Quote:

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The Biden administration announced another massive round of student debt handouts Wednesday morning with $7.7 billion going toward clearing debt for more than 160,000 borrowers.

Three categories of borrowers are covered in the latest handout: people receiving Public Service Loan Forgiveness (PSLF), people signed up for President Biden's Saving on a Valuable Education (SAVE) Plan who are also eligible for its shortened time-to-forgiveness benefit and people receiving forgiveness on income-driven repayment (IDR) as a result of fixes made by the administration.

It includes $5.2 billion for 66,900 borrowers through fixes to PSLF, $613 million for 54,300 borrowers through the SAVE Plan that will go to borrowers enrolled in the SAVE Plan who had smaller loans for their postsecondary studies and $1.9 billion for 39,200 borrowers through administrative adjustments to IDRpayment counts, the Department of Education said in a press release.

As of Wednesday's announcement, the Biden administration has cleared $167 billion in student loan debt for 4.75 million Americans, the DOE said.

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https://www.foxbusiness.com/politics/biden-admin-announces-7-7-billion-student-debt-handout-160k-borrowers

At this rate, sometime in October, Biden will likely cancel all student loans.

Not like anyone is going to stop him at this point.

I recall posting a lot during the Hussein regime "What are you going to do about it?!"

This is a continuation of that. They know they legally can't do it, but no one will stop them.

Like DACA. Absolutely lawless.

No way will my student loans be "forgiven," and I do not think they should. So no worries, not everyone will be able to get in on the theft of tax payers money.

Anyone that's debt-free (like a clown) isn't voting for him anyways. Go ahead and get in the clown car with me.

Many of these folks were never going to pay back these loans......This feels like another bank bail-out.

Meanwhile the mechanic that went to trade school and took out 100k for in loans for his tools so he can get a job gets screwed paying for debt he never incurred.

This country is lost. Founding fathers would be stacking bodies by now.

Seems like we do this thread every month. These are loans discharged in the past month through a 20 year old loan program signed into law under President Bush that Biden is trying to take credit for to win votes.

And if Trump wins these loans will still get discharged under this program. It's a cheap ploy by Biden and both sides seem to be falling for it.

Teslag said:

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Seems like we do this thread every month. These are loans discharged in the past month through a 20 year old loan program signed into law under President Bush that Biden is trying to take credit for to win votes.

And if Trump wins these loans will still get discharged under this program. It's a cheap ploy by Biden and both sides seem to be falling for it.

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The rule of law is dead in this country.

broke as broke can get

AgNav93 said:

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The rule of law is dead in this country.

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How so?

If I had only told the gov't to go EFF itself, and thrown that $35,000 student loan payoff check into Apple stock in 2012...I'd be sitting on well over $350,000 right now (and probably more like $500K+ since the stock has had a few splits since then).

Silly/stupid me.

Teslag said:

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Seems like we do this thread every month. These are loans discharged in the past month through a 20 year old loan program signed into law under President Bush that Biden is trying to take credit for to win votes.

And if Trump wins these loans will still get discharged under this program. It's a cheap ploy by Biden and both sides seem to be falling for it.

---

You don't know what you are talking about. Biden has completely changed the law.

This guy wrote the bill:

Quote:

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Biden says he has the authority to create the SAVE program, but that will now be decided in court. While the case may become tied up in broader limits the Supreme Court could place on executive authority, it will more likely come down to one simple question: When Congress first gave the Department of Education authority to create a loan repayment program tied to income, did it also allow for a mass loan forgiveness?

No way, says Joe Flader. He worked for Rep. Tom Petri (R-Wis.) in the 1990s and helped write the provisions allowing for income-based student loan repayment, which were ultimately included in the Omnibus Budget Reconciliation Act of 1993. His recollection is clear: "It was definitely the intent that most people would pay off their loans under the program. … The original intent was not to turn this provision into a massive subsidy."

