Rejoice! Biden is canceling up to $10K in student loans, $20K for Pell Grant recipients for borrowers making less than $125k/year

[Didba 5,511]

https://www.npr.org/2022/08/24/1118879917/student-loan-forgiveness-biden

This is amazing and a seriously blessing.  It will not wipe out my debt from law school but will seriously help.  Any little bit does. But for many others with less than 10-20k left to pay it is a godsend.

@auburn41 in shambles... 🤣 /s

Edited August 24, 2022 by Didba

[Didba 5,511]

https://www.whitehouse.gov/briefing-room/statements-releases/2022/08/24/fact-sheet-president-biden-announces-student-loan-relief-for-borrowers-who-need-it-most/

 

better write-up straight from the source.

Edited August 24, 2022 by Didba

[wdefromtx 3,636]

Doesn't seem like it is really going to fix the problem moving forward. I don't see anything that will help costs from going even higher. Don't get me wrong, I see the need for student loans but they are part of the reason costs high gone way up. 

I hope the short term benefit does not come at a cost.  

 

[Didba 5,511]

18 minutes ago, wdefromtx said:

Doesn't seem like it is really going to fix the problem moving forward. I don't see anything that will help costs from going even higher. Don't get me wrong, I see the need for student loans but they are part of the reason costs high gone way up. 

I hope the short term benefit does not come at a cost.  

 

Definitely not. We need tuition reform like yesterday. 

Insane that my grandfather was a cattle farmer, my grandmother worked at the social security admin and they put three kids through Bama/Auburn in the 70s/80s without taking out any loans.  Now my Dad who makes a lot more than they ever did could barely afford to put me through Auburn until I was in-state and couldn't afford law school at all.

Edited August 24, 2022 by Didba

[wdefromtx 3,636]

16 minutes ago, Didba said:

Definitely not. We need tuition reform like yesterday. 

Insane that my grandfather was a cattle farmer, my grandmother worked at the social security admin and they put three kids through Bama/Auburn in the 70s/80s without taking out any loans.  Now my Dad who makes a lot more than they ever did could barely afford to put me through Auburn until I was in-state and couldn't afford law school at all.

And blue collar working people could afford a decent house and provide for a family as well. 

 

[autigeremt 7,240]

1 hour ago, Didba said:

https://www.npr.org/2022/08/24/1118879917/student-loan-forgiveness-biden

This is amazing and a seriously blessing.  It will not wipe out my debt from law school but will seriously help.  Any little bit does. But for many others with less than 10-20k left to pay it is a godsend.

@auburn41 in shambles... 🤣 /s

You're welcome..........

[autigeremt 7,240]

36 minutes ago, wdefromtx said:

Doesn't seem like it is really going to fix the problem moving forward. I don't see anything that will help costs from going even higher. Don't get me wrong, I see the need for student loans but they are part of the reason costs high gone way up. 

I hope the short term benefit does not come at a cost.  

 

Midterm support........buying votes. 

[wdefromtx 3,636]

Just now, autigeremt said:

Midterm support........buying votes. 

Yep, that crossed my mind too. 

[autigeremt 7,240]

1 minute ago, wdefromtx said:

Yep, that crossed my mind too. 

If it was so important to him why didn't he do it on day 1? It's another political stunt. 

[Didba 5,511]

6 minutes ago, autigeremt said:

If it was so important to him why didn't he do it on day 1? It's another political stunt. 

For me it was because it was never originally important to Biden as a centrist, he added it to his platform to gain strength from progressive Bernie voters after the primaries.  But also midterm support for sure, I agree with that, political stunt? eh, it has tangible benefits for millions of Americans so political stunt or not people are benefiting.

[TexasTiger 14,364]

1 hour ago, autigeremt said:

Midterm support........buying votes. 

Just renting ‘em.

[TexasTiger 14,364]

1 hour ago, autigeremt said:

If it was so important to him why didn't he do it on day 1? It's another political stunt. 

He’s been working on which approach to take since the beginning.

[PUB78 1,413]

2 hours ago, Didba said:

Definitely not. We need tuition reform like yesterday. 

Insane that my grandfather was a cattle farmer, my grandmother worked at the social security admin and they put three kids through Bama/Auburn in the 70s/80s without taking out any loans.  Now my Dad who makes a lot more than they ever did could barely afford to put me through Auburn until I was in-state and couldn't afford law school at all.

Tuition reform has been long overdue, but university reforms have been longer overdue. Universities and colleges are bloated, inefficient and fiscally irresponsible institutions for the most part.

[GoAU 1,696]

2 hours ago, Didba said:

Definitely not. We need tuition reform like yesterday. 

Insane that my grandfather was a cattle farmer, my grandmother worked at the social security admin and they put three kids through Bama/Auburn in the 70s/80s without taking out any loans.  Now my Dad who makes a lot more than they ever did could barely afford to put me through Auburn until I was in-state and couldn't afford law school at all.

Just goes to show you how much we have de-valued our currency over the years, and how silly colleges have gotten with their tuition.  
 

incurring this amount of debt is a disaster for our country.   

