Biden Admin Cancels $7,700,000,000 in Student Federal Loans
The administration has already canceled $167,000,000,000 in student loans.
President Joe Biden announced another round of student loan cancellations.
This round totals $7,700,000,000. Writing it out shows how much money just went down the drain.
The administration has already canceled $167,000,000,000 in student loans.
In 2022, the Supreme Court said he overstepped his authority when he announced he would cancel up to $400,000,000,000 in loans.
The administration found ways to worm around the decision through established “federal student loan forgiveness programs.”
These programs limit the action to “specific categories of borrowers.”
“These discharges are for three categories of borrowers: those receiving Public Service Loan Forgiveness (PSLF); those who signed up for President Biden’s Saving on a Valuable Education (SAVE) Plan and who are eligible for its shortened time-to-forgiveness benefit; and those receiving forgiveness on income-driven repayment (IDR) as a result of fixes made by the Administration,” Secretary of Education Miguel Cardona announced.
The government has to pay the bill. Where does the government get that money? You and me. So we’re paying for our children’s and someone else’s college.
HOWEVER! That also applies to those people who had their loans wiped out. So they’re paying back their loans and others as well.
But the money isn’t free. Sure, it’s government money, which doesn’t seem completely real, but by canceling debt payments the government forgoes future revenue, which adds to annual deficits and the total national debt. Future taxpayers will essentially pay the bill.
All told, Biden’s debt-cancellation plans will cost the government $559 billion in foregone revenue over the coming decade, according to analysis from the Penn Wharton Budget Model. Biden is proposing no new revenue to cover the cost, which means it goes straight on top of the pile of what America owes to its creditors.
As a portion of the total national debt, $559 billion isn’t all that much — just 1.6% of all federal borrowing. But if treated as a single program, $559 billion is a ton of money, even by Washington’s inflated standards. If Congress tried to pass a benefits package of that magnitude, there would be a huge fight and pronouncements from one side or the other that it’s completely unaffordable. Packages of that size only get passed when there’s an emergency such as COVID or one party controls all the branches of government and has the power to ignore the other party.
“Another 160,000 borrowers and their families will get some much-needed relief thanks to the continued efforts the Biden-Harris Administration to fix the broken student loan system,” boasted U.S. Under Secretary of Education James Kvaal. “We congratulate those borrowers on their due forgiveness and we will continue to work to deliver relief to others.”
And these people truly believe they will never repay their loans because no one understands economics.
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Comments
Huh, could have sworn the Supreme Court said they didn’t have the authority to do that. Not that I expect any better from that pedophile
Let’s remember this when the SCOTUS says no to Trump.
The current administration has not defied any court order or decision, and Trump will not be able to do so either.
Scotus said no, the pedophile didn’t listen
That is just not true. You are making it up.
Milhouse, public Supreme Court decision says you’re full of shit.
Ironclaw, no, it doesn’t. You are making it up.
There is no court decision that says Biden can’t forgive student loans. Not only doesn’t such a decision exist, it’s impossible for one to exist. No court could ever possibly come to such a conclusion. Courts can only consider the cases brought in front of them. They can only say “the way you’re reading this specific law is right”, or “it’s wrong”.
I have very little hope that a critical mass of people will wake up and realize we actually live under a government that is not representative of citizens.
No, it didn’t, and anyone who claims it did is a liar.
The Supreme Court struck down one specific program that Biden was hoping to use to wipe out all the debts at once. The Education Department lawyers read a specific statute in a way that allowed it, and the court said they got it wrong, the statute didn’t mean that, and they couldn’t use it that way.
The administration whined about the decision, but accepted it and has been in full compliance ever since.
The court not only didn’t but couldn’t say that there were no statutes allowing debt forgiveness. There obviously are such statutes.
The administration hadn’t originally planned to use them because they’re all limited in scope, and because it thought it had already found one that did everything it wanted, so why look for more? But once it couldn’t use the one it thought it could, it went combing through the statute books looking for ones that it could use. As it finds them, and thinks of creative ways to use them, it announces them.
