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Posted on 04/09/2022 3:20:30 AM PDT by Kaslin
On April 6, resident Biden extended the pause on student loan repayments through August 31, which means the 43 million Americans who owe $1.6 trillion in student loan debt are off the hook for another few months.
According to Biden, “If loan payments were to resume on schedule in May, analysis of recent data from the Federal Reserve suggests that millions of student loan borrowers would face significant economic hardship, and delinquencies and defaults could threaten Americans’ financial stability.”
Strangely, Biden is using the excuse of a weak economy to pause student loan debt repayments while his administration is telling the American people that the economy is “booming.”
For more than two years, the 43 million Americans with outstanding student loans have not had to make monthly payments. And, given that Biden has kicked the can down the road yet again, I am beginning to wonder if these 43 million Americans will ever be forced to repay them.
In March 2020, during the outset of the COVID-19 pandemic, President Trump signed a law suspending student loan repayments for 60 days.
However, as is all too often the case in Washington D.C., this “temporary” program has no end in sight.
What’s more, because Biden is receiving such pressure from the far-left flank of his party, it is well within reason to assume that the pause on student loan repayment could morph into cancellation over the foreseeable future.
For many months, prominent progressives such as Rep. Alexandria Ocasio-Cortez (D-NY), Sen. Bernie Sanders (I-VT), Sen. Elizabeth Warren (D-MA) and countless others have been applying pressure on Biden to forgo the pause in favor of outright debt cancel lation.
(Excerpt) Read more at americanthinker.com ...
I have paid for four bachelors degrees out of pocket, and I have a sophomore and a freshman in college next year. Zero loans so far.
If these loans get cancelled, I presume I will be getting a tax credit for all that tuition - to be fair.
FedGov needs to get out of the student loan business.
It has the same adverse selection effects as the federal flood insurance program (which should also be abolished).
BiteMe isn’t toying with anything.
Deep State is, until after the midterms when it drops the hammer on these freeloaders.
Fedzilla doesn’t like competition.
In anything.
That third stimulus check occurred in March 2021 (under Biden).
On the topic of the 43 million Americans with the student debt....no one ever breaks this down. A fair number of them are simply people with less than $30k of debt.
However, in my past...I worked with a gal who was stupid enough to keep borrowing and in the mid-1990s...by mid-30s...still owed in the range of $100k. The degree was never going to pay at the level required, unless you continued this debt problem into your late 40s.
If anything, there needs to be a ‘cap’ established now...limiting people to a yearly max, or lifetime max. It’s unfair to come to the non-degree crowd and say you need to bear responsibility for the idiot who wasted four years and got a worthless degree....owing $100k for something of marginal value.
You can at least take comfort in the fact that forgiven debt is taxable income wrt the IRS. Biden not only would have to ‘forgive’ the debt, but also somehow find a legal means to allow that ‘income’ to escape taxing.
IMO, in any sense of the situation, his doing that seems to me to be way beyond his legal power to do so. Postponing payments because of declared emergency or adversity is one thing, outright cancellation is another.
kicking the can to the elections but best of all if it ever does come to pass it will be hidden in a bill and be for the select few, people of color and gender assignment
I sure did not get a penny of it, and neither did my husband.
My hubby experienced a couple of short layoffs, a few months each, at the start of his career many moons ago.
He continued paying off his loan during both.
You are still young compared to me, and are working. I will be 81 in August. Do you expect me to still work? By the way I am handicapped and my son who lives with me doesn’t lift a finger other than make a mess. Come back when you are my age, than we might can talk. Otherwise tell your daughter or sons to find a job, as there a plenty of jobs to find.
> his doing that seems to me to be way beyond his legal power to do so <
I certainly agree. And the article kinda hints at that. At one point it talks about Biden wanting Congress to pass a bill, which he would then sign. But it also talks about Biden maybe just cancelling the debt by executive order.
Unfortunately, we now live in the age of the imperial presidency, where presidents can do pretty much anything they want. So if Biden decides to cancel the debt on his own, who would stop him? The only real check would be impeachment. And we all know that wouldn’t happen.
If we don’t fix the student loan problem (get the government out of it) than paying off debts one time won’t be much help.
I want my mortgage canceled.
Where do I send the crack and hookers to make this happen?
Whee! Free money!
If the government cancels the debit, will the debtor have to claim it as income on their taxes?
Seems fair to me.
About $1.1 trillion of that is owed by masculinized girls that can no longer afford to have babies, and $0.5 by feminized soy boys that can't make babies. Yes, let's free up more loan payment money to chase after fewer goods. The effect is, non-Biden voters transfer their wealth to Biden voters via inflation.
Please don't miss this one. Turn up your volume.
My childrens' universities expect us to pay full tuition - and we are an average, middle class family. I drive a 14 year-old car and we own one, middle-class home. They see we have a small business, and assume we are hiding assets or could somehow liquidate it to pay outrageous tuitions. I told my children to take MAXIMUM loans, because I fully expect our government to destroy our currency through inflation - or outright debt cancellation. It seems we are on track for both.
Bump
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