GFQ...

[pbmus]

Link to tweet

[uponit7771]

1. Fuckin WOW !!! 625 million ?!

[LetMyPeopleVote]

22. Biden pledged to forgive $10,000 in student loan debt. Here's what he's done so far

Here are some facts
https://www.npr.org/2021/12/07/1062070001/student-loan-forgiveness-debt-president-biden-campaign-promise

The Biden administration's approach to student loan relief began with improving, extending or expanding a handful of programs that were already on the books.

"We're working really hard to get students the relief that they're entitled to" through these preexisting programs, Undersecretary of Edu

While it's not loan forgiveness, Biden extended the pandemic pause on federal student loan payments; that pause is now slated to lift in February. His other actions essentially keep promises the U.S. government had already made to borrowers — rather than make new ones. For example:

Total and permanent disability discharge: In August, Education Secretary Miguel Cardona announced that the department would erase the federal student debts of thousands of borrowers with permanent disabilities. A 2019 NPR investigation found that, even though eligible borrowers have been legally entitled to a full discharge of their loans, the process was so complicated that fewer than half were able to shed their debts. The latest data from the Education Department suggests that these changes will help at least 370,000 borrowers drop more than $6.5 billion in student debts.

Borrower defense and closed-school discharge: The Biden administration has dramatically expanded efforts to help students who have been defrauded by for-profit colleges and/or whose schools have been forced to close. Defrauded students who previously filed "borrower defense" claims but were given only partial relief under Trump administration rules will now see the rest of their federal student loans discharged.

Public Service Loan Forgiveness (PSLF): The program meant to forgive borrowers' debts after 10 years of public service and steady loan payments has been notoriously stingy, with complex rules and serial mismanagement pushing out many eligible borrowers. In October, though, the department used its expanded pandemic authority to retroactively loosen those rules and give borrowers credit for disqualified loan payments. According to the department, the overhaul has already forgiven $2 billion in debts.

Through these efforts, the Education Department says it has discharged or is in the process of discharging roughly $12.7 billion in student debt, affecting more than 638,000 borrowers.

[George II]

30. No. It's actually $20 million per year for a possible term of 20 years. A far cry from $625 million.

[Budi]

2. It can't be done by Ex Order & Sen Sanders knows it

How bout 1st time homebuyers drowning in mortgage debt?

[WA-03 Democrat]

9. Never let facts get in the way of a good tweet

Thank you populists!

[betsuni]

12. +1

[George II]

32. Yes indeed. See my posts #29 and #30 for the rest of the facts.

[Budi]

3. Sofi is a Private lender Not the same as Federal.

Notice: SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income-Driven Repayment plans, including Income-Contingent Repayment or PAYE. SoFi always recommends that you consult a qualified financial advisor to discuss what is best for your unique situation.

https://www.sofi.com/learn/content/2021-student-loan-forgiveness-bill/

[Ocelot II]

4. He can't by exec order unless Congress has passed legislation

authorizing the Secretary of Education to do it. https://www.forbes.com/sites/prestoncooper2/2021/08/30/no-biden-cant-forgive-student-loans-by-executive-order/?sh=7943c35b3b2b

[Budi]

5. Correct. He can certainly make the case, but the Dept of Ed has a lot more to say about it.

Sen Sanders knows this.
He should take it up with the Dept of EDU.

[Ocelot II]

7. But even the Dept of Ed can't do anything unless authorized by Congress.

[Budi]

8. Indeed. He knows the proper process.

They all do.

[George II]

16. Bazinga!

[Budi]

6. Has Anyone in the House written the legislation yet?

Its just a pointless attack against Biden, unless someone in the House actually takes the words seriously & writes the necessary legislation.

Who are the House members constantly repeating Sander's claim?
They have the power as legislators to write the bill necessary to involve the Dept of EDU.
Sen Sanders is well aware of the process.

What's the hold up?