It could be that some of these other statutes are also being misinterpreted. But the onus is on the administration’s opponents to bring specific challenges to each such use, and to prove that their reading of each statute is correct and the administration’s is wrong. Without that the administration is entitled to a presumption that it is complying with each of those statutes to the letter.
Why do you act this way? Whose side are you on?
Because I’m a decent person and you are not. The very fact that you can ask that question shows that you are an evil, corrupt person. Because a decent person, when deciding between truth and falsehood, or between right and wrong, never even considers whose ox is gored. The moment you give a thought to that, the moment you allow it to sway your decision, you are corrupt.
“Because I’m a decent person and you are not.” Assumes facts not in evidence.
In a cesspool filled with your dick comments, this one may go down as your all-time dick comment.
Here’s ol’ Milhouse, fighting for “truth, justice, and the American Way.” He’s a decent person who ALWAYS chooses the truth, and anyone who dares even question him on this automatically becomes an “evil, corrupt person.”
SO stunning. SO brave.
Riddle me this, Truth Avenger: why should people who paid off their college loans (like I did), or decided to learn a trade rather than go to college, get stuck subsidizing people who can’t pay their loan back?
You shouldn’t, but that’s not the question, is it?
Ghostrider asked “whose side are you on”; the fact that he asked that question is absolute proof that he is a corrupt person. A decent person would never think to ask such a question. The moment you imagine that the truth depends on whose side someone is on, you are corrupt.
The same goes for Azathoth, and anyone else who asks such questions. Seriously, how can you not feel any shame at advocating that a person’s positions should depend on whose ox is gored? How are you not ashamed?
again
disingenuous you are
fjb himself just bragged how he went around the scotus
so while you are correct :
Although the Supreme Court struck down President Joe Biden’s signature student loan forgiveness program in late June, his administration has found ways to cancel more than $48 billion in debt since then.
The cancellations have come through existing federal student loan forgiveness programs, which are limited to specific categories of borrowers, such as public-sector workers, people defrauded by for-profit colleges, and borrowers who have paid for at least 20 years.
These programs are separate from the rejected forgiveness plan, which would have canceled about $430 billion of the $1.6 trillion of outstanding federal student loan debt all at one time.
you ignore the immorality of what biden is actually doing
and yes it ISSSS immoral to force one to pay for anothers CHOICE ( in this case taking on the loan in the first place)
Milhouse is always on the wrong side… there might be a picture of him next to why people despise lawyers….and if you dare take a different view he immediately goes to ad hominem attacks… as you see he did with you…the sign of a weak mind
Why do you act this way? Whose side are you on?
Milhouse is here for the purpose of demoralization.
He will appear to agree with you just enough that when he issues his pronouncements of ‘Democrats and the Left are always right’ you think this sad but true statement is coming from someone on your side and so it hurts just a bit more deeply because you’re thinking he sees things the way you do.
You can read it like a retard if you want, the pedophile is breaking the freaking law.
The president does not get to spend money without the say so of congress. That is the basis of how our government works. The pedophile is trying to violate that.
And he is not. Even the original program that the supreme court struck down was purportedly based on a statute that Congress had made, not on some inherent power he claimed as president. The court struck that program down not because he was purporting to have a spending power not delegated by Congress, but because it disagreed with his interpretation of the statute. He accepted that decision and went back to the drawing board, exactly as he was supposed to.
If he’s moving things from the asset column to the liability column, he’s spending money regardless of what they may try to call it.
Wow your lack of understanding of how money… budgets work etc is breathtaking! You are a leftist believer of the magic money trees the government has I see…🤡
What does “how money… budgets work etc” have to do with the topic? The topic is that the president can’t forgive loans without congress’s authorization, and he is not. He is acting only pursuant to statutes. That means he has the right to act. You’re not even claiming that his interpretation of those statutes is incorrect! You’re simply saying he has no right to act, even if the statutes give him that right! And you’re saying that simply because you don’t like what he’s doing, as if that had anything to do with it.
hamas joe is hoping for glowing reports in the history books
The old pedophile is just trying to get stupid young people to vote against their own interest reelect him.
fjb just bragged to the all black university
THE SCOTUS SAID NO
BUT I SAID YES
trying to show his gangsta cred
WHAT A RACIST HE IS !!!
