Free Republic

Attorney generals for 17 Republican-led states have sued the Biden administration over its latest student loan debt forgiveness plan, arguing it does not have the authority to wipe out student loan debt for an estimated 30 million Americans. Under Biden’s new effort, called the Saving on a Valuable Education plan, “borrowers who originally took out $12,000 or less in loans and have been in repayment for 10 years are eligible to get their remaining debt canceled,” an April 8 news release states. The SAVE plan would also forgive debt for “borrowers in public service for 10 years who have made...

On Thursday’s broadcast of Bloomberg’s “Balance of Power,” White House Council of Economic Advisers member Heather Boushey stated that President Joe Biden is fighting inflation and its impact by “lowering the cost of student debt for all of those borrowers” with the student loan plan he announced earlier in the week. Boushey said, “[T]he President has been focused on using all the tools that he has at his disposal to make sure that he lowers costs for families. So, this is the first President to be negotiating with Big Pharma over prescription drug prices. That’s going to lower prices for...

(Read three articles free every month if you register) At the turn of the twentieth century, Saturday Evening Post editor and Yale dropout George Lorimer bitingly summed up academia when he said “colleges don’t make fools, they only develop them.” On the heels of yet another multibillion-dollar Biden administration college bailout, it seems we haven’t learned the lesson: colleges might not make fools, but they’re certainly trying to make fools of us. The bailout projects come from a Biden campaign promise: “I will eliminate your student debt.” Half-slogan, half-bribe, this resonated with millions burdened by the unpayable debt brought on...

In the United States, federal student loans are typically guaranteed by the government. This means that if a borrower defaults on their federal student loan, the government steps in to ensure that the lender (usually a private financial institution) does not face significant financial losses. The government either pays the loan in full or guarantees a portion of the outstanding balance. However, this guarantee does not absolve private lenders from all risks. Private student loans, which are not guaranteed by the government, may pose a greater risk to lenders if borrowers default. In such cases, the lenders may face losses...

Nearly 5.5 million federal student loan borrowers have enrolled in what the Biden administration calls "the most generous" repayment option ever offered, federal officials said on Wednesday.The repayment plan, dubbed the Saving on Valuable Education (SAVE) plan, went into effect in August as part of President Joe Biden's regulatory effort to dramatically reduce monthly obligations for student borrowers who aren't earning very much, with many borrowers seeing their bills shrink to practically nothing.According to the latest update from the U.S. Department of Education, about 2.9 million of the SAVE plan's current enrollees have incomes that are low enough that they...

This situation could be quite concerning for several reasons: Credit Score Damage: When people default on their student loans, it can wreak havoc on their credit scores. This means they’ll have trouble accessing credit in the future for things like buying a home, a car, or even just getting a credit card. It’s like a financial scar that can take years to heal. Financial Instability: Defaulting on loans often leads to financial instability. Borrowers may struggle to make ends meet, and this can impact their overall financial well-being. They might have to put off important life decisions like getting married...

As U.S. President Joe Biden’s stalled student loan forgiveness plan means repayment is set to resume on Oct. 1, a growing number of student loan borrowers are claiming they either cannot or will not pay the debt back. In fact, an August survey from student and education resource publication Intelligent.com revealed that 62% of respondents said they are considering boycotting loan payments in the fall as almost half of them doubt they will be able to afford those payments. Twenty-nine-year-old Shahem Mclaurin took to TikTok to ask hard questions about whether borrowers like him should protest what many view as...

Congressional Democrats calling for widespread student loan forgiveness owe major sums in educational debt, according to a Washington Examiner analysis of newly released financial disclosures. A total of 14 Democratic members of Congress, who are an average of 45 years old and include the likes of "Squad" Reps. Alexandria Ocasio-Cortez (D-NY), Rashida Tlaib (D-MI), Ilhan Omar (D-MN), and Jamaal Bowman (D-NY), reported on 2022 filings holding up to $1.7 million combined in their own or a family member's student debt. That these same politicians have also urged Joe Biden to waive away college loans on the backs of taxpayers presents...

In this episode of Joe Biden's World...As the mountain of evidence continues to grow that Joe Biden has likely been an international shake-down artist for decades, word now comes that White House Counsel Stuart Delery, whom the embattled president calls a "trusted adviser," is leaving the administration, as the GOP investigations continue to heat up.In a Thursday statement from the White House, Biden called Delery a "trusted adviser and a constant source of innovative legal thinking since Day One of my Administration.""Innovative legal thinking." We'll get back to that.Biden (his handlers, no doubt) also said:From his work during those early...

