Biden Planning Student-Loan Announcement Wednesday - WSJ

  

Category:  News & Politics

Via:  vic-eldred  •  one month ago  •  145 comments

By:   Andrew Restuccia, Gabriel T. Rubin and Tarini Parti (WSJ)

Biden Planning Student-Loan Announcement Wednesday - WSJ
President has been weighing eliminating some debt, extending pause on payments

S E E D E D   C O N T E N T



White House officials are planning for President Biden to make an announcement on Wednesday about his proposal for dealing with student-loan debt, according to people familiar with the matter.

The president and his senior aides have for months been weighing whether to cancel some federal student loan debt. Mr. Biden's top advisers have discussed several proposals, including eliminating $10,000 in federal student-loan debt for borrowers making less than $125,000 a year, the people said. The president's advisers have also discussed extending a pandemic pause on federal student-loan payments.

The White House has kept the details of the decision closely guarded. Only a small group of Mr. Biden’s top aides have been informed of his plans, some of the people said.

Mr. Biden is scheduled to return to the White House on Wednesday from Delaware, where he is on vacation with his family. The president has said he would announce a decision on student loans by Aug. 31.

The White House declined to comment on the specific timing of the announcement or provide further details. A spokesman reiterated that the president would make his decision before the end of the month.

A move to forgive $10,000 in student debt under certain income thresholds would fall short of progressive Democratic demands for full student-debt cancellation or for canceling $50,000 per borrower, but it could apply to the majority of the 40 million people who hold a total of $1.6 trillion in student-loan debt.

Republicans have opposed broad student-debt forgiveness, saying such a move would be unfair to those who have already paid off their loans or never went to college, and could worsen inflation.

A report released Tuesday from  the Penn Wharton Budget Model  estimated that a one-time maximum debt forgiveness of $10,000 per borrower with incomes of less than $125,000 a year would cost around $300 billion.

Last month, more than 100 Democratic senators and House members from across the party’s ideological spectrum asked Mr. Biden to extend the loan-payment pause beyond its Aug. 31 expiration, citing continued economic hardships. Mr. Biden cited similar reasoning for extending the pause previously,  most recently in April .

“Resuming student loan payments would force millions of borrowers to choose between paying their federal student loans or putting a roof over their heads, food on the table, or paying for childcare and health care,” the Democratic members wrote.

Republicans have opposed continuing the pause, arguing that it constitutes “de facto loan forgiveness.” Senior House Republicans unveiled a bill this month that would end the pause, as well as overhaul other aspects of the federal student-loan portfolio. The bill isn’t expected to go anywhere while Democrats control Congress and the White House.

The White House has left borrowers, loan servicing contractors and the Education Department itself in limbo as Mr. Biden mulled whether to extend the pause. Last month, the administration told loan servicers  to refrain from sending out billing notices  or other communications related to restarting payments.

Loan servicers are contracted by the federal government to manage student loan payments. They communicate with borrowers about how much they owe, where and how to send payments, and answer questions borrowers have about repayment programs. Typically, they send out billing notices at least 30 days prior to payments starting up, so that borrowers can plan ahead.

On Monday, a group of loan servicers urged the administration to come to a decision, and said that any move this close to the deadline raised the chances of “incidents of borrower miscommunication,” according to a letter seen by The Wall Street Journal.

“You should be aware that any announcement at this late date, less than ten days before the scheduled resumption of September 1, risks operational disruptions,” wrote Scott Buchanan, the head of the Student Loan Servicing Alliance, an industry group.


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Vic Eldred
Professor Principal
1  seeder  Vic Eldred    one month ago

"Republicans have opposed continuing the pause, arguing that it constitutes “de facto loan forgiveness.” Senior House Republicans unveiled a bill this month that would end the pause, as well as overhaul other aspects of the federal student-loan portfolio. The bill isn’t expected to go anywhere while Democrats control Congress and the White House."

Obviously this is a political move to make sure those with graduate degrees remember who to vote for.  Will it move the needle this November? I doubt it. There is way too much suffering going on.


Donald Trump is absolutely off topic.

 
 
 
Jack_TX
Senior Quiet
1.1  Jack_TX  replied to  Vic Eldred @1    one month ago

Announcement made.

  • $10k cancellation for non-Pell Grant recipients.
  • $20k cancellation for Pell-Grant recipients.
  • Payments of remaining loans capped at 5% of income.
  • $125k/$250k income cap
  • Existing payment holiday extended through 12/31.
 
 
 
Vic Eldred
Professor Principal
1.1.1  seeder  Vic Eldred  replied to  Jack_TX @1.1    one month ago

Pelosi once said only congress could do it and yet Biden did it all by himself!

 
 
 
arkpdx
Professor Participates
1.1.2  arkpdx  replied to  Vic Eldred @1.1.1    one month ago

Biden does not care about the Constitution. He like Obama has a phone and a pen and he can do what he wants

 
 
 
Vic Eldred
Professor Principal
1.1.3  seeder  Vic Eldred  replied to  arkpdx @1.1.2    one month ago

And that seems to be where we are. Every democrat president simply gets to do whatever they want. Nobody even challenges it. That's why I say again: the Republic is dead.

 
 
 
Sean Treacy
Professor Expert
1.1.4  Sean Treacy  replied to  Vic Eldred @1.1.1    one month ago

What authority does the President have to transfer the debts of citizens to other taxpayers? 

 
 
 
Jack_TX
Senior Quiet
1.1.5  Jack_TX  replied to  Vic Eldred @1.1.1    one month ago
Pelosi once said only congress could do it and yet Biden did it all by himself!

I was wondering about that.  I'm supposing this is going to be done by executive order?  

 
 
 
Vic Eldred
Professor Principal
1.1.6  seeder  Vic Eldred  replied to  Sean Treacy @1.1.4    one month ago

None.

 
 
 
Vic Eldred
Professor Principal
1.1.7  seeder  Vic Eldred  replied to  Jack_TX @1.1.5    one month ago

That's right. He's going to walk out there today an announce he is forgiving all this debt. Should it ever get to the SCOTUS, he will be stopped.

Will it go there? 

Who knows. State Legislatures didn't defend their sole right to make election rules in 2020.

Whatever happens, Biden will be able to use it for democrats in the midterms.

