Buy votes, create disparity and divide people, that’s what democrat policies are designed to do. Joe Biden follows the playbook by cancelling $10k to $20k in student loan debt for those who have federal government loans. Students with private loans backed by the federal government are not eligible.
Additionally, Biden has extended the “COVID emergency payment moratorium” through the end of the year. No one with a federal student loan needs to restart paying until after the midterm election, in 2023. [White House Fact Sheet Here]
If the economy is doing so great, then why the need for bailouts?
WASHINGTON (AP) — President Joe Biden on Wednesday announced his long-awaited plan to deliver on a campaign promise to provide $10,000 in student debt cancellation for millions of Americans — and up to $10,000 more for those with the greatest financial need — along with new measures to lower the burden of repayment for their remaining federal student debt.
Borrowers who earn less than $125,000 a year, or families earning less than $250,000, would be eligible for the $10,000 loan forgiveness, Biden announced in a tweet. For recipients of Pell Grants, which are reserved for undergraduates with the most significant financial need, the federal government would cancel up to an additional $10,000 in federal loan debt.
Biden is also extending a pause on federal student loan payments for what he called the “final time” through the end of 2022. He was set to deliver remarks Wednesday afternoon at the White House to unveil his proposal to the public.
If his plan survives legal challenges that are almost certain to come, it could offer a windfall to a swath of the nation in the run-up to this fall’s midterm elections. More than 43 million people have federal student debt, with an average balance of $37,667, according to federal data. Nearly a third of borrowers owe less than $10,000, and about half owe less than $20,000. The White House estimates that Biden’s announcement would erase the federal student debt of about 20 million people. (read more)
So, blue collar workers and others who didn’t go to college will pay more in taxes so the sons and daughters of lawyers, CEOs, and doctors can get part of their college loans canceled for that degree in gender studies or political activism. Sounds like a Democrat plan. Democrats despise working people.
NO. Read my post above. Lawyers, CEO’s and doctors didnn’t have to take out loans. Blue collar Americans did. I am so sick of us fighitng over the crumbs they decide to throw our way while they laugh and point.
My younger son had blue collar parents, just like the older one did.
He also had a small, partial college scholarship and decent grades. When we received and reviewed the “financial aid” packages in about 1986, we did the math, together with him.
We decided together than we couldn’t afford for him to go to college, and he easily realized he couldn’t afford to take on student debt.
So he didn’t go to college or become indebted.
He has done very well financially, including owning a successful business, now earning well into six figures.
We thought (in the mid 1980s) that it didn’t make sense to take out a huge debt against unknowable future income.
I always wondered if were missing out on some great inside wisdom, when so many around us were willingly/easily going in debt as students or as parents as students. I guess we weren’t.
in the mid 80’s college expenses were not anywhere close
to what they are now.
True and it depends on what the degree earned.
My five earned degrees in engineering and accounting.
Their college days were well worth it.
They all now owe noting and were able to pay back loans within one to two years of graduating getting very high paying jobs.
None of them have spent wildly in the past years either, paying off their own homes and then investing wisely.
Not all college degrees are losers.
Tuition for Women Studies is the same for Mechanical Engineers but the earning power is vastly different when graduating.
Which makes it far more crazy that people take on such debt without any understanding of how it will be repaid…I understand your point but it also just makes it worse, doesn’t it?
Doctors usually do not have children in liberal arts. They live in the real world.
Their kids go to Med School.
Vietnam draft all over again.
And the Democrats are the defender of the little guy. Right……
Ensuring that the little guys get into debt easily, and never get out.
Living from pay check to pay check, stuck on debt merry go round.
Biden buying Dims/ Communists votes with your tax dollars.
Too cute.
Biden is discriminating by selectively choosing who gets 10 to 20 grand and who doesn’t. Ideally, everyone would be really pisst off at him for this racist move.
Maybe but $10,000 is a drop in the bucket for what a lot of these kids owe for their useless degrees.
This sounds good but when these “kids” find out they only get $10,000 of their $200,000 dollar loan forgiven they might be a lot more angry at Biden than if he had tried to buy their vote in the first place.
