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

[brycejones]

Lots of conservatives said this didn't matter when Trump reprogrammed billions in defense appropriations to his border wall without congressional consent.

I'm sure they will be 100% consistent here. /s

 

[K1052]

I'm not so sure of that. I'm fine with Biden doing it but the median American doesn't have any student loans and those who do probably disproportionately vote for Democrats.

I think this shores up his base somewhat but I think Biden's move here is primarily to fulfill his campaign promise and get people to leave him alone about it.

I'd expect a modest bump in approval from younger people but yea I doubt this is a huge deal overall. Every little bit helps though.

It is good to keep a promise however and he could also use this as a platform to argue voters should send more Dems to congress so they can bring down the cost of post-HS education, which voters are indeed very much interested in.

 

[Pens1566]

I'd expect a modest bump in approval from younger people but yea I doubt this is a huge deal overall. Every little bit helps though.

It is good to keep a promise however and he could also use this as a platform to argue voters should send more Dems to congress so they can bring down the cost of post-HS education, which voters are indeed very much interested in.

Yes, the younger demo will be the main impact from this. Exactly where his #s have been lagging.

 

[brycejones]

Nancy claims that Joe can't forgive student loans. That aligns with the way I thought things worked, that congress owned the checkbook.

https://twitter.com/x/status/1562435162683518977

Did you find Joe's taxes yet?

 

[Greenman]

45 million voters getting $10k each seems like an enormous windfall to me. I think he's just guaranteed that the dems keep the house.

 

[Captante]

45 million voters getting $10k each seems like an enormous windfall to me. I think he's just guaranteed that the dems keep the house.

I very much hope you are correct but this feels a bit overly optimistic to me.

 

[Roger Wilco]

Will Congress be able to stop Biden from doing this?

 

[Captante]

Will Congress be able to stop Biden from doing this?

I don't believe so at least not directly.

 

[fskimospy]

I don't believe so at least not directly.

Congress will not attempt to stop Biden from doing this, but Republicans are sure to sue about it and with the current SCOTUS there's a good chance they block it because Biden is a Democrat.

 

[K1052]

Congress will not attempt to stop Biden from doing this, but Republicans are sure to sue about it and with the current SCOTUS there's a good chance they block it because Biden is a Democrat.

There is no victory too pyrrhic not to enjoy the benevolent gaze of conservatives on the 5th Circuit. Electorally plays like absolute shit to anybody who isn't a boomer.

 

[sactoking]

Any details on the Pell grant portion? What's the criteria? Number of years the grant was received? Amount of grant received?

 

[Juiblex]

While I think schools have been screwing people for decades, I do not like the forgiveness.

People knew the costs going into it. They need to pay up. This is just another redistribution of wealth. Biden and the Dems are going full socialism here. Of course, rewarding those who have NOT been responsible. Like in so many other cases. I'm better off quitting my job, running up whatever debt, and depending on government to take care of me. Seriously that's a better career path for many these days.

I didn't finish college because I couldn't afford it (and I was already hired in my career profession.) I didn't get loans because I didn't want the debt. I've been removed from applicant pools because I lacked a degree. I feel stupid now I should have just finished college and refused to pay the bill.

But no, I did the responsible thing. Determined my financial future and determined dropping out was the best choice. I figured my experience was just as valuable as the degree.

That said, I've been highly successful so I don't really care. But why are we teaching people to be less responsible?

The bogus degrees from scam schools again let the buyer beware. The government should have stopped that right away. That is the purpose of the government and they failed. I can see it in that case.

 

[Captante]

The only information I've heard at all so far is what we already knew... $20k with Pell grant & $10k without.

 

[Greenman]

Congress will not attempt to stop Biden from doing this, but Republicans are sure to sue about it and with the current SCOTUS there's a good chance they block it because Biden is a Democrat.

Where does Biden get the power to do this? He's gifting a whole bunch of people a lot of money, how does that work?

 

[K1052]

While I think schools have been screwing people for decades, I do not like the forgiveness.

People knew the costs going into it. They need to pay up. This is just another redistribution of wealth. Biden and the Dems are going full socialism here. Of course, rewarding those who have NOT been responsible. Like in so many other cases. I'm better off quitting my job, running up whatever debt, and depending on government to take care of me. Seriously that's a better career path for many these days.

I didn't finish college because I couldn't afford it (and I was already hired in my career profession.) I didn't get loans because I didn't want the debt. I've been removed from applicant pools because I lacked a degree. I feel stupid now I should have just finished college and refused to pay the bill.

But no, I did the responsible thing. Determined my financial future and determined dropping out was the best choice. I figured my experience was just as valuable as the degree.

That said, I've been highly successful so I don't really care. But why are we teaching people to be less responsible?

