Biden to announce $10,000 of student loan forgiveness and repayment pause extension

ChildofLight

Well-Known Member
Biden to announce $10,000 of student loan forgiveness and repayment pause extension

President Joe Biden will reportedly announce an order to excuse $10,000 of student loans for many while also extending the repayment pause.

The Associated Press reported that three sources confirmed the student loan forgiveness plan. They claimed that the forgiveness program would be limited to those who earn less than $125,000 a year.

The current moratorium on student loan repayment implemented during the pandemic was scheduled to expire next week, but under the new plan, it will be extended into January.

Total U.S. student debt has grown from $516 billion in 2007 to $1.6 trillion in 2022. One third of the more than 43 million Americans with federal student debt owes only $10,000, while more than half owes less than $20,000.

According to an analysis of the plan by the Penn Wharton Budget Model think thank at the University of Pennsylvania, the plan would cost roughly $300 billion. The analysis also said "about 70 percent of debt relief accrues to borrowers in the top 60 percent of the income distribution."

The progressive wing of the Democrat party has excoriated Biden for promising to forgive student debt and then failing to do so once he got into office. In February, left-wing activists accused the president of being "extremely classist and racist" for not following through with the demand that he forgive $50,000 of student debt per borrower.

"They are in service to an ideological moderatism that doesn't align with the base of the party or with the views of a rising electorate that is younger & less white," said activist Bree Newsome at the time.

Republicans meanwhile have derided any student loan forgiveness plan for helping the privileged with the taxpayer money from regular Americans.

"If the Biden Administration goes through with this, they will be taking money from plumbers and electricians to pay the debts of lawyers and academics," tweeted Rep. Mike Johnson (R-La.).

https://www.theblaze.com/news/biden...utm_term=ACTIVE LIST - TheBlaze Breaking News
 

Andy C

Well-Known Member
My two sons graduated from college, and the loans they took out were paid off within 2 years of graduating. I took on about 75 percent of their college costs, but I did not take any loans, and painstakingly wrote checks every semester for both colleges. Gee, I wonder if my kids and I can get a rebate for being responsible for our own college costs????.:oops::0_O:mad::lol
 

ChildofLight

Well-Known Member
Then there’s this-

NAACP blasts Biden student loan forgiveness plan for coming up short

The NAACP lashed out at reports that President Joe Biden will forgive only $10,000 in federal student loan debt, calling the plan a "devastating political mistake" and accusing the president of violating his campaign promises.

In several tweets and a CNN op-ed, NAACP President Derrick Johnson demanded that Biden unilaterally forgive a minimum of $50,000 in student debt. He argued that black Americans hold a disproportionate amount of student debt and that debt forgiveness is a "racial and economic justice issue."

Here’s the link to the rest of the story-

https://www.theblaze.com/news/naacp...08-24&utm_term=ACTIVE LIST - 7 Day Engagement
 

depserv

Well-Known Member
Here's an important point to remember: the debt will not be gone; it will just be transferred from those who received the loan to those who didn't. And worse, it's being transferred to our children, and their children, for only God knows how many generations.

According to a site called truthinaccounting, America is currently nearly 32 trillion dollars in debt, but if you add in mandates like Social Security, Medicare, and things like pensions, the number is over 143 trillion, which translates to $919,000 per taxpayer. And this congress is adding more debt faster than a crack whore with a stolen a credit card.

Most people have no idea how big a number a trillion is. I saw this way to make clear the reality of it from a book by Thomas Sowell. If you go back in time one trillion seconds, how far back do you think you would go? A trillion is a big number, but a second is just a second. So are we talking weeks, months, years, decades maybe? I figured it up on a calculator and found that you would be going back over 30 thousand years. And that's just one trillion; we are in debt $143 trillion.

I really don't think Congress is as stupid as this might make it seem. I think it is deliberately trying to ruin the economy, as a strategy of war. And this latest betrayal is just another few straws added to the camel's back.

