as part of a new repayment plan that's taking effect nearly six months ahead of schedule.
Loan forgiveness was originally set to begin in July under the new SAVE repayment plan, but it’s being accelerated to provide faster relief to borrowers, President Joe Biden said Friday. It’s part of an effort “to act as quickly as possible to give more borrowers breathing room” and move on from their student debt, the Democratic president said in a statement.
Borrowers will be eligible for cancellation if they are enrolled in the new SAVE plan, if they originally borrowed $12,000 or less to attend college, and if they have made at least 10 years of payments. The Education Department said it didn’t immediately know how many borrowers will be eligible for cancellation in February.
Biden announced the new repayment plan last year alongside a separate plan to cancel up to $20,000 in loans for millions of Americans. The Supreme Court struck down his plan for widespread forgiveness, but the repayment plan has so far escaped that level of legal scrutiny. Republicans in Congress tried unsuccessfully to block the new repayment plan through legislation and a resolution last year.
(Excerpt) Read more at aol.com ...
I am old enough to remember when buying votes was a felony.
🧐 so don’t pay your taxes and vote Democratic hoping for taxes canceled? Is that the plan?
The universities are sitting on BILLIONS in endowments.
They got the money the students borrowed.
The colleges and universities can repay the student loans from their massive endowments.
The worthless degrees they issued are not giving former student/borrowers the income to repay the loans.
That sounds like a reasonable solution that keeps the hands of the student/borrowers out of the pockets of the U.S. taxpayers.
The colleges received the money. They can pay it back as the indebted former students got nothing of value in taking out the loans.
This is FRAUD on a massive scale and the thieves (colleges) are picking the pockets of American taxpayers through this fraud.
Tell me about it, now it seems anything goes.
Too bad there is not a law which requires Joe Biden to physically be in Eagle Pass anytime he wants to make up a new rule to destroy America.
I am old enough to remember when buying votes was a felony.
************
I’m old enough to remember when black people couldn’t vote
and mostly did manual labor. But things have changed and
they are coming this country now and will be ruling the roost
in a few years.
“The worthless degrees they issued are not giving former student/borrowers the income to repay the loans.”
Victor Davis Hanson makes this point all the time. He thinks there ought to be some guarantee or warranty on those degrees. At the minimum, colleges should provide some ROI numbers when kids select a major.
“So you want to major in ‘Intersectionality and Grievance Studies’? Did you know that your ROI will be negative forever?”
remember folks....we’re giving free college, food, housing, phones, etc to illegals...
Yep, the lists keeps growing.
How does somebody get a loan for no more than $12,000, pay on it faithfully for 10 years, and still have a balance? Is the minimum payment $1?
is this a big FU to the USSC, as well as the people who already paid their loans off and the taxpayers?
What talent Joe has! He has zero power or authority to do this nor even the support of the people, but it’s getting done anyway! What Joe wants Joe gets!
___________________________________________________
Did the SCOTUS decision render Biden’s forgiveness scheme illegal or not? I keep hearing conflicting info. On what legal grounds can he do this and why are the Republicans not raising hell about it?
My wife and I paid off our student loans back in the Eighties. Is this deal retroactive? Are we going to get a check? I better go check my mailbox.
That would be correct under the “Equal Protection Under the Law”.
1870 they were given the right to vote, the last vestige of Jim Crow laws and poll taxes were removed by the SC in 1966.
They had the right to vote for 154 years now. Pretty sure you are not 154 years old. Final voter suppression was removed in 1966.
I don’t care about color, only culture.
I do have a question. When people defaulted on the home loans during the great 2008 Real Estate Bubble, IRS demanded that all loan forgiveness be treated as taxable income.
Is that going to happen with Slow Joe’s education loan forgiveness as well? It would be fascinating to see the reaction on the part of the “students” when they found out they owed federal taxes on what was forgiven.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.