The bogus degrees from scam schools again let the buyer beware. The government should have stopped that right away. That is the purpose of the government and they failed. I can see it in that case.

This is some Stockholm Syndrome shit. My parents generation decided to vote themselves tax cuts and cripple low cost higher education that they enjoyed for their own kids cheered on by bankers who stood to make enormous nigh unlimited piles of money is somehow a neural situation that just happened instead of policy that somebody chose.

 

[MrSquished]

While I think schools have been screwing people for decades, I do not like the forgiveness.

People knew the costs going into it. They need to pay up. This is just another redistribution of wealth.

Yes. A small redistribution of wealth in a society where wealth inequality is so massive it's offensive. So I love it.

Well I do have many criticisms for how much college costs and how other options for people are not as promoted such as trade schools and we could get into that debate, I do believe many benefit from a college education.

It does really explain your points of view on many things that you are not educated above a high school degree. You just simply don't have the exposure to things that you get with a 4-year degree at a decent school. And it shows.

 

[fskimospy]

While I think schools have been screwing people for decades, I do not like the forgiveness.

People knew the costs going into it. They need to pay up. This is just another redistribution of wealth. Biden and the Dems are going full socialism here. Of course, rewarding those who have NOT been responsible.

So to be clear you would support the elimination of bankruptcy laws as well? Isn't that socialism?

Like in so many other cases. I'm better off quitting my job, running up whatever debt, and depending on government to take care of me. Seriously that's a better career path for many these days. [/quote]

Is it now! Let's game this out - what's your current income and what government benefits do you expect to get that will make you better off than working?

I didn't finish college because I couldn't afford it (and I was already hired in my career profession.) I didn't get loans because I didn't want the debt. I've been removed from applicant pools because I lacked a degree. I feel stupid now I should have just finished college and refused to pay the bill.

But no, I did the responsible thing. Determined my financial future and determined dropping out was the best choice. I figured my experience was just as valuable as the degree.

That said, I've been highly successful so I don't really care. But why are we teaching people to be less responsible?

The bogus degrees from scam schools again let the buyer beware. The government should have stopped that right away. That is the purpose of the government and they failed. I can see it in that case.

Again this is a fundamental argument against bankruptcy laws as they teach people to be irresponsible.

The only question you should be asking is if the country is better off where people carry massive, undischargeable debt for life or if with these loans, like in business, it would be better to let people who got in over their heads start over.

Which do you think is better?

 

[fskimospy]

Where does Biden get the power to do this? He's gifting a whole bunch of people a lot of money, how does that work?

I think there's a good argument that the president does not have the power to do this. That being said, that ship sailed a long time ago and due to precedents set by conservatives he clearly has the power now.

If Republicans didn't want Biden to use this power to forgive student loans then they should have blocked Trump from pulling the same shenanigans.

EDIT: That ALSO being said you are likely to get your way on this as SCOTUS is likely to magically rediscover this principle they had forgotten from 2017 to 2021. And don't worry, they will forget it again if a Republican wins in 2024.

 

[Roger Wilco]

So if SCOTUS blocks this, it seems like it could be a massive tailwind for Democrats in midterms, no?

 

[GoPackGo]

I would imagine the lawyers have determined that he does indeed have that power. That is why it has taken nearly 2 years to make the announcement. I also imagine that is why it's limited to just $10000 and not complete forgiveness.

 

[MrSquished]

So if SCOTUS blocks this, it seems like it could be a massive tailwind for Democrats in midterms, no?

It won't get to SCOTUS in time for the midterms

 

[fskimospy]

I would imagine the lawyers have determined that he does indeed have that power. That is why it has taken nearly 2 years to make the announcement. I also imagine that is why it's limited to just $10000 and not complete forgiveness.

I mean Biden's lawyers also likely determined that the federal government had the power to make regulations clearly authorized by federal law and look how that turned out, haha.

It doesn't matter what Biden's lawyers think because none of this is based on the law.

 

[K1052]

It won't get to SCOTUS in time for the midterms

Right but the 5th will likely stop it before then.

Republicans problem is that while they have no shortage of complaints about what Democrats are doing they have literally zero policy plans to do anything voters are interested in which do not poll at the level of siting an open air nuclear waste dump next to a KinderCare.

 

[GoPackGo]

I mean Biden's lawyers also likely determined that the federal government had the power to make regulations clearly authorized by federal law and look how that turned out, haha.

It doesn't matter what Biden's lawyers think because none of this is based on the law.

Are the payment pauses illegal as well?

 

[fskimospy]

Are the payment pauses illegal as well?

Well the pause through September 2020 was part of legislation but from a quick look at it I didn't see any provision for the executive to unilaterally extend it.

Again though, what the law says doesn't matter anymore because SCOTUS has gone rogue.