Current Events > Joe Biden REJECTS cancelling $50k of student debt per person

(+) Yeah! (+)

https://www.cnn.com/2021/02/16/politics/student-loan-forgiveness-biden/index.html

President Joe Biden made it clear during Tuesday night's CNN town hall that he disagrees with other members of his party who want to cancel $50,000 of student debt per borrower.

"I will not make that happen," Biden said after a member of the audience said his proposal to cancel $10,000 per borrower doesn't go far enough.

But top Democratic congressional leaders, including Senate Majority Leader Chuck Schumer and Massachusetts Sen. Elizabeth Warren, are calling on Biden to cancel $50,000 per borrower. Dozens of Democrats reintroduced a bicameral resolution earlier this month urging Biden to take action, arguing that he has the executive power to do so.

Biden argues that the government shouldn't forgive debt for people who went to "Harvard and Yale and Penn" -- and he's also indicated that he believes Congress should make changes through legislation, which would make them harder to undo.

"The President has and continues to support canceling $10,000 of federal student loan debt per person as a response to the Covid crisis," White House press secretary Jen Psaki said at a briefing in February after the lawmakers introduced the resolution.

She added that that the President is "calling on Congress to draft the proposal," and "looks forward to signing it." But a later tweet from the press secretary suggested that the administration was open to reviewing an executive option.

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More executive orders? He is on track to break the post FDR record.

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Good, why the hell did I brake my back paying off my debts if I could have just waited and gotten a hand out?

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I mean conservatives arent going to give anything

theyre too busy letting people freeze in Texas while blaming wind turbines

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Biden does popular thing, more at 11.

Why cant they focus on lowering costs too?

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I would be fine with the $10k and canceling all interest. I think paying back the school itself for the tuition might be an idea a lot of people who owe would get behind.

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ShyOx posted...

I mean conservatives arent going to give anything

theyre too busy letting people freeze in Texas while blaming wind turbines

He has the power to do this unilaterally, through the executive branch.

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refmon posted...

Good, why the hell did I brake my back paying off my debts if I could have just waited and gotten a hand out?

You do know people had to lose money/power for you to have basic civil rights right?

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refmon posted...

Good, why the hell did I brake my back paying off my debts if I could have just waited and gotten a hand out?

Because having money is evil.

Also

Where money

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Ugh. I'll take the 10k but she's right it isn't enough!!

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forgiving student loan debt only for people who have debt right now is literally putting a bandage on a bullet wound and going "this is find." College tuitions and other expenses are way op
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Antifar posted...

He has the power to do this unilaterally, through the executive branch.

I mean student debt is at like 1.3 trillion right? Hes gonna take a lot of flak for it and political capital could be spent better elsewhere atm

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refmon posted...

Good, why the hell did I brake my back paying off my debts if I could have just waited and gotten a hand out?

Because you aren't a self centered ass?

Other people should suffer because I did is a horrible mindset. My remaining loans are private anything the government does won't help me any. I still hope the government would help others because another generation shouldn't be asked to out their life on hold into their 30s because of predatory practices prayed on teenagers

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Alexanaxela posted...

literally putting a bandage on a bullet wound and going "this is find."

wait isnt that how you treat bullet wounds though?
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Alexanaxela posted...

College tuitions and other expenses are way op

Tuition for a four-year degree at a public university has remained flat, actually. Even though the income gap between college and high school graduates is increasing. The "rise" in college tuition has come almost entirely from people with graduate degrees. The push to forgive student loans is mostly to help them.

Biden realizes that handouts for rich people is not a popular platform in his party so he's not biting. Smart move.

SevenTenths posted...

Other people should suffer because I did is a horrible mindset.

Why shouldn't people who repaid these "predatory" loans not also be compensated? They were also affected by them.

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SevenTenths posted...

Because you aren't a self centered ass?

Other people should suffer because I did is a horrible mindset. My remaining loans are private anything the government does won't help me any. I still hope the government would help others because another generation shouldn't be asked to out their life on hold into their 30s because of predatory practices prayed on teenagers

he should revoke his civil rights for the people that had to pay for it back in the day

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I wouldve skipped college if I needed a loan tbh. That shit is criminal but just part of the system I guess. I went to MSU to wrestle and got a bullshit degree in small business accounting out of it. I did that accounting shit for 7 years and tapped out. Being a manager at Costco pays 6 figures and most of my fellow managers have no college experience.

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Antifar posted...

He has the power to do this unilaterally, through the executive branch.

It's an open question

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It's an unrealistic amount to expect someone him to cancel. I believe his statement was that he wasn't going to pay for Harvard and I think that's fair.

When he talks about canceling 50k for my mortgage, we can discuss canceling student loans.

SK8T3R215 posted...

Why shouldn't people who repaid these "predatory" loans not also be compensated

Where did I say they shouldn't?

If I get some kickback for the federal I did payoff, great. If I don't, oh well, it's still better than just letting the problem continue because you want people to suffer.

I went through my 20s with a 1400/mo student loan payment. I don't want others to suffer through that because I know how much it puts a hold on your life.

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They should strike a deal, do $50k in forgiveness but for whatever amount they forgive, you pay $1000 in taxes a year that's eligible to deductions and the balance is fulfilled

That's basically a negative interest rate, I think

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Balrog0 posted...

It's an open question

Didn't realize it was debated if it was within his power to cancel federal loans. Is there a handy link you have so i can read up?

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How about just give everyone 10k, people can pay off student loans if they want. >_>

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Unsugarized_Foo posted...

They should strike a deal, do $50k in forgiveness but for whatever amount they forgive, you pay $1000 in taxes a year that's eligible to deductions and the balance is fulfilled

That's basically a negative interest rate, I think

why not just give everyone 50k and they can pay any loans they wish?