 
 
 
Jack_TX
Senior Quiet
1.1.8  Jack_TX  replied to  Vic Eldred @1.1.7    one month ago

He just said "under the power granted by Congress to the Dept of Education"....

I dunno.

 
 
 
Vic Eldred
Professor Principal
1.1.9  seeder  Vic Eldred  replied to  Jack_TX @1.1.8    one month ago

LMAO...that's a good one!

 
 
 
magicschoolbusdropout
Freshman Principal
1.1.10  magicschoolbusdropout  replied to  Jack_TX @1.1.8    one month ago
"under the power granted by Congress to the Dept of Education"

"Dumb", is definitely speaking right now !

According to Brandon just now, 1,000's of people have already received "BILL" forgiveness thru this plan of his. 

256

 
 
 
Vic Eldred
Professor Principal
1.1.11  seeder  Vic Eldred  replied to  Jack_TX @1.1.8    one month ago
He just said "under the power granted by Congress to the Dept of Education"....

He is citing it as an emergency via "the pandemic!"

That's our Susan Rice.

 
 
 
Jack_TX
Senior Quiet
1.1.12  Jack_TX  replied to  Vic Eldred @1.1.9    one month ago

It was one of many things he said that we'll call "disingenuous".

Supposedly, no family in the top 5% will benefit from the plan, but lots of those families (like mine) have kids with loans that the parents pay.  In our case, we knew my daughter would get $17,500 of loans forgiven because she's a math teacher in a Title I school, so we had her borrow enough to make sure we got the full forgiveness.  So this actually puts about $13k in my pocket.   Considering what I pay in taxes every year... not sorry.

He also said he's reducing the deficit by $1.7trillion, almost all of which is simply the expiration of pandemic relief spending....because we're not in a pandemic anymore.  If he had just done nothing, it would have been a $2.4 trillion reduction (CBO figures).

 
 
 
magicschoolbusdropout
Freshman Principal
1.1.13  magicschoolbusdropout  replied to  Vic Eldred @1.1.1    one month ago
Pelosi once said only congress could do it and yet Biden did it all by himself!

He must have asked "Nance", If it was Okay !

 
 
 
Sean Treacy
Professor Expert
1.1.14  Sean Treacy  replied to  Jack_TX @1.1.8    one month ago

Here's a pretty good primer on the claimed legal basis for the EO. To the surprise of no one, it requires a gross misreading of the legislation and can't be supported by an honest reading of the provisions at issue. 

 
 
 
Jack_TX
Senior Quiet
1.1.15  Jack_TX  replied to  Sean Treacy @1.1.14    one month ago

Thanks.

I just read this, as well.

 
 
 
1stwarrior
Professor Guide
1.1.16  1stwarrior  replied to  Vic Eldred @1.1.1    one month ago
Did you notice that the $20k was for those who had a Pell Grant? A Pell Grant is a form of aide that does not need to be paid back; hence the term GRANT! It’s not a loan!
Let’s not forget that POTUS does NOT have it within his power to eliminate debt. He does not hold the purse strings for the country; that belongs to Congress.
So, what exactly did gropey Joe promise? Nothing…..
And what are we gonna get????  Nothing but more words and very little, if any, action.
 
 
 
Kavika
Professor Principal
1.1.17  Kavika   replied to  1stwarrior @1.1.16    one month ago

You can have student debt even if you have a Pell Grant, two separate issuses. 

 
 
 
Vic Eldred
Professor Principal
1.1.18  seeder  Vic Eldred  replied to  1stwarrior @1.1.16    one month ago

The $10,000 for individual borrowers would be real and involve 43 Million people.

He is claiming that the pandemic caused a "national emergency" that gave him the right to do this. Let us see if anyone challenges him.

 
 
 
Vic Eldred
Professor Principal
1.1.19  seeder  Vic Eldred  replied to  1stwarrior @1.1.16    one month ago
Did you notice that the $20k was for those who had a Pell Grant? A Pell Grant is a form of aide that does not need to be paid back; hence the term GRANT ! It’s not a loan!

I found this:

"Pell grants themselves don’t generally have to be paid back, but recipients typically take out additional student loans.

“This additional relief for Pell borrowers is also an important piece of racial equity in cancellation,” said Kat Welbeck, Civil Rights Counsel for the Student Borrower Protection Center. “Because student debt exacerbates existing inequities, the racial wealth gap means that students of color, especially those that are Black and Latino, are more likely to come from low-wealth households, have student debt, and borrow in higher quantities.”

 
 
 
Jack_TX
Senior Quiet
1.1.20  Jack_TX  replied to  Vic Eldred @1.1.19    one month ago
"Pell grants themselves don’t generally have to be paid back, but recipients typically take out additional student loans.

Biden is attempting to make a significant distinction here.  By giving an additional $10k if your family was poor enough that you qualified for a Pell Grant, he's attempting to help accelerate the rise out of generational poverty.  

That's admittedly the most utterly optimistic view of things, but that's what all politicians use when they're buying votes.

 
 
 
1stwarrior
Professor Guide
1.1.21  1stwarrior  replied to  Kavika @1.1.17    one month ago

True - and Biden/crew KNOW the difference but have used the "Pell GRANT" terminology to muddy the story?

I entered law school in 2010 - University of Tulsa, School of Law - and graduated in 2015 with emphasis/specialty in Federal Indian Law.

I paid $36K for tuition/books/supplies/etc and was rewarded with, to me, an excellent educational program with ample opportunity for helping the Native American community with all the trials/tribulations they have to go through/put up with from the Feds/State governmental institutions.

I began repayment of my loans in 2015 - for a total payoff of $36K.

However, I was "forced" to retire due to a massive cardiac arrest which the doc said would be in my future, again, as a result of the stress/travel, so I was only able to "work" for four months before "retiring".

When doing taxes for 2021, I received my 1099 (college interest payments) showing a balance/payoff of $34,600 after having paid over 6 years on the student loan with a Fed interest rate of 6 3/4%.  So, in essence, I have paid $28,800 ($400.00/month) on a $36K note and have been given a payoff "date" of May, 2035.

Based on my "fuzzy" math, that kinda adds up to having paid over $90K for a $36K loan.

And, those are just the Fed's figures.