So when a president stiffs the Supreme Court and rules by decree, who will back SCOTUS? Who are the final checks and balance? “We the People”…but when the People have been neutered.. then what. It’s called tyranny under the guise of “Our Precious Democracy”.
The US Marshals, the US Army, the police will all back the law, and not any president who defies the law.
Maybe we need to get an office pool going on that one.
That’ll be the day. They’ve shown no such courage yet with the pedophile in chief.
They’ve had no call to do so with him, because he has never defied a court order or decision.
Bullshit! What the fuck do you call this? They already said no and the pedophile is defying them.
I’ve already pointed out that this is not true. You have not even attempted to dispute that, you’re simply repeating your falsehood anyway. That makes you a liar.
Oh really? And just what do you think the Obama and Biden purges of executive departments, especially the FBI, and the military’s officer corps, were intended to accomplish? They accomplish the same thing every dictatorial purge accomplishes: the creation of an organization loyal to the dictator, not the law or the principles of the organization’s founding.
That is total bullshit.
No. He jus’ beez down wit’ de stuggle n 5#1+.
Seems mighty reminiscent of his bragging about getting that Ukrainian prosecutor fired.
This is a serious abuse of power.
What next, forgiveness for EV car loans?
Impeach!
On what authority? Where does this money come from since the Congress has to fund it first?
The money has already gone out via the loan program, as authorized by Congress. Forgiveness means the money won’t come back. It isn’t really “spending,” it’s (as is pointed out in the article) lost revenue.
In the end all debts are paid either by the debtor or by the creditor. As one of the creditors, that is a taxpayer, I did not consent to having my money wasted and I certainly didn’t consent to pay that debt for those deadbeats.
Yes, you did consent, through Congress having passed the statutes on which Biden is relying.
The statutes say the damn debt is supposed to be repaid. So no I did not consent.
How do you know what the statutes say? Have you bothered reading them? The administration is relying on statutes that, as it reads them, authorize it to forgive these loans. Do you disagree with that interpretation? How can you, without having read the statutes? If you do disagree, you are free to find a plaintiff with standing and challenge it. But the fact that the opposition has not yet come up with any such challenge tells me that it has either not been able to find a flaw in the interpretation, or that it hasn’t been able to find a plaintiff.
On the authority of various statutes that (at least as he reads them) authorize him to do this. If you think his reading is wrong, find someone with standing and challenge him in court. So far nobody has done so. Either they agree that he’s reading the statutes correctly, or they can’t find a plaintiff with standing.
March 30, 2024
Several Republican-led states have filed a lawsuit against the Biden administration over its plan to provide relief to millions of Americans burdened by student loan debt, accusing President Joe Biden of bypassing Congress and exceeding his authority.
Filed by Kansas and 10 other states, the federal lawsuit claims that the administration’s income-driven SAVE Repayment Plan is similar to Biden’s previous student loan forgiveness plan in its government overreach, an argument that won at the Supreme Court last summer.
source: https://www.msnbc.com/top-stories/latest/biden-student-loan-save-repayment-plan-lawsuit-rcna145737
Just because you keep saying something doesn’t make it so.
Facts matter and you don’t have the facts on your side.
I don’t think we should trust the legal reasoning of A demented retard like Brandon the pedophile
You take ignorance to new levels… most of your comments in this thread are unbelievably stupid…. You are officially an ignorant troll
You have a real chutzpah calling me ignorant. I bet there is no topic on which I don’t know more than you do. Certainly on this topic you know absolutely nothing.
Worse, you seem to be one of those here who decide questions of fact based on whom they help. That is pure evil and corruption.
Biden: We just cancelled $7,700,000,000 in student loans.
Reporter: Where did the money go?
Biden: I dunno, my handlers didn’t me. But we’re gonna hire Michael Cohen to do the book keeping so it will all be legal. I heard he’s a real honest man and has good references from Judge Merchan.
I’m old enough to remember when Trump couldn’t get a MEASLY (in comparison) few billion to build the wall without having federal courts waiving their hands at every opportunity.
True. It is also true that Trump could have used his VETO on every budget and and every piece of legislation sent to him until Congress appropriated the full funding for his central campaign promise of building the damn wall. He chose not to exercise that power and instead to allow Ryan and McConnell to thwart him and the voters like you and me who elected him to build the damn wall.
