Biden student loan forgiveness BLOCKED by conservative courts; young voters ANGRY

[ItsJamesthefin]

You went to school so you should have to pay your college debt. Now if they wanna get rid of the predatory interest rates than I'm all for that. My rate on my last loan is almost 10%.

[frankdtank20]

You went to school so you should have to pay your college debt. Now if they wanna get rid of the predatory interest rates than I'm all for that. My rate on my last loan is almost 10%.

That won't motivate young voters enough. They want free gibs. Even people who figure out they would be better off with ultra low interest rates than $10K in forgiveness in the long run won't care. Free gibs, NOW!!

PLUS aren't most government loans eventually bought out by private 3rd finance companies? They want the $10K free cash too, not being forced to lower their interest rates. So the loan forgiveness is not just for borrowers, it's a massive corporate giveaway too.

[DuracellBunny]

That won't motivate young voters enough. They want free gibs. Even people who figure out they would be better off with ultra low interest rates than $10K in forgiveness in the long run won't care. Free gibs, NOW!!

PLUS aren't most government loans eventually bought out by private 3rd finance companies? They want the $10K free cash too, not being forced to lower their interest rates. So the loan forgiveness is not just for borrowers, it's a massive corporate giveaway too.

IIRC private loans don't qualify.

[LeftistGent]

I'll take your word on what's in the Heroes Act (although a citation wouldn't kill ya. And I don't mean a random news article), but what's the emergency? The pandemic's been over for awhile now and he's already repeated the pause on repayments. There's no economic emergency. If anything the repayment and interest pause extended through the middle of next year (and probably further once that approaches), destroys legal rationale to also be able to have loan forgiveness, since people with student loans have already received such high financial assistance already. Along with plenty of other legal challenges.

On a less legal perspective do you not see how loan forgiveness is a terrible policy in the long-term? It does nothing to solve the root of the problem, the prices colleges charge like a colluding cartel does. In fact it encourages an acceleration of the prices charged. And why shouldn't students 5, 10, 15 years from now get the same loan forgiveness? People currently with student loans don't face any more hardship than future students. In fact the years of payment and interest pause give them less hardship than future students. That itself can add on as a legal challenge. How long does the provision in the Heroes Act last? It can't be indefinite.

The moratorium on mortgage payments carried out by the CDC was forced to end as the economy was recovering (no emergency) and that was over a year ago. I say good luck to the Admin trying to rationalize the need of the loan forgiveness a year after mortgage moratorium was ended and there's already a moratorium in place for student loan payments and interest. With courts already shooting the loan forgiveness down it isn't just a matter of them trying to prove whether it's constitutional, they also have to provide evidence for why it is just. Again, good luck when there's already a moratorium on payment and interest in place.

Well that was my other point - Trump already set the precedent with his abuse of emergency powers multiple times during his tenure, but you guys only care because it's Biden who's doing it now.

I think an overhaul of the system needs to happen, sure, but keep in mind Biden's order was not simply forgiving $10k, it included provisions for capping interest rates and payments so people aren't overburdened but still have to pay. You're looking for the unicorn solution which frankly doesn't exist. You can't just stop government backed student loans, the playing field needs to be fair regardless of socioeconomic status. The solution lies in figuring out a way to cap tuition costs. Not exactly sure the most efficient way to do this though.

[nutsy54]

inb4 a bunch of cucks ITT preferring to bail out banks and mega corporations instead of our own citizens

Creating a fiction to argue with is just sad...

Meanwhile, those actions (which I din't agree with and regularly opposed) were actual LAWS: Legislation written by Congress, passed in the House and Senate, then enacted by the President. Biden's vote-buying $400 Billion spending spree is none of those things.

[LeftistGent]

Creating a fiction to argue with is just sad...

Meanwhile, those actions (which I din't agree with and regularly opposed) were actual LAWS: Legislation written by Congress, passed in the House and Senate, then enacted by the President. Biden's vote-buying $400 Billion spending spree is none of those things.

Biden has the legal right to do this based on the Heroes Act, which was a LAW passed by Congress under the Bush admin.

[Hussar1]

$0 for Israel, Ukraine, Saudi Arabia, South Korea, etc..More money for American kids going to college.

Republicans will call that anti American.

[SmillironS]

$0 for Israel, Ukraine, Saudi Arabia, South Korea, etc..More money for American kids going to college.

Republicans will call that anti American.

If the govt wasn’t involved in the lending process college tuition would be much more affordable and there would be a lot more bang for their buck.

[Dave22reborn]

You went to school so you should have to pay your college debt. Now if they wanna get rid of the predatory interest rates than I'm all for that. My rate on my last loan is almost 10%.

You see the interest rates for mortgage loans? Now, explain to me, how the government would lower those rates?

[Hussar1]

If the govt wasn’t involved in the lending process college tuition would be much more affordable and there would be a lot more bang for their buck.

Good luck at getting any Republicans to get rid of the lending process.

They know who their masters are.

[AlfBundy]

The Welfare Check is a helluva drug

[nutsy54]

Biden has the legal right to do this based on the Heroes Act, which was a LAW passed by Congress under the Bush admin.

How is Covid suddenly causing significant financial hardship to everyone in the country who makes under $125,000? I thought he said Covid was done. He's even claimed credit for pre-Covid record-low unemployment rates (until they started going back up under his failed policies). Yet now we're supposed to believe the country is destitute and unable to pay their bills?

Any financial struggles people are facing today aren't due to Covid, they're due to the Biden administration's endless failed policies.

[LeftistGent]

How is Covid suddenly causing significant financial hardship to everyone in the country who makes under $125,000? I thought he said Covid was done. He's even claimed credit for pre-Covid record-low unemployment rates (until they started going back up under his failed policies). Yet now we're supposed to believe the country is destitute and unable to pay their bills?

Any financial struggles people are facing today aren't due to Covid, they're due to the Biden administration's endless failed policies.

Moving the goalposts now I see. First you make the false claim that Biden does not have legal grounds, and now you're just mad he's using the same strategy Trump did many times during his tenure. Except instead of using emergency powers for dumb sh*t like building a wall, Biden is doing the best he can to help the common man.

The economy is booming under Biden despite being in a very tricky situation (and he didn't even beg the fed to keep rates low, LMAO). His policies are clearly not "failed", despite whatever faux news propaganda source you're listening to. No one is suggesting he would be using his emergency powers because the country is destitute and unable to pay bills. He's just using the precedent that Trump set, and now conservatives are big mad.

[Jasonw1178]

It's kind of too late. Before it even got blocked most people found out the stipulations were so that most people wouldn't get anything. As well, the courts determined it wasn't legal. Biden could have used the majority in the house and senate to make it legal. You would think he would know about how that works but he didn't, either because he is just that far gone mentally OR he never really wanted it to pass and was using it for exactly what's going to happen.