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Started By
Message
Uncle Joe "cancels" $7.4 billion more in student debt
Posted on 4/12/24 at 8:23 am
Posted on 4/12/24 at 8:23 am
LINK
The Biden administration will cancel $7.4 billion in student debt for 277,000 borrowers, the White House said in a statement on Friday.
The Education Department announced the latest round of cancellations Friday in an update on the progress of its SAVE Plan.
More people are becoming eligible for student loan cancellation as they hit 10 years of payments, a new finish line for some loans that’s a decade sooner than what borrowers faced in the past.
Earlier this month, President Joe Biden announced plans to ease student debt that would benefit at least 23 million Americans, addressing a key issue for young voters whose support he needs as he seeks re-election in November.
Casting a shadow over the cancellations, however, are two new lawsuits challenging the plan's legality. Two groups of Republican-led states, fronted by Kansas and Missouri, recently filed federal suits arguing that the Biden administration overstepped its authority in creating the repayment option.
Under the plan, borrowers who originally borrowed $12,000 or less are eligible for forgiveness after 10 years. Those who took out more than $12,000 can get cancellation but on a longer timeline. For each $1,000 borrowed beyond $12,000, it adds an additional year of payments on top of 10 years.
Through a variety of programs, the Biden administration says it has now provided loan relief to 4.3 million people, totaling $153 billion.
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Kind of like Pyle getting to eat the donut the other guys were punished for.
The Biden administration will cancel $7.4 billion in student debt for 277,000 borrowers, the White House said in a statement on Friday.
The Education Department announced the latest round of cancellations Friday in an update on the progress of its SAVE Plan.
More people are becoming eligible for student loan cancellation as they hit 10 years of payments, a new finish line for some loans that’s a decade sooner than what borrowers faced in the past.
Earlier this month, President Joe Biden announced plans to ease student debt that would benefit at least 23 million Americans, addressing a key issue for young voters whose support he needs as he seeks re-election in November.
Casting a shadow over the cancellations, however, are two new lawsuits challenging the plan's legality. Two groups of Republican-led states, fronted by Kansas and Missouri, recently filed federal suits arguing that the Biden administration overstepped its authority in creating the repayment option.
Under the plan, borrowers who originally borrowed $12,000 or less are eligible for forgiveness after 10 years. Those who took out more than $12,000 can get cancellation but on a longer timeline. For each $1,000 borrowed beyond $12,000, it adds an additional year of payments on top of 10 years.
Through a variety of programs, the Biden administration says it has now provided loan relief to 4.3 million people, totaling $153 billion.
----------------------------------------------
Kind of like Pyle getting to eat the donut the other guys were punished for.
20
Posted on 4/12/24 at 8:24 am to Night Vision
Dude loves inflation
Posted on 4/12/24 at 8:26 am to Pendulum
quote:
Dude loves inflation
He actually does.
Wealthy people flourish with high inflation.
Posted on 4/12/24 at 8:26 am to Night Vision
We are $36 trillion in debt and he is “forgiving” debt.
Too bad you are just passing it on to the rest of us in the form of higher inflation.
This guy…..
Too bad you are just passing it on to the rest of us in the form of higher inflation.
This guy…..
Posted on 4/12/24 at 8:27 am to Pendulum
quote:
Dude loves inflation
As a senator in 2007, he had a lot of foresight.
*ETA: self-correction on page 2
This post was edited on 4/12/24 at 8:45 am
Posted on 4/12/24 at 8:27 am to Night Vision
quote:
Uncle Joe "cancels" $7.4 billion more in student debt
There is no such thing as canceling debt. The debt is simply paid by others
Posted on 4/12/24 at 8:27 am to Achilles Hill
quote:
We are $36 trillion in debt and he is “forgiving” debt.
Too bad you are just passing it on to the rest of us in the form of higher inflation.
They're following the law, but taking credit for political/election reasons.
*ETA: self-correction on page 2
This post was edited on 4/12/24 at 8:45 am
Posted on 4/12/24 at 8:31 am to SlowFlowPro
quote:
SlowFlowPro
Posted on 4/12/24 at 8:32 am to Night Vision
This has become a disaster. Focus needs to be on getting the government out of the student loan business. Or maybe getting rid of the DOEducation completely.
Posted on 4/12/24 at 8:32 am to MemphisGuy
People are posting incorrect stupidity. What's wrong with inserting reality into this discussion?
Posted on 4/12/24 at 8:32 am to MemphisGuy
Posted on 4/12/24 at 8:34 am to Night Vision
Posted on 4/12/24 at 8:34 am to SlowFlowPro
quote:
People are posting incorrect stupidity. What's wrong with inserting reality into this discussion?
The law is that the President can wipe away billions in personal debt for student loans?
Please cite the law that says that.
I’m old enough to remember when the Supreme Court ruled on this and liberals like you were outraged. As long as it’s democrats disregarding the Supreme Court, it’s fine, am I right?
This post was edited on 4/12/24 at 8:37 am
Posted on 4/12/24 at 8:35 am to Night Vision
quote:
borrowers who originally borrowed $12,000 or less are eligible for forgiveness after 10 years
How is this even possible? How can you not pay off $12,000 in 10 years? And surely they only still owe a small amount.
Posted on 4/12/24 at 8:36 am to SlowFlowPro
What law?
Posted on 4/12/24 at 8:36 am to Night Vision
People are being rewarded for being deadbeats and the people doing the right thing and paying their debts are being shafted.
Gee.. I wonder why we have a country full of government dependent lazy fricks now?
Gee.. I wonder why we have a country full of government dependent lazy fricks now?
Posted on 4/12/24 at 8:37 am to Night Vision
I'm so fricking tired of these people ignoring reality by using words that make stupid people believe them.
You don't (cancel/forgive/whatever they say) debt. There is still a debt. The creditor (bank) lent money to some person (debtor) that has a balance. All that's being unconstitutionally dribbled out of his mouth is moving the balance from the original debtor to the Federal debt balance (taxpayers).
Call it what it is. Socialism.
You don't (cancel/forgive/whatever they say) debt. There is still a debt. The creditor (bank) lent money to some person (debtor) that has a balance. All that's being unconstitutionally dribbled out of his mouth is moving the balance from the original debtor to the Federal debt balance (taxpayers).
Call it what it is. Socialism.
This post was edited on 4/12/24 at 8:38 am
Posted on 4/12/24 at 8:37 am to ksayetiger
quote:
He actually does.
Wealthy people flourish with high inflation.
Its a ceiling for the middle class and poor.
Posted on 4/12/24 at 8:37 am to Night Vision
If the President can just wave his hand and make debt disappear why doesn't he cancel the $12 Trillion of the national debt held by government. Poof. 1/3 of the National debt gone. He'd be the greatest president ever.
Posted on 4/12/24 at 8:37 am to Bjorn Cyborg
quote:
How can you not pay off $12,000 in 10 years?
I know of someone that is ready to retire that has not paid this type of thing off.
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