Biden cancels $9 billion in student debt
for 125,000 borrowers
CNBC,
by
Annie Nova
Original Article
Posted By: Dreadnought,
10/5/2023 12:48:03 AM
President Joe Biden announced Wednesday that he approved $9 billion in student loan forgiveness for 125,000 Americans.
The relief is a result of his administration's fixes to a number of programs, including the income-driven repayment plans and Public Service Loan Forgiveness. More than $5 billion of the aid will go to 53,000 borrowers who've worked in public service for a decade or more; $2.8 billion of the forgiveness is for 51,000 borrowers enrolled in income-driven repayment plans; and another $1.2 billion of the cancellation will go to 22,000 borrowers with disabilities. The announcement is likely to help Biden as he runs for reelection, experts say.
Reply 1 - Posted by:
Trigger2 10/5/2023 1:19:18 AM (No. 1569689)
Since demonrats and Joey are the party of the rich, I wonder how many of those 125,000 are rich too.
43 people like this.
Reply 2 - Posted by:
Flyball Dogs 10/5/2023 1:29:01 AM (No. 1569696)
Previously known as “vote buying,” we now have “forgiveness.”
Works for me, since words can fluctuate and mean whatever is expedient at the moment.
62 people like this.
Reply 3 - Posted by:
EJKrausJr 10/5/2023 1:41:56 AM (No. 1569698)
Who pays the creditors? Are they stuck holding the debt? Does JRB have the authority to do so? He is not Congress. This move by JRB is again, unconstitutional.
85 people like this.
Reply 4 - Posted by:
Captleemo 10/5/2023 1:45:59 AM (No. 1569699)
I thought the supreme court said he couldnt do that
105 people like this.
Reply 5 - Posted by:
vhs68 10/5/2023 2:02:14 AM (No. 1569701)
#3.... the US gov't. owns the debt. The Big-Eared guy moved the student loan program into a gov't. program. So, basically, you are paying the creditors, which is us.
48 people like this.
Reply 6 - Posted by:
NotaBene 10/5/2023 3:11:45 AM (No. 1569713)
Money, money, money in a rich man’word.
22 people like this.
Reply 7 - Posted by:
FJB 2022 23 24 10/5/2023 3:59:22 AM (No. 1569716)
Biden just loves to stick it to the taxpayers all for HIS own benefit. This is nothing more than trying to influence voters, but the fool is going to lose the votes of those who can afford his vote buying scheme the least, so in the end he may lose more than he gains and I hope he does. THE most corrupt president in history. MAGA Vote Trump!
56 people like this.
The colleges and universities should be forced to pay back , especially those with huge endowments. “College” I in the U. S. has been described as the world’s most expensive nap.
35 people like this.
Reply 9 - Posted by:
valinva 10/5/2023 5:09:58 AM (No. 1569724)
That is $72.000 per individual if you do the math. I want $72,000 removed from my mortgage balance.
57 people like this.
Reply 10 - Posted by:
Petronius 10/5/2023 5:10:34 AM (No. 1569725)
Buying votes with taxpayer funds.
43 people like this.
Where is my refund from paying off my student loans?
62 people like this.
Reply 12 - Posted by:
franq 10/5/2023 5:49:44 AM (No. 1569733)
Lawlessness. Deception. Perversion. Pride. Greed. Tyranny.
That's what we have for a so-called government.
39 people like this.
Reply 13 - Posted by:
watashiyo 10/5/2023 6:09:11 AM (No. 1569741)
Sigh, ....I'm just sick.
27 people like this.
Reply 14 - Posted by:
rightdog 10/5/2023 6:11:57 AM (No. 1569743)
Not one loan should be forgiven, least of which for degrees in any area that has the word "studies" in it. Gender, Queer, Women, (fill in the blank Ethnicities), Artsy-Fartsy, whatever, anything that is unmarketable except for barista at Starbucks. They signed on the line, they owe it. Too bad, pay it back. Lesson learned.
35 people like this.
Reply 15 - Posted by:
Miceal 10/5/2023 6:19:31 AM (No. 1569745)
This in and of itself should be impeachable...
45 people like this.
