Biden Weighs Forgiving Student Debt by Executive Action

[RandySF]

“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.”




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

[PirateRo]

1. I hope he forgives all of it

I could buy a new electric vehicle this year and a bigger tv.

[blueinredohio]

2. I hope so too. My nephew graduates with his masters in May.

Then he can afford decent things instead of paying so much on his student loans.

[PirateRo]

5. Or buy his first house!

[blueinredohio]

8. That too.

[SharonClark]

3. Followed by a long European vacation?

Last edited Thu Feb 4, 2021, 10:43 PM - Edit history (1)

[PirateRo]

4. I hadn't considered that...

...but I like how you think! Awesome!

[roamer65]

6. When do I get my check for the all the money I paid off?

I should get at least a partial reimbursement.

[Goodheart]

9. I paid mine off 40 years ago. Can I have that reimbursed with interest?

[roamer65]

11. THIS.

[Turin_C3PO]

15. I've paid mine off

and I have zero problem with people getting their student loan debt eliminated. Should have been done a long time ago.

[Cirque du So-What]

14. One of the reasons I am a Democrat

is that I don’t bear grudges against anyone because they receive something without getting a taste for myself.

[roamer65]

16. One of the reasons I am a realist is that I realize there is no "free lunch".

This has to be paid for through higher taxes or inflation.

Either one is a tax. So who pays it?

The debt just doesn’t disappear. This is treasury paper on worldwide markets.

[Goodheart]

7. I'm sorry, I just don't see that as legal.

I love Joe Biden, but he is not a king. Congress should make such decisions.

[bearsfootball516]

10. I've heard that an executive action like that would probably be struck down in the SC.

It would almost assuredly have to go through Congress.

[Buckeyeblue]

12. What about reducing the interest rate to 0% and amortizing the remaining balance over 50 years

A balance of $100,000 would be paid off $2,000 a year, or about $177/month. It just seems to me that student loans shouldn't turn into scholarships.

[Luciferous]

17. I think that's fair

[roamer65]

18. I think it's fair as well.

Reduce it to the fed funds rate which is basically zero.

[demtenjeep]

13. yes please

would be great