Interestingly, Tulsa has dropped the Federal Indian Law program and increased tuition an average of 5% per year since 2015.

Things that make you wanna say "Hmmmmm".

Nope, my "employer", the Dod, did not assist in the funding for law school - and, for awhile, I was the only Federal Indian Law grad they had (which they so desperately need).

Ah well, eh?

 
 
 
Tessylo
Professor Principal
1.1.22  Tessylo  replied to  1stwarrior @1.1.21    one month ago

301210405_2013178278872728_4121218001915527347_n.png?stp=dst-png_p526x296&_nc_cat=1&ccb=1-7&_nc_sid=730e14&_nc_ohc=ceDgZAl-ohoAX-GD_jq&_nc_ht=scontent-iad3-1.xx&oh=00_AT8k5faAkCZbFo53nbLU8uyIdHlQTjWUiyepMXo6s-WMrA&oe=630D44EF

 
 
 
Sparty On
Professor Principal
1.1.23  Sparty On  replied to  Jack_TX @1.1.20    one month ago

Not sure what they are now but when I got them in the 70’s Pell Grants tended to be small and we’re not intended to cover all tuition or other costs.    A small subsidy as it were but every little bit helped.

Trying to put myself back in those times I probably would have applauded what Biden is doing here but I didn’t know what I didn’t know back then.    Biden is counting on that with this generation as well.

His problem is the many millions of us that came before and have paid our loans off or never went to college.    We far outnumber the folks who will support this.

 
 
 
Drinker of the Wry
Freshman Principal
1.1.24  Drinker of the Wry  replied to  Tessylo @1.1.22    one month ago

Perhaps next he will forgive US Federal debt.

 
 
 
Tessylo
Professor Principal
1.2  Tessylo  replied to  Vic Eldred @1    one month ago

299752685_466451332011508_2389107620905316936_n.jpg?stp=dst-jpg_s640x640&_nc_cat=101&ccb=1-7&_nc_sid=730e14&_nc_ohc=nWGTfF2OzE0AX-insPU&_nc_ht=scontent-iad3-1.xx&oh=00_AT9HQNGVdt96kykJ7aBZxt6h5OjWgIEgCMDBagOCvkF1zw&oe=630BA464

I don't see the problem.

 
 
 
Vic Eldred
Professor Principal
1.2.1  seeder  Vic Eldred  replied to  Tessylo @1.2    one month ago
I don't see the problem.

Because you don't care who pays for that.

 
 
 
Tessylo
Professor Principal
1.2.2  Tessylo  replied to  Vic Eldred @1.2.1    one month ago
You know what they say about assumptions and also don't put words in my mouth.  I've told you to stop doing that before yet you continue to do so

 
 
 
Jeremy Retired in NC
PhD Guide
1.2.3  Jeremy Retired in NC  replied to  Tessylo @1.2    one month ago

[deleted]

 
 
 
Hallux
Junior Principal
1.2.4  Hallux  replied to  Vic Eldred @1.2.1    one month ago

When I was growing up my tuition was paid for via other's property/school taxes, after I graduated my property/school taxes now go to educate future taxpayers ... what goes around comes around.

 
 
 
Vic Eldred
Professor Principal
1.2.5  seeder  Vic Eldred  replied to  Hallux @1.2.4    one month ago

That sounds like public school. When you go to college in the US, it's a major expense and it's supposed to be on you. People who don't get to go to college shouldn't be paying for those who do.

 
 
 
Tessylo
Professor Principal
1.2.6  Tessylo  replied to  Hallux @1.2.4    one month ago

Isn't it so selfish to not want better for others than yourself?

 
 
 
Vic Eldred
Professor Principal
1.2.7  seeder  Vic Eldred  replied to  Tessylo @1.2.6    one month ago

We learned all about that in "Animal Farm."

 
 
 
Sunshine
Professor Guide
1.2.8  Sunshine  replied to  Tessylo @1.2.6    one month ago
Isn't it so selfish to not want better for others.

Isn't it so selfish to be a burden on your fellow American.

 
 
 
magicschoolbusdropout
Freshman Principal
1.2.9  magicschoolbusdropout  replied to  Vic Eldred @1.2.5    one month ago
That sounds like public school. When you go to college in the US, it's a major expense and it's supposed to be on you.

Whaaaaaaaat ?

 
 
 
Hallux
Junior Principal
1.2.10  Hallux  replied to  Vic Eldred @1.2.5    one month ago

Colleges and universities are subsidized up here with the vast amount of university degrees running in the $6,000 Cdn range per year. College is basically free.

 
 
 
arkpdx
Professor Participates
1.2.11  arkpdx  replied to  Hallux @1.2.10    one month ago

Yeah but it's a Canadian degree. Even liberal Massachusetts won't accept one 

 
 
 
Sunshine
Professor Guide
1.2.12  Sunshine  replied to  Hallux @1.2.10    one month ago
College is basically free...

Wow...where do you get free money?  

 
 
 
gooseisback
Sophomore Silent
1.2.13  gooseisback  replied to  Hallux @1.2.10    one month ago
Colleges and universities are subsidized up here

Have no idea where "here" is, if so great. Why should you or anyone else pay others people's loans?  I have a car loan do you want to make my payments for me?

 
 
 
arkpdx
Professor Participates
1.2.14  arkpdx  replied to  Tessylo @1.2    one month ago

Well except for the fact he doesn't have the authority to do any of that, there is no problem. Oops!

 
 
 
devangelical
Professor Principal
1.3  devangelical  replied to  Vic Eldred @1    one month ago

finally, a windfall to some of those smart enough not to become republicans...

 
 
 
Vic Eldred
Professor Principal
1.3.1  seeder  Vic Eldred  replied to  devangelical @1.3    one month ago

You mean whites with Graduate degrees...the democrat base.

 
 
 
Sean Treacy
Professor Expert
1.3.2  Sean Treacy  replied to  devangelical @1.3    one month ago

Forcing poor minorities to subsidize rich whites… the Democratic Party never changes.

 
 
 
magicschoolbusdropout
Freshman Principal
1.3.3  magicschoolbusdropout  replied to  Vic Eldred @1.3.1    one month ago
You mean whites with Graduate degrees...the democrat base.

