discussion Student Debt - Update: GOP lawsuit attempts, Biden allows opt-out; FFEL restrictions

[Kassi]

1 hour ago, bad guy said:

 

I'm so used to Dems lying for votes but to manipulate young people (who already didn't wanna vote for you) by stating these things so that they feel trusted in your leadership only to say "SIKE!" is so insidious on so many levels.

It's probably much simpler than that, the other part of his plan likely requires Congress to act.

 

Here's what he said:

------------------------------------

The concept I’m announcing today will align my student debt relief proposal with my forward-looking college tuition proposal. Under this plan, I propose to forgive all undergraduate tuition-related federal student debt from two- and four-year public colleges and universities for debt-holders earning up to $125,000, with appropriate phase-outs to avoid a cliff. The federal government would pay the monthly payment in lieu of the borrower until the forgivable portion of the loan was paid off. This benefit would also apply to individuals holding federal student loans for tuition from private HBCUs and MSIs.

 

This proposal would be in addition to my existing student debt proposals:

• Immediately cancel a minimum of $10,000 of student debt per person, as proposed by Senator Warren in the midst of the coronavirus crisis.
• Those earning less than $25,000 per year will not have to make monthly payments and will accrue no interest
• Those earning more than $25,000 per year will pay no more than 5% of discretionary income toward payments
• After 20 years, the remainder of federal student loans will be forgiven without any tax burden
• Those who participate in public service will be eligible for additional federal loan forgiveness, including $10,000 per year of forgiveness for up to five years.

I would finance this new student debt proposal by repealing the high-income “excess business losses” tax cut in the CARES Act.

 

https://medium.com/@JoeBiden/joe-biden-outlines-new-steps-to-ease-economic-burden-on-working-people-e3e121037322

------------------------------------

 

So basically he did the "immediately cancel" part of his plan using executive authority, and then needs Congress to authorize the "federal government would pay the monthly payment" part. Since the executive branch doesn't have the ability to tax and spend public money for the national government.

 

If anything, it should motivate young people to go out and vote for a congress that handles the rest of the job + tackles tuition costs. 

[Jotham]

22 minutes ago, Kassi said:

It's probably much simpler than that, the other part of his plan likely requires Congress to act.

 

Here's what he said:

------------------------------------

The concept I’m announcing today will align my student debt relief proposal with my forward-looking college tuition proposal. Under this plan, I propose to forgive all undergraduate tuition-related federal student debt from two- and four-year public colleges and universities for debt-holders earning up to $125,000, with appropriate phase-outs to avoid a cliff. The federal government would pay the monthly payment in lieu of the borrower until the forgivable portion of the loan was paid off. This benefit would also apply to individuals holding federal student loans for tuition from private HBCUs and MSIs.

 

This proposal would be in addition to my existing student debt proposals:

• Immediately cancel a minimum of $10,000 of student debt per person, as proposed by Senator Warren in the midst of the coronavirus crisis.
• Those earning less than $25,000 per year will not have to make monthly payments and will accrue no interest
• Those earning more than $25,000 per year will pay no more than 5% of discretionary income toward payments
• After 20 years, the remainder of federal student loans will be forgiven without any tax burden
• Those who participate in public service will be eligible for additional federal loan forgiveness, including $10,000 per year of forgiveness for up to five years.

I would finance this new student debt proposal by repealing the high-income “excess business losses” tax cut in the CARES Act.

 

https://medium.com/@JoeBiden/joe-biden-outlines-new-steps-to-ease-economic-burden-on-working-people-e3e121037322

------------------------------------

 

So basically he did the "immediately cancel" part of his plan using executive authority, and then needs Congress to authorize the "federal government would pay the monthly payment" part. Since the executive branch doesn't have the ability to tax and spend public money for the national government.

 

If anything, it should motivate young people to go out and vote for a congress that handles the rest of the job + tackles tuition costs. 

All of this.

 

There's already a lot of misinformation on Twitter right now surrounding Biden's campaign "promises" on student loans. One of my favorite Twitter users made several good tweets refuting them:

 

 

Also can we get 2RawTooReal an ATRL account? He would slay on this forum tbh

[rihannabiggestfan]

Oof, that toxic trash better not make an ATRL account.

 

And not him admitting that Biden broke his promises lmao. He even left in the "tuition-free" part!

Edited August 24, 2022 by rihannabiggestfan

[ClashAndBurn]

4 minutes ago, Jotham said:

ne of my favorite Twitter users made several good tweets refuting them:

This explains so much     

[A Bomb]

17 minutes ago, ClashAndBurn said:

This explains so much     

I was about to say. All the posts from libs that cry about other members having a harsh tone or being rude really doesn’t mean ****, huh. 

[Communion]

44 minutes ago, Jotham said:

All of this.