These people owe gobs and gobs and gobs of money and $10,000 or $20,000 is not quite what they were expecting.
Biden gives billions away to the Ukranians and only pennies away to his supporters.
They will begin to understand this sooner or later.
Forgiven debt is considered income. Do they have to report this as income on their taxes?
87000 inquiring minds want to know.
Now that was so funny…
Hahahahahahaha ha ha … funniest thing I’ve read all day.
bshaw7369610: As with PPP forgiveness, the IRS will probaby take months to issue a ruling on treatment of forgiven student loans, and individual states will hem and haw for a while, too.
They will have 87,000 new IRS agents to go after the 43,000,000 student loan forgivees.
This thought crossed my mind. Almost like maybe they are setting them up for when they don’t report it. If the govt doesn’t issue them a 1099 then they are probably fine to not report it. Pathetic all around.
LOL. That will really piss off the people “thrilled” about getting. $10,000 of their loans forgiven.
https://www.irs.gov/taxtopics/tc431
So, will Basement Biden actually deliver “more details” personally this afternoon or will it just be another press release? AFAIK, he has only been seen once (?) in the past three weeks while on perpetual C0v1D isolation.
He shuffled into the WH, looking utterly confused, to sign the “Destroy America Now” bill and was then promptly whisked away to Delaware to “continue” his vacation (behind his new handy-dandy taxpayer funded $500K wall, no less).
Are they going to continue playing Hide and Seek with him through November, trying to get his new meds adjusted, or are they currently working on getting the body doubles trained?
Guess we’ll see this afternoon but my bet is that he will NOT be making a personal appearance…
If he does make a personal appearance, it will be to read his script and take no questions afterwards.
OZ: “Pay no attention to that man behind the curtain!”
Yep – you were right and I was wrong…guess they got the meds figured out enough to allow him to show up, read his lines, while coughing numerous times, and then skedaddle back to Delaware. (But only after getting angry at a reporter who dared to ask him a question!)
Wonder if his emphatic denial about not knowing ANYTHING about the Mar-A-Lago raid is going to come back to bite him? There are a lot of published reports circulating that he, and his administration, were intimately involved in the planning!
No, but I think he’s staying a weekend at Bernie’s
Bernie has more life than fjb.
If Republicans win control….one of many priorities should be to end Bidens “emergency” status. I wonder if the republicans have all these bills drawn up in advance like they SHOULD. You know like Biden had all those executive orders ready to sign on day 1.
Paid for all three kids, no loans. All three worked and went to state schools. Many of their friends went to private and heavy debt but they all managed to go on cruises or to Europe every spring break.
My son also payed off wife’s loan when they married. She’s a hard worker and a great mom , they make a great team
What do we want our society to look like? Hardworking, responsible, people like your family? Or crybaby deadbeats who thought (evidently correctly) that their college loan was actually welfare payments? Weak minded “college men and women” who will be looking for more and more government handouts … and voting for people who will hand them out?
Reality is…..Kids and Parents were brain washed into thinking ….college was the only way. Many or probably most should have never gone to college. Part of the blame was high school education fell short in preparing for college . Thats when we saw colleges come up with junk degrees. All around Cluster F. Personally I never understood why you had to take all the wasteful courses that did not apply to your career choice. A General Business Degree falls short of the experience of on the job training for example. College should be for degrees in Engineering….Medical and the like.
Single mom and sent my only child to college debt free as well. I always thought I could put off the European and other travel until retirement. Nope! Covid hit 6 weeks after I retired and I now feel it’s unlikely I’ll ever go there. Oh well…
Well, Europe isn’t what it used to be, so think of that as consolation.
True. Very little room service in Europe.
same here…….but not retired……you should be proud Mari! Hey, Proud Mary! LOL. Have a little giggle and great rest of your day
He forgot to add the word “some” to middle class workers. This will not go over well.
What a chump I was, I wrote a 20K plus check for her federal student loans for my wife (who received a pell grant) after we got married. Guess I should have made the minimum payment and waited for the freebies. Better to live with a good conscience though then be in a bucket with the commies.
