Posted on 08/24/2022 8:46:56 AM PDT by Tell It Right
President Joe Biden announced on Wednesday that he will forgive $10,000 in federal student debt for most borrowers, fulfilling a campaign pledge and delivering financial relief to tens of millions of Americans.
Biden will also cancel up to $20,000 for recipients of Pell Grants, he said in a tweet on Wednesday.
The relief will be limited to Americans earning under $125,000 per year.
(Excerpt) Read more at cnbc.com ...
And $20,000 for Pell Grant recipients? What’s up with that?
Current student loan holders shouldn’t make any more payments, wait for the next forgiveness.
Taxpayers paying for student debt and peoples EVs etc etc etc
The message is very clear; if you work and didn't go to college or already paid off your loans, you'll now pay for college graduates who won't pay their loans.
Why stop at $10,000? Why not call college "free" and force non-college-students to pay for it?
College loans need to be allowed to be discharged in bankruptcy. There's no legitimate reason such debt would be exempted from it.
I predict the Dept of ED will work with the IRS to change what is considered taxable income.
They already have been doing so for the last few years and less and less student loan forgiveness (which already existed in the federal regulations for several reasons such as disability, closed school, borrower defense) is now taxable.
It is not Joe’s money to “forgive”. How is this legal? It is certainly inflationary. My gosh, this is irrational! He has no friggin’ mind! Does whatever his puppet masters say! The ideal puppet! 80 year old with dementia!
$30,000,000,000.
I paid off my own student loans. I’m also in the process of paying for my daughter to go to college, a Big 10 school, at $52,000 a year.
We get no aid and she’s taken no loans.
I will be taking out a federal parent student loan her senior year in the amount of $10,000. I will not be paying back the loan.
Probably unconstitutional... but Judge will probably rule several years from now
1/3 of student loan borrowers are/were also eligible for Pell Grants. They are the lowest income of all borrowers (or they were at the time they took out the loans). They will get $20K forgiveness instead of $10K.
I have a feeling that this latest move by the dictator will backfire. Let’s see a couple of polls like Rasmussen and Trafalgar.
Heard one guy this morning say he is expecting colleges to raise fees by....you guessed it $10,000.
Debt cannot be “cancelled”.
Brandon transferred student loan debt to the students neighbors.
It’s actually (for 1/3 of borrowers who also got Pell Grants) $20K forgiveness and up to $250K household income (with or without the Pell Grant).
Since the average student loan debt now is $20K everybody (pretty much) with existing debt now will get between 50-100% of the loan balance discharged.
Yes, just locking in the parasite vote.
/rhetorical
Why stop at $10,000?
Why cap at $125,000?
Where is the Congressional appropriation?
Why just before the Mid-terms?
/rhetorical
Perhaps Joe is trying to buy some votes?
Almost 60% of all sl debt is owned by people with graduate degrees which less than 15% of the population.
Joe the plumber is paying for pajama boys education
I know. But the grant was made to even the field, so the extra 10 grand seems a little beyond the pale.
$300 Billion with a B
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