Biden's Inflation Promotion Act - Student Loan Forgiveness

[Sparko]

Source: https://abc7chicago.com/federal-student-loan-debt-forgivens-joe-biden-plan-125/12160498/

Biden to announce $10K federal student loan cancellation for many, extend repayment pause: sources

Biden is also set to extend a pause on federal student loan payments through the end of 2022.

WASHINGTON -- Millions of Americans were waiting to learn the fate of their federal student debt on Wednesday as President Joe Biden was set to deliver on his campaign promise to provide $10,000 in debt cancellation for many Americans -- and up to $10,000 more for those with the greatest financial need.

Details of the plan have been kept closely guarded, but 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, according to three people familiar with the decision. 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, according to a copy of administration talking points obtained by the Associated Press.

Biden is also set to extend a pause on federal student loan payments through the end of 2022.

© Copyright Original Source

The NAACP is upset and wants him to give more money to poor black people,

Source: https://thehill.com/homenews/administration/3612869-naacp-president-bashes-bidens-reported-plans-on-student-debt-relief/

NAACP president bashes Biden’s reported plans on student debt relief

Derrick Johnson, president of the NAACP, has bashed the Biden administration’s reported plans on student debt relief, saying it is another policy that will leave Black people behind.

“If the rumors are true, we’ve got a problem. And tragically, we’ve experienced this so many times before. The interstate highway system devastated Black communities,” Johnson said in a statement on Tuesday. “Welfare reform tossed poor people of color by the wayside.”

Johnson pointed out that the anticipated $10,000 in forgiveness for every borrower in addition to a payment pause extension are not enough, especially for Black people.

Johnson also noted the lawmakers’ recent failure to pass several pieces of legislation that would have positive impacts on Black voters, such as the George Floyd Justice in Policing Act.

“The senate’s failure to pass the George Floyd Justice in Policing Act failed to save Black lives. President Biden’s decision on student debt cannot become the latest example of a policy that has left Black people – especially Black women – behind,” Johnson added.

“This is not how you treat Black voters who turned out in record numbers and provided 90% of their vote to once again save democracy in 2020,” he concluded.

© Copyright Original Source

Meanwhile every other American is just upset that this is just going to cause MORE inflation and we will end up paying off deadbeat's debts.

Your loan, Your payments.

[Faber]

If they cancel the student debt, why don't they just eliminate the degrees and transcripts at the same time?

[Sparko]

If they cancel the student debt, why don't they just eliminate the degrees and transcripts at the same time?

Yeah, repossess them, like when you don't pay off your car.

[Sparko]

This is just another desperate attempt to buy votes for the midterms.

[Bill the Cat]

Transparency here... I may end up getting 20K forgiven of my total student loan debt. That's a whopping 5% of my total debt, having sent 3 kids and myself through college with no grants or scholarships because I "make too much". .. but I fully expect to pay my loans back. And Sparko is right. This will do nothing except make inflation rise.

[rogue06]

You have people who could not afford to send themselves or their kids to college now being forced to pay off the loans of those who went.

Taxing the lower classes for the benefit of the upper classes?

[rogue06]

If they cancel the student debt, why don't they just eliminate the degrees and transcripts at the same time?

I wonder if this would result in folks going to college for the education and not worrying about the accompanying degree. Like someone who can use the education for their own job but doesn't want to pay for it.

[Sparko]

Transparency here... I may end up getting 20K forgiven of my total student loan debt. That's a whopping 5% of my total debt, having sent 3 kids and myself through college with no grants or scholarships because I "make too much". .. but I fully expect to pay my loans back. And Sparko is right. This will do nothing except make inflation rise.

I expect a refund check for helping to pay off your loans in the mail ASAP.

[Bill the Cat]

I expect a refund check for helping to pay off your loans in the mail ASAP.

Oh you have no idea what plans I have in the near future...

Where's that Rogue hand rubbing smilie when I need it

[rogue06]

I expect a refund check for helping to pay off your loans in the mail ASAP.

It'll be in the same envelope that the tax refund for all the equipment you paid for that old Joe left in Afghanistan is in.

[rogue06]

Oh you have no idea what plans I have in the near future...

Where's that Rogue hand rubbing smilie when I need it

smiley rub hands.gif

smiley rub hands2.gif

[Sparko]

So is this a one time forgiveness or an ongoing thing?

If it is a one time thing, then what about all the poor college students going forward? and if it is ongoing, then basically he is making the first $10-$20K of college free. Which means colleges will just increase their prices by $20K.

[Bill the Cat]

So is this a one time forgiveness or an ongoing thing?

If it is a one time thing, then what about all the poor college students going forward? and if it is ongoing, then basically he is making the first $10-$20K of college free. Which means colleges will just increase their prices by $20K.

It's a one time thing. Sucks to be those going forward. It's all about the votes NOW.

[Maranatha]

I wonder if this would result in folks going to college for the education and not worrying about the accompanying degree. Like someone who can use the education for their own job but doesn't want to pay for it.

It you can think of one scam, there are probably several you can't imagine.

Clearly, one is to go get a 10k student loan, cancel classes and pay no one.

[Sparko]

It you can think of one scam, there are probably several you can't imagine.

Clearly, one is to go get a 10k student loan, cancel classes and pay no one.

On facebook a friend posted something about how Ford and GM were raising the prices for their EVs by the same amount of the government $7500 tax rebate. So I said, "Hey, just get a student loan to buy the EV and the government will forgive up to $20K"