He believes that the first income-based repayment program, implemented through Department of Education regulations a couple of years later, was in line with what Congress intended. However, regarding Biden's SAVE program, he says, "it's completely illegal, and he does not have the authority. Biden now claims the lack of specific repayment terms in the 1993 law gives him license to alter the terms however he pleases."


...


Perhaps most interestingly, these principles also set forth specific criteria for determining which borrowers qualify for zero-dollar payments, specifying that "no payments should be required of borrowers whose incomes fall below the income tax filing threshold." Today, that looks like a household income of $27,700 for a married couple under 65 filing jointly. The Biden plan ignores this and completely waives payments for families making multiple times this amount.

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https://www.aei.org/op-eds/the-secret-to-defeating-bidens-save-program/

Quote:

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It includes $5.2 billion for 66,900 borrowers

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HTF do that many people have an average of $75k in student loan debt?

Is it all principal, or is it principal + unpaid interest that accumulates but doesn't hit until you miss a few payments?

The SAVE portion of the forgiveness will be decided in court, though it's far less clear how that one will turn out. PLSF is still the overwhelming bulk of forgiven amounts and that one currently isn't being challenged by anyone.

agracer said:

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Quote:

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It includes $5.2 billion for 66,900 borrowers

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HTF do that many people have an average of $75k in student loan debt?

Is it all principal, or is it principal + unpaid interest that accumulates but doesn't hit until you miss a few payments?

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Those are PLSF loans. Basically you work or a set time in public service and pay the absolute minimum and then by law your loan is forgiven. If you work in public service there is zero reason to pay more than the minimum if you are completing the terms of your loan program.

Logos Stick said:

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Teslag said:

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Seems like we do this thread every month. These are loans discharged in the past month through a 20 year old loan program signed into law under President Bush that Biden is trying to take credit for to win votes.

And if Trump wins these loans will still get discharged under this program. It's a cheap ploy by Biden and both sides seem to be falling for it.

---

You don't know what you are talking about. Biden has completely changed the law.

This guy wrote the bill:

Quote:

---

Biden says he has the authority to create the SAVE program, but that will now be decided in court. While the case may become tied up in broader limits the Supreme Court could place on executive authority, it will more likely come down to one simple question: When Congress first gave the Department of Education authority to create a loan repayment program tied to income, did it also allow for a mass loan forgiveness?

No way, says Joe Flader. He worked for Rep. Tom Petri (R-Wis.) in the 1990s and helped write the provisions allowing for income-based student loan repayment, which were ultimately included in the Omnibus Budget Reconciliation Act of 1993. His recollection is clear: "It was definitely the intent that most people would pay off their loans under the program. … The original intent was not to turn this provision into a massive subsidy."

He believes that the first income-based repayment program, implemented through Department of Education regulations a couple of years later, was in line with what Congress intended. However, regarding Biden's SAVE program, he says, "it's completely illegal, and he does not have the authority. Biden now claims the lack of specific repayment terms in the 1993 law gives him license to alter the terms however he pleases."


...


Perhaps most interestingly, these principles also set forth specific criteria for determining which borrowers qualify for zero-dollar payments, specifying that "no payments should be required of borrowers whose incomes fall below the income tax filing threshold." Today, that looks like a household income of $27,700 for a married couple under 65 filing jointly. The Biden plan ignores this and completely waives payments for families making multiple times this amount.

---

https://www.aei.org/op-eds/the-secret-to-defeating-bidens-save-program/

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Public Service Loan Forgiveness (PSLF), income-driven repayment (IDR) are legal under the old law. He's just taking credit for it to buy votes.

Only the SAVE (as you pointed out) is what people are saying is illegal.

I don't think this actually helps Biden. There are a ton of middle class and blue collar swing voters who hate the policy

dallasiteinsa02 said:

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I don't think this actually helps Biden. There are a ton of middle class and blue collar swing voters who hate the policy

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Both sides are going to try and capitalize on it. See Fox referring to PSLF as a "handout". There's a reason for that.

How much does this make now? I've lost count.

Teslag said:

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AgNav93 said:

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The rule of law is dead in this country.

