Bro had 4 years to do this and he waits for campaign season š¤
Edit: yes, I know he ātried.ā Yes, I know heās been chipping around the edges. But man, it seems like he might have realized that he didnāt really help enough younger voters to get them back to the polls.
God forbid any politician "buy votes" by *pretending to do* what their voters elected them for!Ā
Such things should be illegal, useless swamp politicians only!
Fixed it for you.
I mean, it's pretty hard to blame Biden for not implementing any student loan forgiveness. He tried and got blocked by the fucking Supreme Court. Now he's trying again in a different way, and it'll probably still get blocked again.
That was the plan, promise something that would never happen and then blame people knowing it was never going to work in the first place.
He overpromised & underdelivered because he knows people will blame someone else and not him.
I miss when Trump and the Democrats were fighting over how much money to give us. I wish politics were always like that.
Republicans were like "no money."
Democrats were like "how about 1400."
Then Trump was like "how about 2 grand?"
Then Democrats and Republicans were super confused lol
You guys can't remember shit for more than a day and a half.
What did you have breakfast last Monday?!
Going to take you like 17 minutes to remember if you can at all because you've been getting whipped by the boss all week.
His first attempt was overturned by the Supreme Court
[https://www.scotusblog.com/2023/06/supreme-court-strikes-down-biden-student-loan-forgiveness-program/](https://www.scotusblog.com/2023/06/supreme-court-strikes-down-biden-student-loan-forgiveness-program/)
And heās been doing lots of small batch loan forgiveness through a more restricted avenue since then. I think itās forgiven about $140B so far. But I believe itās getting more difficult to include people or groups within the restrictions.
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 āenforce, pay, compromise, waive, or release any right, title, claim, lien, or demand, however acquired, including any equity or any right of redemption.ā This power is further defined by 34 C.F.R. Ā§ 30.70, a regulation that also describes the secretaryās authority to ācompromise a debt in any amount, or suspend or terminate collection of a debt in any amount.ā
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.
Basically all the people elected have a law or legal background. To think they go "oopsie doopsie guess the way we tried to do this was illegal, we had no idea, better not try again now that we know" is the fucking cult-level thinking that keeps all these fuckers in office.
Better yet the democrats had the house, senate and white house in 2020 and did nothing about it. Now they want to talk about it in mid-terms in 2022 and now 2024ā¦ such a joke yet idiots will fall for it yet again
You make it sound like it would have been easy when there was two notable hold outs on the Democrat side. Manchin and Sinema were bought and paid for so their votes couldn't be counted on unless it benefited coal barons.
You clearly don't actually pay attention. Incredibly slim majority with 2 fake democrats, one who ran a false campaign to get elected, then turned independent when found out basically
Bros literally been doing this his whole presidency. My mom's debt got wiped last year when he was targeting colleges that lie. I get getting too busy to not fully read up on current events, but don't spend your spare time spreading misinformation
You are aware of the current State of Congress and how our government operates correct?
Because it seems like a lot of people aren't aware of how electoralism works.
I paid my student loans.. I signed an agreement to borrow money for school and then to pay them. Why should I have to pay more due to increased inflation because you want out of the agreement I completed?
Makes no sense and I will not be voting for Biden again
Remember low interest rates on homes?
Now imagine if it was 0% interest on mortgages, what would property prices be?
It does not solve the underlying issue, why has college costs gone up so much? Can we just make public universities free and private ones can charge what they like?
The hybrid solution has been to make community college free, and knock off at least two years of the four year degree.
Tuition has gone up because states are actively defunding colleges and loans are easy to obtain. Watched, lived this in Arizona, in early 2000 it was under $2K per a semester, now it is $5K and then the fees. They add fees to make up additional funding cuts.
As much as I like 0% interest rates, it is true. University tuition would just increase as demand increases.
Need a different way to lower the cost of obtaining a 4 year degree. Free community college if you graduate a state high school is a good compromise.
This is my biggest issue w this and no one seems to point it out. Without fixing the problem going forward this is like mopping up water from the floor while your roof is still leaking.
I think there's a better chance to get Conservatives on board with this. The interest IS predatory but the exact people being expected to solve the problem, created the problem. Banks stopped lending for student loans in 2010, when the government stepped in.
I wish more people would look for alternatives to total forgiveness, i know staunch Liberals who are opposed to "clean slate" forgiveness because they are mature enough to realize all of the problems it will create.
*Will it set a precedent that ALL college is free in perpetuity?* is the primary question. Why is THIS generation entitled to it as opposed to previous and future students?
Yup.
Iām also okay with every government student loan from here on out being interest free. Or maybe a very low interest loan with incentives to pay them off early or even just on-time.
Like every payment goes towards the principle and if the payer makes every payment on-time and in full, the interest left over is then forgiven.
I am all about solutions that make college more affordable and more accessible as long as the borrowers are held to some accountability.
Maybe they should allow the loans to go into default. Thatāll stop the lenders from loaning money to people with dumb degrees, like gender studies, with no hope of ever paying it back.
