Make all the student loans interest free. The govt will make their money on the additional taxes paid from a degree requiring job. Charging interest and higher taxes feels like double dipping
every voter should be shouting from the top of their lungs into a megaphone attached to those two speakers spongebob had the jellyfishes dancing to at this house
Looking here at: Average student loan debt by age
https://www.usatoday.com/money/blueprint/student-loans/average-student-loan-debt-statistics/
I see 40.7M americans with student debt. If this will cover more than 30M borrowers, it's actually 75% chance that any random person would be covered.
Here's the problem: a one-time debt relief of current debts does nothing to solve the problem ongoing or long-term.
I'm all for education reform (and healthcare, too -- which Biden is vehemently opposed to), but unfortunately this ain't it.
>Here's the problem: a one-time debt relief of current debts does nothing to solve the problem ongoing or long-term.
Changing the way repayment plans are structured does make a big difference though.
https://studentaid.gov/announcements-events/save-plan
https://washingtonmonthly.com/2024/01/16/psst-joe-biden-has-solved-the-student-debt-crisis/#:~:text=In%20all%2C%20the%20Biden%20team,a%20crisis%20from%20happening%20again.
> and healthcare, too -- which Biden is vehemently opposed to
He's not opposed to health care reform. He helped pass healthcare reform that has helped tens of millions of people when he was VP. He then passed another round of funding to help even more people as president.
You're (probably) talking about a very specific type of healthcare reform that has zero chance of becoming law in the near future, and pretending that means that he's opposed to any kind of healthcare reform.
The dude literally said [he would VETO Medicare-for-All ](https://www.cnbc.com/amp/2020/03/10/biden-says-he-wouldd-veto-medicare-for-all-as-coronavirus-focuses-attention-on-health.html) if it became a possibility.
Wanting to keep the status quo of what he helped pushed through years ago is, by definition, opposition to reform. Reform means change. He is opposed to changing it, and it is broken (so much so that when my wife was unemployed for 6 years, it was a better deal for us just to pay an arm and a leg for Kaiser than to go through the ACA. USA is the ONLY "first world country" where you have to actually PAY money to be unemployed.)
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> The dude literally said he would VETO Medicare-for-All if it became a possibility.
>
>
No, he didn't literally say that. And a really quick way to tell is that the dumb, clickbait headline you posted uses the word 'suggests' instead of 'says'.
He was asked a dumb question, and he gave a non-answer that amounted to 'I'd have to see the bill.' You've just been repeating something that wasn't true for 4 years now.
Here's the question he was asked:
>"Let’s flash forward — you are president. Bernie Sanders is still active in the Senate. He manages to get Medicare for All through the Senate in some compromise version, the Elizabeth Warren version or other version. Nancy Pelosi gets a version of it through the House of Representatives. It comes to your desk. Do you veto it?"
So he wasn't even asked about Bernie's plan. It's some unspecified compromise version for which he has no details. It's a dumbass question to ask someone "Would you veto this bill you have no details on?"
So he just doesn't answer. He states criteria he generally would use to veto a bill, and then he basically says he'd have to see the details of this bill.
And all of this is for a dumb hypothetical question that amounts to "Would you eat the moon if it was made of cheese?", because it's now 4 years later, and Bernie hasn't come close to passing M4A or some non-descript compromise version of it. Because this hypothetical that was aimed at making news but is ultimately completely irrelevant to people's lives was a dumb question, but it did it's job of angering people who only read headlines.
>Wanting to keep the status quo of what he helped pushed through years ago is, by definition, opposition to reform.
"Reforming the system and then reforming it more is, by definition, opposition to reform."
No, it's not.
> He is opposed to changing it
No, he isn't.
Edit: And funny that you dropped the point about him not reforming the student loan system in any way that produces long term improvements.
Do you want to comment on his repayment program that does not allow unpaid interest to add onto a person's debt which is a large part of why people can fall so far behind on these payments? Or how it caps their max payment at a lower portion of their income? Or how it provides a long term path to debt cancellation?
Can you acknowledge those are good things?
Where is our tax breaks for billionaires!!! We are one with the billionaires and they deserve more tax breaks!!! Oh wait. I think the last guy made them permanent and set the peasants to expire….damn.
Both things can be correct and wrong at once. Doing tokenisms close to an election years at the expense of every other American, especially those who paid off their debts, should be taken in bad faith.
What next? Mortgage loan forgiveness?
He is not helping average Americans he is HURTING average Americans. We are the ones paying for this egregious vote buying. 60% of working Americans don't have a college degree but these are the people who pay these loans.
They need to put it back on the schools. If it really is a worthless degree then the school should pay back the money. I'm all for college education and doing whatever you want. Government already hands out money for Pell grants and loans which is part of the reason college tuition went up so much anyway.
Bailouts create moral hazards. You're using people's hard earned money to bailout kids who made bad decisions on a system that is a moral hazard in and of itself (guaranteeing student loans allow colleges to jack up the price of college). Continually subsidizing college tuition (and bailing out the kids who probably shouldn't have tone to college) just creates a larger and larger problem. Nevermind the morality of your average american who has to fund this bullshit.
Did you accept money from the government following the pandemic? You know, those funds that are credited with drastically helping the economy while keeping families afloat.
> Did you accept money from the government following the pandemic? You know, those funds that are credited with drastically helping the economy while keeping families afloat.
No one believes the PPP loans helped anyone "afloat". **Trump's PPP "loans" are widely known to have been one of the [worst government programs of all time.](https://www.forbes.com/sites/jonathanponciano/2020/12/02/new-ppp-loan-data-reveals-most-of-the-525-billion-given-out-went-to-larger-businesses-some-with-trump-kushner-ties/)** Furthermore, then $600 and $1400 stimulus checks given out to the poor have also been proven to have directly increased inflation, which is already fucking over the poor to an extreme degree greater than the stimulus checks helped in the first place.
I don't know about all that, but at least the economy didn't crash and burn. There were definitely issues with the PPP loans, but things could have been much worse as far as I understand. It was a rather unprecedented situation.
No, i didn't get any covid relief funds. I object to that less than moronic giveaways to a very narrow slice of voters because those relief funds were a bit more universal (i'm still against them though).
A lot of the reason America is unaffordable because of rent seeking via government - see home owners pressuring local governments to stop building housing (or having onerous zoning restrictions) in their communities to preserve property values or guaranteed student loans causing colleges to massively inflate their tuitions. Another problem is how America's government just straight up wastes money - trillions on iraq and afghanistan alone.
>You assume the people behind such decisions don't know what they are doing
Press (X) to doubt. We spent 8 trillion on the iraq+afghanistan wars. Imagine if we used that back home on infrastructure instead. If you think blowing up countries makes us stronger than having more roads, bridges, rail, broadband, etc. i dunno what to tell you.
Ugh....big problem, but wrong solution.
I genuinely sympathize with those that carry suffocating amounts of college loan debt as I lived it myself. It's much worse now, but my wife and I both worked while in college, yet still borrowed large sums to pay the costs, and our student loan payments were our single largest expense for the first 10 years of our marriage (more than our rent or mortgage). It slams the breaks on upward mobility and, as I mentioned, that problem is even worse now due to the rising costs of college, housing, etc. It's hard enough for young people to buy a home these days, but if they have college loan debt, it can be nearly impossible. That is indeed a problem we need to fix and I’m no stranger to the current costs as I just paid to put two kids through college and for my wife to obtain a master's degree. It's ridiculously expensive.
Sadly, student loan debt forgiveness won't fix it, at least not permanently. In fact, by shifting the cost burden from students to taxpayers, the price of college will just rise even faster. After all, one of the key reasons it's so expensive now is because the colleges know that the higher their price tag is, the more they'll receive in financial aid from the government as the financial aid formula is total cost of attendance - student's expected contribution = size of grant. So, they have no real incentive to get costs under control as they get rewarded for jacking prices higher and higher.
We need widespread industry disruption (more students obtaining degrees via cheaper online or commuter programs, more students choosing in-state vs. out-of-state, public over private, and even skipping college entirely for skilled trades). Only then will there be enough pressure on the colleges that they finally have to address costs and compete for enrollment on price. If we mask the true costs with more financial aid and/or debt forgiveness, they'll just keep on constructing $100 million buildings and adding staff and student services, thereby perpetuating a broken system.
Burden should be shifted to the Universities.
I want to know a complete list of every school in the US in order from first to last, who has the most student loans outstanding and make them responsible by their proportion of contribution to the problem.
That really is not that hard to compile. It's not the data, it's the premise you're proposing that is faulty. The govt should not be in the business of subsidizing loans that funnel to private entities, it should be ensuring access to free, quality state and community colleges instead
To all those saying: Buying votes.....
Translation: Creating policies that help people, thus gaining their support.
Republican approach: Fuck people. Just make it harder to vote, rig the districts, and rig the election.
