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Reply to "Canceling $10k of student loan debt is stupid."
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]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.[/quote] Why do you think he doesn't have the authority? It's the federal loan program only--he wouldn't have authority over private loans etc. but it does seem that this is within his purview.[/quote] PP here and usually the legislative branch has authority over spending measures so I'm somewhat surprised that this can be done this way. BTW, my question was shared by Biden himself maybe a year or so ago during a town hall when he questioned whether he had the authority to do this. That said, I am not an expert on the '65 Higher Education Act.[/quote]
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