Exactly !

 
 
 
arkpdx
Professor Participates
1.3.4  arkpdx  replied to  devangelical @1.3    one month ago

Well democrats do tend Toward Being layabout who think everything they want should be provided for them by others. This and your comment just proves it

 
 
 
arkpdx
Professor Participates
1.3.5  arkpdx  replied to  devangelical @1.3    one month ago

Yes Republicans are responsible citizens who pay their debts

 
 
 
Just Jim NC TttH
PhD Principal
1.3.6  Just Jim NC TttH  replied to  arkpdx @1.3.4    one month ago
Toward Being layabout who think everything they want should be provided for them by others

Evidence the 2020 election and the very loose availability of mail in ballots.

 
 
 
devangelical
Professor Principal
1.3.7  devangelical  replied to  Vic Eldred @1.3.1    one month ago

 
 
 
JohnRussell
Professor Principal
1.3.8  JohnRussell  replied to  devangelical @1.3.7    one month ago

That guy is a national treasure. 

 
 
 
Sparty On
Professor Principal
1.3.9  Sparty On  replied to  devangelical @1.3.7    one month ago

Lol ..... a comedian?    Guess his MBA didn’t work out .....

 
 
 
Vic Eldred
Professor Principal
1.3.10  seeder  Vic Eldred  replied to  devangelical @1.3.7    one month ago

You can't turn what is egregiously unfair into something that is compassionate. Not even the old wordsmith could do it.

What you could have done back in 2010 was to tell Obama not to get the US government into the student loan business. That was really incentivized the colleges to raise tuitions. I would have rather seen senile Joe put a cap on how high a tuition can be.

 
 
 
arkpdx
Professor Participates
1.3.11  arkpdx  replied to  devangelical @1.3    one month ago

It is more of a windfall for Democrat leeches who are to irresponsible to pay their just debts. 

 
 
 
Sean Treacy
Professor Expert
2  Sean Treacy    one month ago

As Charlie Cooke put, a giant middle finger to America.

If this is true, it would represent a giant middle finger to America. It would represent a middle finger to the Constitution, which vests legislative power in Congress, not the president. It would represent a middle finger to Congress, which has not given the executive branch the authority to give $10,000 each to millions of college students. It would represent a middle finger to the Department of Education, which found last year that it “does not have statutory authority to provide blanket or mass cancellation, compromise, discharge, or forgiveness of student loan principal balances, and/or to materially modify the repayment amounts or terms thereof.” Nancy Pelosi confirmed last summer that “the president can’t do it — so that’s not even a discussion.” “Not everybody realizes that,” she said, “but the president can only postpone, delay but not forgive.” Biden’s response? A middle finger.
At the level of the electorate, it would represent a middle finger to voters without college degrees, who have much higher unemployment rates than voters with college educations, and who will now be on the hook for loans they didn’t take out and didn’t benefit from. It would represent a middle finger to voters who chose not to go college — voters who will, as Nancy Pelosi has put it , be “paying taxes to forgive somebody else’s obligations.” It would represent a middle finger to voters who are currently paying back loans taken out for other purposes (their small businesses, say). It would represent a middle finger to voters who have paid off their student loans already, to voters who made sacrifices to prioritize paying off their student loans early, and to voters who deliberately chose colleges that required them to borrow less money. And, because there is no plan or reform attached — it would be a one-time deal — it would represent a middle finger to voters who will take out student loans tomorrow. Sorry, guys. You didn’t time your birth properly to the 2022 midterms.

https://www.nationalreview.com/corner/joe-biden-illegally-canceling-student-loans-would-be-a-middle-finger-to-america/?utm_source=recirc-desktop&utm_medium=homepage&utm_campaign=right-rail&utm_content=corner&utm_term=second

He should be impeached for it. 

 
 
 
Vic Eldred
Professor Principal
2.1  seeder  Vic Eldred  replied to  Sean Treacy @2    one month ago
He should be impeached for it.

I'm counting the minutes!

 
 
 
arkpdx
Professor Participates
2.1.1  arkpdx  replied to  Vic Eldred @2.1    one month ago

The only bad thing about impeaching him is "president" Kamela (Camel Hairless) Harris or possibly "president" Nancy Pelousy

 I am not going to hold my breath until after the midterms and we get a reasonable and sane Congress back in control. 

 
 
 
Vic Eldred
Professor Principal
2.1.2  seeder  Vic Eldred  replied to  arkpdx @2.1.1    one month ago

It will have to be a double impeachment.

 
 
 
Tessylo
Professor Principal
2.1.3  Tessylo  replied to  Vic Eldred @2.1    one month ago

Impeached for what?  Certainly not once or even twice like some have been and justifiably so.

 
 
 
Vic Eldred
Professor Principal
2.1.4  seeder  Vic Eldred  replied to  Tessylo @2.1.3    one month ago
Impeached for what?

Treason & moral malfeasance.

 
 
 
Tessylo
Professor Principal
2.1.5  Tessylo  replied to  Vic Eldred @2.1.4    one month ago

[deleted]

 
 
 
Tessylo
Professor Principal
2.1.6  Tessylo  replied to  Vic Eldred @2.1.4    one month ago

jrSmiley_86_smiley_image.gif

 
 
 
Hallux
Junior Principal
2.1.7  Hallux  replied to  Vic Eldred @2.1.4    one month ago

[deleted]

 
 
 
arkpdx
Professor Participates
2.2  arkpdx  replied to  Sean Treacy @2    one month ago
He should be impeached for it. 

And for much, much more!

 
 
 
Vic Eldred
Professor Principal
3  seeder  Vic Eldred    one month ago

"Former Treasury Secretary Larry Summers has some advice for the Biden Administration as it weighs whether to cancel student loan debt for millions of people: Beware of offering “unreasonably generous” relief, because it could contribute to inflation." 

 
 
 
TᵢG
Professor Principal
4  TᵢG    one month ago
A report released Tuesday from    the Penn Wharton Budget Model   estimated that a one-time maximum debt forgiveness of $10,000 per borrower with incomes of less than $125,000 a year would cost around $300 billion.

Reckless spending.  

