More cancelled student debt

[headshuck]

“Biden has now unilaterally wiped away nearly $138 billion in federal student loans for almost 3.9 million borrowers without a single act of Congress. The student loan bailouts come after the U.S. Supreme Court blocked Biden's initial debt cancelation plan last year, which would have cost more than $400 billion. “

 

Hypothetically, a new administration could cancel the cancellation right?

[Wrestleknownothing]

  On 2/21/2024 at 1:08 PM, headshuck said:

 

“Biden has now unilaterally wiped away nearly $138 billion in federal student loans for almost 3.9 million borrowers without a single act of Congress. The student loan bailouts come after the U.S. Supreme Court blocked Biden's initial debt cancelation plan last year, which would have cost more than $400 billion. “

 

Hypothetically, a new administration could cancel the cancellation right?

 

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No, unless the cancellation causes the entity that is owed money to become bankrupt, once a debt is cancelled it is cancelled. And the government is not eligible for bankruptcy protection.

One thing to note is none of these cancellations are through new programs created by the Biden administration. In some cases they are just being proactive with existing programs and in others they are just claiming credit for things that have always happened and would have happened no matter who was president.

[JimmyBT]

Does anyone else find it odd that the educated “smart” people NEED the uneducated “stupid” people to help pay for their education???  You just can’t make this shit up.  

[Ohio Elite]

  On 2/21/2024 at 1:42 PM, JimmyBT said:

Does anyone else find it odd that the educated “smart” people NEED the uneducated “stupid” people to help pay for their education???  You just can’t make this shit up.  

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[JimmyBT]

  On 2/21/2024 at 1:45 PM, Ohio Elite said:

 

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I made a thread about Jimmy creating the dept of education a couple months back.  He’s why we’re as messed up in our schools and colleges as we currently are.  Anything the government touches turns to shit. 

Edited February 21, 2024 by JimmyBT

[ThreePointTakedown]

  On 2/21/2024 at 1:42 PM, JimmyBT said:

Does anyone else find it odd that the educated “smart” people NEED the uneducated “stupid” people to help pay for their education???  You just can’t make this shit up.  

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Your prejudice is showing. You should take care of that. 

[JimmyBT]

  On 2/21/2024 at 2:22 PM, ThreePointTakedown said:

Your prejudice is showing. You should take care of that. 

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You don’t even know what that word means. And Sorry you don’t like facts.  Shouldn’t all the brainiacs be able to figure it out?  I mean they’re the smart ones right????  

Edited February 21, 2024 by JimmyBT

[Bigbrog]

Wait...I thought it was "privilege"??  Ahhh...I bet "Prejudice" is the word of the month for the virtue signaling club

[Offthemat]

  On 2/21/2024 at 2:28 PM, Bigbrog said:

Wait...I thought it was "privilege"??  Ahhh...I bet "Prejudice" is the word of the month for the virtue signaling club

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Durned predictive text. 

[JimmyBT]

T oilet P aper T ommy has been pretty quiet the last couple weeks. It’s good to see him back from pouting about being wrong.  I kinda missed toying with the “say gooder” do nothing soy boy. 

[red viking]

He's helping the battle against inflation. 

[jross]

 

People must accept responsibility for their choices.

Nobody else is ever responsible for your situation but you.

Honor your commitments.

Pay your bills.

[jross]

 

[ionel]

Its an election year, we want more "free" stuff.

Can he also cancel the national debt?

[headshuck]

It seems these policies encourage parents not to help cover their children’s debt like so many of us have had to do.

[uncle bernard]

  On 2/21/2024 at 3:16 PM, jross said:

 

People must accept responsibility for their choices.

Nobody else is ever responsible for your situation but you.

Honor your commitments.

Pay your bills.

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Much of this cancellation is from already existing programs incentivizing people taking lower pay public sector jobs (teaching for example). Work for the public for 10 years, make your payments, and the rest is forgiven. Many people took those jobs specifically for this loan plan. It's part of the benefits package. It's hardly letting lazy people off the hook for their obligations.

[Wrestleknownothing]

  On 2/21/2024 at 3:25 PM, ionel said:

Its an election year, we want more "free" stuff.

Can he also cancel the national debt?

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You may want to brush up on the difference between borrowers and lenders.

[ThreePointTakedown]

  On 2/21/2024 at 4:44 PM, uncle bernard said:

Much of this cancellation is from already existing programs incentivizing people taking lower pay public sector jobs (teaching for example). Work for the public for 10 years, make your payments, and the rest is forgiven. Many people took those jobs specifically for this loan plan. It's part of the benefits package. It's hardly letting lazy people off the hook for their obligations.

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Amen. 

[jross]

  On 2/21/2024 at 4:44 PM, uncle bernard said:

Much of this cancellation is from already existing programs incentivizing people taking lower pay public sector jobs (teaching for example). Work for the public for 10 years, make your payments, and the rest is forgiven. Many people took those jobs specifically for this loan plan. It's part of the benefits package. It's hardly letting lazy people off the hook for their obligations.

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It is exactly allowing people off the hook for their obligations.

Who said lazy? [you]   

Making education affordable is disconnected from bailouts.  

[headshuck]

Miguel Cardona: "If you’ve been paying for a decade, you’ve done your part, and you deserve relief."

Hmm. How about federally backed 30-year mortgages?

[Offthemat]

  On 2/21/2024 at 4:44 PM, uncle bernard said:

Much of this cancellation is from already existing programs incentivizing people taking lower pay public sector jobs (teaching for example). Work for the public for 10 years, make your payments, and the rest is forgiven. Many people took those jobs specifically for this loan plan. It's part of the benefits package. It's hardly letting lazy people off the hook for their obligations.

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More evidence of his decline.  Those people were already going to vote for him. 

[ionel]

  On 2/21/2024 at 4:47 PM, Wrestleknownothing said:

You may want to brush up on the difference between borrowers and lenders.

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Ok ... since my grand & great grand kids are loaning the money can I on their behalf (since they aren't yet born) cancel the debt?  

Also, I don't think Biden is a student loan lender moreover me thinks he might have overstated our balance sheet.  

Edited February 21, 2024 by ionel

[uncle bernard]

  On 2/21/2024 at 4:55 PM, jross said:

It is exactly allowing people off the hook for their obligations.

Who said lazy? [you]   

Making education affordable is disconnected from bailouts.  

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They paid their loans back through service, which they agreed upon from the outset of taking the job. It's like a retroactive GI bill. Do public service and we'll pay for your education. Are you against the GI bill too?

The other thing to note is that many of these people have already paid more than the original amount of their loan.

Edited February 21, 2024 by uncle bernard

[uncle bernard]

  On 2/21/2024 at 5:01 PM, Offthemat said:

More evidence of his decline.  Those people were already going to vote for him. 

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Have you seen his numbers with young people? lol

[Wrestleknownothing]

  On 2/21/2024 at 5:08 PM, ionel said:

Ok ... since my grand & great grand kids are loaning the money can I on their behalf (since they aren't yet born) cancel the debt?  

Also, I don't think Biden is a student loan lender moreover me thinks he might have overstated our balance sheet.  

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Since they are not, no.