Reply 16 - Posted by:
anniebc 10/5/2023 6:21:14 AM (No. 1569748)
Biden owes the American people $9 billion dollars. We'll need to sue his estate when he dies or when he leaves office. They're trying to impoverish President Trump; biden actually deserves that and more.
27 people like this.
Reply 17 - Posted by:
RuckusTom 10/5/2023 6:34:04 AM (No. 1569756)
Can he legally do this? Who has power of the purse strings?
38 people like this.
Reply 18 - Posted by:
Red Jeep 10/5/2023 7:18:12 AM (No. 1569777)
How?
16 people like this.
Reply 19 - Posted by:
Strike3 10/5/2023 8:01:59 AM (No. 1569815)
125,000 is just a sliver of the 43 million deadbeats who owe student debt but he's thinking it will encourage all of them to vote for him. How many of that group are unemployed but walk by "Help Wanted" signs every day?
21 people like this.
Reply 20 - Posted by:
Rumblehog 10/5/2023 8:02:44 AM (No. 1569816)
Modern day, "Walking around money" for Democrat voters.
So, how is it that his departments get to spend taxpayer money on something the Supreme Court has already ruled is illegal?
21 people like this.
Reply 21 - Posted by:
Kafka2 10/5/2023 8:51:03 AM (No. 1569864)
Any other debt must be paid in full. It is only college students that are encouraged and feel entitled to be dead beats. Loans should only be granted that train students for jobs that pay enough that allow them to repay their loans.
12 people like this.
Reply 22 - Posted by:
RussZilla 10/5/2023 8:53:04 AM (No. 1569866)
Face it. The rich men north of the outer limits of society own all of us and they take money off the top from each and every one of us. Every day of our lives. Why does a loaf of bread cost us five times it did a generation ago? Is the bread any tastier? No, it is not! The value of our dollar is going down. The value of our work hours has dropped. The same gallon of gas I bought fifty years ago costs me eleven times what I paid for when I got my driver’s license.
A chocolate bar cost 5cents in 1970 when the minimum was $1.75 and the worker could afford to buy a house in town. It costs 35 times that today, and the minimum wage has only gone up ten times that. Our money ain’t worth … nothing today.
15 people like this.
Reply 23 - Posted by:
felixcat 10/5/2023 9:02:40 AM (No. 1569876)
#4 - The US Supreme Court has no way to enforce its own decisions.
16 people like this.
Reply 24 - Posted by:
rikkitikki 10/5/2023 9:24:01 AM (No. 1569896)
Hey...I paid off my student loans in good faith...and I did so with income that I paid taxes on...what do I get?
And are all those other borrowers somehow more virtuous than I am?
17 people like this.
Reply 25 - Posted by:
stablemoney 10/5/2023 9:28:54 AM (No. 1569902)
King Biden can cancel debt, waive laws, fight and fund a war with Russia, and accept donations from foreigners. King Joe has unlimited power. Who is to stop him? Not the Republicans.
16 people like this.
Reply 26 - Posted by:
Muguy 10/5/2023 9:29:21 AM (No. 1569903)
Dictator.
12 people like this.
Reply 27 - Posted by:
joew9 10/5/2023 9:41:41 AM (No. 1569916)
Go to work for the government - get a higher salary than in the private sector - get a job guaranteed for life - economic downturns don't endanger your job - get much more benefits - get a retirement plan whereas the private sector pretty much no longer has retirement plans - and get your college loan paid off.
And my experience with government workers is you don't have to work 8 hours a day. Go in late and leave early to make up for it.
7 people like this.
Reply 28 - Posted by:
janjan 10/5/2023 10:21:03 AM (No. 1569960)
Loan forgiveness was struck down by the SC and there is no appropriation for this. Yet Biden is gifting debtors with $9 billion in taxpayer funds. Where is he getting the money?
13 people like this.
Reply 29 - Posted by:
Yuban 10/5/2023 10:33:00 AM (No. 1569967)
It is good to be King.
9 people like this.
Reply 30 - Posted by:
udanja99 10/5/2023 10:50:24 AM (No. 1569986)
Meanwhile, the people in Maui who lost absolutely everything, including family and friends, in the wildfire get $700 each. Take a good look, Hawaiians, and vote accordingly.
