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Brandon to announce new actions on student loans after Supreme Court ruling
Posted on 6/30/23 at 2:54 pm
Posted on 6/30/23 at 2:54 pm
quote:
President Biden on Friday will announce new actions to protect student loan borrowers following the Supreme Court ruling that struck down his student debt relief plan, according to a source within the White House.
“I believe that the Court’s decision to strike down our student debt relief plan is wrong,” Biden said in a statement. “But I will stop at nothing to find other ways to deliver relief to hard-working middle-class families. My Administration will continue to work to bring the promise of higher education to every American.”
Soon after the Supreme Court ruling, a source within the White House told The Hill that they “prepared for this scenario.”
“The president will have more to say today,” the source said. “The president will make clear he’s not done fighting yet and will announce new actions to protect student loan borrowers.”
The president will also make “crystal clear” to student loan borrowers that “Republicans are responsible for denying them the relief that President Biden has been fighting to get to them,” according to the source.
Biden in his statement vowed that “this fight is not over” and leaned into blaming Republicans.
“The hypocrisy of Republican elected officials is stunning. They had no problem with billions in pandemic-related loans to businesses – including hundreds of thousands and in some cases millions of dollars for their own businesses. And those loans were forgiven,” he said. “But when it came to providing relief to millions of hard-working Americans, they did everything in their power to stop it.”
The Supreme Court decision stopped more than 40 million borrowers from receiving loan forgiveness and delivered a major defeat to one of the president’s key campaign promises. Although the decision was expected from the conservative-majority court, the White House has shied away from announcing a Plan B if the program is struck down.
The program, announced in August, would have canceled up to $20,000 in loans for Pell Grant recipients and $10,000 for other borrowers, if the individual’s income is less than $125,000.
The president announced it amid mounting pressure from progressives to act on student debt. While some had pushed for up to $50,000 in relief, they saw his program as a positive first step.
The decision on Friday limits Biden’s options to deliver on his 2020 campaign promise to forgive student loans.
LINK
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Posted on 6/30/23 at 2:56 pm to jatilen
dims do whatever they want and the DOJ and DA's won't prosecute them.
Posted on 6/30/23 at 2:57 pm to jatilen
$10,000 is only life changing to cancel for those baristas making $11 an hour
That’s not enough for a down payment on a house or really anything substantial
That’s not enough for a down payment on a house or really anything substantial
Posted on 6/30/23 at 2:59 pm to jatilen
quote:
The hypocrisy of Republican elected officials is stunning. They had no problem with billions in pandemic-related loans to businesses – including hundreds of thousands and in some cases millions of dollars for their own businesses. And those loans were forgiven,” he said.
Lots of these businesses were driven to the point of bankruptcy by government covid mandates. No one forced any student to take college loans.
Posted on 6/30/23 at 3:00 pm to Lawyered
quote:
$10,000 is only life changing to cancel for those baristas making $11 an hour
That’s not enough for a down payment on a house or really anything substantial
THANK YOU!!!!
Posted on 6/30/23 at 3:00 pm to jatilen
quote:
“I believe that the Court’s decision to strike down our student debt relief plan is wrong,” Biden said in a statement. “But I will stop at nothing to find other ways to deliver relief to hard-working middle-class families. My Administration will continue to work to bring the promise of higher education to every American.”
lmao. A vast majority of student loan debt is held by higher income earners.
Yet another wealth transfer to the upper classes.
quote:
Report Highlights. Borrowers with higher degrees are more likely to owe larger student loan debt balances compared to their household income; the average indebted borrower with a professional doctorate borrows the equivalent of 211.7% of the average income among doctorate degree holders.
Borrowers from households in the middle-class income bracket owe on average $43,090 in student loan debt.
Americans with income higher than the national average owe an estimated 65% of the nation’s outstanding student loan debt.
Households in the lowest income quartile owe an estimated 12% of all student loan debt.
Loan acceptance among financially independent students increased 80% in 15 years.
LINK - Educationdata.org
Student debt forgiveness must be strictly means tested to not be another giveaway to the wealthy.
This post was edited on 6/30/23 at 3:01 pm
Posted on 6/30/23 at 3:04 pm to jatilen
quote:
“The hypocrisy of Republican elected officials is stunning. They had no problem with billions in pandemic-related loans to businesses – including hundreds of thousands and in some cases millions of dollars for their own businesses. And those loans were forgiven,” he said. “But when it came to providing relief to millions of hard-working Americans, they did everything in their power to stop it.”
