Biden administration to cancel student loan debt for at least 40,000 borrowers. SCOTUS strikes down Biden’s student loan relief plan
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Just to start I’m for forgiving some SL debt or internet rate forgiveness. Technically only federal SL’s can be forgiven so anyone who took out a private loan……you’re at the mercy of that company. Also most of the population is against complete SL forgiveness for a number of reasons. One of them is the fact that the majority of people with student loan debt are people who have an annual income between 106k and 337k so it would be mainly benefiting those who can comfortably afford to pay it off. Another reason is that if all of that debt is forgiven will become the responsibility of the taxpayers, the money just doesn’t disappear. Also if Biden tried to cancel it all via EO the Supreme Court would veto it with the quickness and he knows that, so does Bernie and anyone else who’s spreading this idea that it can be done with a flick of a pen. Lastly Biden never “promised” to cancel all SL debt via EO. He proposed forgiving up to 10k per borrower based off a proposal by Elizabeth Warren. Also the Department of Education has already forgiven close to 40 billion in student loans during this administration……..more than any other president in history.
Well if this bill pass that the republicans are suggesting fuck a 10k. You paying everything back
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.
- 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.
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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.
- 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.
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I don't think writing off student loans is the right answer.
The problem is that more students would want to go to university in our system isn't equipped to handle it. The second problem is that many universities could no longer afford to keep their doors open.
That means you have a higher demand, a lower supply, which inevitably makes college education more expensive and unattainable. Same thing that's going on in our economy right now.
IMO a better idea would be to make student loans tax deductible.
The federal government should also start funding high schools to provide associate's degrees in general study for their graduates. Since most of these courses are already required for most degrees it will mean that students don't need to spend as much time or money at University in the first place.
The problem is that more students would want to go to university in our system isn't equipped to handle it. The second problem is that many universities could no longer afford to keep their doors open.
That means you have a higher demand, a lower supply, which inevitably makes college education more expensive and unattainable. Same thing that's going on in our economy right now.
IMO a better idea would be to make student loans tax deductible.
The federal government should also start funding high schools to provide associate's degrees in general study for their graduates. Since most of these courses are already required for most degrees it will mean that students don't need to spend as much time or money at University in the first place.
A growing number of Americans are questioning the value of going to college
The share of Americans who believe colleges and universities have a positive impact on the country has dropped by 14 percentage points since 2020.
www.kqed.org
The share of Americans who believe colleges and universities have a positive impact on the country has dropped by 14 percentage points since 2020.
A growing number of Americans are questioning the value of going to college - MindShift
A new poll on adults' perceptions of higher education shows a sharp partisan divide and a decline in the share of Americans who think colleges and universities have a positive impact on the nation.
Can someone explain to me in a serious mature manner, what's the hold up on this?
In other words Aug 31st smh
This administration is straight pussy! How many Billions have they given to UKRAINE in less than a year? How does any of that money benefit the people of the US? How does it help the man living under the bridge trying to make a damn AirBNB for homeless people?
We are owed at least that. This nation worked extra hard to stop black people from earning an education. I paid off my shit, but a young brother or sister should be able to benefit from something even if I am not involved.
This isn't some tribal shit where a kid has to wear a bullet ant glove to become a man. Our kids shouldn't have to go through the tough times we went through. Sure it'll make them a little softer, but by the time I was my kid's age, I had seen multiple people shot and killed, survived shootings at house parties and playgrounds, and had been robbed by a junkie for my bike.
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