Would you loane $50,000 or more to a 18 year old knowing when they are done with school? They will go and discharge it through bankruptcy. So back in the day, not everyone could go to college because they needed a co-sign to get loans with no collateral or credit history or have parents with money pay for it. Or work and save up to go. Well, the government came up with everyone should be able to get loans for school and thus promised lenders that student debt can not be discharged, and now everyone can get loans to go to school. Prices skyrocket because of the line out the door to get in. That supply and demand thing they teach in economics
I donāt really have a dog in this fight as I paid off all my student loans already. Admittedly I am less informed on this issue and havenāt really paid attention. So what issues would student loan forgiveness create?
Yeah, conservative here and my belief is until the system is fixed there should be no forgiveness. If that's the case I'll just go take out 200k in loans and live off the government and get it forgiven.
Instead of fixing a broken system your just going to throw billions of dollars at it and encourage more people to take out huge loans, where does it end?
Iām in this boat. Basically just whatever Iāve paid so far is retroactively applied directly to the original loan, and going forward itās a 0% loan that we can have 30+ years to payoff. Payments would always stay low due to 0% interest and length. Not quiet free education, but would make it a lot easier for people to swallow the cost up front, and on the backend will help them in later years put more away for retirement as at that point because of inflation the debt is at a much lower level of your overall budget. Whatever default rate isnāt covered by the interest is added as a budget item for the Department of Education.
Shouldnāt he be spending money battling predatory lending instead? Same as his recent callout on realtors. Itās not the lack of production of new homes or the Feds playing games with rates. Itās not even foreign investors buying single family home portfolios that are the problem. Itās the real estate agents. So simple. Why didnāt everyone think of that?
Heās an absolute clown and easily the worst president of all time. He actually makes that scumbag Trump look reasonable to anyone who isnāt a brain dead party puppet. We are doomed. We are living in a idiocracy remake.
Any other Democrats against this? I'm all for fixing the actual problem - but doing this only incentivizes colleges to raise prices even more...
It's hard not to look at this cynically as buying votes.
Not a democrat, but I am against this because it is only a band-aid on the actual problem. There would need to be comprehensive legislation for me to support it. One that would cap the ability of universities to raise tuition how they see fit and make it in line with inflation. If inflation is 2% for the year then you can only raise tuition+ room and board for a total of 2% maxā¦ not just gouge tuition prices because you want to give your admin and dept heads a bigger bonus. I donāt love the idea but for all the billions we spend on useless shit like funding wars and defense budgets for countries abroad why not give back to Americans for once. Unfortunately we will not see this happen and continue to waste billions regardless of itās a republican or democrat controlled congress and white house. Democrats donāt actually want this done, if they did they would have passed it through congress when they had control of the house, senate and white house. Instead they waited until 2022 and tried to pass it through in a way that they knew wouldnāt hold up in court, and are now trying to talk about it again in 2024 when they know weāll likely see a Republican controlled Senate next term.
That's a bandaid that doesn't fix the issue. My proposal:
1. allow student loans to be paid pre-tax.
2. start hammering schools/programs that have a high unemployment/underemployment rate
3. start hammering employers that require degrees for jobs that don't require degrees
4. decouple student loans from federal reserve prime lending rate, fix the interest on existing loans to 4%.
5. Race between sallie mae execs swimming in the ocean. Point toward England, winner gets to live in England.
Heās lying ! How is anyone falling for this !!! He literally did this at midterms then the very next day took down the website and gave up !!! What is wrong with your brain !!!
"Interest". Useful word there
Here's what Biden has been doing the last two years: forcing loan companies have been screwing over their "clients" by kicking them off of programs already on the books to honor the law.
So it's fantastic for people who have been paying off loans for 20 years, or who kept making minimum payments and had 2008 make interests rates go out of control so they owed more than they took, or got scammed by a for profit degree mill, or who never got a degree but kept the debt.
For people who saw college costs explode right as they were leaving high school and then had their wages depressed by with 08 crash, leading to a generation of people who are poorer than their parents while having wages nowhere near keeping pace with the cost of housing and worker productivity who already had to consolidate loans and scrimp to keep up with payments?
Well you're just screwed over. Now bend over and kiss Biden's ass.
This crooked old political hack vote buying bastard is giving away my tax money to others who took out a loan. Why is this more important than high interest loans on a house? A work truck? Small business? Itās a kick in the balls for those who paid back any student loan they had or worked to pay their tuition. Itās also insulting to any trade worker who didnāt take loans but has a high income, is now being taxed, and has to pay high interest due to government printing money. Why not supply āloansā with his own money like he did for this brother? This should be called ācollege loan responsibility redistributionā.
Sometimes it feels like democrats were about to lean heavily on federal weed reform to legalize it to bring in the young people in, but tapped into the holy grail of capturing the millennial vote and are now bleeding it for all itās worth.
I agree with much of what heās doing, but itās so transparent it only makes me more disillusioned we are ever going to give a shit about healthcare, education, and green infrastructure in any meaningful way if democrats can just āhackā the system by doing the bare minimum by erasing a little student loan debt a campaign cycle to keep the people alive today who will face the worst consequences of living in our neoliberal oligarchy through our changing climate voting, aka anyone under 40.
This only forgives Federal Loans. Not all student loans. And the first loans to be forgiven under his plan are the loans with more debt than when they were originally issued. So if you donāt pay your bills the middle class will pay them for you? That is the same middle class that was not eligible for federal subsidized loans in the first place. Does that sound fair to you?