He’s not wrong here. This was also incredibly stupid and has had bad and harmful effects on our economy.
This post was edited on 6/30/23 at 3:08 pm
Posted on 6/30/23 at 3:04 pm to jclem11
quote:
Borrowers with higher degrees are more likely to owe larger student loan debt balances compared to their household income; the average indebted borrower with a professional doctorate borrows the equivalent of 211.7% of the average income among doctorate degree holders.
We’re actually paying taxes. And then get told we make too much to deduct the interest in the loans that we are actually repaying on for our income taxes
It’s such horse shite . Let us all deduct or nobody deduct . You get penalized every step of the way
This post was edited on 6/30/23 at 3:05 pm
Posted on 6/30/23 at 3:05 pm to jatilen
FJB!
Posted on 6/30/23 at 3:06 pm to Smeg
Exactly pay your fair share of taxes but dont pay your student loans. Makes sense to me
Posted on 6/30/23 at 3:07 pm to Revelator
quote:
Lots of these businesses were driven to the point of bankruptcy by government covid mandates. No one forced any student to take college loans.
Without arguing the merit of student loan forgiveness, I have to say your strawman is terribly weak.
Government mandates across the globe would have contributed to loss of business due to supply issues. Covid didn't begin and end at the US border.
But more importantly, loss of business undoubtedly affects workers because, duh! So, by your logic, it wouldn't be their fault either if they couldn't pay loans due to lack of employment.
Posted on 6/30/23 at 3:07 pm to Lawyered
quote:
We’re actually paying taxes. And then get told we make too much to deduct the interest in the loans that we are actually repaying on for our income taxes
The cap on the student loan interest deduction is bullshite I agree.
A fair compromise would be to lower the interest rates on the loans.
The dirty little secret is the Feds make a shitload off of these loans. The forgiveness is floated out as a political ploy to buy votes.
Posted on 6/30/23 at 3:07 pm to jatilen
quote:Stop using our tax dollars to kill Russians and Ukrainians. Restore the pipeline. Stop the freak show economic policies. Stop paying illegals with our taxes. Stop subsidizing grotesque medical mutilations misnamed affirming medical care with our taxes.
But I will stop at nothing to find other ways to deliver relief to hard-working middle-class families.
Posted on 6/30/23 at 3:09 pm to jatilen
Now he’s bringing up the government run PPP and using that as some sort of gotcha. This was a government designed program to keep employees whole while the government shut down businesses. This is wild
Posted on 6/30/23 at 3:13 pm to SlimTigerSlap
quote:
it wouldn't be their fault either if they couldn't pay loans due to lack of employment.
And that’s why the loans were suspended until after the economy improved and everyone was able to work. Now that that period has arrived, it’s time for them to start paying the loans again.
This post was edited on 6/30/23 at 3:14 pm
Posted on 6/30/23 at 3:15 pm to TitleistProV1X
quote:
Now he’s bringing up the government run PPP and using that as some sort of gotcha. This was a government designed program to keep employees whole while the government shut down businesses. This is wild
It's not a gotcha. PPP were touted as loans. These loans were distributed using tax payer money. Problem is, many of these loans were forgiven completely. Find me the congressman who decried PPP loan forgiveness.
This post was edited on 6/30/23 at 3:22 pm
Posted on 6/30/23 at 3:18 pm to Revelator
quote:
And that’s why the loans were suspended until after the economy improved and everyone was able to work. Now that that period has arrived, it’s time for them to start paying the loans again.
I agree with you. I also believe that business loans stabilized businesses until the economy improved. Now explain why many of those loans were forgiven but you didn't hear a peep from these same guys who cried abt student loan forgiveness.
Posted on 6/30/23 at 3:19 pm to jatilen
quote:
Biden in his statement vowed that “this fight is not over” and leaned into blaming Republicans.
They are bound and determined we are going to pay for these loans ... Tuesday Nov. 5th, 2024 can't get here soon enough so we can kick him and his sorry arse administration out.
Posted on 6/30/23 at 3:23 pm to jatilen
Libs are so fricking dumb. They'll no doubt fall for whatever illegal action Joe and the gang of shitheads scheme up in time for the next election.
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