I would support a program that enabled disadvantaged but driven kids the opportunity to get a higher education (or trade) by partial scholarship or reasonable loans.   That would be positive for the nation (encouraging and enabling people with the aptitude and desire to get a higher level education and then contribute to the nation).   But they need to get the grades to continue the support.

One time debt-forgiveness is a band aid on a healed / partially-healed wound.   The money is better spent on making education within reach of the deserving but less financially fortunate.

 
 
 
GregTx
Junior Participates
4.1  GregTx  replied to  TᵢG @4    one month ago

One time debt forgiveness is an appeal or attempted bribe to a demographic that increasingly disapproves of the Biden administration

 
 
 
Tessylo
Professor Principal
4.1.1  Tessylo  replied to  GregTx @4.1    one month ago

According to you.

jrSmiley_91_smiley_image.gif

 
 
 
GregTx
Junior Participates
4.1.2  GregTx  replied to  Tessylo @4.1.1    one month ago

Not just me..

 
 
 
Tessylo
Professor Principal
4.1.3  Tessylo  replied to  GregTx @4.1.2    one month ago

Ho hum

 
 
 
Sparty On
Professor Principal
4.2  Sparty On  replied to  TᵢG @4    one month ago

Spot on.

 
 
 
Vic Eldred
Professor Principal
4.3  seeder  Vic Eldred  replied to  TᵢG @4    one month ago

Yes and that's one thing wrong with it.

The unfairness is the other part:

 
 
 
TᵢG
Professor Principal
4.3.1  TᵢG  replied to  Vic Eldred @4.3    one month ago

Agreed, it is ill-conceived.

 
 
 
Snuffy
Masters Guide
5  Snuffy    one month ago

Are we not in this situation because the federal government got involved in the first place?  Once the federal government started to guarantee student loans, the colleges took it upon themselves to raise tuition and fees must faster than inflation, only because the loans were guaranteed and there was no agency watching the other side to insure that colleges played fair.  If this is allowed to happen, what will the downstream effects be for future students trying to go to college?  Will colleges continue to raise their tuition and fees at a rate much faster than inflation, and will students take out more and more loans, all in the hope that the federal government will step in again and bail them out?  

 
 
 
Sean Treacy
Professor Expert
5.1  Sean Treacy  replied to  Snuffy @5    one month ago
Once the federal government started to guarantee student loans, the colleges took it upon themselves to raise tuition and fees must faster than inflation, only because the loans were guaranteed and there was no agency watching the other side to insure that colleges played fair.

Can't be said enough. 

 
 
 
Sparty On
Professor Principal
6  Sparty On    one month ago

Nothing good will come from this.    It will do nothing to lower inflation and most likely will just increase it.    And it incentivizes colleges to increase already out of control costs.

Hopefully the net effect will push more kids to online learning and less to bloated bricks and mortar colleges.

Dismantling the oligopoly colleges currently have .... forcing lower college costs.

 
 
 
Vic Eldred
Professor Principal
6.1  seeder  Vic Eldred  replied to  Sparty On @6    one month ago

Here's a question that you might know the answer to:

What about veterans who joined the military to get their tuition paid for? 

 
 
 
charger 383
Professor Quiet
6.1.1  charger 383  replied to  Vic Eldred @6.1    one month ago

Cheats them like many others

 
 
 
Vic Eldred
Professor Principal
6.1.2  seeder  Vic Eldred  replied to  charger 383 @6.1.1    one month ago

Yup!  Is thing he is about to do even legal?

 
 
 
Sparty On
Professor Principal
6.1.3  Sparty On  replied to  Vic Eldred @6.1    one month ago

Yep, see 6.1.1.

Basically it’s no longer a special benefit for joining the services.    And recruitment numbers will continue to drop precipitously.

Our enemies don’t have to do anything if Dems stay in control.    All they have to do is wait us out.

 
 
 
arkpdx
Professor Participates
6.1.4  arkpdx  replied to  Vic Eldred @6.1    one month ago

I wonder if people like me who either paid their way for college as they went or have already repaid their loans will get reimbursed? My guess is that Biden will just say"SCREW YOU!"

 
 
 
Vic Eldred
Professor Principal
6.1.5  seeder  Vic Eldred  replied to  Sparty On @6.1.3    one month ago

You mean the educational incentive is gone?

The masculinity thing is being destroyed...What's left?

 
 
 
Vic Eldred
Professor Principal
6.1.6  seeder  Vic Eldred  replied to  arkpdx @6.1.4    one month ago

I'm afraid so. Then hell play...


 
 
 
Tessylo
Professor Principal
6.1.7  Tessylo  replied to  Vic Eldred @6.1.5    one month ago

[deleted]

 
 
 
Jeremy Retired in NC
PhD Guide
6.1.8  Jeremy Retired in NC  replied to  Vic Eldred @6.1    one month ago
What about veterans who joined the military to get their tuition paid for? 

Damn right.  I want my money back!!!!!

 
 
 
Vic Eldred
Professor Principal
6.1.9  seeder  Vic Eldred  replied to  Jeremy Retired in NC @6.1.8    one month ago

There is a lot of anger on this. It is extremely unfair and it's really illegal. He really has no right to do this.

About 50% of those who owe on student loans have Graduate Degrees. The rest of us are bailing them out????

And you know what the colleges are going to do, right?

 
 
 
Sparty On
Professor Principal
6.1.10  Sparty On  replied to  Vic Eldred @6.1.5    one month ago
You mean the educational incentive is gone?

It was a targeted benefit for those chose to serve.    It’s still a benefit for them but now shotgun Joe wants it to go to everyone making less than 125k.

So much for that special benefit ....

 
 
 
Vic Eldred
Professor Principal
6.1.11  seeder  Vic Eldred  replied to  Sparty On @6.1.10    one month ago

We are lucky enough to have 0.4% of the population willing to serve. Joe keeps screwing with that.

 
 
 
Jeremy Retired in NC
PhD Guide
6.1.12  Jeremy Retired in NC  replied to  Vic Eldred @6.1.9    one month ago
There is a lot of anger on this. It is extremely unfair and it's really illegal. He really has no right to do this.
About 50% of those who owe on student loans have Graduate Degrees. The rest of us are bailing them out????

Oh it's a liberals wet dream.  They're back to leeching off the taxpayer getting their "free" shit.

And you know what the colleges are going to do, right?