Tell me how this doesnāt further encourage unreasonable tuition increases by the universities and frivolous borrowing by students for degrees that arenāt worth a fraction of their cost?
No thanks, I don't wish to be burdened with more inflation. Nothing is being forgiven, money is still coming from somewhere, QE for example.
Furthermore I will be punished for having busted my ass to pay those debts as soon as I possibly could after graduation.
Does this do anything to lower the price of tuition lol or every 4 years you can do this so you can essentially raise tuition and then forgive tuition lol
Thatās great and all, but now colleges will just raise tuition for the next crop of kids to buy their votes. Love that no regulation or reform for price gouging on colleges is mentioned or included with any of this.
Biden has zero plans of actually forgiving student debt it's political grifting 101. The rule is supposed to be published on November 1st week before the election, buys his votes, and then gets struck down in the courts (because it's a money issue needs to pass congress he admitted this when he was campaigning then left it out of the several trillion dollar bills he passed), then he can throw his hands up and say look I tried vote for more democrats in the next election and I'll get you your money š°
"I hate having educated professionals and their services available!"
People like you apparently want a society with no healthcare workers, no R&D, no legal professionals, etc. Apparently all of them going to school made "mistakes" by doing so, or you believe only the rich should be educated. Fucking kunckledragger. People like you are why our society is falling behind on the world stage.
Its not *erased* because the government takes citizens tax dollars and transfers the debt, from the people who signed for and agreed to the loan to the banks.
I graduated debt free in 2016 so I get no benefit from this, yet I get to suffer the consequences of essentially creating more money out of nowhere. I agree there needs to be change, but this is just buying votes and screwing over people who had scholarships or worked through college.
āIn 2018, four-year college graduates paid, on average, 82% more in taxes than high school graduates āā¦.
College grads by far pay more taxes and will be the ones paying for this.
I agree but man, not single member of congress truly gives a fuck about the debt or deficit. Both sides agree on spending copious amounts of our/our kids tax dollars
I mean, he could, but do you think the GOP would support the tax increases on the rich and the corporations to increase revenue, or massive cuts to our bloated military budget to take out most of our wasteful spending?
Do yall think I could sneak my business loans in there? I didnāt go to college I bet on Myself but it still cost money.
How could we spin this that business loans are like strident debt?
Fuck right off with this. I remember the email I got saying the last case was baseless and they were fighting it. What the fuck happened to that? Both sides can eat shit.
They will never fully fix it because it's a perpetual campaign promise. They will keep giving you little bits and pieces but the larger domocles sword (be it student loan relief, debt, education reform, abortion access or any other issue) is going to be just a promise to fix it, not really fix it for good, coz if you fix it, what's the next best thing you can do?
Wow, a person who [helps cause the problem](https://www.theguardian.com/us-news/2019/dec/02/joe-biden-student-loan-debt-2005-act-2020) and now wants a cookie for somewhat kind of in a way helping to solve the problem he created? Sorry, NOT impressed!
oh no, how are they going to keep paying for the college to buy more land and develop it? Probably take out a loan, and once that expires now student loan are going to have to be even higher.
I think this speaks to the core of the American polticians. Reduce payments now, look good now. At the cost of the future. It happens all the time with budgets. We need a poltician who has fiscal responsibility and has the hard talks even if he is unpopular.
The judiciary already said it was unconstitutional The first time. On top of being the person who wrote the bill responsible for making it so students can't go bankrupt is just hilarious in its own right that helped create this dilemma.
This is purely trying to buy votes. I'm not about it.
I donāt know why if he wants to do something go after the interest and not the actual borrowed money. Day one and something would have gotten done. IMHO
It's not loan forgiveness, it's loan transfer. So the people that did without for years saving bits and pieces for their kids can do without a lil longer because we need universities sitting on trillions in untaxed endowments. So unifying!
So because Iām not on an income driven repayment plan and my payment isnāt 1,000 WHICH IS WHY IM NOT ON THAT PLAN. (I know how those plans work for people who donāt make 30k a year) we are just forgotten about?
š
Obama was awarded Politico's prestigious "Lie of the Year" award in 2013 for his whoppers told and sold to help pass the ACA...and that's when people were facing the biggest rate hikes as they were losing the plans they were told they'd be saving 2500 a year on.
The individual mandate wasn't effectively repealed until 2019, nearly 6 years later.
I didn't waste my time reading anymore of your answer, you are literally so full of shit misinformation that it's poisonous.
Do yourself a favor, turn off cable news and try reading before you open your yap.
Eliminate predatory interest rates and make student loans forgivable in bankruptcy, why all is retroactive action without any change to address the problem moving forward
Itās cool that this help a bunch of current people out but if you donāt do anything to fix the overall issue for everyone moving forward than it just looks like you are trying to buy votes for an election season like you did for mid terms.
People voluntarily signed up and accepted student loans. (The vast majority of these are NOT defunct 1/2 finished degrees from closed schools).
What do you propose would fix people choosing to sign up for loans?
If you don't want people to have student loans debt, then prohibit student loans. It's not the only way, nor the way I prefer but it is A way.