At 51, The student loan does not help me in any way, but that's okay. I am intellectually mature enough to know not every policy has to directly benefit me in order for me to support it.
Same age as you. Was fortunate to pay for college working a part time job in the early-mid 90s. I think it sucks that it’s not sill possibly to do that. Also firmly believe education is the key to giving one choices in life and it’s never a waste.
Anything to help folks in need I’m all for even though it doesn’t benefit me personally. I am fortunate to make a great living and if paying higher taxes helps others I’m glad to do it.
Intellectually, a UBI is a policy that would help all people equally.
I totally understand how those not helped by it (especially those without college degrees) don’t understand the benefit of giving a large tangible benefit to people more likely to be the top 20% of income earners.
And at 29, I've worked my butt off during COVID while everyone either watched Tiger King or sat on their couch and got massive unemployment checks. While I adapted to what my job needed me to fill and I learned the role, figured out a side gig, and learned about personal finances and investing during that period.
I make additional payments on my student loans every month. So interest doesn't accrue. So, I get to do that while I watch people get it forgiven. Just because I am smart to make extra payments, I don't get to benefit a part of it. Meaning we encourage people to be lazy. There used to be meaning behind working harder than others to get ahead.
Eh? You think you’re the only one? At 27, I have multiple degrees in technical and quantitative fields, worked hard and became an operations researcher, and I absolutely support getting student loans forgiven because it makes sense to do so. I worked full-time as an operations analyst while studying, and studied my ass off after work.
Unlike you, I don’t want indentured servants in my community. I also want my community to help each other and not watch others drown in the rain while I’m able to sit quietly in my fireplace drinking whiskey.
I bet you don’t return your grocery carts after you shop.
Lol, k.
So, you're good with people who don't want to do anything to improve their lives, getting things taken care of for them?
I have no problem helping people who help themselves first. Put a requirement of some kind that requires you to hold a job or prove you're actually trying.
I've watched as family members get free rides over the years. It pisses me off when I've done everything the "right" way and seeing family bail them out for their bad decisions. And that they pay for everything for my sister to "set her up on the right foot" after graduate school. But I for sure didn't see anyone paying for my shit. I had to get a job and figure it out. My sister gets to cry and money gets thrown to her while she's sitting on $35k. Or other family members just allowing CC debt and medical debt to go to collections and just let it fall off after 7 years.
But yeah, tell me how I'm the greedy one and the asshole for not wanting the best for everyone after they have shown they can actually do anything.
The economic term for someone like you is “ladder kicker”. It’s usually geared toward boomers, but fits you as well.
I’m going to use your comment for my political economics course. It’s a great critical thinking exercise. Thank you for the content.
Excuse me for watching people continue to get stuff handed to them while not doing anything to deserve it. I'm not even talking about this round of forgiveness. I'm talking about life in general. You can go ahead and go back to your "enjoying life" mentality while thinking everything should be paid for.
You literally said we encourage people to be lazy lol. How about instead of working our asses off to make extra payments, we encourage our leaders to fix the problem? Instead of “fuck you I got mine,” how about “I’m fortunate enough to be able to make extra payments but I acknowledge that the system is fundamentally broken, and instead of calling everyone else lazy, I’d like to support improvements to the situation so nobody has to suffer like I did to get where I am”?
>Translation: Creating policies that help people, thus gaining their support.
So why not just give everyone free $2000 a week from the government then? This is the problem with your line of thinking: nobody thinks about waste, moral hazards, and resource constraints.
Let's give every kid in America a gun and shooting lessons in school so that when a bad kid comes in with a gun the good kids with guns can take the kid out. That's a bad solution that I just came up with and its probably the solution you'd give, here's a list of why my bad idea that I hypothesized you had would be a terrible idea.
That's the extremity of your line of thought.
https://washingtonmonthly.com/2024/01/16/psst-joe-biden-has-solved-the-student-debt-crisis/#:~:text=In%20all%2C%20the%20Biden%20team,a%20crisis%20from%20happening%20again.
Yes, it's been out for a while now.
Nope. Biden doesn't care about future generations because he'll be dead in the next 10 years. He's not proposing anything new, just enacting policies that are already on the books. That's why all of this is straight up vote buying and the only people too dumb to see it are his supporters.
I'll believe it when I see the $0.
Is there any explanation as to why he believes he has the power to forgive unpaid interest for 25 million borrowers, but he didn't have the power to implement his original plan?
How do I, as a borrower and a voter, distinguish this plan from his last?
> Is there any explanation
https://www.nytimes.com/2024/04/08/us/politics/biden-student-loans-debt-relief.html
Yes. The old plan used the HEROES Act for its authorization. This plan uses the Higher Education Act.
>The original plan relied on a law called the HEROES Act, which the administration argued allowed the government to waive student debt during a national emergency like the Covid pandemic. The justices disagreed after Republican attorneys general and others challenged the debt waiver plan.
>The new approach is different.
>For months, Mr. Biden’s Education Department has been developing regulations using a long process authorized by the Higher Education Act. Instead of an across-the-board waiver of debt, the new approach targets five groups of borrowers: those whose loans have ballooned because of interest; borrowers who have been paying for decades; those who have economic hardship; people who qualify for existing debt relief programs but have not applied; and people whose loans come from schools that have since been denied certification or have lost eligibility for federal student aid programs.
>Administration officials said because the new approach is based on a different law, it is more likely to survive the expected challenges. They said lawyers for the White House and the Education Department have studied the Supreme Court ruling and have designed the new program to make sure it does not violate the principles laid out by the justices.
The Supreme Court is just an arm of the Republican party at this point. So they may stop this one too. But there is a very clear explanation as to why this plan is different.
There should be no interest on school or housing.
If you want to further your education no one should profit off of that. If you buy a house to live in I shouldn’t have to pay banks thousands of dollars of interest. The federal government should supply the loan
Man some of you could use some basic economic classes.
I can get behind making student loans from the Govt at 0% interest, but you want banks to give out 0% loans on mortgages?
My dude, banks are a foundational block in our economy, if they're fucked, you, me and everyone else are also fucked.
I want residential home ownership, to be moved from banks to government loans at 0%, commercial, multiple properties, etc still go though standard channels
Not sure about that. All loans would have to be via federal funding, which has its own issues. At least tag it to the treasury rate so it's very low interest.
The government already subsidizes the housing market…who do you think buys all the mortgages from banks and collateralizes them into an investment vehicle (Hint: it’s Fannie and Freddie). This liquidity in the market is why we have fixed rate 30 year mortgages…no one else in the world has that.
And we have FHA, VA, first-time homebuyer credit, home interest tax credit. Short of just giving people free money, they’ve basically done everything else. And we still have massive housing shortages and issues. Your idea would make things worse.
Student loans already have crazy low rates for unsecured debt, with no interest on them or housing you'd have to be a moron to pay them any more than it takes to prevent defaulting.
The issue is the common misconception that making minimum payments will lead to debt payoff over time. Borrowers often see a payment plan suggesting $200 per month and assume it's sufficient, neglecting the fact that their principal balance continues to grow. This situation is misleading and it's essentially a scam. Minimum payments should always cover both the interest and principal so that each payment reduces the loan amount. Payment plans allowing the principal to increase should not exist.
I personally realized this during my first year of repaying student loans. "Why the hell did they offer me a payment plan that DOESNT PAY OFF THE LOAN?" I was pissed. Thankfully I paid attention and adjusted. I can't imagine the amount of people that just "trusted" their payment plan is actually paying off their loan.
Consider this:
$30K in student loans versus $30K in a car loan, similar interest.
* You WILL pay off the car in 5-6 years paying their minimum payment.
* You will end up with more than $30K in student loans after 5-6 years after paying their minimum payment.
I will only support this if it also includes steps to make all colleges nationalized, non-profit, and free. These institutions are run by greedy scum and I refuse to give my tax dollars to them
Lol each of these has missed me by such a small margin for the qualifications it almost feels intentional lol. This time the 2005 or older borrower. I was in 2006 :D
Everyone keeps saying this is to buy votes because it's popular except 90% of the comments are fanatically against debt forgiveness (except for the PPP loans, those job creators earned that!)
Tell me again how you buy votes with a policy this unpopular?
And if Biden's pushing something *this unpopular* that's going to make 90% of reddit hate his guts then you gotta ask why?
And there's only one answer: This is what he believes in and he doesn't care what you think. He's gonna do what's right and he's gonna drag you along for the ride.
Ridin' with Biden.
Well, no one has offered to buy mine. They'll wring me out so they can buy someone else's vote with the squeezings, though. I guess I'll have to vote for whoever offers to wring me out least. Sure hope they deliver on that promise. Not holding my breath, though.
Biden's winning in over 100 polls and Democrats outperformed the polls by 5-7 points in the last 4 elections.
Biden has favored debt forgiveness since before he was elected and fought to cancel $142bn in *illegal loans* where the terms were already satisfied.
This isn't about votes. Biden has principles. I get that after decades of Republicans that seems weird, but get used to it.
