Posted on 02/16/2024 10:38:03 AM PST by SeekAndFind
The Biden administration's latest plan to "cancel" student loan debt extends to those struggling to repay loans due to financial "hardship."
The proposal was devised under the Education Department’s existing rulemaking powers after the Supreme Court struck down Biden’s original student loan bailout plan.
A number of factors are set forth in the new proposal to determine hardship, “such as a borrower’s total student loan balance and required payments relative to household income, and whether a borrower has high-cost burdens for essential expenses like healthcare or childcare,” the press release states.
The current regulatory process builds on the Biden-Harris Administration’s efforts to fix existing loan forgiveness programs and create the SAVE plan, the most affordable repayment plan ever. Through this regulatory process and as part of the broader plan President Biden announced last summer, the Department previously proposed to provide debt relief for other groups of borrowers, including those who:
- Currently have outstanding federal student loan balances that exceed what they originally borrowed.
- Have loans that first entered repayment 20 or 25 years ago.
- Took out loans to attend career-training programs that created unreasonable debt loads or provided insufficient earnings for graduates, as well as borrowers who attended institutions with unacceptably high student loan default rates.
- Eligible for forgiveness under repayment plans like the SAVE Plan or targeted relief programs, or closed school loan discharges, except they have not applied for such relief. (Education Department)
“College is meant to lead to a better life, but too many students end up struggling due to their student debt,” said Education Under Secretary James Kvaal. “The ideas we are outlining today will allow us to help struggling borrowers who are experiencing hardships in their lives, and they are part of President Biden’s overall plan to give breathing room to as many student loan borrowers as possible. It’s an important part of the Biden-Harris Administration’s permanent solutions to the problem of unaffordable loans.”
Critics saw the announcement as the administration's latest effort to win over young voters.
Fix education and stop buying votes.— Democrats against Biden (@Anti_Biden_Dems) February 15, 2024
Aka use your tax dollars to buy votes— C (@capital_punx) February 16, 2024
“and for other purposes”
“College is meant to lead to a better life, but too many students end up struggling due to their student debt,” said Education Under Secretary James Kvaal.
I’m persuaded. The universities should cancel all the students’ bills, and relieve them of their debt. That’s what he means, right?
I read that Biden was using loan forgiveness to help balance the budget. He may be right.
https://www.npr.org/2022/07/29/1114560119/student-loan-program-cost
From 1997 to 2021, the Education Department estimated that payments from federal direct student loans would generate $114 billion for the government. But the GAO found that, as of 2021, the program has actually cost the government an estimated $197 billion.
Just another reason to send your children to trade school.
My wife and I earned our degrees in Computer Science, and we made a respectable living. But now in hindsight, I wish I would have went to trade school in carpentry, plumbing, electrical and auto mechanics. In retirement now, I would be pretty much able to do anything that needed to be done.
Buying votes with taxpayers’ dollars. Hmmm, interesting scam/scheme.
Even if there was something around your house or property that you could not do having spent your career in one of those trades, you would have plenty of friends in other specialties who could help you
So those Racial Grievances Studies, Hate-America Studies, Feminist Studies, Socialism & Marxism Studies students are going to get their loans forgiven because they are rioting in the streets and can't hold a job. Nice.
When will the SC issue a contempt of court cite and send over the Marshals to put in jail the perpetrators.
The universities have already been paid.
Not it is the taxpayers turn to get an education - in Bidenomics.
RE: When will the SC issue a contempt of court cite
Let’s say that the SCOTUS issues a contempt of court citation, then what? Who has the power to enforce it?
Yet I have to pay back the Feds for the $25,000 emergency disaster relief money plus$9,000 interest I got 3 years ago when I lost everything in a anarchists caused urban wildfire.... only if you are a Trump supporter. Now they say it was a loan..
I paid off all the students loans for my entire family
.. about $20,000
Wake up people.. you are next!!!
Can Biden make colleges lower prices like grocery stores?
Can he? Should he? Will he?
This is an existential challenge.
Can Biden force colleges to lower tuition costs? As a matter of Law, NO!
Should he try to force colleges to lower tuition costs? Absolutely NO!
Will he try to force colleges to lower tuition costs? ABOSOLUTELY, YES!
Colleges should pay it. They are the ones that got all the money.
Easy fix to this that isn’t the best but I’d accept it:
Every individual with student loans gets $10,000 forgiven/refunded, up to say, ten years prior.
In return, FedGov is completely banned from being involved in student loans, period.
.
.
Hell, bump the forgiveness up to $20,000 per, and completely eliminate DoE. I’d be ok with that.
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