Biden ignores Supreme Court, cancels $39 Billion in student loans anyway

[JGalt]

This is how they do it in a lawless and illegitimate Banana Republic: Ignore the law of the land and do whatever you want.

Biden administration forgives $39 billion in student debt for more than 800,000 borrowers​

"The Biden administration announced Friday it would automatically forgive $39 billion in student debt for 804,000 borrowers.
The relief is a result of fixes to the student loan system’s income-driven repayment plans. Under those repayment plans, borrowers get any remaining debt canceled by the government after they have made payments for 20 years or 25 years, depending on when they borrowed, and their loan and plan type."

Biden administration forgives $39 billion in student debt for more than 800,000 borrowers

 

[pknopp]

After they have paid in for 20 to 25 years in certain instances? Sounds to me at best kicking it down the road while in reality probably not doing anything.

 

[1srelluc]

FJB.

 

[mudwhistle]

After they have paid in for 20 to 25 years in certain instances? Sounds to me at best kicking it down the road while in reality probably not doing anything.

If they still owe money on a student loan 25 years after they completed school then they haven't been putting that education to good work.
And they probably haven't been paying it off.
So basically he's saying that nobody qualifies.

 

[Mac-7]

After they have paid in for 20 to 25 years in certain instances? Sounds to me at best kicking it down the road while in reality probably not doing anything.

The point is that the SC ruled against biden and he did it anyway

 

[pknopp]

If they still owe money on a student loan 25 years after they completed school then they haven't been putting that education to good work.
And they probably haven't been paying it off.
So basically he's saying that nobody qualifies.

I haven't seen specifics but that is pretty much how I read it.

 

[pknopp]

The point is that the SC ruled against biden and he did it anyway

If nothing is ever actually paid off, he did nothing.

 

[mudwhistle]

If nothing is ever actually paid off, he did nothing.

They make these sorts of announcements periodically to keep giving the numbskull Dem voter the false hope that Biden actually gives a flying-fuck about them. But if he cared about us he wouldn't lie to us about everything.

 

[pknopp]

They make these sorts of announcements periodically to keep giving the numbskull Dem voter thinking Biden actually gives a flying-fuck about them. But if he cared about us he wouldn't lie to us about everything.

Kinda like making Mexico pay for the wall.

 

[MarathonMike]

This is a token gesture that ignores the SC ruling so Democrats can say they did something...... even if the something amounts to nothing. Do the math, it works out to about $4K per .
Pfffft it's a nothing burger with cheese whiz.

 

[Jim H - VA USA]

Official announcement from the White House today is from Kamala.

It includes:

"President Joe Biden and I are committed to delivering relief to student loan debt borrowers to help them move forward with their lives... As California Attorney General, I won $1 billion for defrauded veterans and students by taking on predatory for-profit colleges... We will not stop there."

Statement from Vice President Kamala Harris on Additional Student Loan Forgiveness | The White House

President Joe Biden and I are committed to delivering relief to student loan debt borrowers to help them move forward with their lives – whether they want to start a family, buy a home, or become an entrepreneur. Today, we are taking another historic step by forgiving $39 billion in student loan...

www.whitehouse.gov

Kind of reads like she's getting set up to take the reigns soon.

 

[Jim H - VA USA]

This is a token gesture that ignores the SC ruling so Democrats can say they did something...... even if the something amounts to nothing. Do the math, it works out to about $4K per .
Pfffft it's a nothing burger with cheese whiz.

$50k each.

 

[mudwhistle]

The point is that the SC ruled against biden and he did it anyway

He didn't do anything other than make an announcement.
He hasn't done anything but shit his pants.

 

[mudwhistle]

Kinda like making Mexico pay for the wall.

I think there's some truth that statement.
Title 42 forced millions of illegals to stay in Mexico.
So Mexico had to pay for their upkeep while they waited to come into the US.

 

[MarathonMike]

$50k each.

My bad I misread it as 3.9 billion.

 

[JGalt]

After they have paid in for 20 to 25 years in certain instances? Sounds to me at best kicking it down the road while in reality probably not doing anything.

So in other words, Biden is just trying to continue a game he already lost, with a clever idea in an attempt to buy votes.

I get it now.

 

[AyeCantSeeYou]

This is what the notification to the borrowers says:

 

[Jim H - VA USA]

This is what the notification to the borrowers says:

View attachment 804512

[deleted - I may have erred, and sincerely apologize if I did.]

 

[JGalt]

This is what the notification to the borrowers says:

View attachment 804512

That would still be $39 billion written off the national debt, as if it didn't exist.

Money printers go "Brrrrt" as inflation raises.

 

[Dekster]

This is how they do it in a lawless and illegitimate Banana Republic: Ignore the law of the land and do whatever you want.

Biden administration forgives $39 billion in student debt for more than 800,000 borrowers​

"The Biden administration announced Friday it would automatically forgive $39 billion in student debt for 804,000 borrowers.
The relief is a result of fixes to the student loan system’s income-driven repayment plans. Under those repayment plans, borrowers get any remaining debt canceled by the government after they have made payments for 20 years or 25 years, depending on when they borrowed, and their loan and plan type."

Biden administration forgives $39 billion in student debt for more than 800,000 borrowers

Price tag won't be nearly as bad as it could be. Estimates are that $211B worth of loans could be discharged. The$39B assumes all the people who don't pay attention won't pay attention until it is too late to have benefited. Anyway, this isn't a new proposal. He is finally getting around to doing the thing they announced 15 months ago and kept coming up with excuses not to implement it yet.

There is no lawlessness to this at all. Now the other thing they are working on--the SAVE payment program--has a very narrow window left open for public comments. That is going to be a disaster for borrowers and the budget. Cutting payments in half will have those fools trapped with 640 or less credit scores for the next 20 years of their lives.