What is going on with student loans?

[Anonymous]

I like when Biden makes fun of the GOP hypocrites in office like Marjorie and some guy named Buchanan, the latter of whom had 2 million dollars in pandemic loans forgiven but calls the student loan thing “outrageous.”

[Anonymous]

Loans were forgiven because they were given out with the intent of keeping people on payrolls from being fired- they were not really loans. The student loans were given out with the intent they would be paid back, and the government was getting the students a good deal on interest rates.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:He is such a liar!

He cannot possibly believe he passed a law.

He has already said that he wants congress to do their job and make some changes. There are plenty of smaller and larger changes that congress can make to address college tuition.

He claimed that his "loan redistribution" was a law that was passed. That is a blatant lie.

It is not a blatant lie because his mind is too far gone to know he didn't pass such a law. He is confusing it with the other bill that got passed on a narrow vote, I think 50-50.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:He is such a liar!

He cannot possibly believe he passed a law.

He has already said that he wants congress to do their job and make some changes. There are plenty of smaller and larger changes that congress can make to address college tuition.

He claimed that his "loan redistribution" was a law that was passed. That is a blatant lie.

It is not a blatant lie because his mind is too far gone to know he didn't pass such a law. He is confusing it with the other bill that got passed on a narrow vote, I think 50-50.

So, we have two possibilities here:

1. Biden was blatantly lying.
2. He is so far gone he doesn't know any better.

Neither is good.

[Anonymous]

Anonymous wrote:Loans were forgiven because they were given out with the intent of keeping people on payrolls from being fired- they were not really loans. The student loans were given out with the intent they would be paid back, and the government was getting the students a good deal on interest rates.

They were given to people who created LLCs with family member "employees" and the government had no way of verifying whether employers paid employees. It was a grift.

[Anonymous]

Anonymous wrote:I like when Biden makes fun of the GOP hypocrites in office like Marjorie and some guy named Buchanan, the latter of whom had 2 million dollars in pandemic loans forgiven but calls the student loan thing “outrageous.”

I like when Biden makes it obvious how stupid he is by not understanding the fundamental differences between the student loans and pandemic loans.

[Anonymous]

Anonymous wrote:Loans were forgiven because they were given out with the intent of keeping people on payrolls from being fired- they were not really loans. The student loans were given out with the intent they would be paid back, and the government was getting the students a good deal on interest rates.

In other words, the PPP was intended as a massive give-away to businesses with no oversight or accountability, so it can’t be criticized. You say the purpose was to keep employees on payrolls but many of the did layoff or furlough their employees but got to keep the PPP money and the government also paid unemployment benefits to their laid off workers. You are right that it is not the same as student loan forgiveness, PPP was much worse in every way.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Loans were forgiven because they were given out with the intent of keeping people on payrolls from being fired- they were not really loans. The student loans were given out with the intent they would be paid back, and the government was getting the students a good deal on interest rates.

In other words, the PPP was intended as a massive give-away to businesses with no oversight or accountability, so it can’t be criticized. You say the purpose was to keep employees on payrolls but many of the did layoff or furlough their employees but got to keep the PPP money and the government also paid unemployment benefits to their laid off workers. You are right that it is not the same as student loan forgiveness, PPP was much worse in every way.

PPP was also given to churches. Mine got over $1M.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I'm one of the 700,000 people who was supposed to get forgiveness, but lost eligibility. Screw Biden and the Dems for this false hope.

I'm one of them too. But I never really had much hope for this. Oh well.

The lawsuits are frivolous and will eventually be thrown out. These a$$holes have no standing.

A window into the standing issue is the administration's recent rollback of relief for private borrowers, affecting 700-800k borrowers. In this case, investors did arguably have standing, claiming that they had standing by virtue of a direct economic interest in the forgiveness plan. Investors were preparing to sue. In response, the administration eclipsed relief for these private borrowers, making the law suits moot and also conceding that the separation of powers assertions have merit. The private borrowers now keenly understand this is all about politics.

It is understandable that the administration is relying on standing or a lack thereof to sustain the program. All it takes is one court to recognize standing, however, and impediments arrive. The 8th circuit has issued a stay of the forgiveness plan - and yes, a stay is a long way from prevailing in a lawsuit, but there is some litigation risk here. Standing arguments work better if members of Congress bring the suits, as they are intending to do. High risk politically if the administration fails here - why a year ago Pelosi opined that only Congress could provide for forgiveness.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I'm one of the 700,000 people who was supposed to get forgiveness, but lost eligibility. Screw Biden and the Dems for this false hope.

I'm one of them too. But I never really had much hope for this. Oh well.

The lawsuits are frivolous and will eventually be thrown out. These a$$holes have no standing.

A window into the standing issue is the administration's recent rollback of relief for private borrowers, affecting 700-800k borrowers. In this case, investors did arguably have standing, claiming that they had standing by virtue of a direct economic interest in the forgiveness plan. Investors were preparing to sue. In response, the administration eclipsed relief for these private borrowers, making the law suits moot and also conceding that the separation of powers assertions have merit. The private borrowers now keenly understand this is all about politics.