Chief.
We all know that the Uniparty™️ would have banded together and overruled Trump’s veto.
We also know that the Propaganda Ministry™️ would have gone into overdrive to convince just about everyone that Trump wanted to push little old ladies off of Medicare and over a cliff.
So, yeah, Trump had the veto. But he also had the Deep State trademark™️ gnawing at his heels for every fake claim they could invent.
So yeah, veto. Useless as tits on a boar.
Trump had the veto, but he was a coward who would not use it.
JR
You are the coward
So what if they did? A veto isn’t always about the act itself. Sometimes it’s about putting the legislature’s feet to the fire and forcing them to vote on record about something.
“Trump could have used his VETO on every budget and and every piece of legislation…”
Neither he, nor any other president, lack the balls.
I think a negation is missing here somewhere.
The Bolsheviks wanted to break the Russian economy to bring on their revolution.
I think that’s what our Marxists are trying to do, trillions added to the deficit monthly something will break and it won’t be a party like the Great Depression was.
Bull, that money belongs to Israel
Bull. That money belongs to Ukraine.
/s
I went into the Military and got the College Fund. Worked 2 jobs during the school year and summers doing construction and cement foundations. Graduated and paid off my loans in a year.
I’m such a sucker.
I am right there with you. Then I turned around and paid for my wife’s Master’s and specialist degrees. I paid for both kids BS and the daughter’s Master’s. All of this without getting student loans.
Neener ³.
Just another case of Biden and the Democrats trying to buy votes.
Next week it will be free fentanyl
At this point I think I want it.
Can this be blocked by court?
Only if the administration’s reading of the relevant statutes is incorrect (which you have no reason to believe is the case), and opponents can find a plaintiff with standing (that took some doing the last time).
States have already launched lawsuits against the administration on this issue. So clearly there is an issue with Biden’s reading of the relevant statutes.
After the Supreme Court blocked Biden in 2022 because of his misreading of the HEROES Act and essentially said that loan repayment is a matter for Congress. Biden said at the time that he basically didn’t care and would relieve the debt another way. He did. States sued.
He doesn’t have the ability to randomly dole out money without Congress.
These plans are simply a way to buy votes and at the same time, a slap in the face of people who did repay their loans.
No, they haven’t. There was one case, challenging one program, based on one statute. He lost that case and stopped that program. There have been no challenges to the programs he’s currently using.
Nobody ever disputed that it was a matter for Congress. The whole point of the program the court struck down was that the HEROES Act supposedly had authorized it. The court said it didn’t, and that was the end of that claim.
Now you are lying. If he didn’t care, he would have kept on using the HEROES Act. He didn’t, because he does care, because he has to care.
Yes, he did, as was his right, and as any president would do. He found other statutes that allow for some more limited relief, and is using them.
No, they didn’t. Name a state that has challenged any of the debt relief programs since the HEROES case. You can’t.
States and others are free to sue, if they identify a flaw in his interpretation of any of the statutes he’s relying on, and they can find a plaintiff with standing. The fact that nobody has done so means either they can’t find a flaw in his interpretations, which means the interpretations are correct, or else they can’t find a plaintiff.
You should really do more research before trying to call people out.
March 30, 2024
Several Republican-led states have filed a lawsuit against the Biden administration over its plan to provide relief to millions of Americans burdened by student loan debt, accusing President Joe Biden of bypassing Congress and exceeding his authority.
Filed by Kansas and 10 other states, the federal lawsuit claims that the administration’s income-driven SAVE Repayment Plan is similar to Biden’s previous student loan forgiveness plan in its government overreach, an argument that won at the Supreme Court last summer.
source: https://www.msnbc.com/top-stories/latest/biden-student-loan-save-repayment-plan-lawsuit-rcna145737
Wrong again. The whole case was based on the HEROES Act not authorizing what Biden said it did. Biden disputed the Congressional approval of payments. So you unless you live in some fantasy world where actors go to the Supreme Court where there is no dispute, the case was about Congressional approval and oversight which Biden denied.
