Biden slaps taxpayers in the face again with another $1.2 billion of student loans cancelled

[DigitalDrifter]

It's the Democrat way. Teaching Americans that the government is your god, and your own bills, are all of our bills.

Biden administration to cancel another $1.2 billion of student loans​

WASHINGTON (Reuters) - President Joe Biden's administration said on Wednesday it is cancelling $1.2 billion worth of student loans for some 153,000 people who are eligible under a program used to make good on promises to increase loan forgiveness.

Biden last year pledged to find other avenues for tackling debt relief after the Supreme Court in June blocked a broader plan to forgive $430 billion in student loan debt.

MSN

 

[jbrownson0831]

It's the Democrat way. Teaching Americans that the government is your god, and your own bills, are all of our bills.

Biden administration to cancel another $1.2 billion of student loans​

MSN

More criminal activity by Joey Capone.

 

[San Souci]

It's the Democrat way. Teaching Americans that the government is your god, and your own bills, are all of our bills.

Biden administration to cancel another $1.2 billion of student loans​

MSN

Figures. Taxpayers PAY for worthless Students who don't want to WORK for a living or pay their own debts.

 

[DigitalDrifter]

So how is he continually getting around the Supreme Court ruling, on forgiving these loan debts?

 

[San Souci]

So how is he continually getting around the Supreme Court ruling, on forgiving these loan debts?

Executive Orders. The Bidens don't care about the LAW.

 

[Votto]

It's the Democrat way. Teaching Americans that the government is your god, and your own bills, are all of our bills.

Biden administration to cancel another $1.2 billion of student loans​

MSN

And here I thought SCOTUS said he could not do that.

But then not many really care what they say these days.

Funny that

 

[Votto]

Executive Orders. The Bidens don't care about the LAW.

When you break the law so many times with impunity and with the entire world knowing you do these things with impunity, the law seems to lose its luster and purpose

The US is by and for the Biden family, that is it's function now.

 

[two_iron]

A fucking puddle of piss and shit that sold out the country for north of $100 million, is certainly not going to worry about what some stupid court says.... that's for free republics.

 

[SassyIrishLass]

So how is he continually getting around the Supreme Court ruling, on forgiving these loan debts?

Because someone has no balls to stop it

 

[petro]

Debt cancelling debt.

Makes perfect sense...

 

[Moonglow]

The cancellations have come through existing federal student loan forgiveness programs, which are limited to specific categories of borrowers, such as public-sector workers, people defrauded by for-profit colleges, and borrowers who have paid for at least 20 years.

https://www.cnn.com/2023/10/22/politics/biden-student-loan-forgiveness-supreme-court/index.html

 

[JohnDB]

Likely because the forgiveness was contractual instead of simply forgiven.

The Government Student loan program has within it a contractual obligation to forgive Student loans after 10 years of payments (120 payments) with those individuals that use their degrees to work in non-profit fields...Such as education and other fields in desperate shortage but in traditionally low paying (social workers). Under Trump those contractual forgiven loans were never forgiven and the borrowers had NO RECOURSE.

So....where I understand that this is a political issue for some reason....and likely it has something to do with tuition rates and fees that are unrealistically high. (Risen Because of the Student loan program)

And there are ways to address the unreasonably high tuition and fees of post-secondary educations...but debt forgiveness is usually a very beneficial way to boost the economy for some of the most industrious workers in it. Average citizens get the forgiveness....not illegal aliens this time.

 

[Dekster]

So how is he continually getting around the Supreme Court ruling, on forgiving these loan debts?

They went through the normal congressionally authorized rules making process using authorities not connected to the pandemic emergency on some of the programs as opposed to the blanket $10K/$20K scheme the SCOTUS slapped down. They are hoping to have one more waive of new programs in the pipeline by the election but if he loses it won't be implemented as they have run out of time due to democrats acting like it wasn't generous enough and not approving it in commission in January to get it in the rules this year.

