Biden vacates $1.2 billion in student debt relief - How in the world is this legal?

I'm on the fence on student loan debt. If you get a degree in a hard science, or something that can get your a real job like business or hotel administration I'm all on board. If you're getting a degree in gender studies, social "sciences" or the arts you should not be eligible for student loan forgiveness.

Except I am not bigoted. Opposing the mass murder of people is not being bigoted.

oh come off it. the government gives military the darned GI bill. you gonna pay that back?

y'all are also all over the shop on whether you think students believe they will repay the whole loan at the time it is made. you on one hand pretend we are going to pay it all. you will then contradict yourself sometimes refer to kids hoping it gets forgiven as they take it. which suggests they are instead well aware the government is in the loan forgiveneness business. hmmmm.

the thing is anyone taking these loans is usually informed of stuff like public service loan forgiveness -- that if we teach or the like, it goes away in 10 years if we pay.

to then pretend this is the same as a credit card or mortgage or commercial loan is nonsense.

as some have suggested, the better comparison is to PPP, which everyone knew up front was going to be more complicated than simply full repayment or else.

This is the part I truly don't understand. People get money for loans which drives the price of college up. College pricing goes crazy, so people need more loans. The cycle of college costs rising faster than inflation begin.

How does forgiving loans fix that issue? Is there a part of this where the price of college is actually supposed to go down that is being under reported or something? If anything, this seems like it's just going to cause more people to take out more loans, continuing the cycle of college costs increasing...

this is lame stereotyping. contrary to popular belief, any college major -- i mean anything, gender, underwater basketweaving -- outpaces HS diplomas. ANY college major is ROI. we shouldn't have to major in a career.

fwiw i was a humanities major and i do fine. so is everyone i remember from my department. MBAs, teachers, professors, lawyers, etc. the common thread is a humanities degree usually requires further career-oriented education. business school, teacher cert, PhD, law school, med school.

fwiw my granddad was a fortune 500 veep with a degree in something other than business who thinks it should generally be that way. that folks in business should have an actual trade skillset and not just be trained in doing deals and counting money.

too much of this economy is just finance. no wonder you want to make sure it all gets paid back in full with interest for 30 years.

this sounds cute as macro analysis but meanwhile people are struggling on the other micro end. like there are human beings carrying the debt load.

you could say similar things about mortgages fwiw.

i agree with you on the core issue but the way most countries get at that is government funding which we see as socialism.

i also think folks are unaware of the precarious state of many colleges these days, which have been underfunded for decades.

I'll be honest, if Biden wiped out my college debt, I'd vote for him this fall. What do you want me to say? A guy who does something so massively in my interest is someone I want in office. If you don't like it or would feel like I got some unearned benefit... then you can suck it.

I agree with a lot of what you say, but it's definitely possible to borrow 300k for college and only make an extra 10-15k a year. That's not a great financial decision.

You could buy rentals, make the 10-15k less a year, and come out way ahead. Just a "for instance" on how the always being pro-college can trick some people that don't understand money (not speaking about you directly).

Uh, dismissive much? So, then, the train continues unabated down the track for the next politico to buy votes with by using my tax money?

And, yeah. Mortgages definitely cause price inflation. That's why the government leaning on banks to extend loans to uncreditworthy people caused 2008. Prices went bonkers because there was so much "surplus" money in the market with all of the new buyers.

President Biden has the legal power to tackle student debt through executive action based on the Higher Education Act. This act allows the President to modify or cancel federal student loan debt. However, the limits of this power are open to legal interpretation and may face challenges.
Since the United States has a sovereign currency, it can create money to meet its financial obligations. Therefore, canceling student debt does not create a real financial burden as the government is effectively canceling debt owed to itself.

It’s not in your interest. You are just too naive to realize it. Biden’s free spending not only increased the debt, it caused the interest we pay on the debt to rise. This has far reaching repercussions for your generations and future generations. Modern monetary theory is quickly accelerating into a global emergency.

Our debt to GDP ratio is as high as it was during WWII! Here's hoping we don't have to fund WWIII anytime soon, or things could get expensive. (And to anyone fine with these numbers, yes, I know that Japan's is over 200% of their GDP - I don't think that Japan is a target we should be shooting for as they have a LOT of issues headed their way).

pgpf.org

How Much Is the National Debt? What are the Different Measures Used?

@pgpfoundation

There are three widely used measures of federal debt. What are the important differences between these measurements?

Link:www.pgpf.org/blog/2023/07/how-much-is-...

So you condemn the Holocaust of 6 million Jews.

I haven't "made clear my views about Muslims". I have condemned Hamas - which isn't the same thing. The bigotry comes from those who don't.

He also must oppose the Russian occupation of Ukraine, but he sure has a weird way of admitting it.

I think in a nutshell this is the issue right - and it was the original title of the thread. Of course you would vote for Biden if he did that because it's extremely beneficial for you and so it's now in your best interests for him to be pushing this type of policy through legislature.

I would never be worried about "where the debt goes" - the entire US debt scenario is like the legendary Seinfeld "you write it off Jerry" episode. It's never being paid, realized, controlled, whatever in our lifetimes - or in anyone's. When it approaches this ridiculous "debt ceiling" that congress arbitrarily decides on, they just have a 3 week long meeting which creates more debt, just to ultimately decide to increase the ceiling to another number they know will eventually become under jeopardy and they just repeat the cycle. It's how these people find things to do with their lives (nice lives, thumbs up).

The only thing I have ever wondered about this is who and how they select what debt gets wiped and how that's fair and equitable. Because he wants to wipe some of the debt - just not all of the debt. This I don't understand. Let's say he's like "all debt post the year 2000 is relieved" - well you can see the obvious issues with that right? So really it some point you do have to ask yourself that if this appears to just help a certain age group/demographic, what is it in reality?

He would be better off fixing the disgusting capital quagmire that has become education in this country. Young adults paying an absolute fortune for degrees that in 95% of cases are just policy box-checkers for HR departments across the country and that's all. Nobody really knows where all this money goes do they? The universities "endowment" - okay and what's that? Why does a university need an "endowment" exactly? Oh for when the cafeteria needs a new floor? The football team needs a new weight room? Yeah okay. Someone/people privately are living lives of absolute luxury off the back of young Americans just wanting to educate themselves on something - not everything here has to be about making as much money as humanly possible just because you can.

Trump didn’t do that, Congress did. Whatever bad things you want to say about Trump, I’m likely to agree with you, I think he was the worst president in history and I hope Biden or someone else beats him in the general election.

Maybe you can try to focus on the topic at hand rather than bringing up irrelevant subjects?

Why on earth do you care or think anyone respects your opinion? You have never earned anything in your life.

I would like to see a time-limited income-based repayment system.

Basically, everyone makes payments for X number of years post graduation (let's say 15). Your payment is linked to your annual income. Anyone over X amount (say 100K) makes a full payment and then those who make less will make a partial payment.

Regardless of how much you've paid, your loan is discharged after 15 years.