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Biden Bribes College Grads With 10k Loan Forgiveness, Sticks Working Class With The Bill

Biden Bribes College Grads With 10k Loan Forgiveness, Sticks Working Class With The Bill

He’s also extending the pandemic payment pause until January 2023.

Gee, maybe I should get federal student loans for law school.

President Joe Biden announced that he will cancel some federal student loans and extend the pandemic payment pause:

President Biden announced Wednesday that he will cancel $10,000 of federal student loan debt for certain borrowers making less than $125,000 per year, and up to $20,000 for Pell Grant recipients.

The president also extended the pause on federal student loan monthly payments through Dec. 31, 2022. The COVID payment pause was set to expire at the end of the month.

“In keeping with my campaign promise, my Administration is announcing a plan to give working and middle class families breathing room as they prepare to resume federal student loan payments in January 2023,” Biden tweeted. “I’ll have more details this afternoon.”

Those who have paid off their loans want to know why they have to pay other loans.

Also, the left wants more. It’s never enough for them.

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Comments

So does Trump have to declare this as a campaign donation for 2024?

I took out as little in the way of student loans as possible, worked as much as possible, and then made double or triple payments when I got out working – cutting way back on my lifestyle. I paid everything off a few years ago.

I really feel like a chump right now.

2smartforlibs | August 24, 2022 at 12:01 pm

The numbers have always shown this was for his donor class, not the middle class.

Where can I join in the class action lawsuit, against this? Paid off my loans, wife’s laons and two kids loans. On what authority can he do this?

    alaskabob in reply to Wade Hampton. | August 24, 2022 at 12:30 pm

    The guy married to the “Doctor” whose dissertation was “amazing” (as the Oracle of Delphi would have said.)

    Milhouse in reply to Wade Hampton. | August 24, 2022 at 6:40 pm

    There’s nothing to sue for. He has the clear authority to do this, because the statute governing these loans says so.

      Arminius in reply to Milhouse. | August 24, 2022 at 10:46 pm

      No, it does not. That’s why from when Biden was inaugurated in January 2021 up until today the Office of Legal Counsel for the DoE ruled that the HEROES act DID NOT provide the President with the authority to “forgive” the debt of broad categories of debtors.

      Here I am in agreement with…the wife of convicted drunk driver (DUI causing injury) Paul Pelosi. Although she apparently got advance notice and this is a transcript from her remarks in LV yesterday.

      https://twitter.com/AaronBlake/status/1562495978913288194

      “Well, we’re excited about the president, because we didn’t know what — what authority the president had to do this. And now clearly, it seems he has the authority to do this: $10,000 for those … making under $125,000 a year.”

      “We,” whoever we is as Nancy Pelosi (D-Grey Goose) may well be seeing double, didn’t know up until yesterday because there is no statute that authorizes the President simply to transfer debt for a core constituency (college-educated professionals such as doctors, attorneys, etc.) and stick it to voters who don’t vote for his party.

      The Democrats have been trying to twist the law to do this since Biden was elected. It can’t be done; if it could have it would have been done at some point in the last 18 months. So they’re simply making it up now, and counting that no one will have standing to challenge it in court. At least not until they can prove harm which won’t be until next year.

      This is typical of the Groping Godfather of the Biden crime family. Twice he knowingly committed to blatantly unconstitutional courses of action hoping he could get the money out the door before the SCOTUS stopped his obviously illegal, unconstitutional programs. The first was financial aid for black farmers (minority farmers really; no whites allowed) including debt relief.

      Discovery in a related lawsuit revealed that Tom Vilsack (then head of the Biden/Harris agricultural transition team, now head of the USDA) had told attorneys for Justice for Black Farmers that such racial bias was unconstitutional. But they did it anyway to push the (bribe) money out.

      Then they did it again after five SCOTUS justices ruled that the CDC did not have the constitutional authority to impose an eviction moratorium. But when Kavanaugh inexplicably voted with the liberals to allow what he clearly noted was an unconstitutional eviction moratorium to simply die at the end of the month Biden imposed a new one.

      His public remarks about why it was “worth it” when he announced the new moratorium was again that he could get away with it long enough to push the (bribe) money out the door.

      That’s all that’s going on here. Biden again simply believes he can get away with long enough to help his party in November. That’s all it is. He knows he has no legal authority to do this by executive order but he doesn’t care. Hence Nancy Pelosi’s official position on this up until yesterday:

      https://www.speaker.gov/newsroom/72821-2

      “Speaker Pelosi. No, but thank you for your question. It’s so refreshing to get a question on substance and process, but not responding to whatever.

