Biden Cancels $72 Million in Loans for 2,300 Student Borrowers

Epoch Times ^ | 8/31/2023 | By Naveen Athrappully

[FlingWingFlyer]

Chump change from the “PedoChump”. We’re talking TENS OF BILLIONS here. NOT MILLIONS. This chump stunt is for the Media to celebrate.

[frnewsjunkie]

There is always a right and wrong way of doing things. The easy way may not always be right. When ya do something like this and think it’s right.. The repercussions that follow tell you it was wrong.

If I had a loan like this forgiven, I would shout.. But it isn’t right. It is not right.

Joe Biden has a knack for going some really wrong things.. He is a senile disaster

[rlmorel]

In 2023, the Department of Education was budgeteted:

$269.73 Billion

In what damn world is that money justified? Certainly in no Constitutional world.

This should ALL be at the local and state levels. ALL of it.

[rlmorel]

"So who is picking up the tab for the debt?"

If I had the graphic, I would post the image of the woman pointing directly towards the camera...

As Milton Friedman was fond of saying, "All debts get paid".

[EinNYC]

How is this possibly legal? Doesn’t Congress have to pass legislation to do this?

[teeman8r]

make the DNC pay for them

[Robert357]

This is truly crumbs and political spin at its best.

Forgiving 2,300 student loans after a “.... June 30, SCOTUS had struck down the Biden administration’s plan to cancel as much as $20,000 in loan principal for 40 million student borrowers...” just screams 2,300 forgiven out of 40 million borrowers.

[ding_dong_daddy_from_dumas]

"So who is picking up the tab for the debt?"

My guess is we will pay indirectly. Inflation, taxes, etc.

Do students who got a diploma from this school resulting in employment get their debts forgiven too?

Did the borrowers get lodging, food, etc., as a part of this arrangement?

CNN: The Education Department’s review was based on evidence presented in court by the California Department of Justice during its successful lawsuit against the school and its parent company at the time, Zovio.
The court ruled in favor of the state in March 2022, ordering a penalty of more than $22.37 million – which is the subject of an ongoing appeal.

So the state of California is supposed to get $22M out of that lawsuit. I don't suppose Cal will contribute to the payments that these borrowers were supposed to pay to the lender?

[logi_cal869]

The larger question:

Is there enough debt they can cancel to qualify all the looming vote fraud so that it doesn’t look obvious when dems sweep the election (vote buying)?

I wish that was sarcasm.

[Texas resident]

Obama stated that Joe has the ability to fork things up.

[unread]

The Biden administration has approved a $72 million dollar student loan forgiveness initiative, for a mere 10% kick-back to the big guy...

[Drew68]

What was the point of the SC’s ruling?

We are now at the stage in our Great American Experiment when the left will ignore rulings from an "illegitimate" Supreme Court that they don't like.

The only reason they didn't ignore Dobbs is because it has been a get-out-the-vote bonanza for the Democrats.

[frank ballenger]

With this buy enough votes to swing the election?💰📮🗳️

Evil.

Note: a right wing radio talk show’s conservative guest was a young woman who said she hates to admit it but she’s rooting for the debt deal “because I owe so much money I will really profit from it.” At least she was honest. The host was uncomfortable but had to disagree.

[Eleutheria5]

Hunter sold a few more paintings? Left-over graft from some third-world sh!t-hole? Interest on an off-shore slush fund? Or the public till?

[Svartalfiar]

A few weeks earlier on June 30, SCOTUS had struck down the Biden administration’s plan to cancel as much as $20,000 in loan principal for 40 million student borrowers.

The Congressional Budget Office (CBO) had estimated that this forgiveness plan would cost around $400 billion. But an estimate from the Wharton School put the price tag higher at over $1 trillion.

If every student hit the max of $20M, that only adds up to $800B. Isn't Wharton supposed to be a pretty good business school? And that should include basic math, right? I know it's gov't, but $200B+ in admin costs seems overly excessively high.


Recruiters misled students about the time it would take to obtain an Ashford degree. Compared to the traditional four-year schools, Ashford’s programs took five academic years to complete, it stated.

Meh. Lots of degrees take more than four years. Most engineering is 120+ hours, which means average of 15+hr semesters, full of hard engineering courses. Many students have to take summer courses or add a semester or two. And wouldn't it be pretty obvious how long the degree takes? when you first enroll, your advisor should walk you through the degree, give you a degree plan / suggested course progression sheet that shows exactly which classes they want you to take, and when.