Biden Weighs Forgiving Student Debt by Executive Action

[applegrove]

Biden Weighs Forgiving Student Debt by Executive Action

February 4, 2021 at 7:57 pm EST By Taegan Goddard 28 Comments

https://politicalwire.com/2021/02/04/biden-weighs-forgiving-student-debt-by-executive-action/

"SNIP.......

“The Biden administration is considering using executive action to forgive Americans’ federal student debt, the White House’s chief spokeswoman said Thursday, responding to pressure from Democratic lawmakers and progressive groups,” the Wall Street Journal reports.

“President Biden has previously questioned his ability to use executive action to forgive some or all of Americans’ federal student debt. He has instead urged Congress to pass legislation to write off $10,000 in student debt for every borrower.”

......SNIP"

[Enterstageleft]

1. Go big or go home, make it $50,000.

[fleur-de-lisa]

2. Either that or eliminate all student debt.

[Enterstageleft]

4. A college education & universal health care should be a right of...

EVERY AMERICAN CITIZEN!

With the possible exception of some asshole reQug's.

[fleur-de-lisa]

9. Yes!

[PirateRo]

15. Agree

...and permanent residents and those on a path to citizenship and the children of illegals and the illegals, too.

[Hortensis]

22. All or nothing? Do you personally have student debt and feel that way?

A plus to all for doing any amount now would be that income freed up would also act as STIMULUS TO THE ECONOMY, saving jobs and quickening recovery and creation of more jobs to replace those gone forever.

[WA-03 Democrat]

3. Wow

All or nothing?

I just finished paying for my college can I get that back too?

[applegrove]

5. My brother was I think 40 before he payed off his college loans.

[Greybnk48]

19. I paid mine off at 71 years old!! (last year)

I went back to school for a BA at 42 and went all the way to 2 MA's and ABD.

I only had to borrow $40,000, and I had all Stafford subsidized loans, unlike my kids who were saddled with private loans that we're still paying off. It's quite a racket nowadays, unlike when I borrowed.

This is welcome news.

[Hortensis]

23. Nice personal story, tho. You may have finished paying after most retire,

but the benefits began decades before. And making that choice without being funneled into a racket mill...

[Enterstageleft]

7. Let's work on this thing first, then we can talk about reimbursement. OK?

[WA-03 Democrat]

11. Why? We can walk and chew bubble gum at the same time

Give me a tax credit spread over 15 years. I have the receipts. I am also cool with extra SS retirement money.

[Vivienne235729]

6. Oh dear god please make it happen. $50,000 would be more impactful though

But I will take anything and be so grateful.

[stopbush]

8. So, does this mean the Feds are going to take care of paying off

all of those loans that were provided by banks and other lending institutions? What is the estimated cost for doing so?

[applegrove]

10. People will pay more in taxes too. They will have the freedom to start a business

or try for a better job and risk more. You have to add that into the mix. It opens up a host of possibilities.

[fleur-de-lisa]

13. I've been wondering about that too.

Many borrowers were encouraged to consolidate loans, with the promise of getting lower interest rates, and in the process ended up with privately-held debt.

I hope the is a plan to rescue those borrowers too.

[Enterstageleft]

14. You know, maybe it's time for the banks to pay US back for all of the money...

they have stolen from us. I have ZERO empathy for the banks, or their shareholders.

They have made trillions of dollars with their interest rates and fees. PAY US BACK.

Forgive the loans and eat the losses. It will only affect the top 1% of the population if they lose massive amounts of money.

FUCK THEM!

[stopbush]

16. Well, the FUCK THEM would quickly redound to all of us who have bank accounts

and credit cards in the form of higher service fees, etc. Banks are not going to simply eat billions if not trillions in college loans. Those losses will be spread around everyone else who does business with them. We will pay for the Feds forgiving college loans.

Now, we could follow Elizabeth Warren’s idea of taxing the super rich a 2% tax on every dollar they have to pay for loan forgiveness. But that is going to be a very hard sell to Congress.

[Enterstageleft]

17. That's why they don't fear us...

there is no enforcement of the anti-trust laws.

Put Elizabeth Warren in charge of it. It would devistate the banking community, and scare the living shit out of Wall Street.

It is long past time to take our country back from the bankers, CEO's, & 1%. FUCK THEM

If they try to take advantage of their "status" then maybe the French had a better idea.

GUILLOTINE!

Let them eat cat food.

[crimycarny]

12. It's tough for those who already paid off their student loans

I totally get why so many who paid off their students loans after YEARS of payments would be upset. I know I would be. On the other hand my oldest could certainly benefit from a $10K forgiveness. For those who already paid off their loans, I think they should get a tax credit for the same amount.

[maximusveritas]

18. Hope he doesn't

There are plenty of better ways to use our resources/capital than this.
It is non-progressive in that it helps people well off enough to go to college rather than those who didn't go to college and need help much more If it was targeted to those making $50,000 or less, that might be more palatable, but they are talking about everyone or just a $125K cutoff which is just stupid in that some rich people are getting their debt paid off while people making less who worked hard to pay off their debt or did a forgiveness program are being forgotten.

[renate]

21. I agree--I'd like to see it linked to the graduates' incomes

Paying off a finance major/Wall Street intern’s loans on the public dime bugs me. Paying off a social worker’s loans does NOT.

[Withywindle]

20. I paid off mine, and I'm all for it

When I graduated college in the early 90s it was a shitty economy then and I struggled (including having my pay garnished for a little while) but it is NOTHING compared to what younger people are carrying. College costs have gone through the roof, and the interest rates are truly criminal. They will wind up owing multiple times the original loan. They can make payments of hundreds of dollars a month and STILL never touch the principal. I have friends in their 30s who will never get near paying them off before they're old enough for Social Security even though they have decent jobs (or did before COVID)

A whole generation is being financially devastated by this. Never mind that a college degree means nothing like it used to in terms of career guarantees. I hire for a part-time telephone job, and a college degree isn't required and I'd gladly hire people without one. But I never see the applications! Virtually everyone who applies for it DOES have one.