Biden asks his Education Secretary if
he can legally cancel up to $50,000
in student debt for EVERY American
Daily Mail (UK),
by
Nikki Schwab
Original Article
Posted By: Ribicon,
4/1/2021 11:48:08 PM
President Joe Biden's Secretary of Education is looking into whether the president can cancel up to $50,000 in student loan debt for millions of borrowers. White House Chief of Staff Ron Klain said at a Politico Playbook event Thursday that Biden has asked Education Secretary Miguel Cardona to figure out if the president has the legal authority to wipe out their balances. On the campaign trail he said he wanted to wipe away $10,000 per borrower, but prominent Democrats, including Senate Majority Leader Chuck Schumer, Sen. Elizabeth Warren and Rep. Alexandria Ocasio-Cortez have pressed him to pursue $50,000 in debt relief per student.
Reply 1 - Posted by:
RuckusTom 4/1/2021 11:54:55 PM (No. 742219)
If they can do this, who says they can't print up $10k per gun for a gun buy back and just add it to the national debt along with a felony conviction and 10 year prison sentence for those who don't comply?
12 people like this.
Reply 2 - Posted by:
Catherine 4/2/2021 12:11:24 AM (No. 742231)
Only if they reimburse everyone who paid them off.
23 people like this.
Reply 3 - Posted by:
GoodDeal 4/2/2021 12:11:29 AM (No. 742232)
Money for nothing and the checks are free. I’m thinking the financial equilibrium will capitulate within a year.
14 people like this.
Reply 4 - Posted by:
kono 4/2/2021 12:26:10 AM (No. 742243)
Biden was a U.S. Senator for how many decades? And he doesn't know the authority for spending rests with the House of Representatives ("the power of the purse")? He should have to get a bill through Congress that he can sign, although that shouldn't be too challenging unless they need a 2/3 supermajority for something.
15 people like this.
Reply 5 - Posted by:
kono 4/2/2021 12:44:44 AM (No. 742249)
Oh, wait. Re #4 -- he didn't ask whether he could legally pay $50K per-student, he asked whether he could legally cancel $50K. I guess that means the lending institutions would get stuck with the cost of that.
And since when did Dems start caring about legality again?
24 people like this.
Reply 6 - Posted by:
wilarrbie 4/2/2021 12:50:43 AM (No. 742254)
How about they couple that forgiveness with a 20% income tax surcharge on everyone age 36 and under. Next year (and every year after), those students are going to want a free ride too. Not to mention those who've recently paid their own fares and now feel cheated.
Come to think of it - I don't have student loans but feeling kinda left out here with my mortgage and all.
11 people like this.
Reply 7 - Posted by:
Jesse Jenkem 4/2/2021 1:11:01 AM (No. 742257)
I paid off my student debts. Can I get the money back?
24 people like this.
Reply 8 - Posted by:
Quigley 4/2/2021 1:19:57 AM (No. 742261)
Where can i get some student debt? The Startled Opossum is going to forgive me. I kneweth noteth whateth i was doingith.
Ha cha cha cha cha chaaaa.
9 people like this.
Reply 9 - Posted by:
skacmar 4/2/2021 1:34:44 AM (No. 742268)
They will find a way to do it, but only for students of color. Only student loans to Black, Hispanic, Native American, and LGBTQ/Trans will be forgiven in the name of equity and social justice. White people will need to use their White Privilege to pay off their loans themselves.
16 people like this.
Reply 10 - Posted by:
DARling 4/2/2021 2:03:14 AM (No. 742272)
That will encourage fools to continue to obtain useless degrees at elite universities, simply because they will know they won't have to pay the full bill. What about parents like me who paid for my kids to attend more reasonably-priced state universities? They worked hard and earned various scholarships to make it doable, but my spouse and I could have bought a pair of nice Mercedes-Benzes for the money we spent on our kids. It stinks that we will be taxed to pay the bills of bratty America-haters who went to Harvard to learn about Transgender Studies or Microaggressions 101.
14 people like this.
Reply 11 - Posted by:
anniebc 4/2/2021 2:43:56 AM (No. 742275)
Where do parents who paid their children's way through college sign up for free money? Leftists are such hustlers; they make me sick.
15 people like this.
Reply 12 - Posted by:
Vesicant 4/2/2021 3:36:18 AM (No. 742293)
Cardona isn't anything like a lawyer -- he has the same EdD (doctorate of education) that Dementia Joe's wife does. He could have asked Jill and saved himself the trouble of trying to figure out how a telephone works.
11 people like this.
Reply 13 - Posted by:
Trigger2 4/2/2021 3:58:23 AM (No. 742294)
Spend, spend, spend, the demonrat hard left motto. After all, these idiots inserted clauses in previous bills passed to "grab all owned gold" or to "grab everyone's bank account and investments". That's what the ultimate intention is.
8 people like this.
Reply 14 - Posted by:
KatieJo 4/2/2021 4:45:47 AM (No. 742312)
I find it amusing that the guy who stole the 2020 election in broad daylight, or was it the middle of the night?, should trouble himself with the legality of anything. I don't think he is at all concerned with "legalities".
22 people like this.
Reply 15 - Posted by:
mifla 4/2/2021 4:52:34 AM (No. 742317)
The Education Secretary has nothing to say about loan cancellation. It is a contractual agreement between a borrower and lender.
15 people like this.
Reply 16 - Posted by:
privateer 4/2/2021 5:44:02 AM (No. 742343)
Man, I love 'Startled Oppossum'! Small brain, sneaky rodent that prefers not to be seen in the daytime. Tends to be rabid. That's Joke alright!
10 people like this.