 

There's already a lot of misinformation on Twitter right now surrounding Biden's campaign "promises" on student loans. One of my favorite Twitter users made several good tweets refuting them:

 

 

Also can we get 2RawTooReal an ATRL account? He would slay on this forum tbh

This person swore up and down that Biden didn't have the authority to even cancel any debt. Your lying and shepherding blew up in your faces. 

 

Please drop the DNC shilling and stop.using this space for electoral advocacy. It's embarrassing and unbecoming. 

[Communion]

1 hour ago, Jotham said:

There's already a lot of misinformation on Twitter right now

The misinformation in question:

 

 

IF YOU SPENT ANY MOMENT FROM JANUARY 2020 TO AUGUST 2022 *LYING* AND SAYING STUDENT DEBT CANCELLATION ISN'T POSSIBLE TO PROP UP BIDEN, WE DON'T WANT TO HEAR FROM YOU. YOU SHOULD BE ASHAMED. YOU WANTED NONE OF THIS TO HAPPEN. WE GOT TO THIS MOMENT *IN SPITE* OF YOU TRYING TO STOP IT.

 

BE QUIET AND BE GONE!

 

Edited August 24, 2022 by Communion

[rihannabiggestfan]

^ tea

[woohoo]

On 8/23/2022 at 3:36 PM, L0verb0y said:

I mean... I'll take it! BUT that still doesn't address the real issue, predatory interest rates! They need to be lowered. 

Don’t quote me on this, but I did read an article that said if you make a full payment then next month interest doesn’t accrue at all. That’s something. I really like this plan and maybe can be used as framework of dems somehow keep the house this November.

[Sergi91]

Congrats to everyone who will benefit from this! 

[GhostBox]

10 minutes ago, woohoo said:

Don’t quote me on this, but I did read an article that said if you make a full payment then next month interest doesn’t accrue at all. That’s something. I really like this plan and maybe can be used as framework of dems somehow keep the house this November.

That’s what I’m hoping for too. Use this as a good first building block to do even greater things when it comes to this issue. 

[TaggedGalaxy]

Everyone was talking about this at work. Even some of my republican coworkers were praising this

[rihannabiggestfan]

 

[Breathe On Moi]

17 hours ago, HelloLovato said:

I may get dragged for this by my fellow Stan @rihannabiggestfan and I understand that 10k will not address the systemic issues that do desperately need addressing…

 

but I was the first person in my family to go to college and eventually complete my masters in a total of 5 years. I had to work full time serving tables at night while taking full class loads and doing a full time unpaid internship, but still needed loans to supplement what I wasn’t able to cover. In total I needed about $30k+ in loans. I graduated with my masters 3 years ago and got a decent job making about $60k per year (the field I’m in is notoriously low paying). However, I knew I needed my student loan debt gone, so I worked two additional jobs on the side and last month got my loan down to just about $9.5k.

 

So yes, I’m extremely grateful and happy with this forgiveness if it means I don’t have to kill my body working any longer trying not to cripple under debt. 
 

for some people, something is better than nothing and this will impact my life in ways I can’t imagine and means I won’t be pulling 80 hour work weeks for another 2 years.

This is beautiful!!!! 
 

You unintentionally just dragged two of the most unhinged posters on this subject with this. They were not expecting it. You are absolutely amazing and inspiring! You know the worth of finding your own way and making it work! Congrats babe! 

[Communion]

22 minutes ago, Breathe On Moi said:

You unintentionally just dragged two of the most unhinged posters on this subject with this. 

For everyone reading, this poster, just like the above, spent years defending Biden saying "you can't cancel student debt through an executive order". ATRL's search function may be broken, but all public website pages, including ATRL's, get indexed by Google. Let's not test it. 

 

The way some of you are blatantly saying if @HelloLovato was sick or disabled and couldn't pay off their loans to the point they did, you'd be telling them to "shut the **** up". 

 

You quite literally have to be blatantly hateful to 1) not only ignore that the only reason Biden is now doing forgiveness is because of progressives complaining for 2 years who *you* tried to shut up and 2) see two people immensely impacted by the hardship of actually being poor and pursuing higher education, wish each other well, and have a nice exchange yet try to turn it into a fight.

 

That user, myself, and countless others may be tens of thousands of dollars in debt and some of you not, but clearly I don't think *we're* the (spiritually) broke ones based on this post. 

Edited August 25, 2022 by Communion

[bad guy]

3 hours ago, Kassi said:

It's probably much simpler than that, the other part of his plan likely requires Congress to act.

 

Here's what he said:

------------------------------------

The concept I’m announcing today will align my student debt relief proposal with my forward-looking college tuition proposal. Under this plan, I propose to forgive all undergraduate tuition-related federal student debt from two- and four-year public colleges and universities for debt-holders earning up to $125,000, with appropriate phase-outs to avoid a cliff. The federal government would pay the monthly payment in lieu of the borrower until the forgivable portion of the loan was paid off. This benefit would also apply to individuals holding federal student loans for tuition from private HBCUs and MSIs.