There's a long list of things that the colleges can do: Raise tuition, Decrease class sizes, Decrease the number of degrees they offer programs for,

 
 
 
Vic Eldred
Professor Principal
6.1.13  seeder  Vic Eldred  replied to  Jeremy Retired in NC @6.1.12    one month ago

The democrats and education are a bad mix. This just keeps feeding the monster.

And in the process, they've really abused the president's emergency powers to do just about anything.

 
 
 
Sparty On
Professor Principal
6.1.14  Sparty On  replied to  Vic Eldred @6.1.11    one month ago

And it’s shows as recruitment numbers continue their precipitous decline.

 
 
 
squiggy
Sophomore Quiet
7  squiggy    one month ago

The kid who paid his way through welding school can pay for these freeloaders, too.

 
 
 
charger 383
Professor Quiet
8  charger 383    one month ago

If the borrowers are not repaying the loans, was the student loan program worthwhile and properly set up in the first place?

 
 
 
Vic Eldred
Professor Principal
8.1  seeder  Vic Eldred  replied to  charger 383 @8    one month ago

It was 2010 that Obama got the government into the student loan business. Universities began raising tuitions immediately!

 
 
 
Ronin2
Professor Quiet
9  Ronin2    one month ago

Whoever said "Democrats are better than Republicans about debt, deficits, and inflation" should be forced to literally eat their words. Republicans suck at it; but Democrats are in a league of their own- even with a two party system.

Attempting to buy midterm votes at taxpayer expense by executive fiat.

Imagine the screaming by Democrats and leftists if a Republican PoTUS had pulled this stunt.

 
 
 
Vic Eldred
Professor Principal
9.1  seeder  Vic Eldred  replied to  Ronin2 @9    one month ago
Attempting to buy midterm votes at taxpayer expense by executive fiat.

The funny part is that this openly political stunt may not even have a payoff. The NAACP has already condemned it as not going far enough:



Joe Manchin cannot like this after he went along with the recent boondoggle.

Last but not least, where does Biden get the authority to do it?   It's not a national emergency?   Why does he get away with it?

 
 
 
arkpdx
Professor Participates
9.2  arkpdx  replied to  Ronin2 @9    one month ago
Whoever said "Democrats are better than Republicans about debt, deficits, and inflation" should be forced to literally eat their words

Why should they? They were absolutely correct! Democrats are better at those things. Better at raising them. Don't forget how good they are at raising taxes either. The just love to spend and give away other people's money. 

 
 
 
magicschoolbusdropout
Freshman Principal
10  magicschoolbusdropout    one month ago

So much for the so-called "Inflation Reduction Act" Reducing the Big Gov. Deficit.

Seems he's ready to negate any so-called " Deficit Savings" from that "Inflation Reduction Act" thing of his.....bwahahaha... with a new 300 Billion Dollar, possibly a 930 Billion Dollar debt on Big Gov. with these "School Debt Pardons".

256

 
 
 
Vic Eldred
Professor Principal
11  seeder  Vic Eldred    one month ago

"President Biden announced  Wednesday that he will cancel $10,000 of federal student loan debt for certain borrowers making less than $125,000 per year, and up to $20,000 for Pell Grant recipients, while extending the pause on federal student loan payments through the end of the year. 

"In keeping with my campaign promise, my Administration is announcing a plan to give working and middle class families breathing room as they prepare to resume  federal student loan payments  in January 2023," Biden tweeted. 

Biden is expected to give remarks on the plan Wednesday afternoon."




 
 
 
Vic Eldred
Professor Principal
12  seeder  Vic Eldred    one month ago

Fa8FsNwWAAAaLWG?format=jpg&name=medium


 
 
 
Vic Eldred
Professor Principal
13  seeder  Vic Eldred    one month ago

"Biden’s illegal move is grotesque classism. In his eyes, those who’ll end up paying are the tradesmen, the riff-raff, the great unwashed, the background noise, the dirty-handed types, whose role is to aid the self-dealing clerisy his party calls its base."

nwaBcWle?format=jpg&name=240x240


 
 
 
Tessylo
Professor Principal
13.1  Tessylo  replied to  Vic Eldred @13    one month ago

PROVE IT AND NOT FROM THAT ALT-RIGHT RAG national review

 
 
 
Vic Eldred
Professor Principal
13.1.1  seeder  Vic Eldred  replied to  Tessylo @13.1    one month ago

 
 
 
Vic Eldred
Professor Principal
13.1.2  seeder  Vic Eldred  replied to  Vic Eldred @13.1.1    one month ago

NEXT

 
 
 
magicschoolbusdropout
Freshman Principal
13.1.3  magicschoolbusdropout  replied to  Vic Eldred @13.1.2    one month ago

[deleted]

 
 
 
arkpdx
Professor Participates
13.1.4  arkpdx  replied to  Vic Eldred @13.1.1    one month ago

jrSmiley_28_smiley_image.gifjrSmiley_122_smiley_image.gifjrSmiley_36_smiley_image.gif

 
 
 
Tessylo
Professor Principal
13.1.5  Tessylo  replied to  Vic Eldred @13.1.1    one month ago

I was correct.

NEXT

 
 
 
Vic Eldred
Professor Principal
13.1.6  seeder  Vic Eldred  replied to  Tessylo @13.1.5    one month ago

It was a good thing you changed that comment, because I was going to find out if you read it.

It was a very short article.

 
 
 
Tessylo
Professor Principal
13.1.7  Tessylo  replied to  Vic Eldred @13.1.1    one month ago

From your link - where exactly does it say that?  All I see is woulda, coulda, shoulda, and people 'may not want to' - those people should want better than they had for their children or any children when they become college age - not to have lifelong student debt.  

Student Loan Forgiveness: Biden Administration Debating Details

Zack Friedman
Senior Contributor CEO, Mentor (mentormoney.com). Bestselling Author, The Lemonade Life.
Aug 23, 2022, 12:00pm EDT

The White House is still considering the details of an announcement on student loan forgiveness - and it’s unclear how far President Joe Biden could go on student loan cancellation.

Here’s what you need to know —   and what it means for your student loans .

