Biden administration cancels $1.2B in student loans with new repayment plan

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BidenPresident

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Starting Wednesday, President Biden will email 153,000 student loan borrowers enrolled in his signature repayment plan to let them know their debts — totaling $1.2 billion — have been forgiven.

The notice makes good on the administration’s promise to accelerate forgiveness for borrowers with low original balances who are enrolled in the Saving on a Valuable Education (Save) plan. Rather than wait 20 to 25 years for relief through other income-driven repayment plans, enrollees in the Save plan who borrowed less than $12,000 can have their debt wiped clean after 10 years of payments.

https://www.washingtonpost.com/education/2024/02/21/biden-save-student-loan-forgiveness/
 
BidenPresident said:
Starting Wednesday, President Biden will email 153,000 student loan borrowers enrolled in his signature repayment plan to let them know their debts — totaling $1.2 billion — have been forgiven.

The notice makes good on the administration’s promise to accelerate forgiveness for buy votes from borrowers with low original balances who are enrolled in the Saving on a Valuable Education (Save) plan. Rather than wait 20 to 25 years for relief through other income-driven repayment plans, enrollees in the Save plan who borrowed less than $12,000 can have their debt wiped clean after 10 years of payments.

https://www.washingtonpost.com/education/2024/02/21/biden-save-student-loan-forgiveness/
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Let me correct that for you. The part in red is what the administration is really doing here.
 
It was regarding the "buying votes" argument. I see it as an investment in America to lift as many people as possible out of stifling debt and let them consume things they might not have afforded otherwise. It's just as silly as argument that things like well maintained roads or clean water would equal "buying votes".

Politicians should be doing things that I like to earn my vote. That's how a representative democracy works.
 
Mr.Badguy said:
It was regarding the "buying votes" argument. I see it as an investment in America to lift as many people as possible out of stifling debt and let them consume things they might not have afforded otherwise. It's just as silly as argument that things like well maintained roads or clean water would equal "buying votes".

Politicians should be doing things that I like to earn my vote. That's how a representative democracy works.
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Good, thanks for clarifying.
 
BidenPresident said:
To cretins like you, helping others is always foolish.
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Forgiving a loan for no particular reason is cretinous. What Biden is doing is forgiving loans equivalent to forgiving new car loans. What's the difference? Each person chose to take that loan out to go to school. They didn't have to, it was their choice.
They then benefited from the education they received, knowing they'd have to pay the loan back. Just because that creates a hardship because they were stupid enough to not think through the consequences of their actions is no reason to put the loss on other taxpayers.
 
T. A. Gardner said:
Forgiving a loan for no particular reason is cretinous. What Biden is doing is forgiving loans equivalent to forgiving new car loans. What's the difference? Each person chose to take that loan out to go to school. They didn't have to, it was their choice.
They then benefited from the education they received, knowing they'd have to pay the loan back. Just because that creates a hardship because they were stupid enough to not think through the consequences of their actions is no reason to put the loss on other taxpayers.
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The government used to give grants to many students going to college. That dried up.
 
Mr.Badguy said:
It was regarding the "buying votes" argument. I see it as an investment in America to lift as many people as possible out of stifling debt and let them consume things they might not have afforded otherwise. It's just as silly as argument that things like well maintained roads or clean water would equal "buying votes".

Politicians should be doing things that I like to earn my vote. That's how a representative democracy works.
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But it doesn't do that. The people involved in this program have finished school and are now employed (hopefully) doing something. They should have to pay back their loans just like everybody else does for everything else they take a loan out for. It is pure vote buying to forgive student loans when there are far more Americans who never took one out and are now being forced to cover the loss that Biden created by canceling those loans.

Politicians should not be able to use taxpayer money to bribe people to vote for them.
 
T. A. Gardner said:
But it doesn't do that. The people involved in this program have finished school and are now employed (hopefully) doing something. They should have to pay back their loans just like everybody else does for everything else they take a loan out for. It is pure vote buying to forgive student loans when there are far more Americans who never took one out and are now being forced to cover the loss that Biden created by canceling those loans.

Politicians should not be able to use taxpayer money to bribe people to vote for them.
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Only absolutely selfish people like Trump can you admire.
 
BidenPresident said:
Starting Wednesday, President Biden will email 153,000 student loan borrowers enrolled in his signature repayment plan to let them know their debts — totaling $1.2 billion — have been forgiven.

The notice makes good on the administration’s promise to accelerate forgiveness for borrowers with low original balances who are enrolled in the Saving on a Valuable Education (Save) plan. Rather than wait 20 to 25 years for relief through other income-driven repayment plans, enrollees in the Save plan who borrowed less than $12,000 can have their debt wiped clean after 10 years of payments.

https://www.washingtonpost.com/education/2024/02/21/biden-save-student-loan-forgiveness/
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Another illegal and unconstitutional vote buying act.

Open defiance of the Supreme Court and the United States Constitution.
 
T. A. Gardner said:
Forgiving a loan for no particular reason is cretinous. What Biden is doing is forgiving loans equivalent to forgiving new car loans. What's the difference? Each person chose to take that loan out to go to school. They didn't have to, it was their choice.
They then benefited from the education they received, knowing they'd have to pay the loan back. Just because that creates a hardship because they were stupid enough to not think through the consequences of their actions is no reason to put the loss on other taxpayers.
Click to expand...

Do you think this is fair to those that scrimped, were fiscally responsible and suffered through paying their loans off in full?
 
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