It’s not forgiveness: it’s relief, since it only did away with $10K for most and $20K for Pell Grants, leaving people who took out loans they wouldn’t be able to easily repay based on their degrees with lots of debt
(Fox News) In the opinion, Roberts cited then-Speaker Pelosi’s words saying the president did not have the power to cancel federal student loan debt.
“As then-Speaker of the House Nancy Pelosi explained: ‘People think that the President of the United States has the power for debt forgiveness. He does not,’” Roberts quoted Pelosi’s July 28, 2021, press conference. “‘He can postpone. He can delay. But he does not have that power. That has to be an act of Congress.’”
So, sure, why not try plan b, which they had ready to go, knowing that plan a wouldn’t survive because it was un-Constitutional. Do they think plan b will survive? They would have used it first
Biden reveals Plan B for student debt forgiveness
The Supreme Court on Friday dealt a fatal blow to President Joe Biden’s plan to cancel student debt for tens of millions of Americans.
But Biden student debt relief isn’t dead yet.
Just hours after the court’s conservative majority rejected his loan forgiveness program as a drastic overreach of executive authority, Biden moved swiftly to resuscitate his efforts to cancel debt by invoking a different legal authority. (snip)
But Biden’s second attempt will face a range of major challenges, both practical and legal, as he embarks on what’s going to be a lengthy regulatory process that’s likely to stretch well into next year ahead of the presidential election.
For starters, the White House is barreling toward a deadline this fall as it prepares to resume collecting monthly payments from tens of millions of borrowers who have had their debt frozen since March 2020.
So, what is it?
Biden administration officials acknowledged Friday that their Plan B option — the Higher Education Act path — would involve far more bureaucratic hoops and regulatory minutia than the administration’s first plan, which was quickly implemented once Biden announced it last August.
“This new path is legally sound,” Biden said. “It’s going to take longer, but, in my view, it’s the best path that remains to providing for as many borrowers as possible with debt relief.
It’s a convoluted measure that will be difficult to implement and even start. Which will not survive judicial review, most likely. I slightly feel for these folks in that the government has bailed out many banks and businesses, but, then, I do not think they should have been bailed out. You take the risk, and other people really shouldn’t have to pay for your risky behavior. If you invest a boatload of money in a business venture and it goes bust, no one is helping those individuals. Nor should they. If you put your money in a shaky bank operating on principles like DEI rather than sound, established, safe principles, well, you can get your FDI insured $150K, and that’s it. You made the poor decision to keep your money in that bank. If you take out $100K in student loans for a degree in Medieval Art History or Feminist Studies, or heck, get a law degree but aren’t that good, that’s on you. Pay your bills
Education Secretary Miguel Cardona announced Friday that student loan repayment would continue as planned this fall. But he said the administration was taking new steps to ease the resumption of payments, which will include the tens of millions of Americans who were promised relief under the now-defunct program.
The Education Department said it would create an “on-ramp” 12-month transition period in which borrowers won’t get dinged on their credit reports for missing payments, though interest will continue to accrue. Department officials had earlier this month told loan servicers to develop an initial 90-day period of what they internally call a “safety net” period and to be prepared for subsequent extensions.
Those people should have been saving since the Wuhan Flu pandemic started, since 1) the relief of a portion of their loans might not happen and 2) they would still be left with debt that had to be paid regardless. If one owed $40K and had $10K lopped off, they still had to pay on the $30K, right? These folks should have been saving for the resumption of payments. I wonder how many did, and how many pissed it away while taking lots of fossil fueled travel to take selfies and TikTok vids, along with having all their food delivered? And, really, they shouldn’t have taken out loans they couldn’t pay.
I’m personally OK with not killing them on their credit reports (though, it’s already there and doesn’t usually help, with loan companies seeing what they already owe as debt). I’m also fine with doing something like reducing interest, since Democratic Party run colleges are essentially over-charging because it’s so easy for the kiddies to get loans.
Read: Brandon Regime Trots Out Plan B For Student Loan Relief »
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