Student Loans

According to the Washington Post, the White House   hasn’t   finalized details on broad student loan forgiveness. (Other reporting notes   student loan forgiveness   could come as early as tomorrow). With only days away until the expiration of the student loan payment pause, Biden’s   announcement on the prospect of wide-scale student loan relief   could come right before student loan borrowers are expected to   restart federal student loan payments   on September 1, 2022. Biden is considering whether to enact wide-scale student loan forgiveness for more than 40 million student loan borrowers.   So, what’s the hold-up?


Student loans

As the Washington Post notes, there are several reasons why the Biden administration is carefully weighing the decision on broad student loan cancellation.

1. Student loan forgiveness could increase Inflation

Inflation reached a 40-year high , and the last thing the Biden administration wants is the perception that broad student loan forgiveness will increase inflation. However, former U.S. Treasury Secretary Larry Summers, a Democrat, has argued that wide-scale student loan forgiveness could boost inflation. If student loan borrowers have more disposable income, they could spend that money in the economy, thereby increasing demand and potentially driving prices higher. Republicans in Congress also say wide-scale student loan cancellation will   increase monster inflation . The White House disagrees, saying that any   wide-scale student loan relief   will have minimal, if any, impact on inflation.


2. Student loan cancellation could be perceived as wealth redistribution

The Biden administration is weighing the perception that wide-scale student loan forgiveness constitutes wealth redistribution. While other policies create wealth redistribution, the argument here is slightly different. With broad student loan forgiveness, the concern from Republicans and other critics of broad student loan cancellation is that   wide-scale student loan forgiveness   redistributes income to   higher-income earners . How is this possible? On average, college-educated student loan borrowers — even if they face high student loan payments and an uncertain economy — earn higher income than other Americans who didn’t attend college or couldn’t afford it.

MORE FOR YOU

How To Get Approved For Student Loan Forgiveness

Student Loan Forgiveness Won’t Be Available For Everyone, But This Plan Is Available Now

Biden Cancelled $1.5 Billion Of Student Debt For Borrowers, But You Can Still Apply Now


3. Americans without student loans may not want to pay for other people’s student loans

According to the   latest student loan debt statistics , there are 45 million borrowers who collectively owe $1.7 trillion of student loans. There are about 250 million adult Americans, meaning student loan borrowers represent about 20% of the adult American population. That means nearly 80% of Americans don’t have student loans: they either never borrowed student debt or have already paid off their student loans. With   broad student loan cancellation , these Americans will effectively be asked to pay for the college education of other Americans.


Student loan forgiveness: political implications

Biden will also weigh the political impact of wide-scale student loan cancellation. The midterm election is on November 8, and Democrats could lose control of Congress.   Supporters of wide-scale student loan cancellation   want a   financial lifeline   in the wake of the Covid-19 pandemic and an uncertain economy. They also want Biden to   fix a broken student loan system   that has created disparities. Biden also must weigh feedback from some moderates, independents and Republicans who say student loan cancellation will fuel inflation,   cost $400 billion   and hurt working Americans who didn’t go to college or don’t have student loans. Republicans announced a   major, new plan on student loan forgiveness   that would   prevent the president from enacting wide-scale student loan relief   and would restart student loan payments immediately, among other proposals.

Student loans: next steps

Biden has said he will decide on wide-scale student loan forgiveness before August 31, 2022. With only days remaining, expect an   announcement from Biden on student loan forgiveness   and the   student loan payment pause any day . Regardless of the president’s decisions, remember that you should learn all your options for student loan repayment. Student loan forgiveness may help certain student loan borrowers, but most likely, it won’t eliminate all your student loans. Here are some popular ways to save money and pay off student loans faster:

 
 
 
Vic Eldred
Professor Principal
13.1.8  seeder  Vic Eldred  replied to  Tessylo @13.1.7    one month ago

Yes, there it is. Thanks for posting it for all to see.

 
 
 
Tessylo
Professor Principal
13.1.9  Tessylo  replied to  Vic Eldred @13.1.8    one month ago

I'd appreciate it if you'd point out exactly where 'it is'.  All your readers I'm sure would appreciate it also.  

 
 
 
magicschoolbusdropout
Freshman Principal
13.1.11  magicschoolbusdropout  replied to  magicschoolbusdropout @13.1.3    one month ago

[deleted]

 
 
 
devangelical
Professor Principal
13.1.12  devangelical  replied to  magicschoolbusdropout @13.1.11    one month ago
Removed for context

what a gift towards sanity that would be...

 
 
 
Tessylo
Professor Principal
13.1.13  Tessylo  replied to  devangelical @13.1.12    one month ago

[deleted]

 
 
 
magicschoolbusdropout
Freshman Principal
13.1.14  magicschoolbusdropout  replied to  devangelical @13.1.12    one month ago
[deleted]

[deleted]

 
 
 
magicschoolbusdropout
Freshman Principal
13.1.15  magicschoolbusdropout  replied to  magicschoolbusdropout @13.1.11    one month ago

[deleted]

 
 
 
Vic Eldred
Professor Principal
13.1.16  seeder  Vic Eldred  replied to  Tessylo @13.1.9    one month ago
I'd appreciate it if you'd point out exactly where 'it is'. 

Look straight ahead.


All your readers I'm sure would appreciate it also.  

They got it back when TiG pointed it out, way back in Post 4.

 
 
 
Tessylo
Professor Principal
13.1.17  Tessylo  replied to  Vic Eldred @13.1.16    one month ago

So you don't have the answer.  Why not just admit it?

 
 
 
Vic Eldred
Professor Principal
13.1.18  seeder  Vic Eldred  replied to  Tessylo @13.1.17    one month ago

We call that "the old wordsmith game."  

That was a big fail.

 
 
 
magicschoolbusdropout
Freshman Principal
13.1.19  magicschoolbusdropout  replied to  magicschoolbusdropout @13.1.11    one month ago

[deleted[]deleted]

 
 
 
Drinker of the Wry
Freshman Principal
13.1.20  Drinker of the Wry  replied to  Tessylo @13.1.13    one month ago

I see JoJo is a member of the two-wrongs-make-a-right fallacy club.