      Here’s the thing. People think that the President of the United States – is this more on the subject than you ever want to know? Well, you’ll let me know. People think that the President of the United States has the power for debt forgiveness. He does not. He can postpone. He can delay. But he does not have that power. That has to be an act of Congress. And I don’t even like to call it forgiveness because that implies a transgression. It’s not to be forgiven, just freeing people from those obligations.

      So, the question of who gets forgiven – to use the term of art that is out there – is a debate. Do we use whatever money there is for the broadest base of support of the, those with – more people with even less debt, or fewer people with more debt? That’s a policy discussion.

      But the difference between the President – the President can’t do it. So that’s not even a discussion. Not everybody realizes that. But the President can only postpone, delay, but not forgive.

      Stop saying things that aren’t true, Milhouse. If his authority was so clear then Pelosi would have been urging him to pull the trigger. The only thing clear about Biden’s authority is that it clearly doesn’t exist.

        Milhouse in reply to Arminius. | August 25, 2022 at 2:28 am

        There is an act of Congress. That Pelosi was unaware of its existence is neither here nor there. All it shows is that nobody knows all the laws that Congress has made, not even members of Congress.

        And it’s not just the HEROES Act, there’s 20 USC 1082.

On the Monopoly board of life… the Dems have creating a “get out of debt card” when you land on Progressive Lane. Other similar sites are BLM Manor and The Big Guy’s place. Liberty Lane and Freedom Farms will cost you dearly in their game should you want to land there.

So what happens when the student can’t make it in college? Well… the colleges will either cut the student or cut the qualifications to keep the tuition money coming in. Gee… I wonder.

    Dimsdale in reply to alaskabob. | August 24, 2022 at 12:35 pm

    You’d think affirmative action and quotas would have cut those qualifications a good deal already, but hey, there’s no bottom to the gov’t trough….

    healthguyfsu in reply to alaskabob. | August 24, 2022 at 8:50 pm

    It won’t be the former, I can assure you. Enrollment is down and where you see moderately selective colleges that don’t look like enrollment is down, they are definitely down in student quality and selectivity.

So, my wife and I both worked our ways through college without student debt. Through prudent saving, we were able to get our son through college without student debt and we’re helping him with grad school expenses, again all without incurring student debt. And now, we’re being saddled with responsibility to repay student debt that we didn’t ask for, didn’t agree to, and didn’t benefit from?

What statutory authority is Gropey Joe claiming to just write off these loan guarantees? Can it be challenged in court as a beyond his constitutional and statutory authority?

    The Gentle Grizzly in reply to Idonttweet. | August 24, 2022 at 4:19 pm

    “What statutory authority is Gropey Joe claiming to just write off these loan guarantees?”

    Just be patient. When the Republicans retake the house they -chortle- will hold hear -giggle- ings about -burst out laughing – how this should – rolling on the floor laughing so hard I am about to hyperventilate –

    Milhouse in reply to Idonttweet. | August 24, 2022 at 6:49 pm

    As I understand it the statutory authority is from the Higher Education Act, which authorizes the Secretary of Education to:

    (4) subject to the specific limitations in this part, consent to modification, with respect to rate of interest, time of payment of any installment of principal and interest or any portion thereof, or any other provision of any note or other instrument evidencing a loan which has been insured by the Secretary under this part;
    (5) enforce, pay, or compromise, any claim on, or arising because of, any such insurance or any guaranty agreement under section 1078(c) of this title; and
    (6) enforce, pay, compromise, waive, or release any right, title, claim, lien, or demand, however acquired, including any equity or any right of redemption.

Has Nancy changed her mind?

Pelosi says Biden doesn’t have power to cancel student debt

https://www.cnbc.com/2021/07/28/pelosi-says-biden-doesnt-have-authority-to-cancel-student-debt-.html

    Milhouse in reply to Juris Doctor. | August 25, 2022 at 2:32 am

    She was unaware of the law. Now that she is aware of it, obviously her view must change. So must everyone else’s, if, like hers, it was based on the same lack of knowledge. Maybe there’s a flaw in the interpretation of the statute; but when Pelosi and a lot of other people said he didn’t have the authority they weren’t speaking because they were aware of that flaw; they were speaking because they didn’t even know this law existed. The fact that it exists automatically invalidates their previous opinion.

This is politically tone deaf. Bailing out individuals who have incomes up to 9X the federal poverty level, $13,500 in 2022, is crazy. The majority of the total student debt is concentrated in those with graduate and professional degrees who have vastly higher incomes than those with no college.