[George II]

17. In addition, since he's been "quoted" as saying he would cancel all school debt, this is what...

....he promised during the campaign:

In response to a question from a young person concerned about student loan debt and a lack of economic opportunity, Biden responded, “You get all these degrees and you get all this debt, and you get in a position where you can’t get a job because no one is hiring, or they’re hiring at very low wages... I’m going to eliminate your student debt if you come from a family [making less] than $125,000 and went to a public university.” Biden also said, “I’m going to make sure everyone gets $10,000 knocked off of their student debt” in response to economic hardships caused by the pandemic.

https://www.forbes.com/sites/adamminsky/2020/10/07/biden-affirms-i-will-eliminate-your-student-debt/?sh=7eff897658a7

[JoeOtterbein]

10. Why is it always Bernie who has to consistently point out the...

...obvious?

[George II]

15. And just what is that "obvious" of which you speak?

[LetMyPeopleVote]

21. Sanders is wrong here

Joe Biden never promised this

Link to tweet

[betsuni]

11. Thank you to everyone pointing out Biden can't cancel student debt, up to Congress.

[Cha]

13. I Second That.. TY DU Memebers who

Know This and let us know!

[Demsrule86]

24. Hi Cha...you deserve every heart and more.

[Cha]

25. Mahalo Dems.. backatcha!

[PunkinPi]

18. +1 nt

[George II]

14. He, Warren, and several members of the House tweet something like this every day or two....

Last edited Mon Feb 14, 2022, 10:22 AM - Edit history (1)

They've ALL been asked under what authority Biden can just arbitrarily cancel student debt. It's been asked of them dozens of times, yet no one has ever come back with a statute or law that enables the President to cancel student debt arbitrarily.

Anyone have an idea of what would enable him do to so?

Rather than tweeting the same thing over and over again, wouldn't it be simpler and easier for one of them to write a bill and marshal it through the House and Senate?

[betsuni]

19. Fundraising thing, probably.

[progressoid]

26. I believe it's called leadership

The president is considered the defacto leader of the party is he not?

Obamacare, Build Back Better, etc. started at the top. Why not higher education costs?

[George II]

28. Are you insinuating that he's lacking in leadership? Are you not aware of the fact...

...that President Biden has already cancelled billions of dollars of student debt for thousands of Americans? THAT is leadership.

Biden was unequivocal during his General Election campaign that he would cancel all student debt for people making less than $125K per year who graduated from public colleges. He would cancel $10K for everyone.

He's working on it, he doesn't need to be cajoled daily on Twitter by those who aren't doing anything to address the issue. But it is NOT his intention to cancel all student debt for everyone, and those people know it. Perhaps it's time for them to raise a finger to introduce the legislation that could cancel all student debt for everyone.

Again, he's doing what he promised he'd do. The ball's in their court to finish the job.

[progressoid]

31. "Biden has already cancelled billions of dollars of student debt for thousands of American"

"Biden has already cancelled billions of dollars of student debt for thousands of American"

See? He can do it! Well, sort of.

But let's be honest. The election is over - this is on the back burner now.

[George II]

33. He can do SOME OF IT, not all of it!! If it was on the back burner then why did he already....

....cancel $Billions for thousands of people?

That's a pretty harsh accusation you're making about President Biden's motives on this issue.

[progressoid]

34. It's not a harsh accusation.

It's just an observation. Politicians make promises. Some promises get more attention than others after an election. This isn't specific to Biden. Had another candidate made it to the White House, he/she would be in the same situation.

However, political pressure (even from allies) can make a difference in pushing a policy forward (e.g. Obama and LGBTQ rights).

[LetMyPeopleVote]

20. No, Biden Can't Forgive Student Loans By Executive Order

President Biden does not have the power to cancel student debt

Link to tweet

Advocates of debt cancelation by executive order point out that the Higher Education Act gives the Secretary of Education power to “enforce, pay, compromise, waive, or release any right, title, claim, lien, or demand, however acquired.” This provision would seem to give the Secretary broad power to cancel student debt.

