Biden promises answer on student debt "soon", dismisses $50k or more.

[I spent the winter writing songs about getting better]

https://www.huffpost.com/entry/biden-promises-answer-on-student-loan-debt-soon_n_626ab69de4b0bc48f578dad0

President Joe Biden said Thursday that his administration is weeks away from making a decision on canceling student loan debt for millions of Americans but also signaled it was unlikely he would cancel as much debt as some progressives have hoped.

“I am considering dealing with some debt reduction. I am not considering $50,000 debt reduction,” Biden said in response to questions from reporters. “I’m in the process of taking a hard look at whether or not there will be additional debt forgiveness, and I’ll have an answer on that in the next couple of weeks.”

Unfortunately this issue is so thorny there's nothing he can do that won't piss off lots of people either way. I say he goes for $10k or some very means-tested thing. It does appear though that the earlier reports about him cancelling all or most was untrue though.

[7,052,770]

I'm guessing he inserted "cancel everything" into the conversation so that opponents of debt cancelation will think $10,000 (the number he's wanted all along) is not so bad after all. He really needs to include some kind of credit or reimbursement for people who've paid off their loans though. A lot of those people are struggling hard, and would be struggling less if they had just waited for the cancelation.

[DaleCooper]

I'm guessing that the zero interest will keep getting extended till the end of his term and if anything gets cancelled it'll be the 10,000 dollars thing.

[dead0man]

The only way the vast majority of Americans will find this acceptable is if it is properly means tested.  A blanket $10k to every one with a loan will not go over well.


Plus, the Department of Education has already said it would be illegal.  cite-Govt PDF

For these reasons, we believe the Secretary does not have statutory authority to provide
blanket or mass cancellation, compromise, discharge, or forgiveness of student loan principal
balances, and/or to materially modify the repayment amounts or terms thereof, whether due to the
COVID-19 pandemic or for any other reason.

[I spent the winter writing songs about getting better]

The only way the vast majority of Americans will find this acceptable is if it is properly means tested.  A blanket $10k to every one with a loan will not go over well.


Plus, the Department of Education has already said it would be illegal.  cite-Govt PDF

For these reasons, we believe the Secretary does not have statutory authority to provide
blanket or mass cancellation, compromise, discharge, or forgiveness of student loan principal
balances, and/or to materially modify the repayment amounts or terms thereof, whether due to the
COVID-19 pandemic or for any other reason.

Can't access the PDF without some sort of corporate email.

That said, the article also notes:

Administration sources said a final decision has not been made but noted that previous Biden administration relief efforts have been tied to income and that any student loan forgiveness would likely follow the same pattern.

[Amenhotep Bakari-Sellers]

Schumer just like with weed and Voting Rights and immigration was promising a 50K Student Loans to enlarge his majority in Congress and he overpromised on expectations again, what else is new

Congress can still enact 50K a yr in student loans Discharge but they would need 52 votes and H and D's are underdogs in the H next yr

[Amenhotep Bakari-Sellers]

https://www.yahoo.com/finance/news/without-student-loan-forgiveness-average-174008802.html

Here's an article shared for delinquency once pauses discontinue abdy if Biden Approvals don't improve it's gonna be worse for him in the Fall

[free my dawg]

This was always what it would be. To be honest I'm surprised that they're even talking about this given the reforms to income-based plans and whatnot but $10k lines up with Biden's actual promise.

[Amenhotep Bakari-Sellers]

If we lose the Trifecta there are 20Rs up and 14Ds up  in 26 we can expand our Majority but we have to keep the S in 22/24 and we can try again in 2026 Ernst, Collins and Tillis are up and clearly vulnerable

Manchin is clearly favored and so is Tester 24 the only one vulnerable is Brown MT and WVA split their votes before a
2012 and they are pragmatic, OH is trending R fast

Rosedale already lost to Tester