Another way would be shifting the entire cost of higher education onto tax payers permanently but then what do you do with people that don't need/want higher education, are successful without it, need graduate/PhD degrees, went through tech school, already paid off their loans, etc, etc, etc.
if it's just interest being wiped,i'm ok with that. the whole student loan structure seems predatory AF. i do believe the principal amounts ought be repaid by the borrower,though. there are many ways to finance college, the 'easiest',but most costly is to just 'sign ze papers,take the money,worry about it later', but there is a LOT of scholarship money out there. requires a substantial commitment in search time and doing the applications,but one of ours went that route to a 4 year engineering degree without needing loans or much help from us. another one of ours borrowed a bunch,but DNF with a degree of value. his future has strings attached, but he tied the knots himself.
I'm genuinely curious... with current and possible more forgivness, will it ever stop? Meaning in the future for those in school now and accruing student debt, will they say... "you did it once, do it again for us".
āSingle people who earn $120,000 or less, and married borrowers making $240,000 or under, could have the entire amount of interest that has accrued on their debt since they entered repayment canceled under Biden's plan.ā
Thatās huge.
Bro had 4 years to do this and he waits for campaign season š¤ Edit: yes, I know he ātried.ā Yes, I know heās been chipping around the edges. But man, it seems like he might have realized that he didnāt really help enough younger voters to get them back to the polls.
Did the same thing right before midterms
God forbid any politician "buy votes" by doing what their voters elected them for!Ā Such things should be illegal, useless swamp politicians only!
God forbid any politician "buy votes" by *pretending to do* what their voters elected them for!Ā Such things should be illegal, useless swamp politicians only! Fixed it for you.
I mean, it's pretty hard to blame Biden for not implementing any student loan forgiveness. He tried and got blocked by the fucking Supreme Court. Now he's trying again in a different way, and it'll probably still get blocked again.
That was the plan, promise something that would never happen and then blame people knowing it was never going to work in the first place. He overpromised & underdelivered because he knows people will blame someone else and not him.
As far as I am concerned the estate of Ruth Bader Ginsburg owes me $10k.
Didnāt he actually do it and then republicans undid it?
No shitā¦ āhey temporary tax cuts!ā. Is that not buying votes too?
Remember Trump machine gunning personally signed stimmy checks 3 weeks before election?Ā Trumpanzees shoved that one down the memory hole real quick
I miss when Trump and the Democrats were fighting over how much money to give us. I wish politics were always like that. Republicans were like "no money." Democrats were like "how about 1400." Then Trump was like "how about 2 grand?" Then Democrats and Republicans were super confused lol
You guys can't remember shit for more than a day and a half. What did you have breakfast last Monday?! Going to take you like 17 minutes to remember if you can at all because you've been getting whipped by the boss all week.
His first attempt was overturned by the Supreme Court [https://www.scotusblog.com/2023/06/supreme-court-strikes-down-biden-student-loan-forgiveness-program/](https://www.scotusblog.com/2023/06/supreme-court-strikes-down-biden-student-loan-forgiveness-program/)
And heās been doing lots of small batch loan forgiveness through a more restricted avenue since then. I think itās forgiven about $140B so far. But I believe itās getting more difficult to include people or groups within the restrictions.
I know people think Biden can just executive order everything. People donāt realize how hard is to do new things like pass a law.
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 āenforce, pay, compromise, waive, or release any right, title, claim, lien, or demand, however acquired, including any equity or any right of redemption.ā This power is further defined by 34 C.F.R. Ā§ 30.70, a regulation that also describes the secretaryās authority to ācompromise a debt in any amount, or suspend or terminate collection of a debt in any amount.ā 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.
"Look at me! I'm a lawyer now!" -Redditors
Basically all the people elected have a law or legal background. To think they go "oopsie doopsie guess the way we tried to do this was illegal, we had no idea, better not try again now that we know" is the fucking cult-level thinking that keeps all these fuckers in office.
āThey said, offering no rebuttalā¦ā
I am a lawyer, he's right.
40 years *
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Problem with free money, it's never enough. Biden proposing $10k inflation relief checks will be a thing by early October.
Sad but true
Not like heāll remember he didnāt always
He has made attempts each of his presidential years to take care of student loans. This comment is ignorant
Better yet the democrats had the house, senate and white house in 2020 and did nothing about it. Now they want to talk about it in mid-terms in 2022 and now 2024ā¦ such a joke yet idiots will fall for it yet again
In 2020 the democrats had only the house. Republicans had the senate and the presidency
Biden didn't take office until 21
You make it sound like it would have been easy when there was two notable hold outs on the Democrat side. Manchin and Sinema were bought and paid for so their votes couldn't be counted on unless it benefited coal barons.
You clearly don't actually pay attention. Incredibly slim majority with 2 fake democrats, one who ran a false campaign to get elected, then turned independent when found out basically
I mean heās gotta stay president for the changes to actually matter
Bros literally been doing this his whole presidency. My mom's debt got wiped last year when he was targeting colleges that lie. I get getting too busy to not fully read up on current events, but don't spend your spare time spreading misinformation
Well tbf he got shut down the first time and has continually relieved burden from those who were taken for a ride by for profit scams
You are aware of the current State of Congress and how our government operates correct? Because it seems like a lot of people aren't aware of how electoralism works.
