President Biden on Monday announced a large-scale effort to help pay off federal student loans for tens of millions of American borrowers, seeking an election-year boost by returning to a 2020 campaign promise that was blocked by the Supreme Court last year.
Mr. Biden’s new plan would reduce the amount that 25 million borrowers still owe on their undergraduate and graduate loans. It would wipe away the entire amount for more than four million Americans. Altogether, White House officials said, 10 million borrowers would see debt relief of $5,000 or more.
“While a college degree still is a ticket to the middle class, that ticket is becoming much too expensive,” Mr. Biden said during a speech to a small but enthusiastic audience filled with supporters. “Today, too many Americans, especially young people, are saddled with too much debt.”
Mr. Biden announced the plan in Madison, Wis., the capital of a critical swing state and a college town that symbolizes the president’s promise to make higher-education affordability a cornerstone of his economic agenda.
But it is a promise he has so far failed to achieve, largely because of legal challenges from Republicans and other critics. They accuse Mr. Biden of unlawfully using his executive authority to enact a costly transfer of wealth from taxpayers who have not taken out federal student loans to those who have.
Officials did not say how much the new plan would cost over the coming years, but critics have said it could increase inflation and add to the federal debt…
Read more@JaguarGregDemocrat3wks3W
It really is the right thing to do since our educational system is now so predatory. I doubt it will mean much as far as votes because those who got themselves so deeply in debt are probably already Trump voters. The lack of self control and reasoning ability are very indicative.
It does boost the economy however, and all the good serfs know it is all about the economy.
The phones people carry around keep telling them how smart they really are, except their actions tell us that it is not true.
@L3ftyGaryPatriot3wks3W
Here is where President Biden loses me. President Biden took an oath to uphold the constitution. the constitution includes checks and balances. Isn't the supreme court part of that system of checks and balances? Didn't the supreme curt tell the president that he doesn't have the authority to forgive student debt? So what is he doing here? Isn't ignoring the supreme court a threat to democracy? Isn't ignoring the supreme court operating above the law? I don't understand what he is doing here.
@B1llOfRightsJayDemocrat3wks3W
SCOTUS struck down a specific program based (if I recall correctly) in part on legislation signed during the pandemic, as well as on older statutes. They did no say he doesn't have the authority to forgive debt, only that he didn't have authority to forgive debt with the plan he proposed, using the legal justification he cited.
This program has a different design and the administration clearly believes that it is consistent with authority granted by Congress to manage the student loan programs, including provisions for loan forgiveness.
This will end up back in the courts, and probab… Read more
@FreeTradeMikeyDemocrat3wks3W
This is an Ebenezer Scrooge moment for Joe Biden. Thirty years ago, Biden and Bill Clinton worked hard to eliminate student loan bankruptcy, and allowed usurious banks to shake as much money as possible from the pockets of student loan borrowers, one of whom was me. To which I DON'T say, Bah! Humbug! I say better late than never. Apparently, Biden had an epiphany. Oddly enough, it was Trump who convinced me to go bankrupt on my student loan debt interest just before Biden was able to take away my ability to do so. I paid back all of the principal, just went bankrupt on the interest.… Read more
@CulturedL1ber4lVeteran3wks3W
Setting aside the merits of this action on policy grounds for a moment, this is insane from a political perspective. I can't even express the rage this inspires in virtually everyone around me. It's almost like it was designed to increase votes for Trump.
I would be one of the people to benefit somewhat from this plan. It would save me about 3K.
However this just compounds the issue at hand. Policies like these disincentivize borrowers from paying off their loans. Why should I actively work on paying down my debt when instead I can just wait until the government slowly chips away at my balance when they need votes again?
Not to mention between me and my wife we are going to make around 200k this year in the midwest and yet I will be getting welfare from the US government.
I agree with most of what Biden passes however this neither solves the issue nor incentivizes future payback. Half-measures like this do nothing.
A good plan. Student loans should not apply interest as credit cards do or when a loan is in deferment or forbearance. With the last two cases you are penalizing people for uncontrollable circumstances. Interest should be applied as a simple straight line amortization for the defined life of the loan. Loans to go to bogus schools, can we say trump university as one example, should be forgiven. All of this makes sense and is also for the most part within the current legal structures and regulations.
When Biden would learn that bribery does not work. Our college tuition system is broken. Rather than structural change for a permanent solution, this effort to buy votes is unforgivable. People can see through it. Rather than gaining votes, it will be counter productive.
@SereneVoleNo Labels3wks3W
This entire topic is exactly why I will not be voting for Biden again in the upcoming election. From everything I have read about this vote buying scheme an individual with an annual income of $125,000 or dual income couples with joint income of $250,000 qualifies for this debt cancellation. Think about how that feels to hardworking taxpayers with incomes far lower who are expected to pay for all this. The government needs to make sure that this goes only to those in legitimate need of assistance like this. In the meantime I am surrounded by high earning co workers constantly whining about… Read more
@AwedDiplomatForward3wks3W
Unbelievable. For those wondering why Biden has the lowest approval rating of any modern president, look no further than this issue coupled with his immigration mess. His message to moderate parents like myself who saved for their kids college fund, and to blue collar workers who have to pay for this debt transfer, is : “sorry, but I need to energize my progressive debtor base. And, by the way, I’m importing ten million more people to compete for your jobs in the trades.” He’s lucky that he’s running against a lunatic like Trump, or he would lose in the worst landslide in history.
I'm sorry but unless every adult gets the same amount this is just wrong. I paid my loans off in full, no handouts, so I truly resent what Biden is doing.
@DebonairDoveGreen3wks3W
Student loan debt is a lot higher on average than it used to be. The insanely high tuition costs that colleges charge now are not fair to students that need the education to make a good living. If we can at least make this part more fair to them that is an appropriate step. I hope that the US also begins to restrict the application of future student loans to only colleges that charge reasonable tuition.
I did too, but if more grads can spend their hard earned money on purchasing a house, or contributing to the actual economy rather than paying compounding interest to the government, then that’s a win for everyone.
At what point does this amount to buying votes?
My parents paid for both my college and graduate school in full. And they both support this policy, as do I.
This "I did it the hard way, so everyone else has to too" mindset has to end. What do you think the kids who didn't have parents who can pay their college tuitions are supposed to do, when their debt becomes hundreds of thousands of dollars? Where do you think doctors and teachers and engineers come from, the sky?
Young people are already starting to turn away from college educations because of the life long debt it gets you into. Do you want an educated society? Do you… Read more
@ISIDEWITH3wks3W
Could there be a better solution to the problem of student debt than the one proposed by President Biden?
@9LF42XD3wks3W
Biden could be doing way more than what he is
@9LF3ZF43wks3W
there may be better ways to do things but biden is going in a good direction with it
@9LF3T5MWomen’s Equality3wks3W
It should be about more important things
@ISIDEWITH3wks3W
@ISIDEWITH3wks3W
Should relieving student debt be a priority for the government, considering other potential uses of those funds?
@9LG4423Libertarian3wks3W
I think relieving student debts is great, but there are other things that can be better funded compared to student loan debt
@9LF4WMXWomen’s Equality3wks3W
I think relieving student debt should be a priority because it overall helps the people economically and socially and the funds can go to spending within other important matters.
@9LF48Y53wks3W
nobody should have that much debt and it it taxing on mental health
@9LF3YCG3wks3W
Id like to see school become less expensive, this will higher our education levels and help America be seen as a better growing country
@ISIDEWITH3wks3W
@ISIDEWITH3wks3W
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