What is going on with student loans?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Since Biden just said the pandemic is over, does he still have the authority to do this?

https://www.cnn.com/2022/09/19/politics/biden-covid-pandemic-over-what-matters/index.html

He didn't have the authority to begin with.

This.

But it's a brilliant move to now make the judiciary and the GOP the "bad guys" for trying to revert the illegal move.

So what you are saying, is Biden really doesn’t care how it impacts the people who need loan forgiveness, so long as he can own the GOP? Compassionate.

The reality is the GOP will fight anything Biden or the Democrats do. So if you want to turn a generation against the GOP, the way to do that is to offer loan relief that the GOP then cancels and then restarts $400/month bill payments during inflation and the start of a recession. Going to be a strategic error on the GOP much longer lasting than overturning Roe since it affects both men/women and devastates them financially.

Oh, and keep insulting everyone with student loans. The Millennials are a large generation and will eventually be dictating policy.

[Anonymous]

https://thehill.com/changing-america/enrichment/education/3652377-white-house-releases-state-by-state-student-debt-forgiveness-estimates/amp/

90% of forgiveness is going to people earning less than $75k and the states with most forgiveness are California and The Great State of Texas. Seems like a very bipartisan spread, not at all a bunch of rich liberal artists.

[Anonymous]

Anonymous wrote:https://thehill.com/changing-america/enrichment/education/3652377-white-house-releases-state-by-state-student-debt-forgiveness-estimates/amp/

90% of forgiveness is going to people earning less than $75k and the states with most forgiveness are California and The Great State of Texas. Seems like a very bipartisan spread, not at all a bunch of rich liberal artists.

According to the White House. List to Jason Furman and Larry Summers.... this is just spin. I will not vote R or D in 2024 because of this.

[Anonymous]

Anonymous wrote:https://thehill.com/changing-america/enrichment/education/3652377-white-house-releases-state-by-state-student-debt-forgiveness-estimates/amp/

90% of forgiveness is going to people earning less than $75k and the states with most forgiveness are California and The Great State of Texas. Seems like a very bipartisan spread, not at all a bunch of rich liberal artists.

So? You should be able to pay your bills making $75,000/year.

[Anonymous]

Anonymous wrote:

Anonymous wrote:https://thehill.com/changing-america/enrichment/education/3652377-white-house-releases-state-by-state-student-debt-forgiveness-estimates/amp/

90% of forgiveness is going to people earning less than $75k and the states with most forgiveness are California and The Great State of Texas. Seems like a very bipartisan spread, not at all a bunch of rich liberal artists.

So? You should be able to pay your bills making $75,000/year.

Maybe you need to go back to school so you can learn what “less than” means.

[Anonymous]

In addition, this is the costliest EO ever.

President Joe Biden’s plan for student debt cancellation will cost the federal government about $400 billion over the next 30 years, according to new estimates from the Congressional Budget Office.

The figures were released Monday in response to a request from Republican lawmakers who oppose Biden’s plan in large part because of its costs. They were quick to cite the estimates as evidence that the plan will “bury” taxpayers, passing along the costs to huge numbers of Americans who never went to college.

The Biden administration previously estimated the plan would cost about $24 billion a year over the next 10 years — about $240 billion for the decade — while other estimates put the total cost at $500 billion or more over the decade.

The office separately estimated that Biden’s latest extension of a student loan pause will cost an additional $20 billion. Monthly payments on federal student loans have been frozen since the first weeks of the pandemic. Biden in August continued the pause through the end of the year, calling that the final extension.

The $400 billion total notably does not include a separate loan payment plan that Biden proposed to help lower-income borrowers in the future. The new plan would be similar to existing plans that limit monthly bills based on a borrower’s income, but with more generous terms.

[Anonymous]

FYI: Biden’s student loan relief could cost $400 billion, Congressional Budget Office says Biden's student loan relief

[Anonymous]

Anonymous wrote:FYI: Biden’s student loan relief could cost $400 billion, Congressional Budget Office says Biden's student loan relief

Is that more or less than the PPP loan fraud?

[Anonymous]

Anonymous wrote:

Anonymous wrote:FYI: Biden’s student loan relief could cost $400 billion, Congressional Budget Office says Biden's student loan relief

Is that more or less than the PPP loan fraud?

Just a reminder that the PPP loan program was approved by our elected officials. And, who is surprised that there was fraud in a trillion dollar program that was rushed out because of the pandemic? Government doesn't work well when it moves too quickly.

This redistribution scheme is an EO.... not voted on, not approved by Congress.

[Anonymous]

Reward the losers and penalize the hardworking earners……typical democrat program.

