Posted on 08/15/2023 3:05:36 AM PDT by Oldeconomybuyer
President Biden on Monday moved forward with his administration’s plan to cancel $39 billion in student loan debt for more than 800,000 borrowers after a judge dismissed a lawsuit seeking to block the plan.
Michigan District Judge Thomas Ludington declared Monday that a lawsuit filed by the Cato Institute and the Mackinac Center for Public Policy against the Department of Education lacks standing, throwing the case out.
The institutions argued in the suit that the administration’s plan to forgive loans from borrowers who have been paying back their loans for 20-25 years is unconstitutional and in violation of the Administrative Procedure Act.
“On Day One of my Administration, I promised to fight for hardworking families and to fix problems in the student loan system that have been failing borrowers for too long,” Biden, 80, said in a statement released by the White House on Monday.
“I’m proud that my Administration is delivering on that promise and has already approved over $116 billion in debt cancellation for 3.4 million Americans – no matter how many lawsuits, challenges, or roadblocks Republican elected officials or special interests put in our way,” he added.
ABC News reported Monday that some of the 804,000 borrowers who qualify for the plan will receive emails from their servicers with the subject line, “Your student loans have been forgiven.”
The process of notifying individuals is expected to be complete in a “matter of weeks,” according to the outlet.
(Excerpt) Read more at nypost.com ...
Why not wipe out Auto Debt and House Mortages while we are at it.... if it is a good idea, let’s ratch it up a couple of notches and let EVERYONE get their debts wiped out. Credit CARDS paid, and let the Card Companies of DELAWARE who elected Joe pay our debts.
Total Jubilee. All debts cancelled. Let’s start fresh.
There is another recent thread about how Harvard, with a $53 billion dollar endowment is telling its students to apply for food stamps. A not for profit multi-tax exempt ‘university’ is allowed to accumulate a $53 billion dollar endowment, but American taxpayers are being asked to pay off $39 billion dollars in student loans?
This reeks of Obama and the rest of the wannabe Marxist morons who have infiltrated our government. This isn't just coming from stupid Joe.
Just imagine: 800,000 DEADBEATS out there, just waiting for their handouts!
With degrees in left-handed puppetry and diversity studies, that we paid for. I didn’t pay for MY kids to go to school, why would I want to pay for someone else?
PURE EVIL!!
The entire economy is built upon usury so that can never happen. Selective debt cancelation will probably continue just so that they can pretend that all of the debt can be serviced for a while longer.
Harvard also benefits from students who have to take out federal student loans. No federal student loans for any university with over 0.25 billion in endowments. Problem is, it will never pass Congress. The road to national bankruptcy is the natural path that we are on.
FIX!!! problems in the student loan system they created. Bet the 39 billion will be used for those of color
CC debt hit a trillion, highest ever.
But don’t worry, the economy is good.
If there was a way to know, I wouldn’t hire a single “student” freeloader... And deep down, we all know who the demographic this is mainly catering to...
I’m guessing a lot of schools are run by leftists but I haven’t heard of too many of them lowering their tuition prices so students don’t go into massive debt.
Can you ask in interviews how the candidate financed their education?
Major US banks are in danger of default
https://freerepublic.com/focus/f-news/4175176/posts
So Biden wants to cancel $38 billion worth of debt.
What is that going to do to the solvency of these banks?
The idea is to eventually whittle it down to one big bank.
BTTT
I agree
The idea is to nationalize the banks.
Didn’t SCOTUS have a decision recently saying no loan forgiveness???
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