Biden is getting ready to forgive student loans

[American Deplorable]

President Biden is nearing a decision on student loan debt forgiveness, with the president and his team zeroing in on canceling $10,000 per borrower, with some potential caveats.

Biden zeroes in on plan to cancel $10,000 in student loans per borrower

President Biden is nearing a decision on student loan debt forgiveness, with the president and his team zeroing in on canceling $10,000 per borrower, with some potential caveats. White House offici…

thehill.com

 

[MVTPatriot]

I want a $10k per child refund.

 

[CDDP]

Good. This will be highly inflationary and will be debt added to the government's massive federal debt load. Poor people will be bailing out college educated people.

 

[VosFrost]

How does this not need congress approval?

 

[orng_blud]

 

[hmt5000]

So an extra 7% inflation you think? Could maybe just be 5% if we are lucky I guess. Glad my parents saved and paid for mine. You're welcome freeloaders.

 

[TJHall1]

So an extra 7% inflation you think? Could maybe just be 5% if we are lucky I guess. Glad my parents saved and paid for mine. You're welcome freeloaders.

This is quite the statement

 

[Cletusnow]

Will save me $250/month, but anyways FJB.

 

[American Deplorable]

How does this not need congress approval?

Biden’s admin will argue it already got Congressional approval via the previous laws he, and other presidents have used, to forgive student loans.

I believe it’s the Higher Education Act of 1965 but I could be mistaken which authorities he will actually reference when the time comes.

 

[American Deplorable]

Good. This will be highly inflationary and will be debt added to the government's massive federal debt load. Poor people will be bailing out college educated people.

The debt was already taken out (in theory) regardless of whether he does it or not.

It would actually be less money flowing back into federal coffers if we are looking for the best description.

 

[hmt5000]

The debt was already taken out (in theory) regardless of whether he does it or not.

It would actually be less money flowing back into federal coffers if we are looking for the best description.

It would increase spending power of every borrower. Instead of paying back the debt they just spend the cash on stuff that will increase in price given todays realities.

 

[American Deplorable]

It would increase spending power of every borrower. Instead of paying back the debt they just spend the cash on stuff that will increase in price given todays realities.

Not necessarily.

For those that no longer have a payment what you said is true.

For those that still have a payment you’re just in less debt but still having to make that monthly payment that nobody is making right now.

It will increase the velocity of money to a certain degree but how much that is, and if it can even be accurately calculated for an event like this, remains to be seen.

It will cost the federal government about 310B in future income if Biden forgives 10K per person. That being said most Democrats are sounding the alarm that 10k would be insulting and not make a dent in the actual problem while urging Biden to go for 50k per person. That would cost the federal government about 1.4T in future income the last I read.

NAACP president slams Biden's plan to cancel $10,000 in student loan debt: It's 'like pouring a bucket of ice water on a forest fire'

Derrick Johnson has previously urged Biden to forgive at least $50,000 in loans per borrower, saying that student debt is racial justice issue.

www.businessinsider.com

The question will be if Republicans sue to stop it. If they do where and what their arguments are against it. Since they never sued over the student loan pause they’ve already yielded some ground on the matter.

I’m obviously against it as a matter of policy but I think people should be prepared for it to happen and make it through court.

 

[Taggart]

Can they do mortgages too?

 

[AgEngDawg]

Do I get some money back?

 

[TFSF]

 

[PeytonMooning]

Can they do mortgages too?

Does your mortgage identify as a student loan?

 

[Rube Reaper]

Does your mortgage identify as a student loan?

This sort of statement shows really poor taste.

 

[testedekxp]

It seems like a scam to me, and I don't think he made such a serious decision without Congress. If I'm wrong, it's a great thing to do with students because I know cases where those 10 thousand could save amazing students from deduction at the university. Those people have enough money to make the learning process free, but they choose to do something for themselves instead. My daughter wanted to be a biologist, and my wife and I saved our savings for a very long time for her to have this opportunity. Now, when she's studying, we want to apply to a Mortgage Advisor Essex to buy a new house for us and rest peacefully.

 

[Rebarcock.]

Biden’s Student Loan Relief Program Blocked By Texas Federal Judge

The lawsuit against the program had been filed by conservative group Job Creators Network Foundation on behalf of two student loan borrowers.

www.forbes.com