14 people like this.
Reply 31 - Posted by:
vinegrower 10/5/2023 10:53:36 AM (No. 1569990)
This is completely unconstitutional. Even Nancy Pelosi said the president has no right to cancel debt, only congress can do that
13 people like this.
Reply 32 - Posted by:
skacmar 10/5/2023 10:55:20 AM (No. 1569993)
$9 BILLION for 125,000 people comes to an average of $72,000.00 in student loan debt each being forgiven. FREE, wiped off their books to be paid by others. Can they at least make it where this "forgiven" debt counts as income and they must report it o their income taxes and pay income tax on it (federal, state, and local). After all, everyone must pay their "fair share"!
8 people like this.
Reply 33 - Posted by:
columba 10/5/2023 10:55:49 AM (No. 1569994)
I went to college when I was in my '30s.
I borrowed a bit and then my wife and I paid it back.
9 people like this.
Reply 34 - Posted by:
PrayerWarrior 10/5/2023 11:04:53 AM (No. 1570014)
This is sickening. Can anyone stop this out of control lawless Biden/Obama govt.? I paid back my $$$$$ College debt and I didn't get a bailout. In fact I had to pay 8% to the banks who ran the loans.
Who is going to stop Biden? At this point, it looks like only God Almighty. Pray this crook out people.
9 people like this.
Reply 35 - Posted by:
Zigrid 10/5/2023 11:17:22 AM (No. 1570030)
So transparent....obama/biden need these deadbeats to vote for them in 2024...so they give them a hook...and who's left to pay the bill...you got that right....
6 people like this.
Reply 36 - Posted by:
Starboard_side 10/5/2023 12:22:14 PM (No. 1570093)
Helping those who he expects will help him and fellow Democrats in the 2024 election.
What they need to do is change how they are calculating the student loan payments.
Right now it's like a credit card bill instead of like a car payment where each payment gets you closer to being done.
4 people like this.
Reply 37 - Posted by:
Hermit_Crab 10/5/2023 1:56:23 PM (No. 1570129)
Would it be evil of me to say that we should ignore court decisions against our policies just like the Democrats do?
2 people like this.
Reply 38 - Posted by:
Faithfully 10/5/2023 5:42:27 PM (No. 1570280)
Why stop there. Forgive my credit card debt too.
2 people like this.
Reply 39 - Posted by:
Scribelus 10/5/2023 6:49:26 PM (No. 1570319)
Merely the continuation of a scheme concocted by the Magic Negro, facilitated by the Party of Death, and now culminating through the criminal Joe Bribeme.
1 person likes this.
Employers should look at this when considering applicants for a job.
1 person likes this.
Reply 41 - Posted by:
Geoman 10/5/2023 7:56:40 PM (No. 1570365)
There was a time when the people of this country served as an effective barrier against egregious government overreach. That was before a huge segment of the population, erstwhile conservatives, who traded the last vestiges of their courage for whining about Republicans. Tar and feathering while being ridden out of town on a rail were very effective deterrents to bad behavior by public officials, under the color of law, although a bit extra-judicial.
1 person likes this.
Reply 42 - Posted by:
Lawsy0 10/5/2023 8:38:11 PM (No. 1570391)
I had to pay my own college debt; why don't they go and do likewise? There must be a scam attached or a payback to the Biden Crime Family going on. Somewhere there should be a Clean Hands clause to every monetary consideration.
1 person likes this.
Reply 43 - Posted by:
24tea@Mag 10/5/2023 10:40:54 PM (No. 1570464)
How is this nonsense possible from a bumbling, senile old goat?
1 person likes this.
Reply 44 - Posted by:
JimBob 10/6/2023 12:40:03 AM (No. 1570514)
'Cancelled'?
NO!
Transferred to us working shlubs out in Flyover Country.
You know, the people who vote for Trump!
1 person likes this.
Reply 45 - Posted by:
hoosierblue 10/6/2023 7:13:29 AM (No. 1570596)
He already did that and then the courts reversed it. Now he his doing it again. What the H is going on?
0 people like this.
Below, you will find ...
Most Recent Articles posted by "Dreadnought"
and
Most Active Articles (last 48 hours)