Biden Tiptoes Closer to Mass Forgiveness
of Federal Student Loan Debt
Reason,
by
Mike Riggs
Original Article
Posted By: Solid_Oak,
6/2/2022 11:09:32 AM
President Joe Biden is on the verge of announcing $10,000 in federal student loan forgiveness per borrower for millions of Americans, according to The Washington Post.
"The White House's latest plans called for limiting debt forgiveness to Americans who earned less than $150,000 in the previous year, or less than $300,000 for married couples filing jointly," write Post reporters Tyler Pager, Danielle Douglas-Gabriel, and Jeff Stein. Their sources did not say "whether the administration will simultaneously require interest and payments to resume at the end of August, when the current pause is scheduled to lapse."
Reply 1 - Posted by:
Muguy 6/2/2022 11:11:10 AM (No. 1173646)
What or who gives him the right or authority to do this??
Where in the law is this permitted?
27 people like this.
Reply 2 - Posted by:
Chiritwo 6/2/2022 11:12:25 AM (No. 1173649)
I want paid back for paying my 3 children's way through elite colleges. I really don't feel like paying for more students colleges. Be responsible for your own debts. It's not up to hard working Americans to pay your debt off. Shame on you.
13 people like this.
Reply 3 - Posted by:
zoidberg 6/2/2022 11:14:37 AM (No. 1173651)
It would be illegal for him to do this. Worse, it would be stupid.
18 people like this.
Reply 4 - Posted by:
Scribelus 6/2/2022 11:15:17 AM (No. 1173652)
The outlaw president.
10 people like this.
Reply 5 - Posted by:
FunOne 6/2/2022 11:17:06 AM (No. 1173654)
You have to admit, the democrats are very creative in finding ways to buy votes with everyone's tax dollars. Now that they know we are on to the ballot box stuffing, they have to find other methods of remaining in power.
14 people like this.
Reply 6 - Posted by:
WV.Hillbilly 6/2/2022 11:22:57 AM (No. 1173658)
When will I get my reimbursement check for paying off my student loans?
15 people like this.
Reply 7 - Posted by:
Rich323 6/2/2022 11:23:34 AM (No. 1173659)
In November 2020 Democrats stuffed the ballot boxes to win the election. Now they are “stuffing” all of us! Un freaking believable!
5 people like this.
Reply 8 - Posted by:
Mass Minority 6/2/2022 11:25:03 AM (No. 1173662)
This would anger me greatly. I, like may, took advantage of the last 2 years 0 interest rate on the student loans of my kids and accelerated all of my payments and have paid all of these loans off over the last 2 years. Far in excess of the 10K here. I did it because I am cleaning up finances for retirement, and because I borrowed that money and agreed to pay it back. So to have this idiot punish me, and millions like me, for being fiscally responsible is a real slap in the face. Not only must I have sacrificed to get these loans off my back in a very challenging economy, now, as I am finally free of them, I am being asked to pay off someone elses loans as well in what is clearly an election year boondoggle..
7 people like this.
Reply 9 - Posted by:
columba 6/2/2022 11:30:55 AM (No. 1173666)
I began college at age 33. I took out TWO federal loans. I rpaid the money and still have the 40-year-old documents showing that I paid it back. During my career I learned that people who do not pay for that they get are not very good at work, promises, marriage -- and more.
A lady counselor one time mentioned to me that "Free therapy dos not work."
7 people like this.
Reply 10 - Posted by:
TrueBlueWfan 6/2/2022 11:32:42 AM (No. 1173668)
I thought only congress could allocate those kind of funds, after a bill passed both houses and is signed by the president.. Silly me. That was before democrats decided the Constitution was a suggestion.
9 people like this.
Reply 11 - Posted by:
coyote 6/2/2022 11:42:17 AM (No. 1173677)
The great heist.
6 people like this.
Well, I feel like a sucker for paying mine back and using the GI Bill.
Disgusting.
5 people like this.
Reply 13 - Posted by:
DougTN 6/2/2022 12:00:49 PM (No. 1173695)
Democrats sure have come a long ways from buying votes at the retail level. Now they’ve paying wholesale. Seriously this could be the dumbest thing Joe has done so far. The moral hazards of nullifying responsibility is it never stops…
4 people like this.
Reply 14 - Posted by:
billsv 6/2/2022 12:43:27 PM (No. 1173760)
Two thirds of the us adults did not attend college. Why should these people pay for it? Student loans just result in profligate admin expenses in college. If student loan programs were abolished tuition would go done, colleges will trim their budgets, professors will teach classes or the college will go away.
4 people like this.
Reply 15 - Posted by:
Right Time 6/2/2022 12:52:50 PM (No. 1173775)
When Biden forgives student loans is when I no longer file federal tax returns. No 1040, No W2.
Not one red cent more. The Biden's don't pay the federal taxes they owe; why should I?
3 people like this.
Reply 16 - Posted by:
msjena 6/2/2022 1:01:56 PM (No. 1173779)
It is so pointless to do a one-time forgiveness. What about students who are still in school? The whole student loan program needs to be reformed. Lower limits on borrowing, no parent loans without proof of ability to repay within 10 years, outsource the lending to banks as before, make colleges responsible for collection of at least some of the money they receive.
2 people like this.
Reply 17 - Posted by:
Lazyman 6/2/2022 1:24:37 PM (No. 1173799)
This should be good for another 1or 2% on the inflation.
1 person likes this.
Reply 18 - Posted by:
Marzon 6/2/2022 1:41:55 PM (No. 1173824)
This is not Student Debt Forgiveness. It is Student Debt Transfer. The debt is being transferred from those who incurred it, signed legal contracts to pay it back, and reaped the benefits of the loans to those who did not.
3 people like this.
Reply 19 - Posted by:
bighambone 6/2/2022 3:15:55 PM (No. 1173927)
Quit talking, Biden should just get her done, then let the Federal Courts decide!
0 people like this.
Reply 20 - Posted by:
Starboard_side 6/2/2022 3:49:12 PM (No. 1173965)
They are trying to time it so it is remembered at election time, but will certainly look like a quid pro quo.
However, once many of them don't have the debt any longer, will they care it was a Democrat president who helped them remove that burden?
Also, believe the IRS will view it as income since it's a forgiven loan. Not sure how many will be able to pay the taxes on that income (not fun when you see $30,000 added to your income amount with no taxes taken out to accommodate).
I still say, do this for teachers who are teaching in the disadvantaged neighborhoods and school districts to help them stay, but under the condition they will work for 3-5 years after the forgiveness, depending on the amount.
0 people like this.
Reply 21 - Posted by:
cartcart 6/2/2022 5:18:31 PM (No. 1174025)
Every waitress and waiter, tradesmen and non-college worker will have take this one in the backside. It’s patently unfair.
3 people like this.
Reply 22 - Posted by:
Faithfully 6/3/2022 1:30:00 AM (No. 1174431)
Forgive credit card debt then we can talk.
1 person likes this.
Reply 23 - Posted by:
mifla 6/4/2022 5:07:03 AM (No. 1175434)
This administration is clueless. They keep pissing taxpayers off and think they can win elections.
0 people like this.
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Comments:
My as well add to the inflation problem (giving thousands of former students more money to spend). Wonder where blue collar workers and other non-student people go for their handout? Handouts of any kind have to stop. People need to get back to work.