Posted on 08/24/2022 7:31:26 PM PDT by karpov
Well, he did it. Waving his baronial wand, President Biden on Wednesday canceled student debt for some 40 million borrowers on no authority but his own. This is easily the worst domestic decision of his Presidency and makes chumps of Congress and every American who repaid loans or didn’t go to college.
The President who never says no to the left did their bidding again with this act of executive law-making, er, breaking. The government will cancel $10,000 for borrowers making less than $125,000 a year and $20,000 for those who received Pell grants. The Administration estimates that about 27 million will be eligible for up to $20,000 in forgiveness, and some 20 million will see their balances erased.
But there’s much more. Mr. Biden is also extending loan forbearance for another four months even as unemployment among college grads is at a near record low 2%. Congress’s Cares Act deferred payments and waived interest through September 2020, but Donald Trump and Joe Biden have extended the pause for what will now be nearly three years.
The Administration is claiming, again, that this will be the last extension and is needed to help borrowers prepare to resume payments. But even if the Administration lets the forbearance end in December, about half of borrowers won’t have to make payments since their debt will be canceled.
Most of the rest will only make de minimis payments because Mr. Biden is also sweetening the income-based repayment plans that Barack Obama expanded by fiat. Borrowers currently pay only up to 10% of discretionary income each month and can discharge their remaining debt after 20 years (10 if they work in “public service”).
Democrats said these plans would reduce defaults. They haven’t.
(Excerpt) Read more at wsj.com ...
Pedo Joe cares nothing for anyone but himself.
Is there any way to stop this 300 billion giveaway
It’s a two-fer: It both transfers from the poor to the not-poor, which seems to be something the Deep State very much wishes to accomplish, and it also buys votes for the midterms. Can’t make better policy than that!
Yeah, and who do you think votes for Democrats? Plumbers and FedEx drivers, or "college grads" (note sneer quotes).
Boy, do I feel like a chump paying my student loans off in 1999. I cut a check for $48,000 and told them to %@$! off. If I hadn’t done that interest and payments would have killed me.
Is this even legal ?
If someones debt was consolidated and held by a third party they won’t qualify. Seems like I did something like that with mine to get a cheaper rate. Can’t remember who took the debt.
Where’s my $20,000 tax free?
I could use it to buy a new vehicle.
C’mon man!!
Every American should demand their free $20,000.
Right?
Another day, another f#ck you from these people. When I joined the Air Force I decided to forgo College Loan Repayment so I could get my GI Bill. Made regular payments until I paid my debts off while deployed to Afghanistan.
Lawsuits. Tie it up in various courts.
Every American should demand their free $20,000.
Right?
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Yes.!
Call it reparations for tax payer slavery under student loan grifters.
Impeach this crazy President.
Made regular payments until I paid my debts off while deployed to Afghanistan.
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A true blue patriot.
( Glad you made it back home )
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It’s not Constitutional.
Zero authority to do this and it will be overturned. If a president can forgive student loans, they can forgive any loan - car, house, equity loans, etc.
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