But as financial aid expert Mark Kantrowitz notes, another part of the statute limits the secretary’s authority. He only has the power to cancel obligations owed to the U.S. government “in the performance of, and with respect to, the functions, powers, and duties, vested in him by this part.”

In other words, the Secretary of Education only has the power to forgive student debt when Congress gives it to him.

When President Biden has canceled student debt, it has always been under the authority of a specific program authorized by Congress. Borrower defense is one example: Congress gives the Secretary of Education authority to cancel debt after instances of outright fraud. Congress also allows the secretary to cancel debt when borrowers experience a total and permanent disability. Borrowers who work in public service for ten years can also receive a loan discharge.

In each of these circumstances, Congress created a specific provision for loan cancelation, and required borrowers to meet certain conditions before receiving forgiveness. If the Secretary really had the broad authority to cancel student loans whenever he saw fit, Congress wouldn’t need to create specific programs such as Public Service Loan Forgiveness. The very existence of those programs proves the limits of the executive branch’s authority.....

The debate over whether the President Biden can cancel student debt with the flick of his pen is a distraction. He can’t, but there are better solutions on the table. Congress and the Department of Education should work together to put them into practice.

[Budi]

23. To do what Sanders is suggesting, would amount to subverting the powers of Congress to the Executive

He well should know this.
So why is he invoking Biden's name again?

Someone should ask him.

[Hortensis]

27. Biden is already fixing a student loan ripoff of something like 1.3 M borrowers.

No, the president can't just forgive all student debt by executive order.

But the president could and did fix the rip-off through the Public Service Loan Forgiveness Program.

Btw, I just discovered on googling student debt that only criticisms like Sanders' and outright attacks implying we've done nothing came up in the first few pages of hits. You have to dig to find Public Service Loan Forgiveness Program even though it's happening now for many thousands of borrowers finding themselves suddenly debt-free and others finding they will be credited for the years of service already put in.

(Could by any chance this wave of media claims that the Biden administration's doing nothing for student loan debtors in part be intended to distract attention from this?)

The Public Service Loan Forgiveness is a program that was launched in 2007 in an effort to steer more college graduates into public service. As long as they made 10 years of payments on their federal student loans, the program promised to erase the remainder.

The program, however, proved anything but forgiving. Before the October changes, only 16,000 borrowers had seen their debt forgiven, or discharged, according to the Education Department. About 1.3 million people are trying to have their debts discharged through the program. ...

The government had restricted eligibility for the Public Service Loan Forgiveness program to only certain types of federal student loans and specific repayment plans.

But through October 2022, borrowers who have made 10 years worth of payments while in a qualifying job – such as positions in federal, state or local governments, a nonprofit organization or the U.S. military – will now be eligible for loan relief no matter what kind of federal loan or repayment plan they have. ...

Past loan payments that were ineligible before will now count, moving some borrowers closer to forgiveness. That is expected to especially help those borrowers with Federal Family Education Loans.

Among other changes, the department will allow military members to count time on active duty toward the 10 years, even if they put a pause on making their payments during that time. ...

https://www.usatoday.com/story/money/2022/01/21/how-to-get-student-loan-forgiveness-federal-public-service-program/6609660001/

[betsuni]

35. +1

[George II]

29. Now the facts....

1. SoFi isn't a "student loan re-financing company", they are a financial company that includes in their portfolio re-financing student loans. The implication is re-financing student loans is all they do.

They also provide mortgage loans, home equity loans, auto, life, homeowners, and renters insurance, credit cards, and so many other financial services.

Student loans are a very small part of their entire product offering.

2. SoFi will no be paying $625 million to put it's name on the stadium. It will be only $400 million (still a lot, but much less than what that tweet says) and it will be paid over 20 years. In other words, they did NOT pay "$625 million", they'll pay $20 million per year for 20 years.

That a much different story that what is said in that tweet.