This slaps every person in the face as a sucker for exercising personal responsibility. Everyone who paid their debt, every Veteran who earned the GI Bill, every person who attended a college they could afford to avoid debt and every taxpayer who never saw the inside of a college classroom.

This is intended as gift to a group who are more likely to vote d/prog in Nov to juice turnout, more plainly it’s a bribe. It won’t work, IMO, because the folks with the most debt in spurious degrees working as baristas or social activists to ‘follow their passion’ want all their debt wiped away. Then add in the backlash from rest of voters and that will more than cancel out any potential uptick.

    the total student debt is concentrated in those with graduate and professional degrees who have vastly higher incomes than those with no college
    Except the ones crying about this (rather than those silently counting their blessings) are NOT high wage earners, I garner, but people with useless degrees who can’t really get past Starbucks as a career choice. It’s not just benefitting the upper crust, but those who come from the upper crust entitlement crowd and are unhappy they weren’t welcomed into some cushy, high-paying mind-work job befitting their obviously huge natural talents.

      CommoChief in reply to GWB. | August 24, 2022 at 4:45 pm

      GWB,

      See the third paragraph above. That was the argument I made re those whining the loudest; the folks who chose a lower paying field as a choice and those who are bitter because the lack of demand for their PhD in the literary contributions of 15th Century Lesbian Latinas in the context of Spanish Colonialism as expressed through interpretive dance just doesn’t have the market potential they hoped for so they work as Baristas to fund their antifa uniform.

Biden proudly announces there’s no inflation, the media responds by re-defining the meaning of “recession” and the next day the cost to buy a vote goes up $10,000.

This appears to be calculated to make everyone angry.

The folks who’ve been pushing for it, like Lizzie Warren and Ocasio-Cortez, will say it’s too small.

Meanwhile, people like me, who will get nothing while having to shell out for people who made worse choices than I did, will (rightly) feel cheated.

Way to win Brandon!

At least the debt discharge will be taxable income, unless Biden/treasury department/IRS create an exception that current doesnt exist in section 108 of the internal revenue code .

Last time I checked, the executive branch doesnt make law!

Close The Fed | August 24, 2022 at 1:31 pm

I think this is soooo funny! As you can guess by my moniker, I have an intellectual interest in $ and banking.

This approach is completely consistent with the long train of the American monetary system trend since the introduction of the federal reserve and the use of the Great Depression to introduce all manner of socialist/communist programs.

As DeToqueville wrote, America will work until Americans notice they can vote to give themselves government money. I think he wrote that, if memory serves.

So, the system doesn’t respect money, they inflate it, they give it away for anything that fancies them, and you act all surprised when they do it again. Puh-lease!!

I kind of counted on this. I’m waiting for them to go whole hog, really. Been waiting decades for the natural course of frame of mind to take place. And here it continues.

hahahahaHAHAHAAAAhahahaaaaaaaaaaaaaaaaaaaaaaaaa

nordic prince | August 24, 2022 at 1:35 pm

I told my kid do not take out a student loan under any circumstances. She’s in the ARNG and going on deployment in September to earn benefits so her eventual college tuition will be taken care of. This is a slap in the face to her and all others like her who acted responsibly by paying off student loans and/or found non-mooching ways to afford higher education.

    at one point in time, the national guard had a re-enlistment bonus where they would pay off a small portion of your student loan for each year you remained in the guard

      nordic prince in reply to ronk. | August 24, 2022 at 2:12 pm

      The ILARNG has a deal where you sign up for a 6 year commitment, and you can go to any state school in Illinois with 100% tuition paid.

      GWB in reply to ronk. | August 24, 2022 at 4:29 pm

      Of course, note the difference:
      Military says “work for us and we’ll give you money to pay your college loans.” (Much like any large employer nowadays, btw.)
      Biden says “Get a degree that won’t earn you anything and we’ll write off your student loans.”

    healthguyfsu in reply to nordic prince. | August 24, 2022 at 8:56 pm

    Pretty soon you’ll have to take out a loan to keep from going broke. Otherwise, you’ll have too much toiling in college that will make you cash-poor the whole time and the tax bill on the other end will stifle you.

    Pretty soon you’ll be able to scam the government take out student loans and go to school, invest every bit of it (in foreign markets so you don’t pay exorbitant taxes here), flunk out of college, and get the debt forgiven.

He acts like he cares about borrowers when he spearheaded the effort to make it so that you couldn’t default on student loans, perhaps he’s hoping people don’t remember?