Biden’s remarks:
Today, the Supreme Court sided with them. I believe the Court’s decision to strike down my student debt relief program was a mistake, was wrong.
I’m not going to stop fighting to deliver borrowers what they need, particularly those at the bottom end of the economic scale. So, we need to find a new way. And we’re moving as fast as we can.
First, I’m announcing today a new path consistent with today’s ruling to provide student debt relief to as many borrowers as possible as quickly as possible.
He didn’t care about the reasons the Court struck down the plan and initiated another plan that does not address the Court’s concerns and rulings.
The states that joined Kansas’ lawsuit are Alabama, Alaska, Idaho, Iowa, Louisiana, Montana, Nebraska, South Carolina, Texas and Utah.
Looks like not only can I name the states that are suing, but did.
I would hope that this would roll back some of your vitriol and false accusations, but I have my doubts.
In the meantime, I will accept your apology on being wrong and accusing others of lying and being misinformed when it was in fact you who are misinformed.
Adult admit when they are wrong. (But I am guessing you won’t.)
Oh yes they have. But facts don’t matter to you… the image you have of yourself being this source of truth and wisdom is so staggeringly off the mark it’s darn near pathological
Gitarcarver, thanks for pointing that suit out to me. I was unaware of it, and I thank you for bringing it to my attention. However it doesn’t significantly affect any of my comments.
Yes, there is a challenge to at least one of the currently proposed programs, and in due course the courts will decide it. If the courts find against the administration’s reading of the Higher Education Act, as amended, then it will not be able to implement that program, and it will not. If the court upholds the program then the administration will go ahead with it; that is not the administration defying the court, it’s the administration obeying the court.
If the administration didn’t care what the court said, then it would just have gone ahead with its original plan that was struck down. The fact that it went back to the drawing board proves that it is not able to defy the courts.
My statement that “Nobody ever disputed that it was a matter for Congress” remains 100% true, and I don’t understand how you are challenging it.
You wrote:
Exactly. The entire case was that Biden said Congress did authorize his program, and the plaintiffs said it didn’t. So who do you claim was disputing that it was a matter for Congress? You’re not making any sense with this.
What does that even mean? I can’t make head or tail of this sentence. Biden didn’t dispute anything; he claimed that the statute authorized his program, the states disputed that, and the court found for the states. Biden never claimed that he had some inherent authority independent of Congress to forgive loans!
That’s completely untrue. The Court said his reading of the HEROES Act was wrong, so he immediately stopped using it.
And what do you mean by “the Court’s concerns”? The Court can’t have concerns. It can only rule on questions of law. It ruled that the HEROES Act didn’t authorize the program, so he canceled it and came up with a new plan that did address the ruling, by relying on a completely different statute. How can you call that “not addressing the Court’s concerns and rulings”?
And that makes you wrong. You had absolutely no basis whatsoever for making such a guess. There was never any question that I would acknowledge a fact that I had not been aware of, and thank you for bringing it to my attention. I’ve been posting here for long enough that you should have completely expected that.
I noticed a little while ago that the amount of my student loan payments was starting to bounce around. One month it’s way low. The next month it’s higher but still not as high as it should be. No reason was given for this, either.
So I paid what it said I had to but I can’t predict what it will be. I paid this month’s a couple days ago. On time! Now there’s this big announcement. It might not affect me for the simple reason that I’m not in Brandon’s target market. The fed can’t conjure enough money to buy my vote.
But it would be nice to have whatever happens just happen, so I know how to adjust my budgeting accordingly, instead of the current chaos.
Such a good message this sends. Esp to the entitled generation of today. Take out a loan and chances are you won’t have to repay it. What a way to teach responsibility for one’s actions.
If the government has so much money that it can afford to not need these monies to be repaid then it does not need my tax dollars either. Money to ukraine, to israel, to african nations, to illegal migrants, to everyone who holds out his hand or whose favor/vote is desired. Everyone except our own citizens who pay and pay dutifully their tax bill every year,
“Such a good message this sends. Esp to the entitled generation of today. Take out a loan and chances are you won’t have to repay it. What a way to teach responsibility for one’s actions.”
This is equity for wypipo who aren’t allowed to get away with looting.