And what makes this particular betrayal even worse is that what we are really paying for is not education, which might have had some value, but indoctrination, which is a knife in the back of our culture, our country, and our national faith in God. It's like we are being forced to pay for the weapons, transportation, wages, and even the jackboots worn by an army of devil worshipping communists who are waging war on our country and against God's people; our enemy is forcing us to forge our own chains.
 
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MapleLeaf

Well-Known Member
Easy to promise to pay when you have no money. Our leaders are dumping money into Ukraine because they're robbing us blind. By the time the piper comes to call they will be long gone. I'm going to invent my own currency and call it the owlie (what...like loonie is better?) and I promise 2 bajillion of them to you if you let me pick who you marry, where you'll work, what you'll eat and what the colour of your pod will be. I'm thinking something in the plaid variety....but with neon colours.
 

NewWine2020

Well-Known Member
Biden to announce $10,000 of student loan forgiveness and repayment pause extension

President Joe Biden will reportedly announce an order to excuse $10,000 of student loans for many while also extending the repayment pause.

The Associated Press reported that three sources confirmed the student loan forgiveness plan. They claimed that the forgiveness program would be limited to those who earn less than $125,000 a year.

The current moratorium on student loan repayment implemented during the pandemic was scheduled to expire next week, but under the new plan, it will be extended into January.

Total U.S. student debt has grown from $516 billion in 2007 to $1.6 trillion in 2022. One third of the more than 43 million Americans with federal student debt owes only $10,000, while more than half owes less than $20,000.

According to an analysis of the plan by the Penn Wharton Budget Model think thank at the University of Pennsylvania, the plan would cost roughly $300 billion. The analysis also said "about 70 percent of debt relief accrues to borrowers in the top 60 percent of the income distribution."

The progressive wing of the Democrat party has excoriated Biden for promising to forgive student debt and then failing to do so once he got into office. In February, left-wing activists accused the president of being "extremely classist and racist" for not following through with the demand that he forgive $50,000 of student debt per borrower.

"They are in service to an ideological moderatism that doesn't align with the base of the party or with the views of a rising electorate that is younger & less white," said activist Bree Newsome at the time.

Republicans meanwhile have derided any student loan forgiveness plan for helping the privileged with the taxpayer money from regular Americans.

"If the Biden Administration goes through with this, they will be taking money from plumbers and electricians to pay the debts of lawyers and academics," tweeted Rep. Mike Johnson (R-La.).

https://www.theblaze.com/news/biden-student-debt-forgiveness-plan?utm_source=theblaze-breaking&utm_medium=email&utm_campaign=20220824SponsoredTrending-RevelationMedia-WED&utm_term=ACTIVE LIST - TheBlaze Breaking News

Buying votes/PR with Other People's Money.

Classic Dim move.
 

NewWine2020

Well-Known Member
Then there’s this-

NAACP blasts Biden student loan forgiveness plan for coming up short

The NAACP lashed out at reports that President Joe Biden will forgive only $10,000 in federal student loan debt, calling the plan a "devastating political mistake" and accusing the president of violating his campaign promises.

In several tweets and a CNN op-ed, NAACP President Derrick Johnson demanded that Biden unilaterally forgive a minimum of $50,000 in student debt. He argued that black Americans hold a disproportionate amount of student debt and that debt forgiveness is a "racial and economic justice issue."

Here’s the link to the rest of the story-

https://www.theblaze.com/news/naacp-blasts-biden-student-loan-forgiveness?utm_source=theblaze-7DayTrendingTest&utm_medium=email&utm_campaign=Afternoon Auto Trending 7 Day Engaged 2022-08-24&utm_term=ACTIVE LIST - 7 Day Engagement


"He argued that black Americans hold a disproportionate amount of student debt and that debt forgiveness is a "racial and economic justice issue."


Huh, I thought, according to the Dims that African Americans were massively underprivileged to the point that most did not have internet access and even coming up with valid photo ID to vote posed insurmountable challenges to them...so now African Americans ALSO comprise a sizeable majority of the Uni graduates burdened with educational loan debt?

Dims to the rescue with middle class, small business owner and self employed workers tax dollars I guess.
 

athenasius

Well-Known Member
Who pays?

