Pressures aligning on Biden, Democrats to forgive student loans Broad-based student loan forgiveness has gained support among Democratic leaders like Senate Majority Leader Charles Schumer (D-N.Y.), who are looking to Biden for support on the issue as the party prepares for a critical election year. “Pressure is mounting from all fronts. It’s mounting from grassroots, it’s mounting from the public, and it’s mounting from members of Congress. And the reality of the economy, the midterms, there are several pressures that are aligning. They really have to deliver,” said Thomas Gokey, an organizer with the Debt Collective. Federal student loan payments were first paused under a moratorium enacted under then-President Trump in March 2020. The freeze has been extended several times since under both the Trump and Biden administrations. “If he has the authority to pause student loan payments, he has the authority to cancel, and he ran on canceling at least $10,000,” Rep. Jamaal Bowman (D-N.Y.) told The Hill. “We're pushing him to completely cancel it, and that's what we hope he decides to do.”
They are just going down the list of areas where they can find some kind of winner, many previous attempts, having failed, and voting rights bill failure coming right up. They desperately need a win. The student loan forgiveness thing was previously buried in the Build Back Broke bill but they had to strip it out as part of the attempts to get the bill to pass. Now they are going at it again to pretend that that there is all sorts of stand alone support for it. Also in regard the statement below- quoted from the article- that is just a complete and total crock with absolutely no basis in law an reality. In fact the opposite is true - ie. the president has the authority to do all sorts of things based on emergency powers that cannot be extended permanently without congressional approval. Sheesh. What's next? Arguing that if the president can order temporary rent relief or forebearance that he can certainly declare that housing will be free in the future and no landlords will ever be paid again? Of course, the AOC'S of the world will drive a fierce discussion of it no doubt. Y'all remember AOC, right? The rep who makes 176K a year and says there is no way that she can ever pay off her 17,000 student loan. CROCK ALERT!!!!! “If he has the authority to pause student loan payments, he has the authority to cancel, and he ran on canceling at least $10,000,” Rep. Jamaal Bowman (D-N.Y.) told The Hill. “
What about the students who worked extra jobs so they wouldn't have to borrow, or had parents who chose to do so to keep their children out of debt?
What about the parents who saved strongly for their kid's college educations -- gave up taking fancy vacations, buying high end cars, and didn't live in luxury mansions. As they watched some of their neighbors living high on the hog and sending their kids to college with big loans. Should these college loans simply be forgiven and the taxpayer take the hit. Absurd! Especially since the large majority of college loans went to the middle class -- not to the poor.
If Biden were smart he'd do this before the mid terms and 2024.Cancel 10,000 before the election and promise another 10 if he wins re election.You see how voters got out for Warneck and Ossolf for 1400 checks.
Over 80% of the loan forgiveness -- goes to people who are well-to-do & middle class. The majority of loan forgiveness will not go to minorities. I could support a "loan forgiveness" supporting those who are low income -- but not this mess. This is a large scale giveaway from the government to the well-to-do. It's utterly idiotic and offensive to everyone (including myself) who worked hard and saved so our children would not be burdened with student loans.
Or based on the earning power of the degree. A good portion of the nonperforming loans are for trade schools.
The good bulk of the non-performing loans are for the for-profit colleges. You know... those scam colleges that most companies do not consider to be legitimate college degrees.