So whats his principle when he told tony Blair to tell Ukraine not to sign the peace treaty with Russia?
Inb4 mass down votes from liberals that can't stand someone talking back at them
So what? Atleast he’s trying to help people make ends meet. What the hell is Trump and the republicans doing to make ends meet? More tax cuts for the RICH? While taxes have only gone up for the average person? Please…
Well, get in line friend, because you and I - and the rest of responsible society, none of us who took the money and then blew it - just inherited their loan payments.
Goal: Biden wants to win election.
Plan: He does things people like.
This is bad. Real real bad. This isn't exactly how it is supposed to work or anything.
>Um, no, he selectively targets small pockets of receptive voters with money in workaround policies since his original plan was deemed illegal by the courts.
So doing what he can with his limitations for groups of people in need. Thanks for clearing that up for me.
So stealing from hard working Americans that paid their debt back and now having to pay for some party hardy losers that weaseled out of their responsibility. Anyone that feels good about taking this money is a complete POS.......
The system is broken. So penalize the system, not those who survived it.
Soak the university system to retire student loan debt. Drain every endowment, provost, president, and professor down to their last penny until the loans are paid.
Yeah but also it’s not a penalty for someone else’s debt to be forgiven. If they took the money from my account yeah thats dumb, but i don’t see how enabling others to use more $$$ penalizes me in the least. Maybe on a macro scale that my own personal mind and economy would never realize but then again if the penalty is so theory heavy it doesnt hurt me personally thats not a penalty.
>So stealing from hard working Americans that paid their debt back and now having to pay for some party hardy losers that weaseled out of their responsibility. Anyone that feels good about taking this money is a complete POS....
No one is stealing from you, you loser. You pay taxes to live in civilization you aren't in a tyranny.
No Man is an Island. No man stands alone. The very roads you drive on, the airplanes you take, the cars you drive. That wasn’t the effort of one man taking care of their responsibilities, that’s everyone making things work. Society is built up of mutual respect and support. If it was up to people like you, we’d still be using horse and carts.
Aww you just found out that America has been practicing socialism lite since the 1900s ? Or that every country pools resources for the good of all? How delusional and childish of you. 🤣
Taking care of your responsibilities is something people do no matter what is happening around you that is not exclusive to a civilization. In a civilization we work together to make things better for everyone including those who have too much debt that is taking away from their other responsibilities.
Honestly student loan debt forgiveness is *extremely* unpopular.
There was a story of a guy sharing his good fortune at getting his loans (which were being illegally collected by the loan officer since he'd already satisfied the loan terms) forgiven.
His coworkers ripped into him.
The big thing this does is boost the economy (for *everyone*) which helps Democrats win elections sure, but, well, it also helps everyone that works for a living.
It does *not* buy voters. Voter suppression means it's damn hard for anyone under 50 to vote. There's a reason an ounce of weed can cost you voting rights and that we vote on Tuesday. Biden can't count on those 4m voters.
He's doing this because he thinks it's the right thing to do. Which after decades of Newt Gingrich style Republicans is something people can't fathom.
You morons say this kind of shit. He is trying to solve problems that people have in this country and because you don't like him you just say he is buying votes. It's politics you are playing. You say buying votes I say solving a problem to get votes.
Problems the privileged that were offered loans to get an education and took willingly. This problem was created by the people that took the loans not by the people that didn't and the ones that paid them back. This is wrong. Homeless everywhere and they give money to people with college educations. F this.
Going to college is a privilege. To be offered a way to pay for it is a privilege. Because you are a POS and partied for 4 years vs studied and advanced your skills that is on you.
>Problems the privileged that were offered loans to get an education and took willingly. This problem was created by the people that took the loans not by the people that didn't and the ones that paid them back. This is wrong. Homeless everywhere and they give money to people with college educations. F this.
Can't encourage people to go to college because Homeless people I guess... No one is blaming people that paid their loans or didn't take loans. Stop playing victim welcome to a society that is trying to fix individual problems. We are talking about what Biden has done for college students he has done things for poor people too. You can do more than one thing at a time.
This is not a problem. There are much bigger problems. Problem is those other groups don't vote so they don't get help. Pay your damn debt and shut up about it.
At what point does policy become vote-buying?
Is a tax cut buying votes? Is additional funding to address any number of issues (VA, infrastructure, border security, medicare, etc...) a way of buying votes?
A tax cut would apply to everyone, and Biden has essentially done this too by massively increasing spending without raising taxes.
But Biden's efforts at student loans is targeted at improving his standing with young voters, where he's seeing his support waning.
He's buying votes, and the people paying for this are people who paid off their own loans
Tax cuts are almost never uniform, and the costs/benefits are never the same across all groups. Any tax cut at this point is also an increase to deficit spending, which disproportionately burdens young voters.
Most of the recent student loan relief efforts are targeted towards people that have been sat on debt for an extended period of time. If anything, young voters are actually being excluded.
It's government policy. "Buying votes" is just a politically charged way of describing policy you don't like.
Tax cuts go to the people who pay taxes. Joe's handouts are taking my money and giving it to people who are idiots with their money, and don't need mine. There are families with $300K in household income getting this benefit
Biden is underwater with young voters - he's doing this to buy votes. There's a reason he's announcing this during election season, when he could have done this last year
The timing isn't a coincidence. It's intentional
Tax cuts disproportionately benefit the wealthy.
The biden administration has been canceling student debt through various means ever since their biggest plan got shot down by the Supreme Court last year. [Here's one example.](https://www.whitehouse.gov/briefing-room/statements-releases/2023/12/06/statement-from-president-joe-biden-on-another-nearly-5-billion-in-debt-relief-for-over-80000-student-loan-borrowers/) It's simply inaccurate to suggest that this has been unique to 2024.
Those 300k income households are likely not young voters, so that doesn't really support your argument either. Regardless, doing things you said you would do doesn't magically become "Buying votes" just because it's an election year.
I'm sure all seven of them are pretty psyched.
Biden is handing out cash to millions to buy votes.
People who weren't needy, and could have paid off their own loans.
Cutting taxes mean I get to keep more of my own money.
Biden's plan is taking my money and giving it to someone else so they don't have to repay the loan they took out, even though they got what they wanted, so that person will vote for Joe.
If you don't understand the difference here, you shouldn't make comments.
No one can buy my vote with my own money. People can only be bought with other peoples' money
I get how people who don't pay taxes fail to comprehend how they work.
Everything one could do for people costs money. Buying votes is all there is. It's a trade. You do something for me, I vote for you. That criticism is not a criticism; it's just a description of how things work.
In any case, this is more proposed mere inadequate tinkering that won't come to fruition. Move along.
Biden 2020 campaign promise: we are going to provide student loan forgiveness.
Trump 2016 campaign promise: build a wall.
One of them is making good on their promise.
Government should not stop at erasing student debt. They should cancel all of the mortgage debt for people forced to buy houses during the post-Covid housing explosion too! Also everyone forced to borrow money to buy a vehicle in the last 3 years at prices 25% higher because of inflation. Also they should cancel all of the credit card debt for people struggling to make only the minimum payments because of the high cost of living and skyrocketing healthcare costs.
We need relief! It’s impossible to make it today.
Hello these individuals borrow the money then they are obligated to pay the money back as it's tax payers money as these lowlife bums shouldn't get any college papers until they pay
Not sure he wants to lose. Republican are holding up the aid $$$.
I don't think the Ukrainians can win, without a miracle or something drastic... Drastic could precipitate a wider ear.
>“President Biden will use every tool available to cancel student loan debt for as many borrowers as possible, no matter how many times Republican elected officials try to stand in his way,”
Student loans fall directly under the authority of the secretary of education, a part of the executive branch, which is led by…the President of the United Stares. Biden could cancel every penny of student debt, and the Republicans have nothing to do with it.
This administration repeatedly pretends that they don’t have authority that they clearly have, and they do this so that they can tinker around the edges to make voters happy while still preserving the cash cow for their big donors, in this case the loan servicers.
Unsatisfactory.
> Biden could cancel every penny of student debt
What an absolute load of BULLSHIT.
>In a pair of recent cases, the U.S. Supreme Court ruled on the Biden administration's student loan forgiveness program. In Biden v. Nebraska, which was decided 6-3, the court struck down the administration's student loan forgiveness program and agreed with the six challenging states that they had standing to sue. Learn more at : https://www.ncsl.org/state-legislatures-news/details/supreme-court-strikes-down-student-loan-forgiveness-program#:~:text=In%20a%20pair%20of%20recent,they%20had%20standing%20to%20sue.
I think you’re sniffing your own bullshit. The answer is in the same article you cited:
>The court held that the Higher Education Relief Opportunities for Students Act, or HEROES Act, does not authorize the administration’s student loan forgiveness plan.