Reply 17 - Posted by:
Rather Read 4/2/2021 6:49:33 AM (No. 742368)
I worked my way through college and had no student debts. When my daughter went, I worked one full time and one part time job, and she worked part time too and she graduated with no student debt. What chumps we were.
14 people like this.
Reply 18 - Posted by:
rbruce20 4/2/2021 7:26:30 AM (No. 742384)
Student loans do not come from the Gov't, but from banks. The Gov't promises to cover the banks for defaults. To "forgive" $50k of debt, Biden will have to assume all the bank debt which will be the largest financial gift since Obama did it to save companies that were too big to fail. If Biden refuses to cover the default, banks will take a massive loss, which the Dems will not let happen.
5 people like this.
Reply 19 - Posted by:
franq 4/2/2021 7:43:17 AM (No. 742397)
Mad King Joe.
7 people like this.
Sooooo someone took a tax deduction at the time for paying college expenses (with debt).
Will they assume most of those parents who did not save for college, are democrats, and let that pass as well?
4 people like this.
Reply 21 - Posted by:
stablemoney 4/2/2021 9:10:51 AM (No. 742476)
Why not include mortgage obligations, and taxes due the IRS. It's obvious Americans are struggling, and don't have the money.
2 people like this.
Reply 22 - Posted by:
Muguy 4/2/2021 9:51:30 AM (No. 742534)
More bribes and payoffs using OUR money---
Get on the Gravy Train and become a woke demonrat socialist and line up!
What about those who PAID OFF their loans??? Do they get "reparations" for doing the right thing?
That is the only even-handed way that they could sell this travesty against doing the right thing.
Trying to elminate guns through a "buy back" provision giving you $20 for each pistol or $50 for each rifle or shotgun may be next---- then no one can protect themselves and would be subject to outlaws, robbers, crook, thugs, malcontents, and just plan wackos
Where does Barrack JoeBama get the AUTHORITY to do these things?
When did We The People give it??
JoeBiteMe is a nice and kind DICTATOR who hasn't started taking lives yet....
4 people like this.
Reply 23 - Posted by:
Strike3 4/2/2021 10:30:10 AM (No. 742584)
I find it hard to believe that Biden cares about legality now after participating in a coup that stole four years from the real President, Donald Trump, and saddled us with four or five trillion dollars of debt that was incurred illegally without the participation of the third branch of the US Government as required by the Constitution. Maybe he's just worried about all of those banks collapsing that Obama forced to loan money to college students who were not even qualified to be in college or chose majors that are useless in the modern world. How many Antifa members belong to this group of substandard human beings who can't make enough money to make a small loan payment? Bankrupt banks will not be able to dump millions of dollars into democrat campaigns and that is the real problem for Joe.
2 people like this.
Reply 24 - Posted by:
Strike3 4/2/2021 10:41:06 AM (No. 742590)
#7, that very question was asked of Lizzy Warren and she had a good laugh over it. Only deadbeats will benefit from this ridiculous promise. Responsible people will not but that seems to be the focus of the Biden administration, losers, perverts, crooks and n'er do-wells.
Try a little experiment, get out your calculatior and type in the number of college students in this country who you estimate to have outstanding student debt. 1%? 3%? Higher? Multiply that by 50,000. Your calculator can't handle a number that big, can it? We are talking Trillions here.
0 people like this.
Reply 25 - Posted by:
udanja99 4/2/2021 10:42:39 AM (No. 742591)
Every American? What about those of us who attended without getting loans back in the mid 20th century? My college was $4,000 per year back in the early 70’s and paid for by my grandfather. But I’ve been paying taxes for 50 years so I want my $50,000 too.
2 people like this.
Reply 26 - Posted by:
MDConservative 4/2/2021 11:02:43 AM (No. 742625)
The government indeed makes loans and holds the debt. The U.S. Department of Ed’s federal student loan program is the William D. Ford Federal Direct Loan Program. There are actually four types of direct loans. And, the good news: it only costs billions we don't have, not trillions! See, fiscal responsibility is returning to government!!
0 people like this.
Reply 27 - Posted by:
columba 4/2/2021 11:12:31 AM (No. 742640)
I paid already.
What makes you think you do not need to repay your loans?
0 people like this.
Reply 28 - Posted by:
smokincol 4/2/2021 11:36:00 AM (No. 742671)
why stop there! just cancel all debt owed by every American citizen and be done with it.
0 people like this.
Reply 29 - Posted by:
Kafka2 4/2/2021 11:53:09 AM (No. 742695)
Cancelling up to $50,000 in student loan debt for millions of borrowers will do nothing for blue collar workers who never took out student loans. But, guess who will get to repay part of these debts.
1 person likes this.
Reply 30 - Posted by:
Philipsonh 4/2/2021 11:56:04 AM (No. 742701)
Hey, make it retroactive and give my daughter her $65K back, which she paid off by WORKING.
0 people like this.
Reply 31 - Posted by:
NYbob 4/2/2021 12:39:37 PM (No. 742743)
It is a win win for the rats no matter what happens. IF they could write more checks to buy votes they would. IF they could shift the debt to banks and write them checks, they will. IF nothing comes of this corrupt pandering, that is fine because then they will have the media beat up stupid Republicans who are too cowardly to push this back into the face of all the suddenly rich after 'winning' elections, rats.
We won't have to wait too long before the light of freedom is out and we can try and rebuild a country. Those stories of determined men freezing to death with rags on their feet will become a lot more real to many of us. The rats around the world won't stop until everything is under their boot.
0 people like this.
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The experts pretend to be baffled as to why the stock market has hit a new high. Could it have anything to do with our Marxist ruling cabal trying to destroy wealth through ruinous spending while keeping interest rates at zero? Feels pretty good to have paid off my own student loans, then also be forced to pay off loans for others too in exchange for having my savings devalued. America, what a country.