Posted on 02/18/2021 2:40:17 AM PST by Libloather
Progressives denounced President Joe Biden's refusal to support an effort to cancel $50,000 in student loan debts for individuals on Wednesday.
Biden said that he "will not make that happen" when confronted with a demand to back the effort during Tuesday's CNN town hall event, reasoning that he is in favor of some forgiveness for those who went to public schools but does not support eliminating debt for "people who have gone to Harvard and Yale."
**SNIP**
Schumer and Warren reintroduced a Senate resolution that urges Biden to back the plan to cancel $50,000 of debt on February 4, after having first introduced the legislation last year during the administration of former President Donald Trump.
"The Biden administration has said it is reviewing options for cancelling up to $50,000 in student debt by executive action, and we are confident they will agree with the standards Obama and Trump used as well as leading legal experts who have concluded that the administration has broad authority to immediately deliver much-needed relief to millions of Americans," the senators wrote on Wednesday.
"An ocean of student loan debt is holding back 43 million borrowers and disproportionately weighing down Black and Brown Americans," they continued. "Cancelling $50,000 in federal student loan debt will help close the racial wealth gap, benefit the 40% of borrowers who do not have a college degree, and help stimulate the economy."
Biden has indicated that he prefers Congress to take the first steps toward passing any plan to cancel student loan debt, although he has not entirely ruled out attempting to enact his own $10,000 debt cancellation plan using an executive order. An executive order to cancel the debt would almost certainly be met with legal challenges.
(Excerpt) Read more at msn.com ...
Damn straight it is!
Here is a question: If my $50k student loan is forgiven, isn’t that imputed income and therefore a taxable event?
Yup, very good point.
I want the $100K back I spend on my two ungrateful daughters college tuition, that’s not happening. These people took the loans out in good faith and should be obligated to pay them back.
Loan forgiveness is counted as income.
After graduating, my daughter and S-I-L paid off $60,000 is student loans in three years. They ate rice and beans to be able to do it. Don’t think they’re going to feel too good about this proposal.
Let’s see.
Have a BSc in Computer Science and Aviation Business Administration from a top school, a MSc in Aeronautical Science and Aviation Business Administration (same top school), a separate MSc in Information Systems for HBCU (through the military), PhD work in Computer Science (no dissertation yet)
And I can’t get a job in my field, as the Uniparty has deemed those jobs belong to Indians only.
So I guess I’m paying off my student loans at $5 a month, as I’m unemployable.
And these degrees are not exactly underwater basketweaving or * studies
Not to nit pick you but currently I am a working class folk that currently does not have a degree though I work in the IT field and have many certifications, I didn’t know that was an issue on here.
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How did you get through the absolute gauntlet of Indian recruiters, Indian hiring managers and Indian engineers? Enquiring minds want to know.
How about they sign up for a stint in the military?
$25K in loan forgiveness for each year.
Trump didn’t do a very good job on holding the line on spending, but these nitwits are going to tank the economy to Weimar levels...
Student debt is rough, but I believe that it should be allowed to be partially discharged in bankruptcy proceedings — it’s almost impossible to do that now — just like other debts.
I can’t believe that I’m saying this, but Slow Joe was right to dump the forgiveness idea. He should submit suitable bankruptcy legislation pertaining to student loans to Congress.
I have to be vague on here but I do government work, PM me for more details if you want, I do plan on going back to College to finish, but at this point it is for my resume and to finished what I started a long time ago.
Progressives = Slackers & Deadbeats
Would it be wrong for Joe to pay off my house loan since I paid all my student loans years ago?
Someone needs to do an analysis of the difference between COMPOUNDED INTEREST & Amortized interest like a mortgage.
A friend of mine told me HER student load went to COMPOUNDED interest when Obama stole all the loans & Federalized them.
NO ONE can pay off those loans with COMPOUNDED INTEREST.
Then-—after those loans are recalculated, look again at whether those students need any kind of bail out under AMORTIZED interest.
Ask your CPA to explain the difference between COMPOUND interest & Amortized interest.
Obama made those student loans COMPOUND interest.
I know the difference, but I’m not sure what that has to do with someone paying back a loan they took voluntarily.
Sorry, Jao, Congress is too busy trying to keep Trump from being buried in Arlington to do any actual legislation. Why else do you think they made you dictator?
I'm going to ask my banker about getting one of those loans that will get forgiven so I'll never have to pay it back. Sounds like a sweet deal.
That’s the most obvious issue - what to do for people who paid their student loan debt off, or worked their way through college paying as they went...
I have to be vague on here but I do government work, PM me for more details if you want, I do plan on going back to College to finish, but at this point it is for my resume and to finished what I started a long time ago.
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Ah you have a clearance of some sort. Something I can never get being married to a foreign national and working overseas (in non-DOD roles) for almost the past 20 years.
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