 

This proposal would be in addition to my existing student debt proposals:

• Immediately cancel a minimum of $10,000 of student debt per person, as proposed by Senator Warren in the midst of the coronavirus crisis.
• Those earning less than $25,000 per year will not have to make monthly payments and will accrue no interest
• Those earning more than $25,000 per year will pay no more than 5% of discretionary income toward payments
• After 20 years, the remainder of federal student loans will be forgiven without any tax burden
• Those who participate in public service will be eligible for additional federal loan forgiveness, including $10,000 per year of forgiveness for up to five years.

I would finance this new student debt proposal by repealing the high-income “excess business losses” tax cut in the CARES Act.

 

https://medium.com/@JoeBiden/joe-biden-outlines-new-steps-to-ease-economic-burden-on-working-people-e3e121037322

------------------------------------

 

So basically he did the "immediately cancel" part of his plan using executive authority, and then needs Congress to authorize the "federal government would pay the monthly payment" part. Since the executive branch doesn't have the ability to tax and spend public money for the national government.

 

If anything, it should motivate young people to go out and vote for a congress that handles the rest of the job + tackles tuition costs. 

This isn't bad. I was on the phone with FAFSA to figure out what exactly this plan entails and they didn't know yet. Hopefully his messaging gets better because I'm still a bit in the dark about this plan in its entirety in regards to my loans.

[rihannabiggestfan]

Not people getting over 4 million dollars forgiven tho  it's not fair that students only get 10k

 

[Breathe On Moi]

34 minutes ago, Communion said:

For everyone reading, this poster, just like the above, spent years defending Biden saying "you can't cancel student debt through an executive order". ATRL's search function may be broken, but all public website pages, including ATRL's, get indexed by Google. Let's not test it. 

 

The way some of you are blatantly saying if @HelloLovato was sick or disabled and couldn't pay off their loans to the point they did, you'd be telling them to "shut the **** up". 

 

You quite literally have to be blatantly hateful to 1) not only ignore that the only reason Biden is now doing forgiveness is because of progressives complaining for 2 years who *you* tried to shut up and 2) see two people immensely impacted by the hardship of actually being poor and pursuing higher education, wish each other well, and have a nice exchange yet try to turn it into a fight.

 

That user, myself, and countless others may be tens of thousands of dollars in debt and some of you not, but clearly I don't think *we're* the (spiritually) broke ones based on this post. 

[ZIVERT]

4 hours ago, Jotham said:

All of this.

 

There's already a lot of misinformation on Twitter right now surrounding Biden's campaign "promises" on student loans. One of my favorite Twitter users made several good tweets refuting them:

 

 

Also can we get 2RawTooReal an ATRL account? He would slay on this forum tbh

Wow, he dragged and made several points! Certain users that virtue signal and then gaslight and diminish your experience when confronted would have to work overtime if he were a member here 

[Communion]

11 minutes ago, Breathe On Moi said:

Shocker - people remember when others gaslight them and attack progressive policies as "undoable". 

 

I'm glad that student debt is so popular now that even those who passionately fought against progressive policy including it for years now wanna steal credit.

 

We'll be keeping the receipts of every blue check, Resistance liberal and, yes, even ATRL members ever having said at any point over the last 2 years that this wasn't possible for when the "THAT'S NOT POSSIBLE OR POPULAR!!!" crowd try to next speak over progressives. :

Edited August 25, 2022 by Communion

[rihannabiggestfan]

 

 

 

 

[Contessa]

21 minutes ago, Communion said:

Shocker - people remember when others gaslight them and attack progressive policies as "undoable". 

 

I'm glad that student debt is so popular now that even those who passionately fought against progressive policy including it for years now wanna steal credit.

 

We'll be keeping the receipts of every blue check, Resistance liberal and, yes, even ATRL members ever having said at any point over the last 2 years that this wasn't possible for when the "THAT'S NOT POSSIBLE OR POPULAR!!!" crowd try to next speak over progressives. :

[Kassi]

Turning this moment into politics is so awful 

 

I’ve been trying to stay on topic but some of y’all are truly dragging it. Can we just revel in the most progressive President of all time delivering yet another progressive victory (right after the largest investment in climate change) for a second? Damn. 
 

The fact of the matter is, the executive branch doesn’t haven’t the ability to fully cancel $2 trillion in student debt. But I’m glad Biden is doing what he can from his position in power. Now we need to deliver a blue wave to finish the job that Democrats like Elizabeth Warren started. 

[infrared]

Not “most progressive president of all time” - I wouldn’t go that far 

[Into The Void]

On 8/23/2022 at 2:43 PM, Happylittlepunk said:

10k is better than nothing tbh. Some of these people want 100k in student debt forgiveness when majority of college students don’t have that high debt. Anyone who has more than 100k in student debt is literally a fool. How can anyone do that too themselves or too their parents. That’s not smart financial decision. 

This i wish I had 10k taken of my loans back in the day. I know its hard but 10k is better than nothing.