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How so?

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If you have to have it explained to you, and you can't see it already, it is likely you are too ideologically invested to care and you are good with it as long as it's your side that is ignoring the law. Therefore, I won't waste my time trying to explain anything to you.

AgNav93 said:

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Teslag said:

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AgNav93 said:

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The rule of law is dead in this country.

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How so?

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If you have to have it explained to you, and you can't see it already, it is likely you are too ideologically invested to care and you are good with it as long as it's your side that is ignoring the law. Therefore, I won't waste my time trying to explain anything to you.

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What law are they ignoring?

agracer said:

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Logos Stick said:

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Teslag said:

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Seems like we do this thread every month. These are loans discharged in the past month through a 20 year old loan program signed into law under President Bush that Biden is trying to take credit for to win votes.

And if Trump wins these loans will still get discharged under this program. It's a cheap ploy by Biden and both sides seem to be falling for it.

---

You don't know what you are talking about. Biden has completely changed the law.

This guy wrote the bill:

Quote:

---

Biden says he has the authority to create the SAVE program, but that will now be decided in court. While the case may become tied up in broader limits the Supreme Court could place on executive authority, it will more likely come down to one simple question: When Congress first gave the Department of Education authority to create a loan repayment program tied to income, did it also allow for a mass loan forgiveness?

No way, says Joe Flader. He worked for Rep. Tom Petri (R-Wis.) in the 1990s and helped write the provisions allowing for income-based student loan repayment, which were ultimately included in the Omnibus Budget Reconciliation Act of 1993. His recollection is clear: "It was definitely the intent that most people would pay off their loans under the program. … The original intent was not to turn this provision into a massive subsidy."

He believes that the first income-based repayment program, implemented through Department of Education regulations a couple of years later, was in line with what Congress intended. However, regarding Biden's SAVE program, he says, "it's completely illegal, and he does not have the authority. Biden now claims the lack of specific repayment terms in the 1993 law gives him license to alter the terms however he pleases."


...


Perhaps most interestingly, these principles also set forth specific criteria for determining which borrowers qualify for zero-dollar payments, specifying that "no payments should be required of borrowers whose incomes fall below the income tax filing threshold." Today, that looks like a household income of $27,700 for a married couple under 65 filing jointly. The Biden plan ignores this and completely waives payments for families making multiple times this amount.

---

https://www.aei.org/op-eds/the-secret-to-defeating-bidens-save-program/

---

Public Service Loan Forgiveness (PSLF), income-driven repayment (IDR) are legal under the old law. He's just taking credit for it to buy votes.

Only the SAVE (as you pointed out) is what people are saying is illegal.

---

Yes, which makes Tesla's original claim false:

These are loans discharged in the past month through a 20 year old loan program signed into law under President Bush that Biden is trying to take credit for to win votes.

dallasiteinsa02 said:

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I don't think this actually helps Biden. There are a ton of middle class and blue collar swing voters who hate the policy

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It's backfiring in spectacular fashion!

Teslag said:

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dallasiteinsa02 said:

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I don't think this actually helps Biden. There are a ton of middle class and blue collar swing voters who hate the policy

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Both sides are going to try and capitalize on it. See Fox referring to PSLF as a "handout". There's a reason for that.

---

Don't you "capitalize" on service-related disability HANDOUTS? I mean, when you get benefits for a disability that you technically don't have, isn't that a HANDOUT? So if you suckle from the government teet, whether VA disability benefits or loan forgiveness, and in the process gorge yourself at the demise of the other little piglets, does that make you a grifter or just a gluttonous pig?

Seriously, as a student loan paying moron with uncompensated service-related disabilities, I want to learn how to cheat the system so that others pay for my gluttony; teach me?

Teslag said:

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Seems like we do this thread every month. These are loans discharged in the past month through a 20 year old loan program signed into law under President Bush that Biden is trying to take credit for to win votes.

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False.