 
 
 
arkpdx
Professor Participates
13.1.21  arkpdx  replied to  Tessylo @13.1.17    one month ago

Gee I have made the same comment and question to you dozens of time and to date I have never gotten a response by 

 
 
 
magicschoolbusdropout
Freshman Principal
13.1.22  magicschoolbusdropout  replied to  magicschoolbusdropout @13.1.19    one month ago

[deleted]

 
 
 
magicschoolbusdropout
Freshman Principal
13.1.23  magicschoolbusdropout  replied to  magicschoolbusdropout @13.1.15    one month ago

[deleted]

 
 
 
Vic Eldred
Professor Principal
14  seeder  Vic Eldred    one month ago

Dumb ass is speaking now

FavbaQQX0AAvu2s?format=png&name=small

 
 
 
Just Jim NC TttH
PhD Principal
14.1  Just Jim NC TttH  replied to  Vic Eldred @14    one month ago

256

 
 
 
Vic Eldred
Professor Principal
14.1.1  seeder  Vic Eldred  replied to  Just Jim NC TttH @14.1    one month ago

McConnell: Biden student loan forgiveness a "wildly unfair redistribution" of wealth

Fa8sWgxWQAAEI_j?format=jpg&name=small


https:// trib.al/EDLb76D

 
 
 
magicschoolbusdropout
Freshman Principal
14.1.2  magicschoolbusdropout  replied to  Vic Eldred @14.1.1    one month ago
Biden student loan forgiveness a "wildly unfair redistribution" of wealth

But, The "Left of Left of Left, Left Democrats, Nor Simpleton Democrats" don't do that !

 
 
 
Vic Eldred
Professor Principal
15  seeder  Vic Eldred    one month ago

Joe is telling us a long story of his going to school.....It's endless. A rambling story!

He's definitely juiced up on Prevagen.

 
 
 
Vic Eldred
Professor Principal
16  seeder  Vic Eldred    one month ago

What's truly amazing is that when he began, (He's in close contact with COVID positive Jill Biden), he took his mask off and immediately coughed into his hand. Twice. I wonder if he'll seek to shake somebody's hand?

 
 
 
Vic Eldred
Professor Principal
17  seeder  Vic Eldred    one month ago

He says that college is just too expensive. He doesn't bother to tell us how it happened....back in 2010

 
 
 
Vic Eldred
Professor Principal
18  seeder  Vic Eldred    one month ago
I guess it's okay for you though. 

It's like gambling...the 99% fail miserably, but Vic Eldred is living large.

 
 
 
Tessylo
Professor Principal
18.1  Tessylo  replied to  Vic Eldred @18    one month ago

Your own biggest fan.

 
 
 
Vic Eldred
Professor Principal
19  seeder  Vic Eldred    one month ago

That's all folks!

th?id=OIP.kb29nKk-qmbEUGdIPPRA-QHaEF&pid=Api&P=0

 
 
 
Sunshine
Professor Guide
20  Sunshine    one month ago

512

 
 
 
Vic Eldred
Professor Principal
21  seeder  Vic Eldred    one month ago

Well, as Alan Freed used to say when it was time to sign off:

"This isn't good-by, it's only good night."

 
 
 
magicschoolbusdropout
Freshman Principal
22  magicschoolbusdropout    one month ago

As I just listened to Education Secretary Miguel Cardona comments about Brandons College Loan Bailout,

It came to me:

Folks that were even close to paying off their education debts, knowing, for the last couple years the "Uber Left" was going to push through "Feeble" Brandon to do a vote buying gift to so-called "Educated?" crybaby loan payers, Should have STOPPED paying their bill like any upstanding "Citizen" would do, and just stick it out and wait for "Feeble" Brandon and company to pay it for them l

If you actually paid your Own self induced bill all by yourself.....It's  Fuck You, so says "Feeble Brandon" and "Miguel Cardona". 

 
 
 
afrayedknot
Freshman Quiet
22.1  afrayedknot  replied to  magicschoolbusdropout @22    one month ago

“…the "Uber Left" was going to push through "Feeble" Brandon to do a vote buying gift to so-called "Educated?

And just where did you matriculate?

Whoever it was should be embarrassed given this level of incoherent drivel. 

 
 
 
arkpdx
Professor Participates
22.1.1  arkpdx  replied to  afrayedknot @22.1    one month ago

Yes the school should be so embarassed that they let someone graduate that actually believes one should pay ones own debt. Colleges and universities these days are supposed to teach their student in liberal ways like getting other people to pay for the things you want. 

 
 
 
magicschoolbusdropout
Freshman Principal
22.1.2  magicschoolbusdropout  replied to  afrayedknot @22.1    one month ago
And just where did you matriculate?

Do you even know what that word means, after reading your follow-up comment that is.

It's like you have no idea whom it is "Big College" allows to enroll in their system !

Are you getting a "Brandon Loan Forgiveness " Voter Buy Out", because YOU FAILED to PAY your own self induced burden too ?

Hahahahaha !

 
 
 
magicschoolbusdropout
Freshman Principal
22.1.3  magicschoolbusdropout  replied to  arkpdx @22.1.1    one month ago
Yes the school should be so embarassed that they let someone graduate that actually believes one should pay ones own debt.

OMG !

Having "Common Sense" is sooooo wrong these days ! jrSmiley_98_smiley_image.gif

Don't do that. LOL !

 
 
 
arkpdx
Professor Participates
22.1.4  arkpdx  replied to  magicschoolbusdropout @22.1.3    one month ago

The trouble with common sense is that it is not all that common. 

 
 
 
magicschoolbusdropout
Freshman Principal
22.1.5  magicschoolbusdropout  replied to  arkpdx @22.1.4    one month ago
The trouble with common sense is that it is not all that common

Exactly !

 
 
 
Tessylo
Professor Principal
22.1.6  Tessylo  replied to  afrayedknot @22.1    one month ago

jrSmiley_10_smiley_image.gif

jrSmiley_10_smiley_image.gif

jrSmiley_10_smiley_image.gif

 
 
 
Sean Treacy
Professor Expert
23  Sean Treacy    one month ago

Daily laugh..  Finally, Harvard Law Students catch a break...

Laurence Tribe
@tribelaw
 · 9h
Good news for thousands of my former students. I’m grateful on their behalf, Mr. President. 

 
 
 
Right Down the Center
Sophomore Guide
24  Right Down the Center    one month ago

256

 
 

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