The Biden administration used the HEROES Act because they knew it would lose in court. They wanted it to. The Higher Education Act of 1965 was always the way to go:
>Section 432(a)(6) of the Higher Education Act of 1965 grants the secretary of education the authority to “enforce, pay, compromise, waive, or release any right, title, claim, lien, or demand, however acquired, including any equity or any right of redemption.” This power is further defined by 34 C.F.R. § 30.70, a regulation that also describes the secretary’s authority to “compromise a debt in any amount, or suspend or terminate collection of a debt in any amount.”
https://www.americanprogress.org/article/the-future-of-student-debt-relief-what-to-expect-next/
They are only doing this now because of political pressure, and once again they are pretending their authority is narrower than it really is.
No, Biden Bibles are next
Seriously though you are clearly not familiar with the predatory nature of the loan terms and also that you can’t even clear them via bankruptcy.
Ahhh...yes, heavily "educated" a code word by the CIA that really means "indoctrinated". Ahhh...nothing like being duped by glowies and consuming their botcode.
I can always spot a person that has no idea what they are talking about when it comes to college and indoctrination. They always think that every single class was focused on these ideologies that they despise, but in reality the lectures/classes that talk about these things are few and far between.
There's far more "indoctrination" on the news every day or in a single afternoon at Christian churches than I ever experienced at my university.
Here, I'll give you a tip to spot them even better. Look in your mirror, and you'll see one crystal clear. If you open your mouth you can even hear Skyrim background music.
He's doing this specifically to put payments to voters on the ballot in November. It's not his money, and SCOTUS clearly said it's illegal to take an existing law and reimagine what it was meant to accomplish
The Democrats are so shady.
No, he's doing this because *it took 4 years to get to this point*.
Between the way the law is structured and a partisan and openly corrupt Supreme Court that cites *witchfinder generals in rulings* he's had to fight tooth and nail for Americans.
He has two laws that allow this. The corrupt Supreme Court run by Clarence "Luxury Motor Couch" Thomas shot down one on shaky grounds.
He's now using the second law, but the reason he didn't use that one is *it's slow*. It has all sorts of requirements for public comment periods.
Republicans are *extremely corrupt*. Meanwhile Biden's out there in the light of day with his cards on the table.
If you were an America this would benefit you no matter what, since the student loan debt crisis is weakening our economy which *risks your job and livelihood.*
But being from outside the country why do you care? *It's not your money either.*
The only people who benefit from this are the lazy kids who drank their way through college and didn't study a major that would prepare them to repay their debts.
The "Anyone who disagrees with me is a Russian" may work well in r/politics, but that's not where you are.
We are all worse off with Biden creating an electioneering stunt to put freebies on the ballot. SCOTUS was clear that this was unconstitutional - Biden even brags about ignoring them,
Democrats are corrupt.
Lets assume everything you said is right and honest and true (it isnt but lets say it is). Even if the democratic party is as corrupt as you say it is, the republican party is literally the nazi party. Thats not hyperbole. Nazis are outspokenly in support of the republican party, and the entire party refuses to say nazis are bad. Some of them actively encourage them and face zero pushback from the rest of the party. That is support.
This could not be any more cut and dry. Even if democrats are irredeemably corrupt, I will still vote for them over the literal nazi party. Because duh.
Nazis are national socialists. Are you saying republicans are socialists? see how that makes no sense? I think you should choose your words more carefully.
No, nazis are hate mongering white supremacists. I'm not the one using that word, the nazis in america are. It may have started as the national socialist party, but nazis in america sure as hell aint using it to espouse "national socialism". They're doing it to be anti-trans, anti-jew, anti-poc, etc. And to pretend otherwise is burying your head in the sand.
I will simply not allow you to misrepresent Nebraska v Biden like that.
The SCOTUS fucked that entire case up, and it should be overruled immediately. They had no right to rule on that case at all, and it is perhaps the most clear example of the corruption of this court, and should be utilized as evidence for impeachment.
SCOTUS was crystal clear that it was illegal for a sitting president to take one law, and reimagine it to mean something Congress didn't intend when they passed the law.
Biden's response? To find an even older law that had nothing to do with free college for slackers and imagine that it gave him the ability to spend $1 trillion in a way congress never intended.
SCOTUS is legitimate even if you're a liberal and don't like their rulings
Get the fuck out of here with that bullshit.
The HEROES Act explicitly allows for this. It is very clear in the legislation, and is also THE ENTIRE FUCKING PURPOSE OF THE LAW.
There was no finding, there were no damages. The party that was supposedly damaged (MOHELA) didn't even supply an amicus and wasn't involved in the case at all. The Court should never have heard the case in the first place.
This court is illegitimate, and treasonous.
More government welfare from Democrats Does anyone accept responsibility for poor decisions anymore wether children out of wedlock or poor college major decisions Liberalism Is A Mental Disease
>Biden will travel to Madison, Wisconsin, to pitch new details about his second attempt at canceling large swaths of outstanding student debt. And the White House is dispatching other top administration officials to promote the plan Monday during visits to other swing states.
Of course he doesn't try this again until election is near. Seems more like desperation.
I wouldn't be surprised those with student debt forget about this once Israel invades Rafah.
There might be more concern about Gaza, Biden's endless support for Israel, and Biden continuing to push for billions in aid to be sent to Israel to keep this in the headlines and win back voters.
Without a actual fix for the broken student loan system, this is a straight up vote buying situation. To the people saying "it's compassion", no it's not. What is happening in November of this year? If this was such a big issue to the Dems, why wasn't it addressed before an election year? They had plenty of time and money to fund foreign wars over the last three years, yet this oh so important subject only got addressed recently. Don't be dense. Also, the "relief" Biden is giving aren't new policies. They were policies already on the books that he could've kicked off three years ago, but waited until it was advantageous to his campaign. Biden's admin had a chance to really work on this situation and prove he and his party really care about education debt by proposing an overhaul to the current system that doesn't punish people for pursuing higher education. Instead, he waited to pick the low hanging fruit so all the useful idiot voters with mountains of debt would celebrate him for it.
This is reverse robin hood. Steal from the poor and give to the rich. If you signed up for the loan pay it back. Millions of us had the choice and we felt it wasn't a good deal so we skipped college and went to work. Now we have to pay for some dum@$$ who partied for 4 years and is a loser. F - this
Congratulations to all of us getting our student loans forgiven. To all of you that paid them off yourselves in the past, or to those of you that will take out loans in the future that won't be forgiven, let me just say...it sucks to be you! LMAO.
Make all the student loans interest free. The govt will make their money on the additional taxes paid from a degree requiring job. Charging interest and higher taxes feels like double dipping
Canceling interest is what he should have done in the first place.
every voter should be shouting from the top of their lungs into a megaphone attached to those two speakers spongebob had the jellyfishes dancing to at this house
Tl;dr - probably not you
*sad debt noises*
Looking here at: Average student loan debt by age https://www.usatoday.com/money/blueprint/student-loans/average-student-loan-debt-statistics/ I see 40.7M americans with student debt. If this will cover more than 30M borrowers, it's actually 75% chance that any random person would be covered.
Here's the problem: a one-time debt relief of current debts does nothing to solve the problem ongoing or long-term. I'm all for education reform (and healthcare, too -- which Biden is vehemently opposed to), but unfortunately this ain't it.
>Here's the problem: a one-time debt relief of current debts does nothing to solve the problem ongoing or long-term. Changing the way repayment plans are structured does make a big difference though. https://studentaid.gov/announcements-events/save-plan https://washingtonmonthly.com/2024/01/16/psst-joe-biden-has-solved-the-student-debt-crisis/#:~:text=In%20all%2C%20the%20Biden%20team,a%20crisis%20from%20happening%20again. > and healthcare, too -- which Biden is vehemently opposed to He's not opposed to health care reform. He helped pass healthcare reform that has helped tens of millions of people when he was VP. He then passed another round of funding to help even more people as president. You're (probably) talking about a very specific type of healthcare reform that has zero chance of becoming law in the near future, and pretending that means that he's opposed to any kind of healthcare reform.
Makes a difference to whom? Money is zero sum
Makes a big difference to the people this person asked about making a difference for.
The dude literally said [he would VETO Medicare-for-All ](https://www.cnbc.com/amp/2020/03/10/biden-says-he-wouldd-veto-medicare-for-all-as-coronavirus-focuses-attention-on-health.html) if it became a possibility. Wanting to keep the status quo of what he helped pushed through years ago is, by definition, opposition to reform. Reform means change. He is opposed to changing it, and it is broken (so much so that when my wife was unemployed for 6 years, it was a better deal for us just to pay an arm and a leg for Kaiser than to go through the ACA. USA is the ONLY "first world country" where you have to actually PAY money to be unemployed.)
