Paging Captain OBVIOUS!
Posted on 04/09/2024 9:40:36 AM PDT by Rummyfan
On Monday, the Biden administration unveiled its new student loan debt proposal, which, if finalized, would eliminate some debt for as many as 25 million borrowers.
These plans primarily target those with "runaway interest" and borrowers who have been making payments for two decades. Moreover, it aims to assist those eligible for forgiveness through income-driven repayment (IDR) schemes and individuals enduring financial hardship.
"The plans would give borrowers $20,000 in loan forgiveness for balances that have grown due to unpaid interest since entering repayment, regardless of income. Those who qualify for the SAVE IDR plan would get the full balance of their unpaid interest forgiven," explains The Hill. "This would result in 25 million Americans getting relief from balance growth that was garnered by unpaid interest, with 23 million seeing their full balance growth canceled."
The administration is also aiming for automatic debt relief for those who qualify under the SAVE plan, Public Service Loan Forgiveness program and other loan forgiveness programs but have hit red tape in receiving their relief. It is estimated 2 million Americans would get full loan forgiveness through this option.
Lastly, the administration wants to give relief to those who were enrolled in low-financial-value education programs that have been deemed insufficient by the Department of Education, and borrowers who are experiencing hardship in paying back loans, such as those at high risk of defaulting on loans and families burdened with other debt, such as medical debt.
(Excerpt) Read more at pjmedia.com ...
Using what money appropriated and allowed for the President to use? Hmmm?
The President cannot relieve personal debt for JUST the reasons the Founder knew.
This has already been decided by the SCOTUS whom the Presentdent ignores and ignores the laws he is sworn to uphold. Game. Set. Match.
Prediction: 325 electoral votes.
Paging Captain OBVIOUS!
They know SCOTUS ruled it unconstitutional in June 2023 but they can get the benefit, receive votes, before having to renig on the deal
Definitely criminal
Another reason to impeach the lawless SOB.
“Using what money appropriated and allowed for the President to use?”
That’s not the point. If enough clueless voters buy into this Joe may gain a lot of votes.
I tried to explain the appropriations process and the SCOTUS ruling to a Biden voter.
The response was “but people are waiting for their money!”
Just like the last time.
It’s only illegal if Biden attempts to use the HEROES Act as its legal authority for the action. Branden is using different legal authority for these remissions.
Here’s a quick review from the National Conference of State Legislatures: “The court held that the Higher Education Relief Opportunities for Students Act, or HEROES Act, does not authorize the administration’s student loan forgiveness plan. The HEROES Act permits the secretary of education to waive or modify provisions for loan forgiveness under the Higher Education Act in the event of a war or other military action, or a national emergency. The court noted that the loan forgiveness plan would have erased about $430 billion in student debt and lower the median amount of non-forgiven loan repayments from $29,400 to $13,600”
The people that paid off their student loans should be first in line
My wife and I both worked hard to ensure out daughter got out of school with no debt by sacrificing our time and energy. How about us? Do we get some relief? Or does that only apply to people that got worthless degrees in _______ studies?
He's doing this in the face of a money supply that is already crashing - causing global recession as most countries settle international trade in US dollars.
Simply put - the economic crisis the world is facing is being made that much worse by this move.
On the flip side - Janet Yellen is going nuts selling enormous amounts of treasuries to prop up the money supply.
Those two moves are at compete odds to one another.
The next Congress needs to move legislation invalidating degrees earned from a college where loans have been rebated (forgiven). This would pertain only to federal employment opportunities, of course. If the degree wasn’t worth the price for the student, it surely isn’t worth the price for the entire population.
Babylon Bee reports:
“Biden Announces Student Loan Forgiveness To Help People Afford All His Taxes And Inflation”
Parents with students in college get hit with more costs in taxes.
First of all, why would a college student invest in something he/she might never allow them to repay the loan? That doesn’t look too bright on the surface, but the college should have to take partial responsibility for something like that. Secondly, there is no excuse whatsoever for the government/ the taxpayer to assume the debt for something they did not incur & quite likely couldn’t have done it for them themselves.
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