The U.S. Supreme Court on Wednesday denied President Joe Biden his plan to force taxpayers to pay off the debts of college students, at least until the lawsuits against the Biden Administration make their way through the appeals courts.
Last year, the court also halted a Biden Administration plan to transfer $400 billion in college loan debt to taxpayers.
Under the now-dead Biden plan, student loan borrowers would not have to make payments on they loans if they earn less than $32,800 a year.
A coalition of states filed a legal challenge in April against the Biden Administration’s efforts to at least partially forgive the debts of 30 million Americans, transferring those debts to working class Americans. Biden has pursued loopholes to get around the Supreme Court.
A year ago, the Education Department finalized its Saving on a Valuable Education, or SAVE plan, after the court had already said that Biden could not do what he intended to do, which was to transfer the debts of Americans to other Americans.
Forgiving a college loan is not right. Canceling the interest on the loan is. People can pay off the loan, it is the interest that enslaves people
You are correct, the predatory nature of the student loan interest set up is geared towards maximizing profits for the banking industry.
If you cannot afford the payments, you should not have taken the loan.
Don’t tell me that somehow college should be any different than any other expense. If you actually studied a field that had good job prospects, you would be able to pay off the loan. Millions of people have since the idea of borrowing money for higher education first surfaced. But… suddenly there is a problem? Perhaps it is the colleges giving out masters degrees in hyphenated-American studies, and other worthless degrees.
.
Besides, the interest on car loans and mortgages enslaves people too. So, where is the call to eradicate that interest?
Don’t take out a loan you can’t afford if you don’t have a clear path to serving said debt.
And the people who signed up for the interest payment chose to do so willingly, had they decided to forgo borrowing they wouldn’t have willfully enslaved themselves.
If the government wanted to actually help people they’d get out of the student loan business altogether and our government schools would teach children basic economics so they would know how interest on loans work instead of profiteering off of uneducated children.
The goal never was to actually do anything. It was to get the press for voters.
Spot on TMA….sad most people missed that part of the movie.
Exactly. If they wanted to truly fix the issue, they would look at the lending practices and establish more low/no interest loans for education.
Democrats have a long history of forcing other people to do their work. I don’t cotton to that.
We all know that working class tax payers money should only be used for subsidizing the wealthy corporations. The trickle down plan never has worked and never will.
We? Mouse in your pocket?
Go home son. Adults are talking.
Here’s an idea: if the poor, beleaguered students need a break, how about the university system give it to them instead of the public? Despite the supposedly horrid tuition, the University of Alaska annually devours @ 15%-20% of the state operating budget, and that despite the fact that it is a land grant university system. They gobbled up over $859 million from the FY23 state operating budget. To add insult to injury, they routinely donate lands to extreme environmental preservation NGOs. Moreover, they appear to produce as many extremists than contributors to society.
SCOTUS says loan forgiveness is not legal.
Biden admin ignores SCOTUS.
Wash, rinse, repeat.
Unless it is a PPP Loan!
Doesn’t matter if the SAVE plan is temporarily “dead”. Biden Admin just froze the payments (and interest) again. If the SAVE plan ultimately fails in court, they’ll just craft a new plan to sneak forgiveness through the back door. If that then gets challenged in court, they’ll just freeze the payments (and interest) AGAIN. And so on and so forth which equates to a de facto forgiveness. Why is a loan payment/interest freeze a forgiveness? “If the government decides to spend the same amount it budgeted to spend before freezing interest, and it receives less money from interest due to the freeze, it must then take more money from present or future taxpayers.”
Smart debtors continue to pay, regardless of the freeze.
Most however don’t.
Hunter must have had an unpaid college debt.
The Communist Chinese didn’t think he actually went to college. He seemed more like a rich playboy with low level street smarts.
Of course, Just because a parent sends a child to college doesnt mean a professor can make a silk purse out of a sow’s ear. 🙂
There are two easy ways to deal with this issue.
-get the federal government out of education entirely.
-create a plan where debtors can get forgiveness by working for America.
Lots of infrastructure needs lots of work. Even lesbian chanting studies grads can lift a shovel.
The US Department of Education is getting rich on the student loan debacle.
Used to be that you got a decent education that allowed you to pay bank student loans.
Now you get a worthless degree that costs much more such that you can’t earn enough to repay your loans.
Democrats have no morals. It’s a trait of atheism, without GOD there are no morals, only rules. Made up as they go to satisfy their desires and persecute
their enemies.
Great headline, SD.
The headlines about this decision in the biased media are so far to the left, it shows their editors have lost persective. “Student debt relief dealt a blow”. Etc.
All of these people who took this money agreed to pay it back. Now they whine like little babies when they are forced to pay back $200,000 in debt for their basket weaving degree in scoical studies.
Not my problem.
I might be willing to allow some debt payments by the government if there was a return for the investment. For every $10,000, or portion forgiven, the recipient of the benefit should be required to serve minimum of one year active military service. No service, no forgiveness. No excuses or wavers. Able bodies serve regular hitches. Handicapped can serve in admin services. To be paid in arrears after each year of service. If the year is not completed, the benefit is withdrawn entirely and no service related repayment made.
This would solve three problems: 1) Decline in military enrollment and staffing would be lessened or eradicated altogether; 2) Recruits will learn skills that they can transfer to civilian venues; 3) Those who complete a year or more in service will be less whiny and self centered.
I would venture that after one or two years, some of the recruits would drop out of the program, but by then they would, hopefully, have enough training and real world experience to venture to repay their balances on their own.