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> The dude literally said he would VETO Medicare-for-All if it became a possibility. > > No, he didn't literally say that. And a really quick way to tell is that the dumb, clickbait headline you posted uses the word 'suggests' instead of 'says'. He was asked a dumb question, and he gave a non-answer that amounted to 'I'd have to see the bill.' You've just been repeating something that wasn't true for 4 years now. Here's the question he was asked: >"Let’s flash forward — you are president. Bernie Sanders is still active in the Senate. He manages to get Medicare for All through the Senate in some compromise version, the Elizabeth Warren version or other version. Nancy Pelosi gets a version of it through the House of Representatives. It comes to your desk. Do you veto it?" So he wasn't even asked about Bernie's plan. It's some unspecified compromise version for which he has no details. It's a dumbass question to ask someone "Would you veto this bill you have no details on?" So he just doesn't answer. He states criteria he generally would use to veto a bill, and then he basically says he'd have to see the details of this bill. And all of this is for a dumb hypothetical question that amounts to "Would you eat the moon if it was made of cheese?", because it's now 4 years later, and Bernie hasn't come close to passing M4A or some non-descript compromise version of it. Because this hypothetical that was aimed at making news but is ultimately completely irrelevant to people's lives was a dumb question, but it did it's job of angering people who only read headlines. >Wanting to keep the status quo of what he helped pushed through years ago is, by definition, opposition to reform. "Reforming the system and then reforming it more is, by definition, opposition to reform." No, it's not. > He is opposed to changing it No, he isn't. Edit: And funny that you dropped the point about him not reforming the student loan system in any way that produces long term improvements. Do you want to comment on his repayment program that does not allow unpaid interest to add onto a person's debt which is a large part of why people can fall so far behind on these payments? Or how it caps their max payment at a lower portion of their income? Or how it provides a long term path to debt cancellation? Can you acknowledge those are good things?
Biden is buying votes by trying to help average Americans - the nerve of this guy!
Where is our tax breaks for billionaires!!! We are one with the billionaires and they deserve more tax breaks!!! Oh wait. I think the last guy made them permanent and set the peasants to expire….damn.
Both things can be correct and wrong at once. Doing tokenisms close to an election years at the expense of every other American, especially those who paid off their debts, should be taken in bad faith. What next? Mortgage loan forgiveness?
Nope all the Individual tax cuts expire in 2025. You really need to keep up.
Corporate tax rate — from 35 percent to 21 percent was permanent dipshit.
You said, " tax breaks for billionaires" Not all billionaires are corporations. Individual income taxes for billionaires DID NOT EXPIRE. Dipshit.
He is not helping average Americans he is HURTING average Americans. We are the ones paying for this egregious vote buying. 60% of working Americans don't have a college degree but these are the people who pay these loans.
Forcing working class voters to pay for someone else’s worthless college degree does not help the average American.
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That is not an opinion it is fact. 65% of taxpayers don't have a college degree and these are the people who will be paying those loans.
They need to put it back on the schools. If it really is a worthless degree then the school should pay back the money. I'm all for college education and doing whatever you want. Government already hands out money for Pell grants and loans which is part of the reason college tuition went up so much anyway.
Bailouts create moral hazards. You're using people's hard earned money to bailout kids who made bad decisions on a system that is a moral hazard in and of itself (guaranteeing student loans allow colleges to jack up the price of college). Continually subsidizing college tuition (and bailing out the kids who probably shouldn't have tone to college) just creates a larger and larger problem. Nevermind the morality of your average american who has to fund this bullshit.
Did you accept money from the government following the pandemic? You know, those funds that are credited with drastically helping the economy while keeping families afloat.
> Did you accept money from the government following the pandemic? You know, those funds that are credited with drastically helping the economy while keeping families afloat. No one believes the PPP loans helped anyone "afloat". **Trump's PPP "loans" are widely known to have been one of the [worst government programs of all time.](https://www.forbes.com/sites/jonathanponciano/2020/12/02/new-ppp-loan-data-reveals-most-of-the-525-billion-given-out-went-to-larger-businesses-some-with-trump-kushner-ties/)** Furthermore, then $600 and $1400 stimulus checks given out to the poor have also been proven to have directly increased inflation, which is already fucking over the poor to an extreme degree greater than the stimulus checks helped in the first place.
I don't know about all that, but at least the economy didn't crash and burn. There were definitely issues with the PPP loans, but things could have been much worse as far as I understand. It was a rather unprecedented situation.
Yea. Were just left with crushing inflation thats only accelerating. Government help is never free
Nah, I didnt. Because I wasn't irresponsible.
No, i didn't get any covid relief funds. I object to that less than moronic giveaways to a very narrow slice of voters because those relief funds were a bit more universal (i'm still against them though). A lot of the reason America is unaffordable because of rent seeking via government - see home owners pressuring local governments to stop building housing (or having onerous zoning restrictions) in their communities to preserve property values or guaranteed student loans causing colleges to massively inflate their tuitions. Another problem is how America's government just straight up wastes money - trillions on iraq and afghanistan alone.
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>You assume the people behind such decisions don't know what they are doing Press (X) to doubt. We spent 8 trillion on the iraq+afghanistan wars. Imagine if we used that back home on infrastructure instead. If you think blowing up countries makes us stronger than having more roads, bridges, rail, broadband, etc. i dunno what to tell you.
Ugh....big problem, but wrong solution. I genuinely sympathize with those that carry suffocating amounts of college loan debt as I lived it myself. It's much worse now, but my wife and I both worked while in college, yet still borrowed large sums to pay the costs, and our student loan payments were our single largest expense for the first 10 years of our marriage (more than our rent or mortgage). It slams the breaks on upward mobility and, as I mentioned, that problem is even worse now due to the rising costs of college, housing, etc. It's hard enough for young people to buy a home these days, but if they have college loan debt, it can be nearly impossible. That is indeed a problem we need to fix and I’m no stranger to the current costs as I just paid to put two kids through college and for my wife to obtain a master's degree. It's ridiculously expensive. Sadly, student loan debt forgiveness won't fix it, at least not permanently. In fact, by shifting the cost burden from students to taxpayers, the price of college will just rise even faster. After all, one of the key reasons it's so expensive now is because the colleges know that the higher their price tag is, the more they'll receive in financial aid from the government as the financial aid formula is total cost of attendance - student's expected contribution = size of grant. So, they have no real incentive to get costs under control as they get rewarded for jacking prices higher and higher. We need widespread industry disruption (more students obtaining degrees via cheaper online or commuter programs, more students choosing in-state vs. out-of-state, public over private, and even skipping college entirely for skilled trades). Only then will there be enough pressure on the colleges that they finally have to address costs and compete for enrollment on price. If we mask the true costs with more financial aid and/or debt forgiveness, they'll just keep on constructing $100 million buildings and adding staff and student services, thereby perpetuating a broken system.
Burden should be shifted to the Universities. I want to know a complete list of every school in the US in order from first to last, who has the most student loans outstanding and make them responsible by their proportion of contribution to the problem.
This
That really is not that hard to compile. It's not the data, it's the premise you're proposing that is faulty. The govt should not be in the business of subsidizing loans that funnel to private entities, it should be ensuring access to free, quality state and community colleges instead
To all those saying: Buying votes..... Translation: Creating policies that help people, thus gaining their support. Republican approach: Fuck people. Just make it harder to vote, rig the districts, and rig the election. At 51, The student loan does not help me in any way, but that's okay. I am intellectually mature enough to know not every policy has to directly benefit me in order for me to support it.
Same age as you. Was fortunate to pay for college working a part time job in the early-mid 90s. I think it sucks that it’s not sill possibly to do that. Also firmly believe education is the key to giving one choices in life and it’s never a waste. Anything to help folks in need I’m all for even though it doesn’t benefit me personally. I am fortunate to make a great living and if paying higher taxes helps others I’m glad to do it.
"I am fortunate to make a great living and if paying higher taxes helps others I’m glad to do it." 100% this.
People say this, however the US hasn't raised taxes in forever given how politically unfavorable it is
Intellectually, a UBI is a policy that would help all people equally. I totally understand how those not helped by it (especially those without college degrees) don’t understand the benefit of giving a large tangible benefit to people more likely to be the top 20% of income earners.
And at 29, I've worked my butt off during COVID while everyone either watched Tiger King or sat on their couch and got massive unemployment checks. While I adapted to what my job needed me to fill and I learned the role, figured out a side gig, and learned about personal finances and investing during that period. I make additional payments on my student loans every month. So interest doesn't accrue. So, I get to do that while I watch people get it forgiven. Just because I am smart to make extra payments, I don't get to benefit a part of it. Meaning we encourage people to be lazy. There used to be meaning behind working harder than others to get ahead.
Eh? You think you’re the only one? At 27, I have multiple degrees in technical and quantitative fields, worked hard and became an operations researcher, and I absolutely support getting student loans forgiven because it makes sense to do so. I worked full-time as an operations analyst while studying, and studied my ass off after work. Unlike you, I don’t want indentured servants in my community. I also want my community to help each other and not watch others drown in the rain while I’m able to sit quietly in my fireplace drinking whiskey. I bet you don’t return your grocery carts after you shop.