President Biden’s new income-driven repayment plan for student loans will cost $475 billion over 10 years, according to the Penn Wharton Budget Model, tens of billions of dollars more than an earlier plan that the Supreme Court struck down last month. The Penn model estimates taxpayers will face $200 billion in costs due to payment reductions in the president’s Saving on a Valuable Education (SAVE) plan, as a little more than half of the $1.64 trillion in outstanding loans will be covered.

The Biden Education Department announced it would “automatically forgive” student loans to hundreds of thousands of followers despite a Supreme Court ruling striking down another student loan scheme just two weeks ago. As reported by ABC News, Education Department officials announced Friday that are forgiving the debts of 804,000 borrowers to supposedly fix what they called “administration failures.” These borrowers are individuals who have been paying their loans back through income-driven repayment plans. This allows debts to be forgiven once they’ve been paid for 20 or 25 years. Education Secretary Miguel Cardona said in a statement these borrowers would be...

Friday, FNC host Laura Ingraham opened her program by warning those expecting reparations based on promises from Democratic politicians will suffer the same disappointment as those who expected student loan forgiveness. Earlier in the day, the high court ruled against President Joe Biden’s student loan forgiveness program.

As we told you earlier, the Supreme Court has released another 6-3 decision that's going to drive the Left even crazier after they learn that President Biden's student loan "forgiveness" scheme has been deemed unconstitutional. Speaking of the Left screeching, there is a certain Democrat cited in the majority opinion that's bound to turn up that volume in a rather hilariously backfired kind of way:

WASHINGTON, D.C. — Leftists are devastated this morning after the Supreme Court passed down a new ruling that will ban robbing those who didn't attend college to pay for the expensive and useless degrees of those who did. "If the useless poor can't pay for my $300,000 Diversity and Belonging Doctorate degree, what good are they?" said Dr. Mikayla Barnes, a local Starbucks shift manager. "What am I supposed to do now? Work more? I'm ruined!" Sources say this tragic ruling will adversely affect the lives of thousands of feminists who will no longer be able to afford blue hair...

The Supreme Court on Friday struck down President Joe Biden’s student loan forgiveness plan, denying tens of millions of Americans the chance to get up to $20,000 of their debt erased.

More than half of Americans don’t believe a college degree is worth the cost ... 56% of all Americans viewed getting a college degree as a bad investment, while only 42% of Americans see a degree as worth it. The highest skepticism of the group that was surveyed came from young adults in the 18 to 34 age range. "Women and older Americans are driving the decline in confidence. People over the age of 65 with faith in college declined to 44% from 56% in 2017. Confidence among women fell to 44% from 54%," the poll said. ... The confidence...

The Senate voted to overturn President Joe Biden’s student loan forgiveness program Thursday in a symbolic rebuke of the plan that would partially forgive debts of an approximately 40 million borrowers—but despite picking up a few Democratic supporters, the GOP-backed legislation is doomed to fail as Biden has vowed to veto it. The Senate voted 52-46, with Democratic Sens. John Tester (Mont.) and Joe Manchin (W.Va.), along with independent Sen. Kyrsten Sinema (Ariz.), joining Republicans. The vote came less than a week after the GOP-controlled House passed the same measure 218-203, with moderate Reps. Jared Golden (D-Maine) and Marie Gluesenkamp...

In the small print detailing the end of the debt ceiling melodrama which, as we explained, is a farce as it boosts inflation-adjusted spending contrary to Republican promises, there was some actual news: the great student loan boondoggle is about to come to a screeching halt, after a three year "emergency pause" which redirected tens of billions in dollars away from mandatory student loan repayment to other forms of discretionary spending.According to Goldman, the agreement announced on Saturday between uniparty leaders Joe Biden and Kevin McCarthy titled hilariously the “Fiscal Responsibility Act”, prohibits the Biden Administration from extending the pause...

The Supreme Court just handed thousands of student loan borrowers a victory. The nation's highest court ruled on Thursday in favor of $6 billion in student debt relief for 200,000 borrowers — a result of a settlement from a years-long lawsuit now known as Sweet v. Cardona. The lawsuit was first filed in 2019 under former President Donald Trump on behalf of borrowers with stalled borrower-defense claims, or claims that borrowers can file if they believe they were defrauded by the school they attended. If approved, their debt would be wiped out.President Joe Biden's Education Department agreed to a settlement...

Congressional Republicans are looking for ways to fight against President Joe Biden's plan to cancel billions in student debt. According to the Wall Street Journal, Republicans plan to use the Congressional Review Act, which allows Congress to strike down regulations within a set time frame. The act would force Democratic lawmakers to pick a side on the legislation even though Biden would most likely strike down an attempt by Congress to halt his $400 billion plan. GOP lawmakers can use the Congressional Review Act after the Government Accountability Office confirmed that Biden's plan to forgive up to $20,000 in student...