The banks? They'll have to pass the cost along to their customers.

The govt? They'll just pass the cost on to the tax payers.

Meanwhile the kids who got into the debt are learning a bigger lesson in racking up debt and never paying it back.

They'll go on to credit card perma debt and bankruptcy, and again, who pays? We all do.

NOT RIGHT!

Oh and the universities are laughing all the way to the bank. They provide a "service" that costs more each year and doesn't actually result in a useful education for most people outside of medicine, engineering and law. Last I looked engineering and law grads have a hard time finding work. They also crank out teachers, who teach the kiddies that going to university is a must and who don't have the slightest grasp of basic economics. University is a leftist indoctrination system and excuse for a delayed adulthood for many.
 

Footsteps

Well-Known Member
How can anyone disagree with something
that American Native Elizabeth Warren likes? She taught at Harvard! Think how proud blue collar workers must be to help with Harvard tuition! When anyone hears “Harvard”, they feel a rush of pride. I admit that I have a somewhat different feeling, but my gastroenterologist is always willing to give me a colonoscopy and assure me that my “rush” is a normal result of lack of fiber in my diet.
 

YallNeedJesus

I highlighted the entire book of Romans
I couldn’t afford college. My parents didn’t have the money and wouldn’t help me get a loan. The college I did complete was during my time as a single dad with a full-time job. How can this be happening? How can he have the authority to do this? These were loans signed by the borrower who agreed to pay back the debt. I didn’t sign anything. Why should I have to pay for everyone else’s choice to go into debt? This feels especially painful to me for some reason.
 

SarahRose

Well-Known Member
I couldn’t afford college. My parents didn’t have the money and wouldn’t help me get a loan. The college I did complete was during my time as a single dad with a full-time job. How can this be happening? How can he have the authority to do this? These were loans signed by the borrower who agreed to pay back the debt. I didn’t sign anything. Why should I have to pay for everyone else’s choice to go into debt? This feels especially painful to me for some reason.
It should be painful. It’s one thing to say “yes, I want to help with this” and give your money toward something. It’s completely different when the government forces it away from you.
 

GotGrace

Well-Known Member
Biden to announce $10,000 of student loan forgiveness and repayment pause extension

President Joe Biden will reportedly announce an order to excuse $10,000 of student loans for many while also extending the repayment pause.

The Associated Press reported that three sources confirmed the student loan forgiveness plan. They claimed that the forgiveness program would be limited to those who earn less than $125,000 a year.

The current moratorium on student loan repayment implemented during the pandemic was scheduled to expire next week, but under the new plan, it will be extended into January.

Total U.S. student debt has grown from $516 billion in 2007 to $1.6 trillion in 2022. One third of the more than 43 million Americans with federal student debt owes only $10,000, while more than half owes less than $20,000.

According to an analysis of the plan by the Penn Wharton Budget Model think thank at the University of Pennsylvania, the plan would cost roughly $300 billion. The analysis also said "about 70 percent of debt relief accrues to borrowers in the top 60 percent of the income distribution."

The progressive wing of the Democrat party has excoriated Biden for promising to forgive student debt and then failing to do so once he got into office. In February, left-wing activists accused the president of being "extremely classist and racist" for not following through with the demand that he forgive $50,000 of student debt per borrower.

"They are in service to an ideological moderatism that doesn't align with the base of the party or with the views of a rising electorate that is younger & less white," said activist Bree Newsome at the time.

Republicans meanwhile have derided any student loan forgiveness plan for helping the privileged with the taxpayer money from regular Americans.

"If the Biden Administration goes through with this, they will be taking money from plumbers and electricians to pay the debts of lawyers and academics," tweeted Rep. Mike Johnson (R-La.).

https://www.theblaze.com/news/biden-student-debt-forgiveness-plan?utm_source=theblaze-breaking&utm_medium=email&utm_campaign=20220824SponsoredTrending-RevelationMedia-WED&utm_term=ACTIVE LIST - TheBlaze Breaking News
May the bird of paradise fly up his nose. May Dr Jell have runners in her hose. :trex
 
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