The New York Times is out with a piece that looks at the fine print behind Joe Biden’s campaign ‘hints’….
The overall basic?
Joe Biden was advertising more than he actually wants to sell….
Biden wants Congress to make the changes that where floated by progressives in the nomination campaign….
Unless Democrats win the two Us Senate races in Georgia?
Most of the Biden ‘hints’ are never gonna see the light of day….
Republicans in the Senate are NOT in a hurry change the nation’s student loan mess under current Trump Education boss DeVoss…….
The federal government is the primary lender for students who borrow money for college and graduate school, and the Education Department directly holds more than $1.4 trillion in student debt. President-elect Joseph R. Biden Jr.’s administration will have the ability to make changes that can directly affect millions of borrowers’ monthly bills….
…
The higher-education platform Mr. Biden campaigned on was noticeably silent about a proposal that progressives say is ripe for executive action: outright cancellation of some student debt…
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Mr. Biden stirred excitement among student borrowers with a tweet in March that endorsed a pandemic-relief proposal from Ms. Warren and other lawmakers seeking cancellation of at least $10,000 in federal student loan debt per person. However, that proposal called for Congress to authorize such relief — and so far, it has not. Without legislative action, Mr. Biden may be reluctant to jam through a measure with a price tag of around $420 billion….
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Mr. Biden also promised to go further: Erased debts are generally taxed as income, but he said he planned to change that. Making a permanent change to the tax code would require legislation…
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Mr. Biden said he would fix the problems plaguing the[federal Public Service Loan Forgiveness program ] “by securing passage” of a bill that would simplify the application and certification processes, including making all loans and repayment plans eligible, while also providing partial forgiveness after five years. The legislation has been introduced in both the House and Senate, but with only Democratic support…..
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…Mr. Biden supported a 2005 law that made private student loans more difficult to discharge, but he has pledged to reverse that rule as president.
That may prove challenging because few Republicans have supported any changes to the bankruptcy laws. A House bill has one Republican co-sponsor, but the Senate’s version, led by Senator Richard J. Durbin of Illinois, has only Democratic support….
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The Education Department outsources the task of servicing its 42 million federal student loans, and government auditors and watchdogs have repeatedly criticized the contractors for doing a poor job. Building a better system is a bipartisan agency goal that stretches back to the Obama administration, but actually doing that is complicated…..
image…New America
Gee whatS that you always call me?
Oh yeah that’s it…
You’re such a pessimist!
Biden is being pushed to do this as a means of economic stimulus….
Freeing the cancelled payments WOULD drop BILLIONS of dollars into the nation’s economy….One would assume that Republicans would be strongly against….Any talk of taxing the forgiven debt is just a way cancelling the benefit
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Political pressure is mounting for president-elect Joe Biden to use executive authority to cancel federal student debt as a form of economic stimulus, a proposal that is exposing sharp divisions among economists, consumer activists and policy wonks.
On Wednesday, 238 nonprofit and community organizations — including the NAACP and American Federation of Teachers — urged Biden to take action on loan forgiveness on his first day in office. In a letter to Biden and vice president-elect Kamala D. Harris, the groups argue that using administrative debt cancellation will advance his campaign priorities of economic recovery, pandemic relief and racial equity….
More….
James,
I actually think some type of student loan forgiveness will take effect…The reason I believe this is that remember a large sector of this country has student loans and if you forgive some part of that loan people will remember it was democrats that did it…it is almost like a tax break that all student loan borrowers will remember and hopefully remember when they go to the election polls next time…All Politics is local, but all Politics is also personal…
Ideally, my plan for student loans would focus on interest…I wouldn’t charge any interest on the loans and I would allow people that pay of their student loans to have that whole balance written off on their tax returns as a separate item regardless if you file itemized or take standardized deduction…it would be like a double tax break, Republicans should. be for that…
Some people are paying over $500 a month…..
Some people have deferments that have driven loans up over $100,000….
Some are in the program that erases your loan after 10 years of teaching….
Those loan’s have had over 20,000 people get there time in and had their loans red flagged for bull shit errors…..
Only 1,000+ have had their loans written off…..
Bdog?
The loans are like the Borg….
Biden isn’t do anybody favors for knocking off 10k or 50k of the loans….
Then having the GOPer’s say that’s income and u pay taxes on the money…..
It IS a PROBLEM….
The debt is YUGE and the servicing companies are making a killing…..
They keep rolling the loans over increasing their take form the government and the suckers taking the bait ….
Education IS in the nation’s national security and economic interest but getting them ARE a ticking time bomb….
Republicans want u to pay the damn loan off….
No fucking breaks….
Easy money going in….
Blood money going back….
The program is OVER a TRILLON DOLLARS….
It IS a drag on the economy….
No easy solution on this….
But it’s a poison pill for millions who are lured into the trap of quicksand….
If I was the President I’d stop the program…..
Grant out up to $100,000 after paying fo0r 10 years…..
Make the damn colleges cut prices and some go out of business….
Seriously….
It’s a YUGE scam…..
Image giving people billions in income they can put back into the economy!
Government would get their money back in taxes that people would get something for….
The blood sucking loan companies would be about all gone….
College’s would have to drop prices and compete…
Might even work….
U can see I feel strongly about this…
Z will probably show up a tell me I wrong on this…
That’s k…
If I could the program would be gone….
Elizabeth Warren
@SenWarren
#CancelStudentDebt
Quote Tweet
Chuck Schumer
@SenSchumer
· 11h
#CancelStudentDebt
CNN Breaking News
@cnnbrk
Education Secretary DeVos has extended the pause on student loan payments through January 31, giving people with student loans another month of relief
Elizabeth Warren
@ewarren
Canceling student loan debt would immediately put money in the pockets of millions of Americans. It would help dig our economy out of this crisis. And we don’t have to wait for Congress: the Biden-Harris administration can get it done with their executive authority.
The counter….
Julie Ann Marie Deal
@JulieAnnMarieD1
Replying to
@ewarren
While I understand the dilemma, what do you tell all the people that paid their student loans in good faith? As a parent of a college student, the idea of eliminating student loan debt, while I am paying tuition makes me angry. Isn’t the real issue the cost of higher education
(Just think of how money would be dropped back into the American economy ???)