The Half-Trillion-Dollar Student-Loan Executive Coup. Biden’s student-loan write-off is an abuse of power that favors college grads at the expense of plumbers and FedEx drivers.

Wall Street Journal ^ | August 24, 2022 | WSJ Editorial Board

[karpov]

Well, he did it. Waving his baronial wand, President Biden on Wednesday canceled student debt for some 40 million borrowers on no authority but his own. This is easily the worst domestic decision of his Presidency and makes chumps of Congress and every American who repaid loans or didn’t go to college.

The President who never says no to the left did their bidding again with this act of executive law-making, er, breaking. The government will cancel $10,000 for borrowers making less than $125,000 a year and $20,000 for those who received Pell grants. The Administration estimates that about 27 million will be eligible for up to $20,000 in forgiveness, and some 20 million will see their balances erased.

But there’s much more. Mr. Biden is also extending loan forbearance for another four months even as unemployment among college grads is at a near record low 2%. Congress’s Cares Act deferred payments and waived interest through September 2020, but Donald Trump and Joe Biden have extended the pause for what will now be nearly three years.

The Administration is claiming, again, that this will be the last extension and is needed to help borrowers prepare to resume payments. But even if the Administration lets the forbearance end in December, about half of borrowers won’t have to make payments since their debt will be canceled.

Most of the rest will only make de minimis payments because Mr. Biden is also sweetening the income-based repayment plans that Barack Obama expanded by fiat. Borrowers currently pay only up to 10% of discretionary income each month and can discharge their remaining debt after 20 years (10 if they work in “public service”).

Democrats said these plans would reduce defaults. They haven’t.

[cyclotic]

It may not be life altering to the recipients but it may be very life altering to those of us who have to pay the lazy good for nothing scum who refuse to live up to their decisions.

[ThePatriotsFlag]

And it is a DIRECT AFFRONT to those of us who have paid back our student loans! Biden is doing this to get votes? Well, nobody who has paid back a student loan is going to vote for this grifter!