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(CNBC) Biden forgives more student loans: 60,000 borrowers will get notices canceling $4.5 billion in debt

Chomsky

Chomsky

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CNBC) Biden forgives more student loans: 60,000 borrowers will get notices canceling $4.5 billion in debt
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The Biden administration announced on Thursday that it has forgiven another $4.5 billion in student debt for over 60,000 borrowers.
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The latest round of relief is a result of the U.S. Department of Education’s fixes to the popular, but once troubled, Public Service Loan Forgiveness program.
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President Joe Biden, who has forgiven more education debt than any other president in U.S history, said that the number of borrowers to benefit from the program under his administration now exceeded 1 million.
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It appears Biden had student-loan forgiveness on his "lame duck" to-do list.
 
Cope said:
Why was his plan found unconstitutional previously?
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If you think he only ever had one plan, you clearly do not have the foundation required to utter a meaningful statement about this particular event.
 
Cope said:
Why was his plan found unconstitutional previously?
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Different plan.

The previous plan was shot down, this is a different method. This targets police, firefighters, teachers, members of the military, etc. by fixing previous problems with the Public Service Loan Forgiveness Program.

WW
 
Mycroft said:
Sure. Why not?

What's another $4.5 BILLION!!! added to the national debt? Chicken feed, right? Cheap vote buying, right?

SMH
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Amen.

I bet mine won't be cancelled on account of being a MAGA stalwart, have to wait until Trump is elected again for that to happen.

MAGA.
 
Mycroft said:
Sure. Why not?

What's another $4.5 BILLION!!! added to the national debt? Chicken feed, right? Cheap vote buying, right?

SMH
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If he is fixing problems with the loan program for cops firefighters and military you sure you want to go with this?

I mean I'm not gonna stop you but clearly reading about the story may have saved you posting this
 
WorldWatcher said:
Different plan.

The previous plan was shot down, this is a different method. This targets police, firefighters, teachers, members of the military, etc. by fixing previous problems with the Public Service Loan Forgiveness Program.

WW
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So a separate federal loan program?

I always thought he could forgive some segment of federal loans (or forgive the interest or something) , but I figured he couldn't go nearly as far as he wanted.
 
Mycroft said:
Sure. Why not?

What's another $4.5 BILLION!!! added to the national debt? Chicken feed, right? Cheap vote buying, right?

SMH
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The government is not paying off the loan. These were government loans. I am sure the interest paid on these loans already paid back the government. The government is just not making a profit off these loans
 
Cope said:
Big banks pay back their loans...
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What about PPE? Many of those weren’t repaid.

I’d rather have my tax dollars go to help cover someone’s student loans than to give it to Tom Brady or the Kardashians.
 
WorldWatcher said:
Different plan.

The previous plan was shot down, this is a different method. This targets police, firefighters, teachers, members of the military, etc. by fixing previous problems with the Public Service Loan Forgiveness Program.

WW
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Also, this plan was actually approved by Congress and didn't spring whole cloth from Joe's addled mind and unconstitutional EO.
 
eman623 said:
Also, this plan was actually approved by Congress and didn't spring whole cloth from Joe's addled mind and unconstitutional EO.
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Really?

Under Biden, the Education Department has relaxed the program’s requirements and overhauled how it’s managed.
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"The average student loan balance forgiven under PSLF is around $70,000, "
Holy cow!
 
Cope said:
So a separate federal loan program?

I always thought he could forgive some segment of federal loans (or forgive the interest or something) , but I figured he couldn't go nearly as far as he wanted.
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Yes there are different federal programs for how loans are paid off.

WW
 
WorldWatcher said:
Different plan.

The previous plan was shot down, this is a different method. This targets police, firefighters, teachers, members of the military, etc. by fixing previous problems with the Public Service Loan Forgiveness Program.

WW
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Those are pieces of legislation and without more legislation I think these will be stopped and then Congress will fail to act because too many are opposed to this mess.
 
I figure the entire plan is Jill Biden's idea, she's a committed left wing nut who thinks college ought to be totally free. It's not, at least not in this country and there is not section of the Constitution that allows the forgiveness of loans by the U.S. President without action by Congress and more precisely the House.
 
Integrityrespec said:
Those are pieces of legislation and without more legislation I think these will be stopped and then Congress will fail to act because too many are opposed to this mess.
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We'll see, Public Service Loan Forgiveness is something passed by Congress to provide debt relief to police, firefighters, soldiers, sailors, airman, teachers, nurses at the VA taken care of wounded warriors, etc.

WW
 
$35,000 per person

man I wish I could get reimbursed for all the college I paid - but instead I worked two McDonalds jobs and paid for my own way


Biden has again circumvented the Supreme Court and the rulings on this .......... typical. Its buying votes and it needs stopped
 
Trump lowered the corporate tax rate and gave tax cuts to the wealthy with no offsetting cuts in spending. The national debt soared. Forgiving student loans is the least we can do.

www.propublica.org

Donald Trump Built a National Debt So Big (Even Before the Pandemic) That It’ll Weigh Down the Economy for Years

The “King of Debt” promised to reduce the national debt — then his tax cuts made it surge. Add in the pandemic, and he oversaw the third-biggest deficit increase of any president.
www.propublica.org www.propublica.org
 
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