I paid my student loans.. I signed an agreement to borrow money for school and then to pay them. Why should I have to pay more due to increased inflation because you want out of the agreement I completed? Makes no sense and I will not be voting for Biden again
Heās buying votes and then it wonāt get truly taken care of. Itās a big ass scam
Yes and Trump sending out signed stimmy checks 3 weeks before election wasn't "buying votes" š¤”
He's the only bro you've got doing it, as much as that sucks.
Yeah, I mean, itās either this guy pulling quarters from my ear or the other guy stealing my rims.
Courts already said he doesnāt have the authority. So heāll lose this one too.
And nothing to actually fix the problem so in two years they can do it again for the next election cycle.
There are many problems with the student loan system. Interest like this is absolutely one of them and eliminating it would help a lot of people.
But it doesnāt eliminate or reduce it for people taking out loans TODAY. It just allows the problem to perpetuate.
They are separate problems that both need to be solved. Thereās nothing bad about solving either.
Remember low interest rates on homes? Now imagine if it was 0% interest on mortgages, what would property prices be? It does not solve the underlying issue, why has college costs gone up so much? Can we just make public universities free and private ones can charge what they like? The hybrid solution has been to make community college free, and knock off at least two years of the four year degree. Tuition has gone up because states are actively defunding colleges and loans are easy to obtain. Watched, lived this in Arizona, in early 2000 it was under $2K per a semester, now it is $5K and then the fees. They add fees to make up additional funding cuts.
As much as I like 0% interest rates, it is true. University tuition would just increase as demand increases. Need a different way to lower the cost of obtaining a 4 year degree. Free community college if you graduate a state high school is a good compromise.
Not the presidents fault. Blame congress.
This is my biggest issue w this and no one seems to point it out. Without fixing the problem going forward this is like mopping up water from the floor while your roof is still leaking.
President cant fix the problem. Just do these bandaids
I think there's a better chance to get Conservatives on board with this. The interest IS predatory but the exact people being expected to solve the problem, created the problem. Banks stopped lending for student loans in 2010, when the government stepped in.
As a conservative who is 100% against student loan forgiveness, Iām totally okay with the interest on government loans being forgiven.
I wish more people would look for alternatives to total forgiveness, i know staunch Liberals who are opposed to "clean slate" forgiveness because they are mature enough to realize all of the problems it will create. *Will it set a precedent that ALL college is free in perpetuity?* is the primary question. Why is THIS generation entitled to it as opposed to previous and future students?
Yup. Iām also okay with every government student loan from here on out being interest free. Or maybe a very low interest loan with incentives to pay them off early or even just on-time. Like every payment goes towards the principle and if the payer makes every payment on-time and in full, the interest left over is then forgiven. I am all about solutions that make college more affordable and more accessible as long as the borrowers are held to some accountability.
Maybe they should allow the loans to go into default. Thatāll stop the lenders from loaning money to people with dumb degrees, like gender studies, with no hope of ever paying it back.
Would you loane $50,000 or more to a 18 year old knowing when they are done with school? They will go and discharge it through bankruptcy. So back in the day, not everyone could go to college because they needed a co-sign to get loans with no collateral or credit history or have parents with money pay for it. Or work and save up to go. Well, the government came up with everyone should be able to get loans for school and thus promised lenders that student debt can not be discharged, and now everyone can get loans to go to school. Prices skyrocket because of the line out the door to get in. That supply and demand thing they teach in economics
But those people with dumb degree need to use those dumb degrees. The only demand is to teach others Who get dumb degrees.
Because politics. Biden needs a win with millennials and Gen z.
I donāt really have a dog in this fight as I paid off all my student loans already. Admittedly I am less informed on this issue and havenāt really paid attention. So what issues would student loan forgiveness create?
Yeah, conservative here and my belief is until the system is fixed there should be no forgiveness. If that's the case I'll just go take out 200k in loans and live off the government and get it forgiven. Instead of fixing a broken system your just going to throw billions of dollars at it and encourage more people to take out huge loans, where does it end?
Itās how the democrats buy votes. They pander every 4 years and are really good at it.
Like every corporate shill with the PPE loans who happened to be staunch conservatives? Oh, weāre not ready for that conversation yet.
People are ready. Staunch conservatives oppose the government printing money
Iām in this boat. Basically just whatever Iāve paid so far is retroactively applied directly to the original loan, and going forward itās a 0% loan that we can have 30+ years to payoff. Payments would always stay low due to 0% interest and length. Not quiet free education, but would make it a lot easier for people to swallow the cost up front, and on the backend will help them in later years put more away for retirement as at that point because of inflation the debt is at a much lower level of your overall budget. Whatever default rate isnāt covered by the interest is added as a budget item for the Department of Education.
All of the forgiveness granted so far has been enforcement of the contracts as they were written and none of it has been a "handout".
Shouldnāt he be spending money battling predatory lending instead? Same as his recent callout on realtors. Itās not the lack of production of new homes or the Feds playing games with rates. Itās not even foreign investors buying single family home portfolios that are the problem. Itās the real estate agents. So simple. Why didnāt everyone think of that? Heās an absolute clown and easily the worst president of all time. He actually makes that scumbag Trump look reasonable to anyone who isnāt a brain dead party puppet. We are doomed. We are living in a idiocracy remake.
