Biden doesn't want to fight for 50,000 student loan relief. It's too hard
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When are we gonna get that forgiveness? Soon? A couple more weeks?
Get the fuck outa here.
You kiss any kind of forgiveness if this bill pass. These fuckers want to get rid of everything. Put everyone at the mercy of loan companies
"The Biden administration has been engaging in mass student loan forgiveness behind Americans' backs without the authorization of Congress," the three lawmakers said in a statement. "In total, to date, the President has already forgiven, waived, or canceled at least $217 billion in student loans through the unlawful abuse of his executive pen. Instead of placing the burden of this broken student loan system on the shoulders of American taxpayers, we are introducing this bill to fix the system."
THE QUOTE IS DIRECTLY FROM REPRESENTATIVES VIRGINIA FOXX, ELISE STEFANIK, AND JIM BANKS
3 Republican lawmakers just countered Biden's student-loan-forgiveness plans with a bill of their own to help borrowers 'most in need'
On Thursday, Reps. Virginia Foxx, Elise Stefanik, and Jim Banks introduced the Responsible Education Assistance Through Loan, or REAL, Reforms Act, which is intended to act as an "alternative" to proposals the Education Department has put forth to reform student-loan programs.
The bill proposes a series of actions to help the borrowers "most in need," a fact sheet said, by preventing interest from spiraling on income-driven repayment plans, capping borrowing for graduate students, and ending the Public Service Loan Forgiveness program for new borrowers, which the fact sheet said costs taxpayers and favors those with high incomes.
"The Biden administration has been engaging in mass student loan forgiveness behind Americans' backs without the authorization of Congress," the three lawmakers said in a statement. "In total, to date, the President has already forgiven, waived, or canceled at least $217 billion in student loans through the unlawful abuse of his executive pen. Instead of placing the burden of this broken student loan system on the shoulders of American taxpayers, we are introducing this bill to fix the system."
Biden has extended the pause on student-loan payments four times. He has also wiped out student debt for targeted groups of borrowers, such as those defrauded by for-profit schools and those with disabilities. And he is now in the process of deciding another extension, along with broad student-loan forgiveness — reports say $10,000 in relief for those making under $150,000 a year. With those announcements expected this month, Republican lawmakers have been ramping up criticism on the proposals, with this bill being the latest of those efforts.
Biden's student loan forgiveness plan is a 'horrible idea,' says Kevin O’Leary
Specifically, the Republicans are proposing to:
Some of the proposals in the bill are not new. Republican lawmakers have previously introduced legislation to ban the president from canceling student debt and continuing to extend the pause on payments, and Foxx has criticized the confusion with income-driven repayment plans after the release of an NPR investigation highlighted their mismanagement.
But Biden's Education Department is planning to release a new income-driven repayment plan in the coming weeks, and it's also in the process of carrying out PSLF reforms from last year, one of which included a waiver that runs through October 31 that allows any past payments a borrower made — even those previously deemed ineligible — to count toward the forgiveness progress. The waiver has so far brought $8.1 billion in relief to 145,000 borrowers.
The Republicans' proposals are emblematic of criticisms they've had toward the student-loan program in past months, especially when it comes to the cost. A report from the Government Accountability Office last week found that the Education Department cost estimates for the federal student-loan program were off by $311 billion, with the program expected to generate revenue loss rather than profit. But while the GOP has viewed the solution to those costs as ending Democrats' broad relief efforts, the chair of the House education committee, Bobby Scott, said the focus should be on making student loans work for everyone.
Read the original article on Business Insider
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1 of 10 Photos in Gallery©AP Photo/Carolyn Kaster
THE QUOTE IS DIRECTLY FROM REPRESENTATIVES VIRGINIA FOXX, ELISE STEFANIK, AND JIM BANKS
3 Republican lawmakers just countered Biden's student-loan-forgiveness plans with a bill of their own to help borrowers 'most in need'
- Reps. Foxx, Stefanik, and Banks introduced a bill to counter Biden's student-loan-forgiveness plans.
- It includes limiting borrowing for grad students and ending targeted loan-forgiveness programs.
- This comes as Biden is expected to announce broad debt relief in August.
On Thursday, Reps. Virginia Foxx, Elise Stefanik, and Jim Banks introduced the Responsible Education Assistance Through Loan, or REAL, Reforms Act, which is intended to act as an "alternative" to proposals the Education Department has put forth to reform student-loan programs.
The bill proposes a series of actions to help the borrowers "most in need," a fact sheet said, by preventing interest from spiraling on income-driven repayment plans, capping borrowing for graduate students, and ending the Public Service Loan Forgiveness program for new borrowers, which the fact sheet said costs taxpayers and favors those with high incomes.
"The Biden administration has been engaging in mass student loan forgiveness behind Americans' backs without the authorization of Congress," the three lawmakers said in a statement. "In total, to date, the President has already forgiven, waived, or canceled at least $217 billion in student loans through the unlawful abuse of his executive pen. Instead of placing the burden of this broken student loan system on the shoulders of American taxpayers, we are introducing this bill to fix the system."
Biden has extended the pause on student-loan payments four times. He has also wiped out student debt for targeted groups of borrowers, such as those defrauded by for-profit schools and those with disabilities. And he is now in the process of deciding another extension, along with broad student-loan forgiveness — reports say $10,000 in relief for those making under $150,000 a year. With those announcements expected this month, Republican lawmakers have been ramping up criticism on the proposals, with this bill being the latest of those efforts.