[Anonymous]

You people don’t understand the CBO score. It doesn’t cost $400 Billion this year and won’t cost that much over 10 years either. It removes a $400 Billion accounting asset from the ledger, the amount of debt owed to the government that will be forgiven, but those loans would be repaid over a decade or more, not immediately, and a lot of them would be forgiven at least in part under current rules, but CBO has to assume that debts on the books will all be paid. The cost of loan forgiveness this year would be relatively minor to the economy and the federal budget because if the suspension is lifted everyone without total forgiveness will start paying again, even those with partial forgiveness.

Also CBO is only counting the revenue lost from loan payments, and not the economic activity of the borrowers spending that money elsewhere in the economy. When taxes are cut everyone accepts that the tax savings will be spent or invested elsewhere in the economy. The same is true for loan forgiveness. The money doesn’t disappear, it just doesn’t go to the government.

[Anonymous]

Anonymous wrote:You people don’t understand the CBO score. It doesn’t cost $400 Billion this year and won’t cost that much over 10 years either. It removes a $400 Billion accounting asset from the ledger, the amount of debt owed to the government that will be forgiven, but those loans would be repaid over a decade or more, not immediately, and a lot of them would be forgiven at least in part under current rules, but CBO has to assume that debts on the books will all be paid. The cost of loan forgiveness this year would be relatively minor to the economy and the federal budget because if the suspension is lifted everyone without total forgiveness will start paying again, even those with partial forgiveness.

Also CBO is only counting the revenue lost from loan payments, and not the economic activity of the borrowers spending that money elsewhere in the economy. When taxes are cut everyone accepts that the tax savings will be spent or invested elsewhere in the economy. The same is true for loan forgiveness. The money doesn’t disappear, it just doesn’t go to the government.

There is no such thing as "loan forgiveness."
It is loan payment redistribution.

[Anonymous]

Anonymous wrote:You people don’t understand the CBO score. It doesn’t cost $400 Billion this year and won’t cost that much over 10 years either. It removes a $400 Billion accounting asset from the ledger, the amount of debt owed to the government that will be forgiven, but those loans would be repaid over a decade or more, not immediately, and a lot of them would be forgiven at least in part under current rules, but CBO has to assume that debts on the books will all be paid. The cost of loan forgiveness this year would be relatively minor to the economy and the federal budget because if the suspension is lifted everyone without total forgiveness will start paying again, even those with partial forgiveness.

Also CBO is only counting the revenue lost from loan payments, and not the economic activity of the borrowers spending that money elsewhere in the economy. When taxes are cut everyone accepts that the tax savings will be spent or invested elsewhere in the economy. The same is true for loan forgiveness. The money doesn’t disappear, it just doesn’t go to the government.

Yay, more inflation. Caused by people who have newfound money they “must” spend immediately a la stimulus checks and CTC.

[Anonymous]

Anonymous wrote:You people don’t understand the CBO score. It doesn’t cost $400 Billion this year and won’t cost that much over 10 years either. It removes a $400 Billion accounting asset from the ledger, the amount of debt owed to the government that will be forgiven, but those loans would be repaid over a decade or more, not immediately, and a lot of them would be forgiven at least in part under current rules, but CBO has to assume that debts on the books will all be paid. The cost of loan forgiveness this year would be relatively minor to the economy and the federal budget because if the suspension is lifted everyone without total forgiveness will start paying again, even those with partial forgiveness.

Also CBO is only counting the revenue lost from loan payments, and not the economic activity of the borrowers spending that money elsewhere in the economy. When taxes are cut everyone accepts that the tax savings will be spent or invested elsewhere in the economy. The same is true for loan forgiveness. The money doesn’t disappear, it just doesn’t go to the government.

"You people" do understand what's going on...but thanks.

[Anonymous]

Anonymous wrote:

Anonymous wrote:You people don’t understand the CBO score. It doesn’t cost $400 Billion this year and won’t cost that much over 10 years either. It removes a $400 Billion accounting asset from the ledger, the amount of debt owed to the government that will be forgiven, but those loans would be repaid over a decade or more, not immediately, and a lot of them would be forgiven at least in part under current rules, but CBO has to assume that debts on the books will all be paid. The cost of loan forgiveness this year would be relatively minor to the economy and the federal budget because if the suspension is lifted everyone without total forgiveness will start paying again, even those with partial forgiveness.

Also CBO is only counting the revenue lost from loan payments, and not the economic activity of the borrowers spending that money elsewhere in the economy. When taxes are cut everyone accepts that the tax savings will be spent or invested elsewhere in the economy. The same is true for loan forgiveness. The money doesn’t disappear, it just doesn’t go to the government.

Yay, more inflation. Caused by people who have newfound money they “must” spend immediately a la stimulus checks and CTC.

Whatever it is, it isn’t inflationary.