If you get a worthless degree you have no choice but to spend a ton of money getting a graduate degree or a second bachelors degree (it can be fairly difficult to get a second bachelor's degree both financially and in general)

That is what happened to me tbh. Pretty sure I would be working retail at best with just my bachelors degree so at most Im annoyed about having to pay back loans.

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FortuneCookie posted...

It's an unrealistic amount to expect someone him to cancel. I believe his statement was that he wasn't going to pay for Harvard and I think that's fair.

50k is a *year* at Harvard. So

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Bleuets posted...

why not just give everyone 50k and they can pay any loans they wish?

Cause get rekt

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Damn_Underscore posted...

If you get a worthless degree you have no choice but to spend a ton of money getting a graduate degree or a second bachelors degree (it can be fairly difficult to get a second bachelor's degree both financially and in general)

That is what happened to me tbh. Pretty sure I would be working retail at best with just my bachelors degree so at most Im annoyed about having to pay back loans.

You need a degree regardless to make more money so don't feel ashamed

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Damn_Underscore posted...

If you get a worthless degree you have no choice but to spend a ton of money getting a graduate degree or a second bachelors degree (it can be fairly difficult to get a second bachelor's degree both financially and in general)

That is what happened to me tbh. Pretty sure I would be working retail at best with just my bachelors degree so at most Im annoyed about having to pay back loans.

be annoyed with yourself then my dude. You made that decision, it aint Bidens job to bail you out.

COVxy posted...

Didn't realize it was debated if it was within his power to cancel federal loans. Is there a handy link you have so i can read up?

https://www.forbes.com/sites/zackfriedman/2021/01/13/heres-why-biden-cant-cancel-student-loans/

Congress has empowered the Education Department to cancel student loans in limited circumstances. While the Education Secretary has relied on this provision to cancel student loans, most student loan debt cancellation has been relatively small compared to the current proposals for widespread student loan debt cancellation. For example, student loans can be cancelled due to fraud, school closure or total and permanent disability. This implies that student loan cancellation is done more on a case-by-case basis than on a wide-scale basis. According to the memo, Congress could authorize the Education Department to cancel student loan debt for all student loan borrowers, but hasnt done so yet.

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--Zero- posted...

Why cant they focus on lowering costs too?

The President did state in the town hall that he believes in just that.

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FortuneCookie posted...

It's an unrealistic amount to expect someone him to cancel. I believe his statement was that he wasn't going to pay for Harvard and I think that's fair.

I dont know why going to a private school should prevent you from getting student loan forgiveness.

That is totally arbitrary. Most of the top-ranked schools in the US are private and the government gives student loans for them like any other school. Imagine going to a private school thinking you made a good decision and then getting screwed over by not having your debt forgiven specifically because you went to a private school.

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Rich people can pay for their own schooling.

Bleuets posted...

be annoyed with yourself then my dude. You made that decision, it aint Bidens job to bail you out.

A decision from a 17-18 year-old, he couldn't even drink or rent a car at the time?

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Balrog0 posted...

https://www.forbes.com/sites/zackfriedman/2021/01/13/heres-why-biden-cant-cancel-student-loans/

Congress has empowered the Education Department to cancel student loans in limited circumstances. While the Education Secretary has relied on this provision to cancel student loans, most student loan debt cancellation has been relatively small compared to the current proposals for widespread student loan debt cancellation. For example, student loans can be cancelled due to fraud, school closure or total and permanent disability. This implies that student loan cancellation is done more on a case-by-case basis than on a wide-scale basis. According to the memo, Congress could authorize the Education Department to cancel student loan debt for all student loan borrowers, but hasnt done so yet.

Ah, interesting, thanks.

I'm not sure I buy the argument that loan cancellation is appropriation of spending, but the other two arguments seem like they could hold water.

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The main problem isn't with the amount we have now(although it is awful). It's with the costs of college in general and the awful process of getting terrible loans to pay for it. If that isn't changed, then we'll just have the same problem all over again.

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COVxy posted...

Ah, interesting, thanks.

I'm not sure I buy the argument that loan cancellation is appropriation of spending, but the other two arguments seem like they could hold water.

I honestly don't know the first thing about it, I'm not a lawyer. I know enough about politics that I don't think Biden would distribute that kind of memo just for political purposes, though. I'm sure there's a legitimate legal argument either way

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MonkeyBones23 posted...

The main problem isn't with the amount we have now(although it is awful). It's with the costs of college in general and the awful process of getting terrible loans to pay for it. If that isn't changed, then we'll just have the same problem all over again.

I agree and this is one of the biggest issues in the US right now.

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FortuneCookie posted...

Rich people can pay for their own schooling.

Average student debt for a 27k/yr household is 26k. Fuck off with this disinfo

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Going to a private college definitely doesnt guarantee that youll be rich, or better off than someone who went to a public college in any way

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Cool. Does this mean that me as well as thousands of people who did pay off their student debts get a refund?

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And it's not just tuition prices. It's the robbery that is room and board (especially for colleges that force students to live on campus for a year or two), and let's not forget the corporation that is textbook prices where new editions of books change two sentences.

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RoadDoggDX posted...

Cool. Does this mean that me as well as thousands of people who did pay off their student debts get a refund?

Guess we should stop vaccines because people got sick before they were created

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Hopefully now we can focus more on real issues for the country as a whole like housing.

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Didn't he say he isn't going to do it for ALL student debt like it depends on a lot of things.
he still wants to cancel some.

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JustMyOpinion posted...

No undergrad pays 50k a year at Harvard unless their parents are rich. They have need based grants.

Yeah, obviously. But pretending canceling 50k of debt would be "paying for Harvard" is disingenuous bullshit

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