Canceling $10k of student loan debt is stupid.

[Anonymous]

Anonymous wrote:Up to $125,000 singles or $250,000/for couples is way, way too high.

What a joke.

Exactly, people who make six-figure salaries have *NO ISSUES* paying back a $10k loan.

[Anonymous]

Anonymous wrote:I paid my loans back like a responsible adult. Everyone else can do the same.

So much ahole entitlement mentality these days. This country is going down the toilet.

First it is $10k. Then they'll demand $20k. Then it's $40k. When does it end? What does forgiveness actually do to control costs of college? 5 years from now when you have another generation of whiny ass borrowers, what's going to stop them from demanding another round of forgiveness?

It never ends. Why don't you forgive my mortgage while you are at it? People who didn't take out loans or who paid their back also deserve something.

The whole thing is a moral hazard. Why not pay us for the full ride we struggled and saved for to give our kids? It's not fair to the students who repaid their debt, the students who didn't attend because they wanted to avoid debt, nor the parents who invested in their kids' education instead of taking vacations, buying bigger houses, etc.

[Anonymous]

Anonymous wrote:I'm really surprised he has the authority to do this via executive order. Not just the debt cancellation but also reducing IBR programs from 20 to 10 years and reducing the percentage of discretionary income paid towards loans from 10% to 5%.

I imagine this will be tied up in court for quite some time.

Who is going to sue over this and on what grounds?

[Anonymous]

Anonymous wrote:

Anonymous wrote:I'm really surprised he has the authority to do this via executive order. Not just the debt cancellation but also reducing IBR programs from 20 to 10 years and reducing the percentage of discretionary income paid towards loans from 10% to 5%.

I imagine this will be tied up in court for quite some time.

Who is going to sue over this and on what grounds?

People relying on it should be more concerned about the next president changing the rules back

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I'm really surprised he has the authority to do this via executive order. Not just the debt cancellation but also reducing IBR programs from 20 to 10 years and reducing the percentage of discretionary income paid towards loans from 10% to 5%.

I imagine this will be tied up in court for quite some time.

Who is going to sue over this and on what grounds?

People relying on it should be more concerned about the next president changing the rules back

What rules? It's forgiven. The next president can't just reinstate the debt.

[Anonymous]

I’m regretting working FT through college so that I wouldn’t have to take on debt.

[Anonymous]

Anonymous wrote:I’m regretting working FT through college so that I wouldn’t have to take on debt.

But it's only $10k. That doesn't cover the cost of college.

[Anonymous]

He lost my vote. I know I am only one vote but still

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I'm really surprised he has the authority to do this via executive order. Not just the debt cancellation but also reducing IBR programs from 20 to 10 years and reducing the percentage of discretionary income paid towards loans from 10% to 5%.

I imagine this will be tied up in court for quite some time.

Who is going to sue over this and on what grounds?

People relying on it should be more concerned about the next president changing the rules back

What rules? It's forgiven. The next president can't just reinstate the debt.

The income driven repayment plan amounts and timelines are both being changed by EO. Any change by EO can be undone by EO

[Anonymous]

Anonymous wrote:He lost my vote. I know I am only one vote but still

He campaigned on this - why did you vote for him in the first place? You sound like a republican shocked that a republican politician actually voted to ban abortion

[Anonymous]

Anonymous wrote:

Anonymous wrote:He lost my vote. I know I am only one vote but still

He campaigned on this - why did you vote for him in the first place? You sound like a republican shocked that a republican politician actually voted to ban abortion

I didn’t vote for him. I voted against DT.

[Anonymous]

I went to school on BEOG and lived at home with zero debt.

If this was around back then would have borrowed 5k a year for spring break, nicer car, dinners out and got 20k loan written off

[Anonymous]

I voted against Biden.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I'm really surprised he has the authority to do this via executive order. Not just the debt cancellation but also reducing IBR programs from 20 to 10 years and reducing the percentage of discretionary income paid towards loans from 10% to 5%.

I imagine this will be tied up in court for quite some time.

Who is going to sue over this and on what grounds?

PP here and the grounds would be that the action exceeds his authority under the statute. No idea who will sue, there's usually a special interest group that runs these lawsuits.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I'm really surprised he has the authority to do this via executive order. Not just the debt cancellation but also reducing IBR programs from 20 to 10 years and reducing the percentage of discretionary income paid towards loans from 10% to 5%.

I imagine this will be tied up in court for quite some time.

Who is going to sue over this and on what grounds?

PP here and the grounds would be that the action exceeds his authority under the statute. No idea who will sue, there's usually a special interest group that runs these lawsuits.

Standing is a thing, and it's hard to imagine who has standing here.