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Started By
Message
re: Uncle Joe "cancels" $7.4 billion more in student debt
Posted on 4/12/24 at 8:38 am to Paddyshack
Posted on 4/12/24 at 8:38 am to Paddyshack
quote:
The law is that the President can wipe away billions in personal debt for student loans?
It's not really "The President". He's just taking credit for it, although his admin is the one administering the program.
This is the PSLF program, which was signed into law in 2007.. It takes 10 years of employment in certain sectors, so the first generation wasn't ready for forgiveness until 2017. The DOE was in shambles and fricked up the initial forgiveness and it's been cleaned up since then.
Now there is a constant flow of people with the 120 qualifying payments, so every time a new batch is approved, partisans report it as "Biden" forgiving it. Right-based partisans do it to imply he's breaking the law (violating the USSC ruling on a completely different forgiveness action). Left-based partisans do it to prop up Biden for the election.
quote:
Please cite the law that says that.
LINK
*ETA: self-correction on page 2
This post was edited on 4/12/24 at 8:45 am
2
Posted on 4/12/24 at 8:38 am to Bjorn Cyborg
Posted on 4/12/24 at 8:42 am to Bjorn Cyborg
quote:
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.
Step 1) boast about how intelligent you are by getting a worthless degree
Step 2) Throw away all notices.
Step 3) cry about “the rich” while deciding to carry debt for an extended time.
Step 4) live your life eating out 3 times a day, getting Starbucks, and going out.
Step 5) cry about having to work 40 hrs a week and complain about “no me time!!”
Step 6) vote democrat
Step 7) cry to the democrats
This post was edited on 4/12/24 at 8:44 am
Posted on 4/12/24 at 8:43 am to SlowFlowPro
OK I need to edit. The "10 years of payments" threw me off.
This is his new SAVE plan. It will be litigated like the last one. Will likely end up at the USSC. I'm trying to find which law this is attached to.
This is his new SAVE plan. It will be litigated like the last one. Will likely end up at the USSC. I'm trying to find which law this is attached to.
Posted on 4/12/24 at 8:45 am to CleverUserName
quote:
Step 1) boast about how intelligent you are by getting a worthless degree
And using student loan funds for far more than tuition. Kids are living the college life who cant afford it. Stay home and attend community college if you want an average degree.
Posted on 4/12/24 at 8:46 am to Night Vision
quote:
fronted by Kansas and Missouri,
Get that jayhawker name out your mouth and should never be associated with the great state of Missouri. Bunch of redlegged terrorists.
Posted on 4/12/24 at 8:46 am to SlowFlowPro
quote:
This is the PSLF program
This round of loan forgiveness is based on the Biden "SAVE Plan" which in no way references or is related to the PSLF program, as far as I can find. I've read the entire document.
There is no reference to government or non-profit employment as a requirement for eligibility.
They are trying to forgive 277,000 borrowers. You think that many are reaching their 10 year mark just from government and non-profits?
C'mon Man!
Posted on 4/12/24 at 8:48 am to SlowFlowPro
So you have to make 10 years of qualifying payments, and currently be employed by the government or a not for profit?
And there’s 300k+ who qualify for that? To the tune of $7.4 billion?!?
And you believe that is what’s happening?
And there’s 300k+ who qualify for that? To the tune of $7.4 billion?!?
And you believe that is what’s happening?
Posted on 4/12/24 at 8:49 am to Bjorn Cyborg
quote:
This round of loan forgiveness is based on the Biden "SAVE Plan"
I posted a follow up correcting that (with edits on my original posts).
The SAVE is a revision of REPAYE, which was passed in 2015.
Posted on 4/12/24 at 8:50 am to Bjorn Cyborg
quote:
This round of loan forgiveness is based on the Biden "SAVE Plan" which in no way references or is related to the PSLF program, as far as I can find. I've read the entire document. There is no reference to government or non-profit employment as a requirement for eligibility. They are trying to forgive 277,000 borrowers. You think that many are reaching their 10 year mark just from government and non-profits? C'mon Man!
SowFlowPro is a fricking clown
No one should take she/him seriously
This post was edited on 4/12/24 at 8:51 am
Posted on 4/12/24 at 8:50 am to Paddyshack
quote:
So you have to make 10 years of qualifying payments, and currently be employed by the government or a not for profit?
I self-correct. That is a different program, but yes, that summarizes PSLF.
That's been the majority of these press releases/stories.
This is Biden's revision of REPAYE
Posted on 4/12/24 at 8:51 am to Paddyshack
quote:
SowFlowPro is a fricking clown
No one should take that guy seriously
IDR plans are the same as PSLF but without the requirement on where you work.
This is just a slight revision to an IDR that's existed since 2015. It's not "new", per se, but it will be litigated.
Posted on 4/12/24 at 9:27 am to Paddyshack
quote:
The law is that the President can wipe away billions in personal debt for student loans?
No. The law, which has been around for decades is that public service professions can have their loans forgiven after 10 years of payments. Everyone else can have their loans forgiven after 20 years of payments. SFP is correct. Biden is just taking credit for rules that already existed.
Posted on 4/12/24 at 9:28 am to Night Vision
quote:
Uncle Joe passes $7.4 billion more in student debt onto people who did not take out the loan
FIFY
Posted on 4/12/24 at 9:30 am to Night Vision
Short term pandering in an Election year to get votes and kicking the can down the road for someone else to have to deal with later.
Posted on 4/12/24 at 9:50 am to Night Vision
Gotsta bribe voters. That's what Democrats are best at.
Posted on 4/12/24 at 9:50 am to Night Vision
This is a weird third rail topic. It really is a loser topic for republicans.
If you look into what is actually happening, most often what is being forgiven is interest only. The government has been in the practice of giving out these predatory loans to kids who are not qualified to get them and then setting up ridiculous payment plans that barely have the kids paying the interest due each month so they just keep getting larger and larger after years of payments.
If republicans wanted to get smart they sign off on student loan reform, even allowing some forgiveness but negotiate for student loan reform going forward so this issue is actually addressed but its way more beneficial for elected officials to keep the pissing match going for years and decades to come.
If you look into what is actually happening, most often what is being forgiven is interest only. The government has been in the practice of giving out these predatory loans to kids who are not qualified to get them and then setting up ridiculous payment plans that barely have the kids paying the interest due each month so they just keep getting larger and larger after years of payments.
If republicans wanted to get smart they sign off on student loan reform, even allowing some forgiveness but negotiate for student loan reform going forward so this issue is actually addressed but its way more beneficial for elected officials to keep the pissing match going for years and decades to come.
Posted on 4/12/24 at 10:01 am to Night Vision
imagine being so bad with money that you cant pay back 12k over 10 years
thats the equivalent of paying 3.25 a day for 10 years....these are the same people paying $10 for a coffee every day
thats the equivalent of paying 3.25 a day for 10 years....these are the same people paying $10 for a coffee every day
Posted on 4/12/24 at 10:02 am to Night Vision
quote:
$153 billion
Remember when Trump wanted 3 billion to build the wall?
Posted on 4/12/24 at 10:02 am to Night Vision
So, thinks he can cancel student debt, even though he has been told NO by SCOTUS, BUT does not think he can do anything about the border?
Makes perfect sense...
Makes perfect sense...
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