Posted on 08/05/2024 4:51:10 PM PDT by thegagline
Last week, the Biden administration announced that it would unveil a second attempt at issuing blanket student loan forgiveness within the next few months. The announcement comes more than a year after its first attempt was blocked by the Supreme Court.
"The Biden-Harris Administration made a commitment to deliver student debt relief to as many borrowers as possible as quickly as possible," said Education Secretary Miguel Cardona in a statement last Wednesday. ***
The proposed rules target specific groups of borrowers, including borrowers who now owe more than they originally took out in loans due to accumulating interest, borrowers who have been in repayment for decades, and those who are eligible but not enrolled in existing forgiveness programs. Borrowers who enrolled in low-value degree programs, such as those that "failed to provide sufficient financial value, or that failed one of the Department's accountability standards for institutions" are also eligible for new forgiveness efforts.
*** If enacted, the rules could end up affecting even more borrowers than would have been affected by the Biden administration's first forgiveness plan. The Education Department predicts that if the proposed rules go into effect, the Biden administration would have made over 30 million borrowers eligible for forgiveness through its efforts over the last three years. In contrast, Biden's first attempt at blanket student loan forgiveness was predicted to impact just 27 million eligible borrowers.
"If finalized as proposed, these new rules would authorize relief for borrowers across the country who have struggled with the burden of student loan debt," reads last week's statement. ***
The Education Department predicts that the finalized rules will be released sometime in the fall. However, with the election in November looming, it's doubtful whether the department can actually provide forgiveness before the end of Biden's term. ***
(Excerpt) Read more at reason.com ...
That demented bass turd has abandoned the presidency. The boy needs his keister run out of the swamp.
can likewise PO those that paid
A-holes. Thieving turds!
Get to work chumps. All you suckers and losers that fix plumbing, install ACs, take out trash, deliver goods, drive truck, stock store shelves, butcher animals, need to pay you taxes to wipe out the debt of some jerk who got a useless degree.
Perhaps he should reach out to the Congress and do it legally
just in time for the elections. Just a coincidence I’m sure.
“Annual income twenty pounds, annual expenditure nineteen, nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.” — Wilkins Micawber
Hey Joe, you know that Constitution thing that you say you
don’t want destroyed, because you’re protecting democracy,
well it says the Supreme Court makes the call on this one,
and you’re not going to do any such thing.
Got it?
Worse than that. They just print the money. Resulting inflation eats away at your income and your savings. It is theft that most don’t even realize is happening.
How about this: admit that decisions on the expenditure of funds is a Congressional responsibility - after all, the legislative branch is defined first in the Constitution. The revenue of the United States government isn’t your Santa bag, Joe.
buying votes again, joe?
It doesn’t matter if the student loan gimmick doesn’t work once it gets to the courts. He’s delivered on a big promise to lock in several million votes.
“That demented bass turd has abandoned the presidency. The boy needs his keister run out of the swamp.”
___________________________________________________________
Rather than abandoning the presidency, Biden is flexing the full power of his office to implement a number of policies like this one.
And after the election, all is cancelled.
A blatant vote grab. It was ruled unconstitutional a year ago, but DemocRats don’t let a little thing like that stop them from trying again.
The government changed the bankruptcy laws to exclude student loans completely. To me that was a mistake because there will be some people that will never be able to payoff their debts and student loans are part of that debt.
Change the bankruptcy code to allow student loans to be included after x years (after college) to keep people from filing right out of school and then treat them like every other unsecured debt.
The court said you can’t and the students will find out they still owe the money and blame it on Trump , is that the democrats twisted plan ,LOL
Hubby has been paying on his MBA loan for 20 yrs and it’s barely gone down at all. About 10 yrs ago they surreptitiously sold his federal loan to a private entity, thereby making his loan ineligible for any loan forgiveness since these programs only pertain to federal ones.
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