It’s racist! Most of the loans are probably white folks with a useless degree!
Plenty of single black mothers who OWE a boatload to their Democrat-owned Beauty *ahem* College … all PAID-FOR by the Federal Government … err … you and I. You’d be surprised.
Is part or all cancelled debt taxed as ordinary income? I believe it is. Form 1099-C.
I’m no accountant but there is that small detail to consider for all those who believe their illegally cancelled debt is money free and clear. I hope there is an accountant lurking on this site who can lend some clarity to this.
Don’t be silly. If Jao Bidinh can unilaterally FORGIVE $10k in college debt … he can certainly wave the same magic wand over the Tax Code and create a carve-out for these Loan DEADBEATS
Well let’s hope Biden has shot both his foxes.
https://www.irs.gov/taxtopics/tc431
Gen Z has now officially become the whiniest generation whelped in America, replacing Boomers.
I don’t think you can generalize an entire generation. My Z grandsons both work and go to college. Oldest took 2nd job driving Uber at night during the summer while other one took summer classes. Both missed their graduation because of covid crap. I understand what you are saying, that generation is bad (all the crime you are seeing of late, or I should say increased crime) are young Z’s. 😉 Not disputing you, just wanted to brag on the grandsons. Their mom, my daughter gets her Master’s in Nursing in two months. 😀
Wow, $10,000 of my student loans is cancelled.
That means I have $10,000 to do something FUN. 😁
Says the ‘professional’ college student with $100,000 plus in student loan debt. 🙄
At the rate we’re going, come 2023, it may buy ya a couple dozen eggs.
Divide people. Exactly what this does. We all now want to blame our fellow citizen for getting a free ride. When degrees cost zero dollars, that is about what they will be worth. A better solution to this would
Be for schools who turn out students that fail to repay their loans become ineligible to get future loans for any of their students.
How bout put an end to Govt. back loans and pell grants…..then watch as colleges bring down cost….
That is better still.
Gee. I put myself through college by hard work and jobs..feeling discriminated against right now
isn’t there a judge who will slap an injuction on this nonsense? Loan paydowns for the kids of rich, successful democrat voters rationalized as part of the “National Covid Emergency” has got to be unconsitutuional. $300Billion bribe to democrat voters paid for by the rest of us.
The people receiving student loan handouts will never be satisfied. First I don’t know how many voters that student loan forgiveness applies to but I hope it’s not a lot. Second I hope that the small amount of people that will switch their vote due to student loan forgiveness is really small. Third, I hope people receiving student loan forgiveness grow unsatisfied and forget to go to the polls in November. And lastly, I hope this pisses off the majority of people that paid for college the right way and other people that never took out a loan that feel slighted and motivates them to vote against the Democrats.
Oh, and BTW, Biden only has the authority to extend student loan payments. The $20,000 and $10,000 student loan forgiveness has to come from congress. They better get busy.
Hopium.
All of these giveaways of taxpayer money to Ukraine and now student loan forgiveness are completely illegal since Congress controls the authorization for them and Congress has not passed any bills authorizing this THEFT.
Money is showing up somehow!
Don’t forget the invaders crossing the borders…along with free everything else, I’m sure free college will be thrown in as well.
I don’t always say they are full of shlit …… oh wait , yes I do.
” Senior US officials say student debt bailout is not inflationary ” – @ Zerohedge
2 weeks to get to it’s just tranisory , or something.
Told ya’ so……a year or so ago as FJB’s poll numbers were falling and right wingers were giddy for it, I said it would happen…..Further stated that reefer legalization would be next, watch for it. Dhimocrats will get 5 million real votes out of debt forgiveness & another 15 mill bogus votes.
LESKO BRANDON FJB
😉🇺🇸
Further……it doesn’t matter what subject you put in polls, just remember:
Polls are subjective opinions based on biased interpretations of a snapshot in time.
Lesko Brandon FJB
😉🇺🇸
It estimated that forgiving student loan debt will cost between $300 billion and $980 billion.