Ag in Tiger Country said:

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Teslag said:

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dallasiteinsa02 said:

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I don't think this actually helps Biden. There are a ton of middle class and blue collar swing voters who hate the policy

---

Both sides are going to try and capitalize on it. See Fox referring to PSLF as a "handout". There's a reason for that.

---

Don't you "capitalize" on service-related disability HANDOUTS? I mean, when you get benefits for a disability that you technically don't have, isn't that a HANDOUT? So if you suckle from the government teet, whether VA disability benefits or loan forgiveness, and in the process gorge yourself at the demise of the other little piglets, does that make you a grifter or just a gluttonous pig?

Seriously, as a student loan paying moron with uncompensated service-related disabilities, I want to learn how to cheat the system so that others pay for my gluttony; teach me?

---

How do you know what I don't or don't have? Are you a VA provider?

Teslag said:

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AgNav93 said:

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Teslag said:

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AgNav93 said:

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The rule of law is dead in this country.

---

How so?

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If you have to have it explained to you, and you can't see it already, it is likely you are too ideologically invested to care and you are good with it as long as it's your side that is ignoring the law. Therefore, I won't waste my time trying to explain anything to you.

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What law are they ignoring?

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Reading comprehension is not your strength is it?

Again I ask. What law are they ignoring?

Teslag said:

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Ag in Tiger Country said:

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Teslag said:

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dallasiteinsa02 said:

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I don't think this actually helps Biden. There are a ton of middle class and blue collar swing voters who hate the policy

---

Both sides are going to try and capitalize on it. See Fox referring to PSLF as a "handout". There's a reason for that.

---

Don't you "capitalize" on service-related disability HANDOUTS? I mean, when you get benefits for a disability that you technically don't have, isn't that a HANDOUT? So if you suckle from the government teet, whether VA disability benefits or loan forgiveness, and in the process gorge yourself at the demise of the other little piglets, does that make you a grifter or just a gluttonous pig?

Seriously, as a student loan paying moron with uncompensated service-related disabilities, I want to learn how to cheat the system so that others pay for my gluttony; teach me?

---

How do you know what I don't or don't have? Are you a VA provider?

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YOU ADMITTED TO SUCH IN A POST!

Am I to rely upon your written admission, or are you a liar too?

How is this legal? The supreme court ruled Biden cannot unilaterally do this.

DonHenley said:

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How is this legal? The supreme court ruled Biden cannot unilaterally do this.

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The Supreme Court does not have an enforcement mechanism.

Teslag said:

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Seems like we do this thread every month. These are loans discharged in the past month through a 20 year old loan program signed into law under President Bush that Biden is trying to take credit for to win votes.

And if Trump wins these loans will still get discharged under this program. It's a cheap ploy by Biden and both sides seem to be falling for it.

---

This.

Its just old programs being actually enforced. (Which, when you dig down...is actually a good thing in many instances).

Ag in Tiger Country said:

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Teslag said:

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Ag in Tiger Country said:

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Teslag said:

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dallasiteinsa02 said:

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I don't think this actually helps Biden. There are a ton of middle class and blue collar swing voters who hate the policy

---

Both sides are going to try and capitalize on it. See Fox referring to PSLF as a "handout". There's a reason for that.

---

Don't you "capitalize" on service-related disability HANDOUTS? I mean, when you get benefits for a disability that you technically don't have, isn't that a HANDOUT? So if you suckle from the government teet, whether VA disability benefits or loan forgiveness, and in the process gorge yourself at the demise of the other little piglets, does that make you a grifter or just a gluttonous pig?

Seriously, as a student loan paying moron with uncompensated service-related disabilities, I want to learn how to cheat the system so that others pay for my gluttony; teach me?

---

How do you know what I don't or don't have? Are you a VA provider?

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YOU ADMITTED TO SUCH IN A POST!

Am I to rely upon your written admission, or are you a liar too?

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I never said I didn't have it. I said I thought it was generous. But I'm not the doctor, they are and they make that determination and I simply answered everything truthfully.

Can the forgive my credit card debt? Its a LOT less than student loans. Talk about boosting the economy!