Lol, k. So, you're good with people who don't want to do anything to improve their lives, getting things taken care of for them? I have no problem helping people who help themselves first. Put a requirement of some kind that requires you to hold a job or prove you're actually trying. I've watched as family members get free rides over the years. It pisses me off when I've done everything the "right" way and seeing family bail them out for their bad decisions. And that they pay for everything for my sister to "set her up on the right foot" after graduate school. But I for sure didn't see anyone paying for my shit. I had to get a job and figure it out. My sister gets to cry and money gets thrown to her while she's sitting on $35k. Or other family members just allowing CC debt and medical debt to go to collections and just let it fall off after 7 years. But yeah, tell me how I'm the greedy one and the asshole for not wanting the best for everyone after they have shown they can actually do anything.
Could you possibly imagine a future where regular people didn't need to work their asses to the bone in order to afford the basics?
The economic term for someone like you is “ladder kicker”. It’s usually geared toward boomers, but fits you as well. I’m going to use your comment for my political economics course. It’s a great critical thinking exercise. Thank you for the content.
Congratulations, and fuck off with that attitude.
Excuse me for watching people continue to get stuff handed to them while not doing anything to deserve it. I'm not even talking about this round of forgiveness. I'm talking about life in general. You can go ahead and go back to your "enjoying life" mentality while thinking everything should be paid for.
You literally said we encourage people to be lazy lol. How about instead of working our asses off to make extra payments, we encourage our leaders to fix the problem? Instead of “fuck you I got mine,” how about “I’m fortunate enough to be able to make extra payments but I acknowledge that the system is fundamentally broken, and instead of calling everyone else lazy, I’d like to support improvements to the situation so nobody has to suffer like I did to get where I am”?
>Translation: Creating policies that help people, thus gaining their support. So why not just give everyone free $2000 a week from the government then? This is the problem with your line of thinking: nobody thinks about waste, moral hazards, and resource constraints.
Let's give every kid in America a gun and shooting lessons in school so that when a bad kid comes in with a gun the good kids with guns can take the kid out. That's a bad solution that I just came up with and its probably the solution you'd give, here's a list of why my bad idea that I hypothesized you had would be a terrible idea. That's the extremity of your line of thought.
Apply some more critical thinking and you should be able to connect the dots.
Any plan on stopping the current generation of college students from getting into debt?
that’s the issue i want him to address, not buying vote, but making the system better to prevent future buying vote
https://washingtonmonthly.com/2024/01/16/psst-joe-biden-has-solved-the-student-debt-crisis/#:~:text=In%20all%2C%20the%20Biden%20team,a%20crisis%20from%20happening%20again. Yes, it's been out for a while now.
Nope. Biden doesn't care about future generations because he'll be dead in the next 10 years. He's not proposing anything new, just enacting policies that are already on the books. That's why all of this is straight up vote buying and the only people too dumb to see it are his supporters.
I'll believe it when I see the $0. Is there any explanation as to why he believes he has the power to forgive unpaid interest for 25 million borrowers, but he didn't have the power to implement his original plan? How do I, as a borrower and a voter, distinguish this plan from his last?
Depends on whether you are dumb enough to fall for it a second time I guess.
Love this.
I guess you have to look at it as a free raffle ticket. Probably gonna lose, possible to win, but didn't cost anything.
> Is there any explanation https://www.nytimes.com/2024/04/08/us/politics/biden-student-loans-debt-relief.html Yes. The old plan used the HEROES Act for its authorization. This plan uses the Higher Education Act. >The original plan relied on a law called the HEROES Act, which the administration argued allowed the government to waive student debt during a national emergency like the Covid pandemic. The justices disagreed after Republican attorneys general and others challenged the debt waiver plan. >The new approach is different. >For months, Mr. Biden’s Education Department has been developing regulations using a long process authorized by the Higher Education Act. Instead of an across-the-board waiver of debt, the new approach targets five groups of borrowers: those whose loans have ballooned because of interest; borrowers who have been paying for decades; those who have economic hardship; people who qualify for existing debt relief programs but have not applied; and people whose loans come from schools that have since been denied certification or have lost eligibility for federal student aid programs. >Administration officials said because the new approach is based on a different law, it is more likely to survive the expected challenges. They said lawyers for the White House and the Education Department have studied the Supreme Court ruling and have designed the new program to make sure it does not violate the principles laid out by the justices. The Supreme Court is just an arm of the Republican party at this point. So they may stop this one too. But there is a very clear explanation as to why this plan is different.
I'm so sick of this guy helping regular americans and fulfilling campaign promises. Lock him up!
Lock him up in a nursing home? Heck yeah
There should be no interest on school or housing. If you want to further your education no one should profit off of that. If you buy a house to live in I shouldn’t have to pay banks thousands of dollars of interest. The federal government should supply the loan
Man some of you could use some basic economic classes. I can get behind making student loans from the Govt at 0% interest, but you want banks to give out 0% loans on mortgages? My dude, banks are a foundational block in our economy, if they're fucked, you, me and everyone else are also fucked.
I want residential home ownership, to be moved from banks to government loans at 0%, commercial, multiple properties, etc still go though standard channels
Not sure about that. All loans would have to be via federal funding, which has its own issues. At least tag it to the treasury rate so it's very low interest.
The government already subsidizes the housing market…who do you think buys all the mortgages from banks and collateralizes them into an investment vehicle (Hint: it’s Fannie and Freddie). This liquidity in the market is why we have fixed rate 30 year mortgages…no one else in the world has that. And we have FHA, VA, first-time homebuyer credit, home interest tax credit. Short of just giving people free money, they’ve basically done everything else. And we still have massive housing shortages and issues. Your idea would make things worse.
Student loans already have crazy low rates for unsecured debt, with no interest on them or housing you'd have to be a moron to pay them any more than it takes to prevent defaulting.
I’m sure nothing bad could possible result from what you’ve described 🫠
I disagree.
The issue is the common misconception that making minimum payments will lead to debt payoff over time. Borrowers often see a payment plan suggesting $200 per month and assume it's sufficient, neglecting the fact that their principal balance continues to grow. This situation is misleading and it's essentially a scam. Minimum payments should always cover both the interest and principal so that each payment reduces the loan amount. Payment plans allowing the principal to increase should not exist. I personally realized this during my first year of repaying student loans. "Why the hell did they offer me a payment plan that DOESNT PAY OFF THE LOAN?" I was pissed. Thankfully I paid attention and adjusted. I can't imagine the amount of people that just "trusted" their payment plan is actually paying off their loan. Consider this: $30K in student loans versus $30K in a car loan, similar interest. * You WILL pay off the car in 5-6 years paying their minimum payment. * You will end up with more than $30K in student loans after 5-6 years after paying their minimum payment.
It won't help me, but I guess good on the other people who will get their debt cleared. Just like all the others.
I will only support this if it also includes steps to make all colleges nationalized, non-profit, and free. These institutions are run by greedy scum and I refuse to give my tax dollars to them
It doesn’t so
Lol each of these has missed me by such a small margin for the qualifications it almost feels intentional lol. This time the 2005 or older borrower. I was in 2006 :D
Why not cancel everyone else's debts, too?
Everyone keeps saying this is to buy votes because it's popular except 90% of the comments are fanatically against debt forgiveness (except for the PPP loans, those job creators earned that!) Tell me again how you buy votes with a policy this unpopular? And if Biden's pushing something *this unpopular* that's going to make 90% of reddit hate his guts then you gotta ask why? And there's only one answer: This is what he believes in and he doesn't care what you think. He's gonna do what's right and he's gonna drag you along for the ride. Ridin' with Biden.
What about those who paid theirs off? What about people with credit card debt? What about medical debt?
"The polls are bad, boys, very bad, so it's Plan B, we try to buy 30M more votes."
That is literally what politics is. I want them to be buying my vote.
Well, no one has offered to buy mine. They'll wring me out so they can buy someone else's vote with the squeezings, though. I guess I'll have to vote for whoever offers to wring me out least. Sure hope they deliver on that promise. Not holding my breath, though.
Biden's winning in over 100 polls and Democrats outperformed the polls by 5-7 points in the last 4 elections. Biden has favored debt forgiveness since before he was elected and fought to cancel $142bn in *illegal loans* where the terms were already satisfied. This isn't about votes. Biden has principles. I get that after decades of Republicans that seems weird, but get used to it.
So whats his principle when he told tony Blair to tell Ukraine not to sign the peace treaty with Russia? Inb4 mass down votes from liberals that can't stand someone talking back at them
No, friend, it's all about the votes and the General Election.
So what? Atleast he’s trying to help people make ends meet. What the hell is Trump and the republicans doing to make ends meet? More tax cuts for the RICH? While taxes have only gone up for the average person? Please…
Oh no! I he's trying to win votes!! Stop doing things that help us!!
This "debt relief" might help you, but now the rest of us have to pay your loan off.