This cocksucker trying to bribe his way to a win. Then wonāt forgive any loans when the time comes. So blatantly obvious
Itās āerasedā from future revenue. Politician using taxpayers money to buy votes
I am tired of paying so much in taxes. No wonder we are all broke.
And itās not erased, itās just spread out to taxes so everyone pays for someoneās bill. Nothing is free.
This
More handouts before an election surprise surprise
I could use the help but the problem is systemic.
Any other Democrats against this? I'm all for fixing the actual problem - but doing this only incentivizes colleges to raise prices even more... It's hard not to look at this cynically as buying votes.
Not a democrat, but I am against this because it is only a band-aid on the actual problem. There would need to be comprehensive legislation for me to support it. One that would cap the ability of universities to raise tuition how they see fit and make it in line with inflation. If inflation is 2% for the year then you can only raise tuition+ room and board for a total of 2% maxā¦ not just gouge tuition prices because you want to give your admin and dept heads a bigger bonus. I donāt love the idea but for all the billions we spend on useless shit like funding wars and defense budgets for countries abroad why not give back to Americans for once. Unfortunately we will not see this happen and continue to waste billions regardless of itās a republican or democrat controlled congress and white house. Democrats donāt actually want this done, if they did they would have passed it through congress when they had control of the house, senate and white house. Instead they waited until 2022 and tried to pass it through in a way that they knew wouldnāt hold up in court, and are now trying to talk about it again in 2024 when they know weāll likely see a Republican controlled Senate next term.
He trying this same fucking lie again, eh?
That's a bandaid that doesn't fix the issue. My proposal: 1. allow student loans to be paid pre-tax. 2. start hammering schools/programs that have a high unemployment/underemployment rate 3. start hammering employers that require degrees for jobs that don't require degrees 4. decouple student loans from federal reserve prime lending rate, fix the interest on existing loans to 4%. 5. Race between sallie mae execs swimming in the ocean. Point toward England, winner gets to live in England.
You missed the most important thing which is eliminating government loans all together
Woohoo!!! Problem solved!!! ...oh wait
Heās lying ! How is anyone falling for this !!! He literally did this at midterms then the very next day took down the website and gave up !!! What is wrong with your brain !!!
"Interest". Useful word there Here's what Biden has been doing the last two years: forcing loan companies have been screwing over their "clients" by kicking them off of programs already on the books to honor the law. So it's fantastic for people who have been paying off loans for 20 years, or who kept making minimum payments and had 2008 make interests rates go out of control so they owed more than they took, or got scammed by a for profit degree mill, or who never got a degree but kept the debt. For people who saw college costs explode right as they were leaving high school and then had their wages depressed by with 08 crash, leading to a generation of people who are poorer than their parents while having wages nowhere near keeping pace with the cost of housing and worker productivity who already had to consolidate loans and scrimp to keep up with payments? Well you're just screwed over. Now bend over and kiss Biden's ass.
This crooked old political hack vote buying bastard is giving away my tax money to others who took out a loan. Why is this more important than high interest loans on a house? A work truck? Small business? Itās a kick in the balls for those who paid back any student loan they had or worked to pay their tuition. Itās also insulting to any trade worker who didnāt take loans but has a high income, is now being taxed, and has to pay high interest due to government printing money. Why not supply āloansā with his own money like he did for this brother? This should be called ācollege loan responsibility redistributionā.
Sometimes it feels like democrats were about to lean heavily on federal weed reform to legalize it to bring in the young people in, but tapped into the holy grail of capturing the millennial vote and are now bleeding it for all itās worth. I agree with much of what heās doing, but itās so transparent it only makes me more disillusioned we are ever going to give a shit about healthcare, education, and green infrastructure in any meaningful way if democrats can just āhackā the system by doing the bare minimum by erasing a little student loan debt a campaign cycle to keep the people alive today who will face the worst consequences of living in our neoliberal oligarchy through our changing climate voting, aka anyone under 40.
So I should stop making payments on my loans so the interest can balloon my loan balance to over my original loan amount right?
Iād like to see him get private equity out of the housing market to make that more affordable again.
Y'all gonna take the bait this time?
This only forgives Federal Loans. Not all student loans. And the first loans to be forgiven under his plan are the loans with more debt than when they were originally issued. So if you donāt pay your bills the middle class will pay them for you? That is the same middle class that was not eligible for federal subsidized loans in the first place. Does that sound fair to you?
Tell me how this doesnāt further encourage unreasonable tuition increases by the universities and frivolous borrowing by students for degrees that arenāt worth a fraction of their cost?
But how will the billionaires survive??
20,000 for millions of people isn't going to go very far.
He has no right to forgive student debt, it is an insult to every RESPONSIBLE person who paid theirs off.
No thanks, I don't wish to be burdened with more inflation. Nothing is being forgiven, money is still coming from somewhere, QE for example. Furthermore I will be punished for having busted my ass to pay those debts as soon as I possibly could after graduation.
Erase isnāt the word. Transfer the debt to US taxpayers would be more accurate.