This is going to be very unpopular IMO.
Biden, The Inflation King, is clueless on how to improve his poll numbers
The tactics of Fascism, just like ObaMao did to GM bond holders, et al,… reward your “40 acres and a mule” friends and punish your enemies.
The POTUS or any other politician should never be able to cancel any debt owed to the taxpayers who funded it PERIOD!
BTW Obama federalized student debt as a means.
Revert it back TODAY!
Of course. Like I said, I’m still waiting to be kissed.
Not that it would matter but is this even legal?
Gift to people destined for higher salaries. Gift to colleges and universities because they will now raise their prices A LOT! Gift to Amazon because these recipients will go on a spending spree.
Under Biden, the Dem playing cards are so obvious.
Buying votes by cancelling debt?
And who is the debt owed?
US taxpayers, children and grandchildren.
How long before she walks this back, any guesses?
What the point of Congress??? Seriously, Biden can just decide on monetary policy, Biden can approve unlimited billions to Ukraine and Biden can simple issue Executive Orders on a whim……Again, what’s the point of Congress..???
It would seem to me that Congress can be simply eliminated by an Executive Order…..sar/
That statement by Paul there was spoken first by Dr Thomas Sowell, Patience. You know me😉…a stickler for correct attribution. Blessings, girl.
My first try at college, right after high school, I took out govt loans.
I dropped out, carried that debt for 10 years, but paid it all off.
It was a big step towards being a responsible adult, at nearly 30 mind you.
Second time around, I earned scholarships and used spell Grants.
Finished near the top of my class, and I actually MADE money for going to school.
Yep. I finished in the black on college expenses because I busted my arse to
earn scholarships.
So, first time around: irresponsible kid takes loans and pays for it ten years.
Second time around: responsible adult with zero college debt and a degree with honors.
Its time to stop thinking of college as a right, and to only propose it for responsible, earnest people.
Higher education isn’t a right. It’s a privilege, imo.
For me I have learned in my long years that higher “education” in many many cases is not necessarily an essential thing to have to do well in this life. If one is willing to get his hands dirty, one can have a bank balance that surpasses that of many of those with essentially useless degrees.
And I still think Mark Steyn nailed it describing graduates of universities, or many of them at least…over credentialed and undereducated.
As my father told one of my brothers, college isn’t for everyone, and I think you are one of them.
He wasn’t being mean, and my brother was actually relieved because he hated school and didn’t want to go to college. He was smart enough, just uninterested.
My dad knew that, and knew it would be money wasted. Both smart enough to do what was right for my brother.
This was set up by Obama. He took over all student loans.
Man I love bailing out geniuses who majored in Russian LGQYZ Art History of the 17th Century.
When do we drop the BS and label them what they are, The Communist Party, and the Repubs as The Fascist Party.
You can try but you can’t out pander a Democommunist.
I want the federal government to take over mortgage loans too so that in a year or two they can forgive my mortgage.
(Sarcasm intended).
Serious question though….
Congress passed the student loan program didn’t they? How can a president just waive the loans all in his own?
One of the old Machiavellian principles to use money to buy allegiance, it only works if you have an unlimited source of money. If you have the ability to print, borrow or seize OPM-other peoples money/taxes it works, at least until you bankrupt the country.
The mid terms are coming, go figure.
The useful idiots like their free money, they know they don’t deserve it but they just don’t care.
Is this a done deal i would have thought congress would have to pass something that says all student loan debt up to 10k each will be forgiven
We sent our 3 kids to a rigorous college prep charter school, and each worked their butts off to get top grades, test scores, excel in sports and other activities as captains and state athletes and Presidents of clubs and other leadership roles. Each applied to over 10 private and public universities, and chose the schools and degrees that were the best fit and provided the best return on investment after grants, scholarships and loans. Our son is at a top 50 university on a $30k scholarship per year, and still has to take out federal loans and receive help from us. He has taken around $35k in debt, has worked his way through college, and has paid off much of it already, at 22 yrs old. He chose a high stress but profitable finance job to pay it down instead of something more along the lines of what he hopes to do. President of his service fraternity as a senior and intern for the Treasurer of our state. Daughter received a $60,000 per year mix of grants and scholarships, covering all tuition at a top university. She just has to pay room and board, which is still $13+k a year. She is also working through school and with some help from us will hopefully have little or no debt. She only accepted the subsidized portion of her federal loan package, which means her loans do not accrue interest or begin repayment until 6 months after graduation.
