Student Loan Forgiveness is Set to Expire: This is Going to be Painful for Many!

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NWRMidnight

Platinum Member
Jun 18, 2001
2,912
2,541
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Student loans are basically how a bunch of greedy bankers figured out how to sell mortgages on the American Dream. The federal government came in and created loan programs that were supposed to be fair for borrowers, but private servicers still found umpteen ways to screw people over and of course tuition costs have spiraled out of control.
Student loans turned into predatory lending long ago.
 

Franz316

Senior member
Sep 12, 2000
976
431
136
Can he try using the Higher Education Act or would that just be repeat of this one?
 

fskimospy

Elite Member
Mar 10, 2006
83,110
46,655
136
Can he try using the Higher Education Act or would that just be repeat of this one?
Yes, the higher education act gives Biden clear authority to cancel student debt. The issue is the CARES act did the same thing and SCOTUS didn't care.

The question here should not be 'is this policy legal?' it should be 'does SCOTUS personally like this public policy?' If the answer is no, they will strike it down.
 

K1052

Elite Member
Aug 21, 2003
45,450
31,804
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Yes, the higher education act gives Biden clear authority to cancel student debt. The issue is the CARES act did the same thing and SCOTUS didn't care.

The question here should not be 'is this policy legal?' it should be 'does SCOTUS personally like this public policy?' If the answer is no, they will strike it down.

Biden should just wipe it out and not say anything until after people have the money. Make the court claw it back from millions of voters.
 

Captante

Lifer
Oct 20, 2003
30,198
10,721
136
Biden should just wipe it out and not say anything until after people have the money. Make the court claw it back from millions of voters.

Good luck with that .... unless they plan on going out personally to collect too! :tearsofjoy:
 

Puffnstuff

Lifer
Mar 9, 2005
16,000
4,778
136
Yes, the higher education act gives Biden clear authority to cancel student debt. The issue is the CARES act did the same thing and SCOTUS didn't care.

The question here should not be 'is this policy legal?' it should be 'does SCOTUS personally like this public policy?' If the answer is no, they will strike it down.
If one of their big money donors says oppose it then we know the outcome.
 

ivwshane

Lifer
May 15, 2000
32,104
14,738
136
This is not akin to Bankruptcy which is an individual act and requires some effort.

This is more akin to the Government saying that anyone who bought a car in the last 'X' years and has income below 'X' can just stop paying their loans and keep their vehicles, no individual effort required.

No it’s more akin to the government saying, “it’s in the country’s best interest to forgive these loans so that we don’t have a generation that’s already having a hard time finding housing and paying for a bill who’s price was already inflated because of a useless middleman, and let them focus on moving this country forward economically since we sure as hell won’t be providing our workers with better pay and better health benefits”.

I know it’s primal thinking but it still amazes me when I see people cheering for policies that hold people down simply because they won’t or didn’t get to take advantage of the policy. Simple minds always seem to lack the foresight into seeing how such a policy would play out and how it would benefit everyone. But I digress, humans individually are pretty fucking stupid creatures.
 

fskimospy

Elite Member
Mar 10, 2006
83,110
46,655
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Maybe an EO that says "all loans are now on IBR and IBR is set to zero indefinitely and interest is now zero."

Make Trump run on reversing that, in addition to all his other terrible policies and criminal proceedings. 24 would be in the bag.
I'm not sure if people realize this but student loan forgiveness is not a particularly popular policy and it's probably a net electoral drag for Biden. It is very popular among people WITH student loans, but not very popular among those without them. People with student loans are heavily Democratic so Biden probably has their votes anyway.
 

Captante

Lifer
Oct 20, 2003
30,198
10,721
136
Unfortunately I completely agree ... a disturbingly large percentage of EVERYONE only cares about themselves. :(

In other words if I'm not directly affected I don't give two craps.
 

woolfe9998

Lifer
Apr 8, 2013
16,187
14,084
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I'm not sure if people realize this but student loan forgiveness is not a particularly popular policy and it's probably a net electoral drag for Biden. It is very popular among people WITH student loans, but not very popular among those without them. People with student loans are heavily Democratic so Biden probably has their votes anyway.

Latest poll I can find shows 47/41 in favor/against. Up from 42/44 last September.

 
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dainthomas

Lifer
Dec 7, 2004
14,562
3,392
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I'm not sure if people realize this but student loan forgiveness is not a particularly popular policy and it's probably a net electoral drag for Biden. It is very popular among people WITH student loans, but not very popular among those without them. People with student loans are heavily Democratic so Biden probably has their votes anyway.

55% support the 10k cancellation.

But maybe he wants to do it because the entire country would benefit. Student debt is a giant anchor on the economy, and everyone would be better off if it was reduced.
 

fskimospy

Elite Member
Mar 10, 2006
83,110
46,655
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55% support the 10k cancellation.

But maybe he wants to do it because the entire country would benefit. Student debt is a giant anchor on the economy, and everyone would be better off if it was reduced.
Most polls show lower support than that but again, that's not exactly a super popular policy. More importantly, it's a policy that's poorly targeted in an electoral sense as most of the support comes from people who were going to support you anyway so you're mostly hurting yourself with swing voters.

I think this loan forgiveness is a dumb policy overall and so I'm kind of glad it isn't happening but it doesn't change the fact that Biden had the clear legal authority to do it and SCOTUS just rewrote the law because they didn't like it.
 

GoPackGo

Diamond Member
Oct 10, 2003
6,412
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First thing he should do is announce that DOE will no longer issue any student loans. People will not be allowed to enter into a predatory lending system.
 
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sportage

Lifer
Feb 1, 2008
11,493
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Biden, and frankly everyone should just ignore these high court rulings because they are obviously influenced by money peddling and wealthy donors. Biden needs to burn the court down to the ground by refusing to abide, and with also instructing the nation to simply ignore the rulings, and just pretend the high court never had the power in the first place.
I guess one might call that a civil war, well...... need I say more???
Its been a long time coming, and personally I don't want anything to so with these bigoted hypocritical religious fanatic destroyers of democracy. I don't want anything to do with them and never to be ruled by them.

The high court has caused its own illegitimacy by allowing corruption to find its way in and denying a black president his justice. Both entirely unconstitutional. So in short, we have no court. And as a republican would say, the high court rulings of late will open the pandoras box of what is to come. Hell, some maga could file a lawsuit insisting Biden be ousted simply because Biden goes against their religious beliefs, and Gorsuch would agree.
 
Dec 10, 2005
23,653
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Round 2 has been declared: seek relief through a slower process enabled by the 1965 higher education act.
 

ivwshane

Lifer
May 15, 2000
32,104
14,738
136
First thing he should do is announce that DOE will no longer issue any student loans. People will not be allowed to enter into a predatory lending system.

Couldn’t he just declare that student loans will no longer be offered via third party and only have loans backed and administered by the federal government?