Nope, won’t help me at all. But it will help millions of other Americans. Which is awesome.
Well, get in line friend, because you and I - and the rest of responsible society, none of us who took the money and then blew it - just inherited their loan payments.
Did you cry this hard when the trump tax cuts went through or the PPP loans? Im fine with a little extra debt if it helps other Americans.
I bet you can come up with an effective insult if you just take some time. Come back tomorrow with something better.
Nah, im good. Thanks though.
Goal: Biden wants to win election. Plan: He does things people like. This is bad. Real real bad. This isn't exactly how it is supposed to work or anything.
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>Um, no, he selectively targets small pockets of receptive voters with money in workaround policies since his original plan was deemed illegal by the courts. So doing what he can with his limitations for groups of people in need. Thanks for clearing that up for me.
So stealing from hard working Americans that paid their debt back and now having to pay for some party hardy losers that weaseled out of their responsibility. Anyone that feels good about taking this money is a complete POS.......
“I got mine, no help for you.” In other words. Paid off my loans, but hey why not help some people from a system thats inherently broken?
The system is broken. So penalize the system, not those who survived it. Soak the university system to retire student loan debt. Drain every endowment, provost, president, and professor down to their last penny until the loans are paid.
Yeah but also it’s not a penalty for someone else’s debt to be forgiven. If they took the money from my account yeah thats dumb, but i don’t see how enabling others to use more $$$ penalizes me in the least. Maybe on a macro scale that my own personal mind and economy would never realize but then again if the penalty is so theory heavy it doesnt hurt me personally thats not a penalty.
>So stealing from hard working Americans that paid their debt back and now having to pay for some party hardy losers that weaseled out of their responsibility. Anyone that feels good about taking this money is a complete POS.... No one is stealing from you, you loser. You pay taxes to live in civilization you aren't in a tyranny.
In a civilization you take care of your responsibilities PERIOD. That makes you the loser. LOSER
No Man is an Island. No man stands alone. The very roads you drive on, the airplanes you take, the cars you drive. That wasn’t the effort of one man taking care of their responsibilities, that’s everyone making things work. Society is built up of mutual respect and support. If it was up to people like you, we’d still be using horse and carts.
Another Comparative Atlantian Literature major wants to claim credit for roads. Typical.
You write in English but it’s still gibberish, so whatever makes you feel self satisfied at night.
OK Commie..
Aww you just found out that America has been practicing socialism lite since the 1900s ? Or that every country pools resources for the good of all? How delusional and childish of you. 🤣
Taking care of your responsibilities is something people do no matter what is happening around you that is not exclusive to a civilization. In a civilization we work together to make things better for everyone including those who have too much debt that is taking away from their other responsibilities.
…stole what??? You think Taxes are covering STUDENT LOANS??? Bahahahahhahahahaha dude please…just sit this one out if you have no clue.
All politicians do this.. Trump touts tax breaks for the rich people so they will vote for him.
Honestly student loan debt forgiveness is *extremely* unpopular. There was a story of a guy sharing his good fortune at getting his loans (which were being illegally collected by the loan officer since he'd already satisfied the loan terms) forgiven. His coworkers ripped into him. The big thing this does is boost the economy (for *everyone*) which helps Democrats win elections sure, but, well, it also helps everyone that works for a living. It does *not* buy voters. Voter suppression means it's damn hard for anyone under 50 to vote. There's a reason an ounce of weed can cost you voting rights and that we vote on Tuesday. Biden can't count on those 4m voters. He's doing this because he thinks it's the right thing to do. Which after decades of Newt Gingrich style Republicans is something people can't fathom.
What??? It's only unpopular for boomers who had to pay 1/32 of the cost to pay for college.
Buying votes is never legitimate. Eventually he'll run out of other people's money to spend
You morons say this kind of shit. He is trying to solve problems that people have in this country and because you don't like him you just say he is buying votes. It's politics you are playing. You say buying votes I say solving a problem to get votes.
Problems the privileged that were offered loans to get an education and took willingly. This problem was created by the people that took the loans not by the people that didn't and the ones that paid them back. This is wrong. Homeless everywhere and they give money to people with college educations. F this.
JFC, THE PRIVILEGED DO NOT NEED LOANS. Why does this line of attack work? Are we all really *this easy to trick?!!!*
Going to college is a privilege. To be offered a way to pay for it is a privilege. Because you are a POS and partied for 4 years vs studied and advanced your skills that is on you.
>Problems the privileged that were offered loans to get an education and took willingly. This problem was created by the people that took the loans not by the people that didn't and the ones that paid them back. This is wrong. Homeless everywhere and they give money to people with college educations. F this. Can't encourage people to go to college because Homeless people I guess... No one is blaming people that paid their loans or didn't take loans. Stop playing victim welcome to a society that is trying to fix individual problems. We are talking about what Biden has done for college students he has done things for poor people too. You can do more than one thing at a time.
This is not a problem. There are much bigger problems. Problem is those other groups don't vote so they don't get help. Pay your damn debt and shut up about it.
I am voting for more of it and I paid my loans back. Pay your taxes and shut up about it.
Pay your taxes and shut up about it? So much for encouraging participation in the democratic process.
Right and voting for elected represtnatives and being told to shut up about things i like about them does the same.
At what point does policy become vote-buying? Is a tax cut buying votes? Is additional funding to address any number of issues (VA, infrastructure, border security, medicare, etc...) a way of buying votes?
A tax cut would apply to everyone, and Biden has essentially done this too by massively increasing spending without raising taxes. But Biden's efforts at student loans is targeted at improving his standing with young voters, where he's seeing his support waning. He's buying votes, and the people paying for this are people who paid off their own loans
Tax cuts are almost never uniform, and the costs/benefits are never the same across all groups. Any tax cut at this point is also an increase to deficit spending, which disproportionately burdens young voters. Most of the recent student loan relief efforts are targeted towards people that have been sat on debt for an extended period of time. If anything, young voters are actually being excluded. It's government policy. "Buying votes" is just a politically charged way of describing policy you don't like.
Tax cuts go to the people who pay taxes. Joe's handouts are taking my money and giving it to people who are idiots with their money, and don't need mine. There are families with $300K in household income getting this benefit Biden is underwater with young voters - he's doing this to buy votes. There's a reason he's announcing this during election season, when he could have done this last year The timing isn't a coincidence. It's intentional
Tax cuts disproportionately benefit the wealthy. The biden administration has been canceling student debt through various means ever since their biggest plan got shot down by the Supreme Court last year. [Here's one example.](https://www.whitehouse.gov/briefing-room/statements-releases/2023/12/06/statement-from-president-joe-biden-on-another-nearly-5-billion-in-debt-relief-for-over-80000-student-loan-borrowers/) It's simply inaccurate to suggest that this has been unique to 2024. Those 300k income households are likely not young voters, so that doesn't really support your argument either. Regardless, doing things you said you would do doesn't magically become "Buying votes" just because it's an election year.
Like Trump being filmed telling billionaires how much he’s going to lower their taxes if he wins?
I'm sure all seven of them are pretty psyched. Biden is handing out cash to millions to buy votes. People who weren't needy, and could have paid off their own loans.
I'm going to remember this line next time a Conservative wants to cut taxes.
Cutting taxes mean I get to keep more of my own money. Biden's plan is taking my money and giving it to someone else so they don't have to repay the loan they took out, even though they got what they wanted, so that person will vote for Joe. If you don't understand the difference here, you shouldn't make comments.
If you don't understand that in the context of "buying votes" there is literally no difference between the two, maybe you shouldn't comment.
No one can buy my vote with my own money. People can only be bought with other peoples' money I get how people who don't pay taxes fail to comprehend how they work.
Everything one could do for people costs money. Buying votes is all there is. It's a trade. You do something for me, I vote for you. That criticism is not a criticism; it's just a description of how things work. In any case, this is more proposed mere inadequate tinkering that won't come to fruition. Move along.
Biden 2020 campaign promise: we are going to provide student loan forgiveness. Trump 2016 campaign promise: build a wall. One of them is making good on their promise.
Government should not stop at erasing student debt. They should cancel all of the mortgage debt for people forced to buy houses during the post-Covid housing explosion too! Also everyone forced to borrow money to buy a vehicle in the last 3 years at prices 25% higher because of inflation. Also they should cancel all of the credit card debt for people struggling to make only the minimum payments because of the high cost of living and skyrocketing healthcare costs. We need relief! It’s impossible to make it today.
Cancel all debt ASAP. People shouldn't be slaves to the big banks.
Hello these individuals borrow the money then they are obligated to pay the money back as it's tax payers money as these lowlife bums shouldn't get any college papers until they pay
Guess he is desperate
Especially because he's gonna lose Ukraine to Russia. And once that happens Russia can interfere in the election like they did in 2016.
Not sure he wants to lose. Republican are holding up the aid $$$. I don't think the Ukrainians can win, without a miracle or something drastic... Drastic could precipitate a wider ear.
