Canceling student loans

[Big Blitz]

 

[B-Man]

 

 

Please explain this.

 

 

 

[Big Blitz]

 

[B-Man]

Anything for votes.

 

 

[Tommy Callahan]

 

[Backintheday544]

1 hour ago, B-Man said:

Anything for votes.

 

 

The funny thing with this is the rights refusal to see facts. It’s actually a bit disingenuous Biden admin taking credit for a lot it when it’s just terms on contracts they’re upholding.

 

Theres a breakout of what that amount is:

 

“$5.2 billion for 66,900 borrowers through fixes to PSLF: The Administration has now approved $68 billion in forgiveness for more than 942,000 borrowers through PSLF.

 

$613 million for 54,300 borrowers through the SAVE Plan: This relief will go to borrowers enrolled in the SAVE Plan who had smaller loans for their postsecondary studies. Borrowers can receive relief after at least 10 years of payments if they originally borrowed $12,000 or less. Each additional $1,000 in borrowing adds 12 more months until forgiveness. All borrowers on the SAVE Plan receive forgiveness after 20 or 25 years, depending on whether they have loans for graduate school. The benefit is based upon the original principal balance of all Federal loans borrowed to attend school, not what a borrower currently owes or the amount of an individual loan. Today’s announcement brings total relief approved under the SAVE Plan to $5.5 billion for 414,000 borrowers.

$1.9 billion for 39,200 borrowers through administrative adjustments to IDR payment counts. These adjustments have brought borrowers closer to forgiveness and address longstanding concerns with the misuse of forbearance by loan servicers. Including today’s announcement, the Biden-Harris Administration has now approved $51.0 billion in IDR relief for more than 1 million borrowers.”

“$28.7 billion for more than 1.6 million borrowers who were cheated by their schools, saw their institutions precipitously close, or are covered by related court settlements.

$14.1 billion for more than 548,000 borrowers with a total and permanent disability”

 

$68 billion is PSFL. PSFL was part of contractual terms of public student loans. This program was created by Bush.

 

$51 billion via IDR adjustments. This was the Biden admin getting student loan servicers to properly apply the law of the land in stead of taking advantage of borrowers.

 

$5.5 billion from SAVE. Every President since Bush has implemented their own IBR plans, even Trump.

Edited July 7 by Backintheday544

[ScotSHO]

Financial irresponsibility, love it.

[Backintheday544]

1 hour ago, ScotSHO said:

Financial irresponsibility, love it.

Actually none of it forgiven so far has been due to financial irresponsibility.

 

The majority was Public Student loan forgiveness where people go to the public sector for 10 years and loans are forgiven. This is part of the loan contract signed at the times of schooling.

 

The rest of it was mainly due to fraudulent schools or incorrect payment counts for Income based repayment forgiveness (which was also part of the loans contracts)

[B-Man]

 

 

 

 

 

[Backintheday544]

54 minutes ago, B-Man said:

 

 

 

 

 

The better answer would be:

 

Biden granted forgiveness of $167 billion.

 

$119 billion  is from PSFL and 20 year forgiveness. Both programs were contractually granted and originated under President Bush.

$14 billion to students who were totally disabled, which is allowed per the loan contract they signed.

 

$29 billion to schools who were fraudulent, which is a legal provision that originated prior to Biden.

 

 

Biden can take responsibility for $5.5 billion of it through SAVE.

 

So 1) if you don’t like it, blame Republicans for creating PSFL and 2) blame the contractual agreements that these lenders signed and the US government is abiding by the terms of those contracts.

 

Edited July 13 by Backintheday544

[Irv]

Cancelling?  Forgiving?  How about TRANSFERRING!   I paid for my own college (including B.S and MBA) and my two kids' college (one a Dr and one and CPA/MBA) by myself and my wife's hard work.  What a joke.  

[Backintheday544]

10 minutes ago, Irv said:

Cancelling?  Forgiving?  How about TRANSFERRING!   I paid for my own college (including B.S and MBA) and my two kids' college (one a Dr and one and CPA/MBA) by myself and my wife's hard work.  What a joke.  

So you don’t support the $119 billion forgiven under the Bush law?