Biden's student loan forgiveness plan is a 'horrible idea,' says Kevin O’Leary
Specifically, the Republicans are proposing to:
- Ensure "responsible, existing borrowers" enrolled in income-driven repayment plans only have to pay back the original amount they borrowed and 10 years of interest, and offer a way for borrowers to pay down their principal if their payments have only covered interest.
- End the student-loan-payment pause.
- Eliminate PSLF for new borrowers and streamline income-driven repayment plans into one plan, block Biden from issuing another plan, and end loan forgiveness under income-driven repayment plans, which the lawmakers said both benefit high earners and graduate students.
- Limit the amount of debt graduate students can borrow by ending the Grad Plus program.
- And allow Pell Grants to be used for short-term programs while prohibiting tuition and fees from exceeding the expected earnings of a certain program.
Some of the proposals in the bill are not new. Republican lawmakers have previously introduced legislation to ban the president from canceling student debt and continuing to extend the pause on payments, and Foxx has criticized the confusion with income-driven repayment plans after the release of an NPR investigation highlighted their mismanagement.
But Biden's Education Department is planning to release a new income-driven repayment plan in the coming weeks, and it's also in the process of carrying out PSLF reforms from last year, one of which included a waiver that runs through October 31 that allows any past payments a borrower made — even those previously deemed ineligible — to count toward the forgiveness progress. The waiver has so far brought $8.1 billion in relief to 145,000 borrowers.
The Republicans' proposals are emblematic of criticisms they've had toward the student-loan program in past months, especially when it comes to the cost. A report from the Government Accountability Office last week found that the Education Department cost estimates for the federal student-loan program were off by $311 billion, with the program expected to generate revenue loss rather than profit. But while the GOP has viewed the solution to those costs as ending Democrats' broad relief efforts, the chair of the House education committee, Bobby Scott, said the focus should be on making student loans work for everyone.
Read the original article on Business Insider
" source="msn" class="image-DS-unknown2-1 image-DS-unknown2-2" src="https://img-s-msn-com.akamaized.net/tenant/amp/entityid/AAXwos9.img?w=800&h=415&q=60&m=2&f=jpg" style="display: block; margin: 0px auto; max-width: 100%; height: auto; max-height: 100%; position: relative; vertical-align: middle; object-fit: contain;">
1 of 10 Photos in Gallery©AP Photo/Carolyn Kaster
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Why are you quoting yourself?Motherfuckers said Biden is doing too much!
They could do that. Sure. I don’t know how it’s going to get enacted. That’s an option. Or. Hear me out. All their antics would be moot if he gets rid of all of the debt first.
But he won’t.
Bro I feel you 100%, but I was paying $1200 a month. The pause has been in affect for almost 3 years so if I was still making payments, that would be close to 36,000 I would have paid and no longer have to pay....
Add on this 10,000 and that almost 50,000
Again this is better than nothing....Trump wouldn't have done nothing....
That's actually not true his campaign website always said a minimum of 10k he actually never said all although I believe he should cancel it all.
Correct and at some point when do you say fuck it let me come up with a game plan to pay my shit off....
I did a focus group last night about this with a group of folks that went to a HBCU.....Everyone on the call except for me and another girl went to a PWI for graduate school which means both our loans were over 100K....
The other girls went to an in-state school in NC...Now I was making payments living in high ass cost of living DC 10% of my income for several years.....Starting out making 48K back in 2010...
I am thinking to myself, if you making 50 or 60 and can't afford to pay 500 a month (which some of that can be written off) that's a problem....Budget and figure out how to get those funds....
Hate to be harsh but it's the truth and I support 100% cancelling of student loans, but my parents always told me don't cry over spilled milk....
The problem is the lack of education with these kids letting them know what the expectations are when you get out in regards to making payments and not to get so much and blow your money on stupid shit....
We need more organizations that will help educate kids and parents about student loans...Come up with strategies of how to only apply for what you really need and look at things realistically.
Yeah I hear what you are saying I don't have any student loans I have personal debt but it's all good I'm working hard to pay it off. I will say if he cancels all federal student loans it could be tremendous for the country long term and would be an even bigger boost for Democrats politically.
I totally agree BIG BOOST, but one key thing everyone on that call said last night - i was able to pay down debt, save, and etc...
I just hate to hear people minimize what has already been done....
Oh no doubt we can acknowledge that and maybe some sort of tax break should be considered for those that have.
Shit, he’s the first president to anything about these loans
Hell I could bitch and complain that I won't even benefit from the 10K loan or how I didn't get a stimulus check, but it is what it is....Everything is being done for the greater good of the country.....
Facts and using the same scenario...
Start out with 100K paying 10% at 1000 a month
Pause almost 3 years - saved 30,000
Down to 70,000
10K from the government
Balance is at 60K
Would you rather pay on a loan for 100K or 60K? 1000 a month or 600 a month...
Oh I see now.
You can disregard my question to you in the other thread.
Good for ya'll. I'm happy for you guys.
I paid my shit off 5 years ago
but I ain't mad somebody getting to benefit.
And we don't even know what else he will be discussed tomorrow...He might say on top of extending the pause, giving 10K, instead of paying 10% of your income, you only have to do 5% or 3%. We just don't know what else he is going to do...I think what he has done so far this year is more than what others have done in the past....
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