Biden Cancels Nearly $4.3 Billion in Public Worker Student Debt

[1srelluc]

https://archive.ph/rLDBB#selection-1373.0-1373.63

Latest push will wipe out debt for around 55,000 borrowers Biden has forgiven around $180 billion of educational loans Joe Biden speaks during an event in Wisconsin in April. By Justin Sink and Akayla Gardner December 20, 2024 at 10:00 AM UTC President Joe Biden on Friday announced plans to cancel student debt for about 55,000 public sector workers, as his administration pushes to zero out balances for more people in the final weeks of his administration. The move — which represents the cancellation of $4.28 billion owed on federal loans — pushes the total number of individuals who have received relief under Biden administration programs to nearly 5 million, the White House said. In total, about $180 billion has been forgiven. “From day one of my administration, I promised to make sure that higher education is a ticket to the middle class, not a barrier to opportunity,” Biden said in a statement. “Because of our actions, millions of people across the country now have the breathing room to start businesses, save for retirement, and pursue life plans they had to put on hold because of the burden of student loan debt.” Easing the burden of student debt was a key promise of Biden’s 2020 campaign, but he encountered several legal obstacles after taking office. The Supreme Court last year rejected his far-reaching proposal to slash debt for more than 40 million people, and the president’s alternative was recently blocked in federal court — at least temporarily. A separate initiative called the SAVE plan was also temporarily halted by a federal appeals court in August. That proposal was an income-driven repayment plan that would allow some low-income borrowers to make zero-dollar monthly payments and would cancel debt after 10 years of repayment. Friday’s announcement came as part of a program that forgives the outstanding balance on loans of borrowers who have made 120 qualifying monthly payments and work in education, public health, law enforcement, emergency response, and other public sector jobs. President-elect Donald Trump has criticized the administration’s campaign to forgive student debt, but hasn’t said if he would reimpose restrictions on existing programs.

I thought that maybe it had to do with this.

Public Service Loan Forgiveness - Wikipedia

en.m.wikipedia.org

Nope.... What Biden is, and has been doing, is changing the original qualifying rules for forgiveness including meeting qualifying number of payments on the original loan. This is what has been found to be illegal for him to do.

 

[EMH]

Thune and Speaker Mike will do absolutely nothing to stop it...

 

[martybegan]

https://archive.ph/rLDBB#selection-1373.0-1373.63

Latest push will wipe out debt for around 55,000 borrowers Biden has forgiven around $180 billion of educational loans Joe Biden speaks during an event in Wisconsin in April. By Justin Sink and Akayla Gardner December 20, 2024 at 10:00 AM UTC President Joe Biden on Friday announced plans to cancel student debt for about 55,000 public sector workers, as his administration pushes to zero out balances for more people in the final weeks of his administration. The move — which represents the cancellation of $4.28 billion owed on federal loans — pushes the total number of individuals who have received relief under Biden administration programs to nearly 5 million, the White House said. In total, about $180 billion has been forgiven. “From day one of my administration, I promised to make sure that higher education is a ticket to the middle class, not a barrier to opportunity,” Biden said in a statement. “Because of our actions, millions of people across the country now have the breathing room to start businesses, save for retirement, and pursue life plans they had to put on hold because of the burden of student loan debt.” Easing the burden of student debt was a key promise of Biden’s 2020 campaign, but he encountered several legal obstacles after taking office. The Supreme Court last year rejected his far-reaching proposal to slash debt for more than 40 million people, and the president’s alternative was recently blocked in federal court — at least temporarily. A separate initiative called the SAVE plan was also temporarily halted by a federal appeals court in August. That proposal was an income-driven repayment plan that would allow some low-income borrowers to make zero-dollar monthly payments and would cancel debt after 10 years of repayment. Friday’s announcement came as part of a program that forgives the outstanding balance on loans of borrowers who have made 120 qualifying monthly payments and work in education, public health, law enforcement, emergency response, and other public sector jobs. President-elect Donald Trump has criticized the administration’s campaign to forgive student debt, but hasn’t said if he would reimpose restrictions on existing programs.

I thought that maybe it had to do with this.

