Posted on 08/24/2022 9:24:19 AM PDT by Oldeconomybuyer
WASHINGTON (AP) — President Joe Biden on Wednesday announced his long-awaited plan to deliver on a campaign promise to provide $10,000 in student debt cancellation for millions of Americans — and up to $10,000 more for those with the greatest financial need — along with new measures to lower the burden of repayment for their remaining federal student debt.
If his plan survives legal challenges that are almost certain to come, it could offer a windfall to a swath of the nation in the run-up to this fall’s midterm elections.
Proponents say cancellation will narrow the racial wealth gap — Black students are more likely to borrow federal student loans and at higher amounts than others. Four years after earning bachelor’s degrees, Black borrowers owe an average of nearly $25,000 more than their white peers, according to a Brookings Institution study.
Still, the action is unlikely to thrill any of the factions that have been jostling for influence as Biden weighs how much to cancel and for whom.
Some advocates say Biden’s plan still falls short.
“If the rumors are true, we’ve got a problem,” Derrick Johnson, the president of the NAACP, which has aggressively lobbied Biden to take bolder action, said Tuesday.
“President Biden’s decision on student debt cannot become the latest example of a policy that has left Black people — especially Black women — behind,” he said. “This is not how you treat Black voters who turned out in record numbers and provided 90% of their vote to once again save democracy in 2020.”
(Excerpt) Read more at apnews.com ...
Courts will strike it down.
You two seem to have more confidence in the courts that I do. They courts should have struck down the very idea of making someone take experimental vaccines (See Nuremburg Agreement), but they haven't to my knowledge.
You are right.
The silent MAJORITY is fuming over this.
Millions of hardworking, taxpaying citizens did not have the luxury of going to college.
The Dems will be hearing from them on Election Day.
Mass fuming on Twitter that Sallie Mae is NOT included, because W. bailed them out in 2008.
Biden had his eviction moratorium killed by SCOTUS. This one will suffer the same fate.
It is found in the “emanations from penumbras” clauses.
They may have severe hearing problems caused by masses of illegal ballots.
Illegal and impeachable crime to try this.
On April 30, 2014, Sallie Mae spun off its loan servicing operation and most of its loan portfolio into a separate, publicly traded entity called Navient Corporation. Navient is the largest servicer of federal student loans and acts as a collector on behalf of the Department of Education.
—”Taking from the poor to give to the rich.”
Not FORGIVENESS!!!
A TRANSFER from deadbeats to actually taxpayers!!!
It’s a trap - anyone who opposed will be “against minorities”.
It is found in the “emanations from penumbras” clauses.
How does he even have the authority to do this? There’s no law, that I know of, that grant’s him this authority. There’s no budget item for this either.
My white, “privileged”, “rich” kids have been piling up cash instead of paying off their non-accruing student loans. Biden Admin could have sucked millions (billions?) of “excess deposits” out of the banking system by just putting the loans back into accrual status, which would have triggered massive loan payoffs.
Obama had a phone and a pen. Biden has a teleprompter and a diaper.
>> Many everyday working folks may resent the idea of being forced to pay off loans
Like the PA steelworkers supporting that overgrown commie child, Fetterman?
It’s all like Monopoly money now…
My 24 year old daughter graduated from college May 2021 with a Nursing degree. She paid off her student loan Dec 2021. Does she get a refund?
And here I thought the people’s elected representatives in Congress was in charge of the budget.
Why should I have to pay my mortgage?
The Chinese don’t pay their mortgages anymore.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.