Posted on 06/30/2023 9:08:53 AM PDT by BradtotheBone
The US Supreme Court shot down the Biden administration’s controversial plan to forgive billions of dollars in federally-backed student loan debt, a decision that means millions will have to start making repayments later this year.
In a 6-3 decision down ideological lines, the justices held that the administration wasn't authorized to offer the debt relief under a 2003 law known as the HEROES Act. The Biden administration invoked that act during the initial stages of the COVID-19 pandemic as authorization for the student loan relief.
"The text of the HEROES Act does not authorize the [Education] Secretary’s loan forgiveness program,"Chief Justice John Roberts wrote in the majority opinion.
Power given to the secretary under the law to “modify” student loan programs, the justices held, does not permit “basic and fundamental changes in the scheme” designed by Congress.
The Biden administration estimated that 20 million borrowers would have had their student loans forgiven as part of its plan. The total number of borrowers with student loan debt is 43 million. More than 26 million borrowers applied for relief before the court disputes brought the program to a halt.
Those who were granted a pause will have to resume making interest payments on Sept. 1 and regular payments due starting in October.
(Excerpt) Read more at yahoo.com ...
Bad news for worthless degree majors.
Note that three of the justices do think such “modifications” are authorized.
This could be the end of the party for higher education.
Limitless money flowing into colleges that end up being paid by taxpayers instead of college students is full-on communism.
You borrow it. You pay it back.
If college attendance has no payoff in future earnings, young people will give colleges the middle finger.
I, waverunner , hereby authorize all debts in the USA forgiven.... Seems Joe Biden and I have the same legal powers over debt.
That’s a shame. 🤣
EDUCATION Updated on June 30, 2023 11:36am EDT
Supreme Court rules against Biden student loan debt handout
Biden administration’s student loan debt plan was estimated to cost taxpayers $400 billion
The Supreme Court ruled Friday that the Biden administration cannot go forward with its student loan debt handout program.
In a 6-3 decision, the court held that federal law does not allow the Secretary of Education to cancel more than $430 billion in student loan debt.
“The Secretary’s plan canceled roughly $430 billion of federal student loan balances, completely erasing the debts of 20 million borrowers and lowering the median amount owed by the other 23 million from $29,400 to $13,600,” Chief Justice John Roberts wrote for the majority. “Six States sued, arguing that the HEROES Act does not authorize the loan cancellation plan. We agree.”
President Biden strongly disagrees with the court’s decision and will make an announcement later today detailing new actions to protect student loan borrowers, a White House source told Fox News Digital.
https://www.foxbusiness.com/politics/supreme-court-rules-biden-student-loan-debt-handout
If someone wanted to ‘do good’ over this issue...they’d force the pubic university system to develop a ratio of instructors to staff members, and start laying out the budget of each institution. They might also lay out the ‘borrowing-rate’ of students attending and how much they owe in debt for each year.
If you were stupid enough to borrow $80,000 for four years and the top level of pay in year one after graduation is less than $40,000....the college has fooled you on the value of the degree.
That’s because those three are liberals. The liberal view is that student loan relief is a good idea.
Since they think student loan relief is a good idea they think it should be implemented, regardless of what the law under which it was being authorized says.
And once again, the arch-fascist warmongers on the Supreme Court join together to effectively bring back slavery for those with student loans, denying our President the opportunity to relieve the debt burdens of our most vulnerable, especially women, minorities, children and LGBTQ+ persons.
(That’s enough memes for now...)
No, we have to repeal the federal government backing these loans in the first place. That will really turn off the spigot for these universities as banks will be far more discretionary in how much money to loan 18-year-old who want to purse worthless majors.
“You borrow it. You pay it back”
Personal responsibility.....what a concept right? 😏
Imagine if Biden had the go-ahead to forgive student loan debts, which is the same as paying off those student loans through the federal government.
Wouldn’t everybody that ever took out a student loan, be entitled to get their student loans forgiven, even if paid off or partially paid? Thus, somebody that graduated from college 50 years ago could demand to get his student loan payments refunded.
If blacks can demand reparations because their ancestors were slaves up to 400 years ago, then, people who were wronged 50 years ago through student loans might also have a case for ‘reparations’ but on student loans. After all a lot of those students had parents use their family’s money to pay for those student loans. Many students had to ‘slave’ holding down a job while studying, and that was a hardship which should get refunded.
Forgiving, or paying off student loans were meant as bait to get those students and their family members to vote democrat. It wasn’t approved by the American people nor by congress. Same with reparations for blacks. Neither one meets constitutional legality.
That is part of it. But I think the bigger failure is the public education system that never taught you to analyze and make a rational choice about how you invest and spend your money.
Bahahaha
President Retard is a Ripoff
Affirmative action SCOTUS appointees are upset. F’ em. I’m going to relish at all of the gnashing of teeth and wailing by the leftist and deadbeats.
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