Public Service Loan Forgiveness - Wikipedia

en.m.wikipedia.org

Nope.... What Biden is, and has been doing, is changing the original qualifying rules for forgiveness including meeting qualifying number of payments on the original loan. This is what has been found to be illegal for him to do.

Shouldn't the people getting this have to pay taxes on the money being given to them to pay these off?

Because that's what is actually happening, the loan companies don't lose out, the federal government in effect makes a lump payment to them to cover the remaining principal.

 

[1srelluc]

Shouldn't the people getting this have to pay taxes on the money being given to them to pay these off?

Because that's what is actually happening, the loan companies don't lose out, the federal government in effect makes a lump payment to them to cover the remaining principal.

You would think that they would have some sort of tax burden.

 

[EMH]

Shouldn't the people getting this have to pay taxes on the money being given to them to pay these off?

Because that's what is actually happening, the loan companies don't lose out, the federal government in effect makes a lump payment to them to cover the remaining principal.

The GOP has control of House and Senate. If there was THE WILL to stand up and stop this, they could.... but they won't...

and this is the same problem as the "Republicans for Derrick Chauvin," we have anti conservative PRO ISRAEL RINOs in charge of House and Senate, and they don't have a molecule of concern for America, and it all starts with the left wing Zionist Fascist PRO ISRAEL BULLSHIT....

 

[JGalt]

Most unconstitutional president ever. Why do we need a Supreme Court if the President of the US is not going to follow the law?

 

[NetJedi]

Joe's still trying to buy votes for the 2024 election.

 

[wamose]

What gives this imbecile the right to blow 180 billion of taxpayer money to buy votes? **** this shit. Where don't the ***** Republicans do something about it? This tells me we still have too many neocons in congress.

 

[Moonglow]

Thanks, Uncle Biden for relieving me of student loans.

 

[Moonglow]

What gives this imbecile the right to blow 180 billion of taxpayer money to buy votes? **** this shit. Where don't the ***** Republicans do something about it? This tells me we still have too many neocons in congress.

During Trump, the forgiveness promises were defaulted upon by Trump and his Ed secretary who happened to operate a student loan organization. They were supposed to forgive my loans due to being disabled from my primary occupation and the loans were over twenty years old.

 

[Moonglow]

Joe's still trying to buy votes for the 2024 election.

Unlike Trump who promises you the world if you vote for him and then he fulfills none of his promises.

 

[wamose]

During Trump, the forgiveness promises were defaulted upon by Trump and his Ed secretary who happened to operate a student loan organization. They were supposed to forgive my loans due to being disabled from my primary occupation and the loans were over twenty years old.

Over 20 year old student loan? You sound like the guy who pays the minimum amount due on your maxed out credit card balance.

 

[Moonglow]

Over 20 year old student loan? You sound like the guy who pays the minimum amount due on your maxed out credit card balance.

Have you ever been rated with a 100% disability? It doesn't happen in one night

 

[WorldWatcher]

Shouldn't the people getting this have to pay taxes on the money being given to them to pay these off?

Because that's what is actually happening, the loan companies don't lose out, the federal government in effect makes a lump payment to them to cover the remaining principal.

WW

 

[NetJedi]

Unlike Trump who promises you the world if you vote for him and then he fulfills none of his promises.

Naw, I got the check for my vote from the Trump Organization as promised, didn't you get yours?

 

[martybegan]

View attachment 1055898

WW

Of course it won't. The system takes care of the system.

 

[wamose]

Have you ever been rated with a 100% disability? It doesn't happen in one night

Yes I have. It took me a year, pretty much flat on my back to get it. But your disability had nothing to do with your refusal to pay off a 20+ year old student loan. That's some slacker bullshit there.

 

[Moonglow]

Yes I have. It took me a year, pretty much flat on my back to get it. But your disability had nothing to do with your refusal to pay off a 20+ year old student loan. That's some slacker bullshit there.

You don't know shit that is for sure.

 

[JGalt]

Yes I have. It took me a year, pretty much flat on my back to get it. But your disability had nothing to do with your refusal to pay off a 20+ year old student loan. That's some slacker bullshit there.

Moonglow's what we here in Wisconsin commonly refer to as a "leaker."

 

[Moonglow]

Naw, I got the check for my vote from the Trump Organization as promised, didn't you get yours?

Not as much as I wanted.