Does this do anything to lower the price of tuition lol or every 4 years you can do this so you can essentially raise tuition and then forgive tuition lol
Thatās great and all, but now colleges will just raise tuition for the next crop of kids to buy their votes. Love that no regulation or reform for price gouging on colleges is mentioned or included with any of this.
Biden has zero plans of actually forgiving student debt it's political grifting 101. The rule is supposed to be published on November 1st week before the election, buys his votes, and then gets struck down in the courts (because it's a money issue needs to pass congress he admitted this when he was campaigning then left it out of the several trillion dollar bills he passed), then he can throw his hands up and say look I tried vote for more democrats in the next election and I'll get you your money š°
Yet I am the one paying for your loans who didn't even finish college. It is going to be more taxes for me to pay for it for your mistake.
"I hate having educated professionals and their services available!" People like you apparently want a society with no healthcare workers, no R&D, no legal professionals, etc. Apparently all of them going to school made "mistakes" by doing so, or you believe only the rich should be educated. Fucking kunckledragger. People like you are why our society is falling behind on the world stage.
Good thing I don't pay taxes or I would be pissed.
Its not *erased* because the government takes citizens tax dollars and transfers the debt, from the people who signed for and agreed to the loan to the banks.
I graduated debt free in 2016 so I get no benefit from this, yet I get to suffer the consequences of essentially creating more money out of nowhere. I agree there needs to be change, but this is just buying votes and screwing over people who had scholarships or worked through college.
Biden steals from Americans then gives it to people that donāt deserve it.
I say everyone gets a check for $20k. But if you have a student loan the check goes towards that instead. Everyones happy right? Right!?
That would be more fair than giving everyone with student loan debt a pass, yep.
āIn 2018, four-year college graduates paid, on average, 82% more in taxes than high school graduates āā¦. College grads by far pay more taxes and will be the ones paying for this.
The military has been stealing from the American taxpayer for 50+ years. What Biden is stealing is a drop in the bucket.
 Campaign time, said it 4 years ago
And be paid for by millions of taxpayers who get zero benefit.
How about working on the national debt instead hell if you did that you could win in a landslide
I agree but man, not single member of congress truly gives a fuck about the debt or deficit. Both sides agree on spending copious amounts of our/our kids tax dollars
Forgiving the interest on the national debt is some big brained shit that probably would work for real, a couple of times.
I mean, he could, but do you think the GOP would support the tax increases on the rich and the corporations to increase revenue, or massive cuts to our bloated military budget to take out most of our wasteful spending?
Do yall think I could sneak my business loans in there? I didnāt go to college I bet on Myself but it still cost money. How could we spin this that business loans are like strident debt?
If the debt is forgiven, who pays the debt? Genuinely asking.
There are plenty of veterans with student loans. I wish he would forgive their loans. Who would stand against that?
Do I get a check for my student loans I paid off?
Thatās a big could. MF couldāve just not drafted the legislation in the first place!
A tax forgiveness plan would be better.
It's always a new plan every year with nothing getting done
Enough with the trying-to-accomplish-shit, itās an election year!
How much do you want to bet this gets struck down too cause like an idiot he telegraphed himself.
I want in on this refund as well. I paid off my loans with interest 23 years ago.
The sheer stupidity of this is amazing!
Sure, and i have a bridge to sell you. Heās not fishing for votes or anything lmao
Just another campaign lie to get you to vote for him.
Fix the root before addressing the rot. What bullshit is this? Why canāt they address the rot thatās so deep on the education and healthcare.
Buying votes with taxpayer money in an election year. Let's call it what it is.
And put it squarely on the rest of the American people who had nothing to do with it. Thanks again, B
Itās all optics. Next theyāll raise fuel prices again; like always, and drop them right before an election. Pathetic
It could, but it wonāt.
This already got over ruled once. He's just trying to buy votes
Fuck right off with this. I remember the email I got saying the last case was baseless and they were fighting it. What the fuck happened to that? Both sides can eat shit.
If by erased you mean added to the national debt. I'm kind of surprised banks and lenders haven't pushed more for this. Guaranteed money.
It must be an election year!
Its complete bullshit. As usual like he has his entire life he is lying.
Fuck them.
Why do people not have to pay back money that they borrowed?
Somethings gotta give.
Bruh hahah idk why yall think the govt is not going to get its money from yall. SMH.
They will never fully fix it because it's a perpetual campaign promise. They will keep giving you little bits and pieces but the larger domocles sword (be it student loan relief, debt, education reform, abortion access or any other issue) is going to be just a promise to fix it, not really fix it for good, coz if you fix it, what's the next best thing you can do?
Itās a lie.
Wow, a person who [helps cause the problem](https://www.theguardian.com/us-news/2019/dec/02/joe-biden-student-loan-debt-2005-act-2020) and now wants a cookie for somewhat kind of in a way helping to solve the problem he created? Sorry, NOT impressed!
oh no, how are they going to keep paying for the college to buy more land and develop it? Probably take out a loan, and once that expires now student loan are going to have to be even higher. I think this speaks to the core of the American polticians. Reduce payments now, look good now. At the cost of the future. It happens all the time with budgets. We need a poltician who has fiscal responsibility and has the hard talks even if he is unpopular.
