Student loan cancellation
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Sure, why should they have to pay back the debt? That is just cruel.
White House leaning toward canceling $10,000 in student loan debt for borrowers who make less than $125,000
(CNN)White House officials have been weighing -- and leaning toward -- the cancellation of up to $10,000 in student loan debt per borrower tied to an income threshold, CNN has learned.
According to multiple sources familiar with the discussions, the plan is designed to offer the forgiveness to individuals who earn less than $125,000 per year.
In addition to that baseline of student loan debt forgiveness for individuals who fall under a certain income level, administration officials have also recently discussed the possibility of additional forgiveness for specific subsets of the population, according to sources familiar with internal discussions in the administration.
The announcement could come as early as Wednesday, but it is not clear that a final decision on the details of the announcement -- as well as the timing -- has been made, and there could always be eleventh hour changes. The White House is also expected to address in the coming days whether to extend again the current pause on federal student loan payments, which is set to expire on August 31.
What does that mean "additional forgiveness for specific subsets of the population,"?
Maybe it means they'll pay off the loan even if you already paid it off to the bank.
https://www.cnn.com/2022/08/22/politics/student-loan-white-house/index.html
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I’m guessing it means they’re trying to figure out a way to privilege certain phenotypes without running afoul of the law.
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Perhaps we should quit lying-by-euphemism and stop talking about “canceling” debts, instead talk about transferring debts from the people who willingly took it on to other people, most of whom didn’t.
Also there’s the practical problem that treating just this symptom actually will make the real problem (out of control university expenses, zero-sum game of education as costly signaling, etc) worse.
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At the end of a long day I sometimes relax with some TV with the family. Commercials for universities are all over the place. It’s so depressing watching this messaging aimed at mediocrities, convincing them to spend their money to become high class educated sorts.
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@jon-nyc said in Student loan cancellation:
Perhaps we should quit lying-by-euphemism and stop talking about “canceling” debts, instead talk about transferring debts from the people who willingly took it on to other people, most of whom didn’t.
Iowahawk channels @jon-nyc :
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This feels like an unforced error on his part…
Me/rry/Christmas
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@LuFins-Dad said in Student loan cancellation:
This feels like an unforced error on his part…
It’s not really unforced - he’s under pressure from the left and he’s not exactly forcefully standing up to them. He also knows it’s probably never going to happen but the attempt may secure some votes from people who normally don’t vote at all.
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Pretty soon you're talking about real money.
The Biden administration is expected to announce this week whether to extend a freeze on student federal loan payments, and possibly even forgive some college debt for millions of Americans.
The plan under consideration by White House officials would cancel up to $10,000 in student loans per borrower, although that would likely be limited to those with annual income of less than $125,000. People who earn above that threshold wouldn't qualify for forgiveness.
Now, a new analysis estimates the total cost of forgiving that debt: almost $300 billion in the first year, according to the Penn Wharton Budget Model, a group of economists and data scientists at the University of Pennsylvania who analyze public policy to assess their economic and fiscal impact.
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Wharton budget model on student loan forgiveness:
https://budgetmodel.wharton.upenn.edu/issues/2022/8/23/forgiving-student-loans
Worth a look, it’s good and relevant work on Wharton’s part.
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Somewhere, and I can't find it at the moment, one analysis said that, even with this proposed
cancellationtransfer of debt will result in us being in exactly the same place, four years hence.Let's go, Brandon!
Also, by what statutory authority does President
KlainBiden do this? -
@Axtremus said in Student loan cancellation:
Instead of feeling “unfair” that more student debts get cancelled, perhaps think about what other debts should also be cancelled.
Have you asked your bank to cancel your mortgage?
How about your car loan?
I look forward to hearing your strategies, perhaps your successes will inspire me to try them!
Thank you, in advance!