 

[Auld Phart]

They went through the normal congressionally authorized rules making process using authorities not connected to the pandemic emergency on some of the programs as opposed to the blanket $10K/$20K scheme the SCOTUS slapped down. They are hoping to have one more waive of new programs in the pipeline by the election but if he loses it won't be implemented as they have run out of time due to democrats acting like it wasn't generous enough and not approving it in commission in January to get it in the rules this year.

but if he loses it won't be implemented as they have run out of time due to democrats acting like it wasn't generous enough and not approving it in commission in January to get it in the rules this year.

basically, buying votes.

"Vote for me, or you don't get the money"

 

[Dekster]

Likely because the forgiveness was contractual instead of simply forgiven.

The Government Student loan program has within it a contractual obligation to forgive Student loans after 10 years of payments (120 payments) with those individuals that use their degrees to work in non-profit fields...Such as education and other fields in desperate shortage but in traditionally low paying (social workers). Under Trump those contractual forgiven loans were never forgiven and the borrowers had NO RECOURSE.

So....where I understand that this is a political issue for some reason....and likely it has something to do with tuition rates and fees that are unrealistically high. (Risen Because of the Student loan program)

And there are ways to address the unreasonably high tuition and fees of post-secondary educations...but debt forgiveness is usually a very beneficial way to boost the economy for some of the most industrious workers in it. Average citizens get the forgiveness....not illegal aliens this time.

That applied to all direct loans really. When they set up the program in 1994, there was no oversight or checks and balances established so pretty much anybody on an income contingent plan whether they were PSLF borrowers, 20 year undergrad borrowers, or 25 year grad borrowers was being jerked around. Part of it now is to refund the overpayments, but part of it is to standardize record keeping to make sure the payment counts were being tracked (which they hadn't been). Since a lot of the records were lost, they are just starting back to at the begin date of the program of July 1994 and counting pretty much any month you weren't in default or in school as a month toward your payment count of 120, 240, or 300 payments. Then they have this new SAVE repayment plan which is supposed to make sure borrowers don't go further underwater by eating the unpaid interest every month if their payment doesn't cover it. It also lowers payments per month for non high-income borrowers.

 

[Dekster]

basically, buying votes.

"Vote for me, or you don't get the money"

More or less, except he did try to get it in place this year. Basically from what I have read, they want to write-down the balances of borrowers who owe more than they ever borrowed due to capitalized interest and add some new discharge for people who went to schools where the graduates seldom can afford to pay back the loans (basically small private colleges with high tuitions) and a few other odds and ends but the democrats on the committee weren't agreeable because it wasn't some big splashy universal across the board forgiveness proposal.

 

[Dekster]

BTW there is nothing new in the announcement. They just make this "big announcement" every month or so as the next waive of people are getting processed. Borrowers have the option to opt-out of the forgiveness before it is applied so it usually takes I think I read around 3-4 weeks for the forgiveness to actually happen. The opt-out option is basically to keep borrowers from having standing to sue over the "harm" of forgiveness (i.e. added state tax liabilities in those red states that rushed to make it taxable)

 

[georgephillip]

It's the Democrat way. Teaching Americans that the government is your god, and your own bills, are all of our bills.

Biden administration to cancel another $1.2 billion of student loans​

MSN

It's reminding Americans how government can function as a fourth factor of production dedicated to lowering the cost of living and doing business. When you privatize education and health care, you reduce the disposable incomes of all workers. Monies that would have been spent supporting the productive economy go instead to investors and other parasites not to mention to fund exorbitant executive pay packages. .

 

[DigitalDrifter]

basically, buying votes.

"Vote for me, or you don't get the money"

Of course it's buying votes, and Biden is a master at it.

 

[DigitalDrifter]

It's reminding Americans how government can function as a fourth factor of production dedicated to lowering the cost of living and doing business. When you privatize education and health care, you reduce the disposable incomes of all workers. Monies that would have been spent supporting the productive economy go instead to investors and other parasites not to mention to fund exorbitant executive pay packages. .

No, it's a function of Dimocrats buying votes and teaching Americans to be irresponsible.