“I didn’t vote for this.”
And yet, I highly suspect you did.
Unlike those of us who specifically voted against it.

As to the specifics, I don’t understand how the windfall for those on Pell Grants makes any sense at all. The fedguv already GAVE these people free money to cover a portion of their tuition. So the people who already got free money they don’t have to pay back now get even more free money than the other who didn’t? How is this going to go over?

    CommoChief in reply to henrybowman. | August 24, 2022 at 4:56 pm

    At a guess the Pell grant tie in is a proxy to grant higher amount of discharged debt to BIPoC. More BIPoC people receive Pell grant as a % of total students so it’s a clever way to target higher funding to BIPoC debtors, reward their power brokers, curry favor and do so without a quota.

    healthguyfsu in reply to henrybowman. | August 24, 2022 at 8:59 pm

    It’s only a matter of time before all the grifters fight over scraps and eat each other. The problem is all of the responsible people will have been cannibalized already.

The vile Dumb-o-crat apparatchiks are perennially committed to making suckers out of responsible, hard-working and fiscally prudent Americans.

Apparently, the Secretary of Education ***poofed*** out a legal memroandum YESTERDAY magically conferring Biden with the authority to cancel student debt under the guise of a “national emergency” because of war or natural disaster.

https://www.ed.gov/news/press-releases/biden-harris-administration-announces-final-student-loan-pause-extension-through-december-31-and-targeted-debt-cancellation-smooth-transition-repayment

    henrybowman in reply to Juris Doctor. | August 24, 2022 at 4:01 pm

    Geez, the man in a red cloak keeps showing up to warn us about the animals are doing…

    An employee of Joe Biden conferred Biden with some authority he didn’t previously have?

    Where did she get it — Santa Claus?

    The sad part is that the disaster that is the Biden Administration is an entirely unnatural one.

I’ll be honest. I never expected any better from the retarded pedophile.

Is it even worth pointing out that if they can somehow pull this off it can only be a matter of time before all student debt is cancelled?

Why stop at a mere $10/20,000? it’s just a down payment.

With the implied promise of, “Elect me and there’ll be some more for you!”

Fat_Freddys_Cat | August 24, 2022 at 4:02 pm

The odd part about all this is that the argument for getting everybody to go to college is that…they’ll make more money. Okay, so if they’re making more money they can pay their debts, yes? Or is the initial premise flawed?

LibraryGryffon | August 24, 2022 at 4:05 pm

Well, I still have some undergrad loans that I didn’t get paid off (from my latest career change) before I started grad school, and since I’m still having trouble finding a job in my new field (thanks shutdowns!) and we’ve paid enough in taxes over the years, not to mention that the government has caused these problems, I’ll take what I can get (and yes, I know this is taking from tax payers, including me).

Of course if inflation gets anywhere near Weimar territory, the amounts given to us, or owed by us will be essentially nonexistent anyway, and I suspect that Weimar is what TPTB are aiming for, whether or not intentionally.

Close The Fed | August 24, 2022 at 4:35 pm

BTW, before we jump whole hog into criticizing the dems, there’s justified criticism of the gop, or elected officials, period.

When I went to school, and probably still now??? I don’t know about now. Anyway, I worked full time to pay tuition as an undergrad and I spent 98% or 99% of what I earned to pay for tutiion only. I went to a somewhat expensive school.

So, when I filed my tax return, there was NO DEDUCTION for college tuition. So when I declined a GRANT for school and instead went to work to pay it, I was PENALIZED. After that, I didn’t give a damn anymore about “morality.” The govt. didn’t care and neither do I.

As far as I’m concerned, burn it all down. I don’t give a damn. The manipulation without any look at unintended consquences is insufferable.

Where did this power come from?

I was born in the late 50s and my parents were poor. When I graduated HS they showed me the door. I worked my way through college and met my wife there. My sons decided on Trade Schools and they paid them off and are making around 6 figures per year. There are several issues: 1) unless this is in a Congressional Bill it is illegal, 2) this is welfare for college students past and presents, 3) this will cause colleges to raise rates, and 4) no one is happy.

Steven Brizel | August 25, 2022 at 9:48 am

Is such a cancellation of debt constitutional?

barbiegirl ny | August 25, 2022 at 10:06 am

Yeah, but aren’t there more of us who’ve not taken out a college loan, or have paid it off, than those who currently have debt? Does the old rectal leak forget that WE VOTE TOO!

Meanwhile, inflation has crushed the stock market and ruined the retirement plans of millions.

Is there something new here? If so, I wonder what it might possibly be.