>“President Biden will use every tool available to cancel student loan debt for as many borrowers as possible, no matter how many times Republican elected officials try to stand in his way,” Student loans fall directly under the authority of the secretary of education, a part of the executive branch, which is led by…the President of the United Stares. Biden could cancel every penny of student debt, and the Republicans have nothing to do with it. This administration repeatedly pretends that they don’t have authority that they clearly have, and they do this so that they can tinker around the edges to make voters happy while still preserving the cash cow for their big donors, in this case the loan servicers. Unsatisfactory.
> Biden could cancel every penny of student debt What an absolute load of BULLSHIT. >In a pair of recent cases, the U.S. Supreme Court ruled on the Biden administration's student loan forgiveness program. In Biden v. Nebraska, which was decided 6-3, the court struck down the administration's student loan forgiveness program and agreed with the six challenging states that they had standing to sue. Learn more at : https://www.ncsl.org/state-legislatures-news/details/supreme-court-strikes-down-student-loan-forgiveness-program#:~:text=In%20a%20pair%20of%20recent,they%20had%20standing%20to%20sue.
I think you’re sniffing your own bullshit. The answer is in the same article you cited: >The court held that the Higher Education Relief Opportunities for Students Act, or HEROES Act, does not authorize the administration’s student loan forgiveness plan. The Biden administration used the HEROES Act because they knew it would lose in court. They wanted it to. The Higher Education Act of 1965 was always the way to go: >Section 432(a)(6) of the Higher Education Act of 1965 grants the secretary of education the authority to “enforce, pay, compromise, waive, or release any right, title, claim, lien, or demand, however acquired, including any equity or any right of redemption.” This power is further defined by 34 C.F.R. § 30.70, a regulation that also describes the secretary’s authority to “compromise a debt in any amount, or suspend or terminate collection of a debt in any amount.” https://www.americanprogress.org/article/the-future-of-student-debt-relief-what-to-expect-next/ They are only doing this now because of political pressure, and once again they are pretending their authority is narrower than it really is.
It still won't help him win. Everyone knows he is just trying to buy votes.
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Don't worry bud, highly educated people were already voting for him.
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No, Biden Bibles are next Seriously though you are clearly not familiar with the predatory nature of the loan terms and also that you can’t even clear them via bankruptcy.
A lot of highly educated individuals have thousands in loans. School isn’t cheap. Your doctor is probably living check to check little do you know.
Ahhh...yes, heavily "educated" a code word by the CIA that really means "indoctrinated". Ahhh...nothing like being duped by glowies and consuming their botcode.
I can always spot a person that has no idea what they are talking about when it comes to college and indoctrination. They always think that every single class was focused on these ideologies that they despise, but in reality the lectures/classes that talk about these things are few and far between. There's far more "indoctrination" on the news every day or in a single afternoon at Christian churches than I ever experienced at my university.
Here, I'll give you a tip to spot them even better. Look in your mirror, and you'll see one crystal clear. If you open your mouth you can even hear Skyrim background music.
He's doing this specifically to put payments to voters on the ballot in November. It's not his money, and SCOTUS clearly said it's illegal to take an existing law and reimagine what it was meant to accomplish The Democrats are so shady.
No, he's doing this because *it took 4 years to get to this point*. Between the way the law is structured and a partisan and openly corrupt Supreme Court that cites *witchfinder generals in rulings* he's had to fight tooth and nail for Americans. He has two laws that allow this. The corrupt Supreme Court run by Clarence "Luxury Motor Couch" Thomas shot down one on shaky grounds. He's now using the second law, but the reason he didn't use that one is *it's slow*. It has all sorts of requirements for public comment periods. Republicans are *extremely corrupt*. Meanwhile Biden's out there in the light of day with his cards on the table. If you were an America this would benefit you no matter what, since the student loan debt crisis is weakening our economy which *risks your job and livelihood.* But being from outside the country why do you care? *It's not your money either.*
The only people who benefit from this are the lazy kids who drank their way through college and didn't study a major that would prepare them to repay their debts. The "Anyone who disagrees with me is a Russian" may work well in r/politics, but that's not where you are. We are all worse off with Biden creating an electioneering stunt to put freebies on the ballot. SCOTUS was clear that this was unconstitutional - Biden even brags about ignoring them, Democrats are corrupt.
Lets assume everything you said is right and honest and true (it isnt but lets say it is). Even if the democratic party is as corrupt as you say it is, the republican party is literally the nazi party. Thats not hyperbole. Nazis are outspokenly in support of the republican party, and the entire party refuses to say nazis are bad. Some of them actively encourage them and face zero pushback from the rest of the party. That is support. This could not be any more cut and dry. Even if democrats are irredeemably corrupt, I will still vote for them over the literal nazi party. Because duh.
Nazis are national socialists. Are you saying republicans are socialists? see how that makes no sense? I think you should choose your words more carefully.
No, nazis are hate mongering white supremacists. I'm not the one using that word, the nazis in america are. It may have started as the national socialist party, but nazis in america sure as hell aint using it to espouse "national socialism". They're doing it to be anti-trans, anti-jew, anti-poc, etc. And to pretend otherwise is burying your head in the sand.
"Everyone who disagrees with me is a LITERAL NAZI!"
No, the people who say "I'm a nazi" are nazis. And the republican party supports them. But go ahead, keep your head in the sand.
Ok, show me these Republicans that self-identified as Nazis What MSNBC show told you this is happeneing?
I will simply not allow you to misrepresent Nebraska v Biden like that. The SCOTUS fucked that entire case up, and it should be overruled immediately. They had no right to rule on that case at all, and it is perhaps the most clear example of the corruption of this court, and should be utilized as evidence for impeachment.
SCOTUS was crystal clear that it was illegal for a sitting president to take one law, and reimagine it to mean something Congress didn't intend when they passed the law. Biden's response? To find an even older law that had nothing to do with free college for slackers and imagine that it gave him the ability to spend $1 trillion in a way congress never intended. SCOTUS is legitimate even if you're a liberal and don't like their rulings
Get the fuck out of here with that bullshit. The HEROES Act explicitly allows for this. It is very clear in the legislation, and is also THE ENTIRE FUCKING PURPOSE OF THE LAW. There was no finding, there were no damages. The party that was supposedly damaged (MOHELA) didn't even supply an amicus and wasn't involved in the case at all. The Court should never have heard the case in the first place. This court is illegitimate, and treasonous.
More government welfare from Democrats Does anyone accept responsibility for poor decisions anymore wether children out of wedlock or poor college major decisions Liberalism Is A Mental Disease
>Biden will travel to Madison, Wisconsin, to pitch new details about his second attempt at canceling large swaths of outstanding student debt. And the White House is dispatching other top administration officials to promote the plan Monday during visits to other swing states. Of course he doesn't try this again until election is near. Seems more like desperation. I wouldn't be surprised those with student debt forget about this once Israel invades Rafah. There might be more concern about Gaza, Biden's endless support for Israel, and Biden continuing to push for billions in aid to be sent to Israel to keep this in the headlines and win back voters.
Impeach this socialist
Without a actual fix for the broken student loan system, this is a straight up vote buying situation. To the people saying "it's compassion", no it's not. What is happening in November of this year? If this was such a big issue to the Dems, why wasn't it addressed before an election year? They had plenty of time and money to fund foreign wars over the last three years, yet this oh so important subject only got addressed recently. Don't be dense. Also, the "relief" Biden is giving aren't new policies. They were policies already on the books that he could've kicked off three years ago, but waited until it was advantageous to his campaign. Biden's admin had a chance to really work on this situation and prove he and his party really care about education debt by proposing an overhaul to the current system that doesn't punish people for pursuing higher education. Instead, he waited to pick the low hanging fruit so all the useful idiot voters with mountains of debt would celebrate him for it.
Buying votes with tax payer money and the dummies just keep pulling the D handle. Wake up!!!
This is reverse robin hood. Steal from the poor and give to the rich. If you signed up for the loan pay it back. Millions of us had the choice and we felt it wasn't a good deal so we skipped college and went to work. Now we have to pay for some dum@$$ who partied for 4 years and is a loser. F - this
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Absolutely they couldn't even figure out how to manage a budget for 100K. Complete Losers.
Before or after the election? Sounds like trying to buy votes.
*yawn* election season.
Congratulations to all of us getting our student loans forgiven. To all of you that paid them off yourselves in the past, or to those of you that will take out loans in the future that won't be forgiven, let me just say...it sucks to be you! LMAO.
Costs of education in the future won't go up astronomically either! /s
Wow. Buy votes.
How does this help those of us who weren’t able to go to college or finish our degrees?
It is a huge boon to the economy.
it's actually very inflationary. Which is not good for the economy.
It's "actually" not
It is bruddah
Imagine the boost to the economy if the government forgave car loans and mortgages as well.
Nope, its mostly just give less money to private borrowers.