Biden is withdrawing his broader student-loan-forgiveness plans that were set to cancel debt for over 38 million borrowers
It's officially the end of the road for Biden's attempts to broadly cancel student debt.
Biden: Hey here’s half a trillion dollars back on student loans, a trillion dollars on climate change, unions and manufacturing jobs, and a bunch of other stuff, all paid for by big increases in corporate tax
USA: Yeah but corporations are still doing bad stuff though
USA: We pick Trump
Biden: Alright fuck you then
this is stuff that never would have made it all the way to implementation anyway; with voters shooting off their own feet last month, and some hand-picked maga judges ruling against the policy.
Would it not have been smarter, politically, to push it through to the end and let the GOP take the heat for killing it?
He's done what he could with the Republicans fighting him every step of the way. Better to spend this last month doing what he can to Trump-proof stuff.
Okay, so what is he doing to Trump proof stuff?
Trying to finally send all the money approved by Congress to Ukraine
He could use his "official acts" granted by the Supreme Circus to rid us once and for all of this turbulent turd. But he won't.
Motherfucker said "Nothing will fundamentally change"
Pardoning Hunter and projecting an air of general, but aloof concern.
He pardoned a bunch of rich criminals
Jaaaaaack
Fucking
Shiiiiiiiiit
Right right. That's why he needed to start doing things 3.9 years ago instead of screwing around for so long. What a failure. Or a success, depending on your perspective.
I don't know what the deal is with pulling this program now (although someone else said it was actually a way to block Trump from doing something worse), but he literally spent all four years trying to get through student loan forgiveness. His major plan was blocked by SCOTUS and he's been blocked by other judges every step of the way.
And the fact that you don't know that speaks much more about you than it does about him.
I have no love for Biden. I keep saying I hate that he's been one of the best presidents of my nearly 50-year lifetime because that just shows the low the bar is. But he still did clear that bar on occasion and trying to do student loan forgiveness is one of them.
He can't just make commands from on high and they get implemented, no questions asked. As Paddzr suggested, this is part of the reason why Trump won. People think the president is a dictator, which is why they elected a man promising to be a dictator.
And this is why Trump won. Because people like YOU. Just because YOU didn't pay attention for 4 years, doesn't mean he sat on his ass doing nothing.
I hope reality hits you like a truck now.
I dont think he was doing what he could. He could have done a lot more.
Hey now, he really needed all those years to mull it over, just to make sure it aged like milk.
ugh i wish
I'm so sick of our financial wellbeing being a pawn for these political asshats to play with...
My loan repayment period was supposed to end in June of this year as part of the service workers repayment plan. I wasn't even on the SAVE plan and my account has been put into some sort of weird limbo because of all this stupid garbage. My servicer won't even touch my account. They just keep extending the forbearance on it every time a new judge steps in.
Now Trump's gonna step in yet again and fuck us all even more...
I mean... The country spoke... So why bother.
The tiny majority of voters. Not the country. Close? Not really.
All those eligible voters who didn't bother to vote at all who make up the rest of the country spoke too. They said they didn't give a shit.
So again, seems like a "why bother?" situation.
Election promises mean nothing when they all (ALL OF THEM) are in the pockets of the evil rich
All I know is that if IDR is killed off, I’ll have to go into bankruptcy as i don't have enough for groceries for my family as is. I know the likelihood of getting the stident debt is next to impossible, but i might be able to afford that payment if my cc debt is killed off ($40k) but would still have mortgage, car payment, roof loan payment, and my private student loans as well. I’m just pretty much tapped out. Probably worth more dead than alive, though I’m the bread winner.
There will be a lot of bankruptcies and I can't see how that benefits the corporations that are expecting loan repayments. It seems like they lose either way, so maybe we should have let them lose without fucking over so many other people.
I sort of hope that happens because then people like me would go in and buy
Quote from a certain U.S. politician on real estate crashes...
You shouldn't assume you know things you've not done before. Student loan relief through bankruptcy is not 'next to impossible'. Since the new guidelines were drafted for judges about 98% of student debt holders seeking bankruptcy had some or all of their loans discharged.
You should also be aware that not all studen loan debt is equal. The higher requirements for discharge only apply to loans for tuiton specifically. If you got extra in your loans for computers, car, room, board, etc, then those amounts are treated like any other unsecured debt during bankruptcy.
There are articles/guidelines/worksheets that you can find on the Dept of Education and the Consumer Financial Protection Bureau websites to help you get a good idea of how your specific situation is likely to turn out.
Private student loans can be discharged.
Rules were unfinished - they were trying to rewrite a second version after Republicans kept blocking it in court. The unfinished rules already had republicans threatening to sue about it. Presumably ran out of time to complete it
He's still looking at other more narrow areas that are less able for Republicans to make BS challenges on
Biden is still pursuing other avenues for debt relief before his term is up. On Friday, his administration announced an additional $4.28 billion in debt relief for 54,900 borrowers in Public Service Loan Forgiveness — a result of ongoing improvements to the program. Despite not being able to pass broad relief, Biden, over the course of his term, has provided relief to nearly 5 million borrowers through changes to various programs.
Trump said he was going to reinstate all the debt anyway.
Do you have a source for that? I'm not sure how one would even go about bringing debt back that has been effectively erased.
You can't, but that never stopped Trump from saying shit like this. "Mexico will pay for the wall"
I don't have a source but that is about as Trump as Trump can get.
LOL. The absurdity at this rate...
You all missed, this forgiveness was tied to the restarting of loan collection. It was meant to soften the blow because amid the crazy inflation biden was forcing people to pay on loans. Of course it didn't go through, no one in government actually gave a shit. It was just a distraction to avoid the fallout from the big shit sandwich he was serving up.
I hate the direction the world is going but I'm not going to miss biden, that's for sure.
They were never serious about it.
"The guy who is no longer in power stops doing the thing he promised to do while in power and can no longer do even if he wanted to. News at 11."
Also: OMG why is the other guy doing the thing he promised he'd do if he got into power????? I thought he was "just saying things"!!!!?!?!?
My kids were hyper aware out of high school of the burden of student loan debt and refused to sign on any federal loans. I’m proud they graduated college without debt… they did it sacrificing party time with work time, but they are financially better off because of it.
So many kids now have learned that signing paperwork can mean financial ruin that can’t be bankrupted.
That’s a good thing.
Happy that was actually possible for them. Certainly wasn’t possible for me and probably millions of others.
The secret to be able to do it is responsible budgeting and lying.
When was that, how much was tuition? Because the average cost of college per year (tuition, fees, and regular daily expenses) in the US is about $38k. Assuming they worked half-time, they'd have to be making about $36/hr to cover that cost.
Personally I took out loans, took extra classes to graduate early, and paid off my loans years early after graduation. Federal loans make sense for most people.
They didnt vote for him why would he do anything to help. Hes just as spiteful as trump lol.
They didnt vote for him
I know, right? I keep trying to find someone who voted for Joe Biden in November and I haven't found a single person!
Crazy that hey there has to be at least one around here somewhere.