All that hard work and those who didn’t work as hard and just grabbed all the federal debt they could and haven’t paid back a dime get a $10-20k gimme off tax-payer’s backs.
Furious.
So, my sons and daughter, who paid off all their student loans within two years of graduation, will they be sent $10,000 checks?
Just wondering!
OK, kids. Now, go out and buy that new car! And remember to take out a loan!
The people running our Country/Biden are intent on destroying it.
just in the time for the silly nelly college student vote
All he does is spend taxpayer money. I mean really! That IS ALL HE DOES! He writes checks for amounts he doesn’t have.
That’s really all Biden has ever done, and is all he knows how to do. Have you looked at his lifetime resume? He has fed at the government trough almost his entire life. He makes the average welfare queen look like a workaholic.
I missed the part where a President, elected or just installed, has the power to create or expunge debt not authorized by Congress. This creates an obligation for repayment of approximately $909 per citizen.
Thank you, RINO Scott. And therefore?????
The Democrats are building a nation of Freeloaders.
Oh, they’ve done that already.
Here’s another story:
My wife carried roughly 10k in student loan debt.
When her mother passed away, she inherited a small amount, roughly 12k.
My wife wanted to buy new furniture for our house with it (seriously).
I convinced her to pay off her remaining student loan debt, as that was the smart thing to do.
Thankfully, she did.
That was 6 years ago.
When she hears about this loan forgiveness news,
Im sure I WILL hear about it too, if you know what I mean.
Boy….It sure must be nice , to have been born into the elite class, with a silver horseshoe up your butt…
I’m mad as hell…All my family has ever done, is work our asses off. Then just die…After they paid all the bills, of course.
What a slap in the face…
F J B
.
Do they have to have finished college? Or be productively employed?
Or is this going to be more free money for the ones who took out loans for community college on the 8-year plan, then never finished.
.
Jonathan Turley
@JonathanTurley
The massive loan forgiveness virtually mocks Manchin and his insistence that he secured a compromise to protect the budget.
After signing the recent law, Biden then unilaterally moved to forgive billions in loans without a congressional vote…
Cont reading thread…
https://threadreaderapp.com/thread/1562442027744108545.html
Who is John Galt ?
Going ‘Galt’ refers to withdrawing from the corrupt system as much as possible, and with like minded folks building a parallel society .
Atlas is Shrugging
Hhhmmm…..guess I am part Galt. Been working on that a few years, and working harder than ever since the last election.
The only problem is that there’s no Galt’s Gulch for us to escape to!
The ‘ door ‘ to Galt’s Gulch is opened not by force , but an honest persons will.
Saying — NO ! — with conviction , opens the door.
Thats what I recall from this most valuable book anyway.
Dep and proud,…
SURE there is,…its loosely refered to as “flyover country”, more specifically “rural America”.
I live there now, and theres plenty of room for more Patriots.
It DOES require the ILLUSION of “sacrifice”; and the ILLUSION that you are “giving up conveniences” as you transition from dependency on “the machine” to SELF-SUFFICIENCY.
Having mostly made the transition, I can say that we PAY an incredibly high price for the ILLUSION of “Conveneniance” just as we do for the ILLUSION of
Security.
I feel far more SECURE, and my lifestyle is costing far less, NOW, than back when I lived in the city, and was totally dependant on the machine, for all of my “basic needs”.
And, the inherent “Peace of mind”?,……
PRICELESS!
Cut the cord, jump off the credit merry-go-round, focus on what is important in life, quit worrying about “the joneses”.
There is really no reason, only EXCUSES, motivated by fear if the unknown.
Andrew Torba over at GAB is trying to do just that.