 

Maybe it’s time to vote Dem

[Westside]

7 minutes ago, Backintheday544 said:

So you don’t support the $119 billion forgiven under the Bush law?

 

Maybe it’s time to vote Dem

That’s the stupidest argument I’ve ever heard. Bush didn’t forgive student debt. Braindead did. Trying g to pin it on bush (who is a complete scumbag) is very liberal of you. Always someone else’s fault.

[Doc]

38 minutes ago, Backintheday544 said:

The better answer would be:

 

Biden granted forgiveness of $167 billion.

 

$119 billion  is from PSFL and 20 year forgiveness. Both programs were contractually granted and originated under President Bush.

$14 billion to students who were totally disabled, which is allowed per the loan contract they signed.

 

$29 billion to schools who were fraudulent, which is a legal provision that originated prior to Biden.

 

 

Biden can take responsibility for $5.5 billion of it through SAVE.

 

So 1) if you don’t like it, blame Republicans for creating PSFL and 2) blame the contractual agreements that these lenders signed and the US government is abiding by the terms of those contracts.

 

That's not what the PSFL was created for and why it's unconstitutional.

[Backintheday544]

57 minutes ago, Westside said:

That’s the stupidest argument I’ve ever heard. Bush didn’t forgive student debt. Braindead did. Trying g to pin it on bush (who is a complete scumbag) is very liberal of you. Always someone else’s fault.

Bush passed the College Cost Reduction Act in 2008: https://www.congress.gov/bill/110th-congress/house-bill/2669/all-actions?overview=closed&q={"roll-call-vote"%3A"all"}

 

This was the law that created PSFL.

 

PSFL allows people who work in the government to get loans forgiven after 10 years.

 

So the reason it’s a thing is because of a Bushed backed law. Biden was just upholding the contractual terms from that law. 
 

Biden can’t just be like I’m going to ignore the law, I’m going to ignore the terms of the loan agreements people signed.

49 minutes ago, Doc said:

 

That's not what the PSFL was created for and why it's unconstitutional.

PSFL is not unconstitutional and none of the forgiveness Biden has done so far has been found unconstitutional.

[ScotSHO]

@Backintheday544 why do you defend this horsecocky?  Do you personally gain from the college grift?

[Backintheday544]

1 hour ago, ScotSHO said:

@Backintheday544 why do you defend this horsecocky?  Do you personally gain from the college grift?

I graduated law school 4 years after Bush passed PSFL and before I went to law school decided I wanted to work for the IRS for 10 years to take part of Bush’s student loan forgiveness.

[B-Man]

 

[Biden is Mentally Fit]

On 7/13/2024 at 5:38 PM, Backintheday544 said:

I graduated law school 4 years after Bush passed PSFL and before I went to law school decided I wanted to work for the IRS for 10 years to take part of Bush’s student loan forgiveness.

You have taken the position that everything Biden has done on this is legitimate. Why do you think the courts have today said differently?

[Backintheday544]

4 minutes ago, JDHillFan said:

You have taken the position that everything Biden has done on this is legitimate. Why do you think the courts have today said differently?

It’s the 8th circuit putting an emergency stay on it.

 

you can read the entire ruling here:

 

https://storage.courtlistener.com/recap/gov.uscourts.ca8.109302/gov.uscourts.ca8.109302.805045608.0.pdf
 

It’ll take you 10 seconds.

 

its interesting as this is for the SAVE plan. Presidents in the past have been allowed to change plans. Bush, Trump and Obama all did it.

 

This is now destined for the Supreme Court. Would totally change student loans if the SC finds the President cant change plans.

 

I think the interest part of this ruling that the other court rulings didn’t do was it blocked the cap on monthly repayment at 5 percent from the 10 percent it was (depending on plan).

Toss everyone’s loans on administrative forbearance into SCOTUS determines. Gets everyone closer to their 10 or 20 years without making payments. This highlight to the several million voters that Republicans just made their monthly student loan payment increase.

 

Biden also announced another $2 billion in PSFL forgiveness today.

10 minutes ago, JDHillFan said:

You have taken the position that everything Biden has done on this is legitimate. Why do you think the courts have today said differently?

Also this effects $5.5 billion of the $168.5 billion forgiven.