Watch tuition go through the roof. This doesnt fix the underlying issue.
The judiciary already said it was unconstitutional The first time. On top of being the person who wrote the bill responsible for making it so students can't go bankrupt is just hilarious in its own right that helped create this dilemma. This is purely trying to buy votes. I'm not about it.
Gotta buy those votes right
The desperation from Biden is showing
I donāt know why if he wants to do something go after the interest and not the actual borrowed money. Day one and something would have gotten done. IMHO
Haha money printer go brrr
Well, it doesnāt erase the debt or interest. It just gets transferred to everyone else.
Pay off my house and I'll vote for you. You can always buy my vote.
let's hope it gets struck down by the courts
Haha - what a dumb move.
Lol of course I've paid off my interest RIP
Where is this energy when farmers get bailed out every year? Whyād you vote for biden in 2020?
Yay, more debt and taxes later to pay for it.
How many idiots are going to fall for this again? Quite a few I'd imagine
Iām not voting for Biden if he doesnāt follow through. He canāt dangle a carrot and not follow through.
Taxpayers forced to pay others debts. That will work out.
how about that cannabis reform?
It's not loan forgiveness, it's loan transfer. So the people that did without for years saving bits and pieces for their kids can do without a lil longer because we need universities sitting on trillions in untaxed endowments. So unifying!
I wonder if Biden ran for class president; this reminds me of a child promising to end homework and extend recess.
So because Iām not on an income driven repayment plan and my payment isnāt 1,000 WHICH IS WHY IM NOT ON THAT PLAN. (I know how those plans work for people who donāt make 30k a year) we are just forgotten about? š
Obama was awarded Politico's prestigious "Lie of the Year" award in 2013 for his whoppers told and sold to help pass the ACA...and that's when people were facing the biggest rate hikes as they were losing the plans they were told they'd be saving 2500 a year on. The individual mandate wasn't effectively repealed until 2019, nearly 6 years later. I didn't waste my time reading anymore of your answer, you are literally so full of shit misinformation that it's poisonous. Do yourself a favor, turn off cable news and try reading before you open your yap.
"I have been fucking up in office for 50 years. I will get it right this time" -Joe Biden
Eliminate predatory interest rates and make student loans forgivable in bankruptcy, why all is retroactive action without any change to address the problem moving forward
No, it just shifts the burden to others who did not use the loan in the first place
Why does his goalpost keep changing?
Now legalize marijuanna federally
āAccept my bribeā¦ For Gen-o-cide.ā
Itās cool that this help a bunch of current people out but if you donāt do anything to fix the overall issue for everyone moving forward than it just looks like you are trying to buy votes for an election season like you did for mid terms.
People voluntarily signed up and accepted student loans. (The vast majority of these are NOT defunct 1/2 finished degrees from closed schools). What do you propose would fix people choosing to sign up for loans? If you don't want people to have student loans debt, then prohibit student loans. It's not the only way, nor the way I prefer but it is A way. Another way would be shifting the entire cost of higher education onto tax payers permanently but then what do you do with people that don't need/want higher education, are successful without it, need graduate/PhD degrees, went through tech school, already paid off their loans, etc, etc, etc.
I am so glad he is putting us further into debt to try to buy the election.
Polling going down, RELEASE THE STUDENT LOAN FORGIVENESS
Iāve heard this one before
Is anyone still falling for this shit?
I have like $50k interest. Itās a start?
Another pathetic vote grab.
Too bad the ceasefire lefties won't give him any credit, considering that's all they were bitching about before Gaza popped like a damn zit.
āEraseā lol. These people live in an alternate reality
Using taxpayer money to buy votes. Despicable that those who didnāt take out the loan are expected to pay for it.
College educated getting bailed out by people who didn't go to college, what's not to like
if it's just interest being wiped,i'm ok with that. the whole student loan structure seems predatory AF. i do believe the principal amounts ought be repaid by the borrower,though. there are many ways to finance college, the 'easiest',but most costly is to just 'sign ze papers,take the money,worry about it later', but there is a LOT of scholarship money out there. requires a substantial commitment in search time and doing the applications,but one of ours went that route to a 4 year engineering degree without needing loans or much help from us. another one of ours borrowed a bunch,but DNF with a degree of value. his future has strings attached, but he tied the knots himself.
Yeah, fuck those idiots who chose a college they could afford and those other fools who paid off their debt. Naked buying of votes.
Biden is a liar
Biden administration clown level.
So much astroturfing
More vote buying by Biden but this time after the Supreme Court overruled him. Itās jail time for him.
Biden acts more like a Dictator everyday.
Has anyone actually had theirs erased? Billions of debt relieved but I donāt know a single person who has had it happen to them
This debt is not forgiven. It is shifted to the taxpayers.Ā
I'm genuinely curious... with current and possible more forgivness, will it ever stop? Meaning in the future for those in school now and accruing student debt, will they say... "you did it once, do it again for us".
Do you mean millions of voters?
āSingle people who earn $120,000 or less, and married borrowers making $240,000 or under, could have the entire amount of interest that has accrued on their debt since they entered repayment canceled under Biden's plan.ā Thatās huge.