It is understandable that the administration is relying on standing or a lack thereof to sustain the program. All it takes is one court to recognize standing, however, and impediments arrive. The 8th circuit has issued a stay of the forgiveness plan - and yes, a stay is a long way from prevailing in a lawsuit, but there is some litigation risk here. Standing arguments work better if members of Congress bring the suits, as they are intending to do. High risk politically if the administration fails here - why a year ago Pelosi opined that only Congress could provide for forgiveness.

They didn’t concede any legal issue. Forgiving loans held by private creditors would require some payout to the creditors and that would require appropriated funds. Forgiving direct federal loans does not. The President has the authority.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I'm one of the 700,000 people who was supposed to get forgiveness, but lost eligibility. Screw Biden and the Dems for this false hope.

I'm one of them too. But I never really had much hope for this. Oh well.

The lawsuits are frivolous and will eventually be thrown out. These a$$holes have no standing.

A window into the standing issue is the administration's recent rollback of relief for private borrowers, affecting 700-800k borrowers. In this case, investors did arguably have standing, claiming that they had standing by virtue of a direct economic interest in the forgiveness plan. Investors were preparing to sue. In response, the administration eclipsed relief for these private borrowers, making the law suits moot and also conceding that the separation of powers assertions have merit. The private borrowers now keenly understand this is all about politics.

It is understandable that the administration is relying on standing or a lack thereof to sustain the program. All it takes is one court to recognize standing, however, and impediments arrive. The 8th circuit has issued a stay of the forgiveness plan - and yes, a stay is a long way from prevailing in a lawsuit, but there is some litigation risk here. Standing arguments work better if members of Congress bring the suits, as they are intending to do. High risk politically if the administration fails here - why a year ago Pelosi opined that only Congress could provide for forgiveness.

Standing is a problem for all these lawsuits. But standing aside, there's no real argument that this isn't wholly within the HEROES Act of 2003.

For the excluded 700,000 (which includes myself), I think the argument is a bit more nuanced. But overall, there's no real issue. Just pushback.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I'm one of the 700,000 people who was supposed to get forgiveness, but lost eligibility. Screw Biden and the Dems for this false hope.

I'm one of them too. But I never really had much hope for this. Oh well.

The lawsuits are frivolous and will eventually be thrown out. These a$$holes have no standing.

A window into the standing issue is the administration's recent rollback of relief for private borrowers, affecting 700-800k borrowers. In this case, investors did arguably have standing, claiming that they had standing by virtue of a direct economic interest in the forgiveness plan. Investors were preparing to sue. In response, the administration eclipsed relief for these private borrowers, making the law suits moot and also conceding that the separation of powers assertions have merit. The private borrowers now keenly understand this is all about politics.

It is understandable that the administration is relying on standing or a lack thereof to sustain the program. All it takes is one court to recognize standing, however, and impediments arrive. The 8th circuit has issued a stay of the forgiveness plan - and yes, a stay is a long way from prevailing in a lawsuit, but there is some litigation risk here. Standing arguments work better if members of Congress bring the suits, as they are intending to do. High risk politically if the administration fails here - why a year ago Pelosi opined that only Congress could provide for forgiveness.

Standing is a problem for all these lawsuits. But standing aside, there's no real argument that this isn't wholly within the HEROES Act of 2003.

For the excluded 700,000 (which includes myself), I think the argument is a bit more nuanced. But overall, there's no real issue. Just pushback.

What's long been on this Supreme Court's agenda, however, is the idea that Congress can not simply delegate such blanket authority to the executive, even if they want to.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Loans were forgiven because they were given out with the intent of keeping people on payrolls from being fired- they were not really loans. The student loans were given out with the intent they would be paid back, and the government was getting the students a good deal on interest rates.

In other words, the PPP was intended as a massive give-away to businesses with no oversight or accountability, so it can’t be criticized. You say the purpose was to keep employees on payrolls but many of the did layoff or furlough their employees but got to keep the PPP money and the government also paid unemployment benefits to their laid off workers. You are right that it is not the same as student loan forgiveness, PPP was much worse in every way.

There was a lot of fraud. My point is it isn't hypocrisy for these people to complain about student loan forgiveness if they got PPP loans forgiven. Now if they were engaged in PPP fraud...

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Loans were forgiven because they were given out with the intent of keeping people on payrolls from being fired- they were not really loans. The student loans were given out with the intent they would be paid back, and the government was getting the students a good deal on interest rates.

In other words, the PPP was intended as a massive give-away to businesses with no oversight or accountability, so it can’t be criticized. You say the purpose was to keep employees on payrolls but many of the did layoff or furlough their employees but got to keep the PPP money and the government also paid unemployment benefits to their laid off workers. You are right that it is not the same as student loan forgiveness, PPP was much worse in every way.

There was a lot of fraud. My point is it isn't hypocrisy for these people to complain about student loan forgiveness if they got PPP loans forgiven. Now if they were engaged in PPP fraud...

And many others feel differently, especially from the “by your bootstraps” brigade.

FTR, I literally paid my loans off just last November (the “congrats you paid it off” email had a confetti effect, so that was fun), so I suppose I should be spittle flying angry. I’m not. When you read about how so many people couldn’t get out from under the interest, despite paying loans off faithfully, it makes normal people feel a sense of empathy.

[Anonymous]

Dems not looking good and number one concern is the economy and inflation. This student loan forgiveness is a bigger issue than dems think. A lot of people are upset and lame duck president Biden will not enjoy his last two years.