2 hours ago, Didba said:

For me it was because it was never originally important to Biden as a centrist, he added it to his platform to gain strength from progressive Bernie voters after the primaries.  But also midterm support for sure, I agree with that, political stunt? eh, it has tangible benefits for millions of Americans so political stunt or not people are benefiting.

Sorry, but I think Biden may be a centrist for the Democrats, but he’s far from a centrist overall.  
 

on a serious note - what exactly gives him the authority to unilaterally pull this stunt?  I assume it’s somewhere hidden in one of the COVID bills, but I wasn’t sure.  Been at work all day - earning money for Brandon to give away.  

[SaltyTiger 8,600]

1 hour ago, TexasTiger said:

He’s been working on which approach to take since the beginning.

Approach? Think you mean scheduling?

[Didba 5,511]

2 hours ago, GoAU said:

Just goes to show you how much we have de-valued our currency over the years, and how silly colleges have gotten with their tuition.  
 

incurring this amount of debt is a disaster for our country.   

Sorry, but I think Biden may be a centrist for the Democrats, but he’s far from a centrist overall.  
 

on a serious note - what exactly gives him the authority to unilaterally pull this stunt?  I assume it’s somewhere hidden in one of the COVID bills, but I wasn’t sure.  Been at work all day - earning money for Brandon to give away.  

The constitution gives him the authority via managing the department of education one of the executive cabinets. Federal student loans are administered by the dept of education. Hence his unilateral ability to forgive the debts. Not one of the Covid bills.  
 

the only person Biden isn’t a centrist for is the republicans. Literally, everyone else in politics, government, academia across the world view Biden/most democrats as moderate centrists. Here’s an academic source for you:

Edited August 25, 2022 by Didba

[TexasTiger 14,364]

1 hour ago, SaltyTiger said:

Approach? Think you mean scheduling?

There’s been a lot of internal debate on how much and the parameters.

[GoAU 1,696]

7 hours ago, Didba said:

The constitution gives him the authority via managing the department of education one of the executive cabinets. Federal student loans are administered by the dept of education. Hence his unilateral ability to forgive the debts. Not one of the Covid bills.  
 

the only person Biden isn’t a centrist for is the republicans. Literally, everyone else in politics, government, academia across the world view Biden/most democrats as moderate centrists. Here’s an academic source for you:

Appreciate the clarification.  So this all ties back to when Obama federalized the student loans.   Seems to be a pretty big overstep to me, as controlling the purse strings has always been more of a legislative function.  
 

at one point, as odd as it sounds, even Pelosi agreed:

But with it being mid terms and all, even she’s towing the party line on this.  It’s just horrible attempt to buy votes without any concern for the long term federal debt ramifications.   Seems odd how they can pass the “Inflation Reduction Act” (good marketing, but not true) one week and brag about long term debt reduction and then a couple of weeks completely offset even the most favorable projections they could put together for it.  

[DKW 86 7,914]

Yea thanks Joe. It is not LOAN FORGIVENESS, IT IS DEBT TRANSFER to those who did not take out the loans.

I will soon have my second kid out of college debt free. Always good to know that the wealthier people can get tax cuts and loan forgiveness while those in DC **** over the middle class. No loan forgiveness for trade schoolers, and hard workers who scrimped and saved. **** THEM. But hey, go buy those votes, over anc over and over and over again. TRANSFER those debts TO THE MIDDLE CLASS. **** THEM YET AGAIN.

 

Edited August 25, 2022 by DKW 86

[AUDub 11,974]

13 hours ago, PUB78 said:

Tuition reform has been long overdue, but university reforms have been longer overdue. Universities and colleges are bloated, inefficient and fiscally irresponsible institutions for the most part.

This has been a common complaint with regard to universities for centuries, but the biggest reason for the exploding cost of tuition has more to do with the recent trend of shifting the burden from the taxpayers to the students. The "small government" ideology. As universities stopped getting the majority of their funding from the public, they were pushed into a competitive market that depended heavily on securing high enrollment numbers.

Universities should not have to compete with each other in order to not go bankrupt, but that's where we're at. All the administrative overhead, all the amenities, all the increasingly broad course offerings? All designed to attract more students because the school depends on that tuition to keep the lights on in a way they didn't before.

As for the students, well the loans did help to absorb some of the blow so cost has been tolerated to a degree, but it was always going end up an untenable situation.

Edited August 25, 2022 by AUDub

[SaltyTiger 8,600]

14 hours ago, TexasTiger said:

He’s been working on which approach to take since the beginning.

I do not get heartburn over something reasonable concerning debt forgiveness and would love to see the root of the problem addressed. It has been discussed previously on this board.
 

When you and I were there anyone could get a very manageable loan, work part time, attend school and live fairly well. Not so today. Of course I note kids living differently than our generation. At least in Auburn. But hey, what is cup of Starbucks vs CamCo vending when your already in hock up to your butt over tuition.

[CoffeeTiger 5,914]

My god Brandon...you MONSTER!

 

[aubiefifty 18,307]

16 hours ago, autigeremt said:

If it was so important to him why didn't he do it on day 1? It's another political stunt. 

would you have time after the dumpster fire known as trump? lets be real here guys.

[CoffeeTiger 5,914]

Fox News going absolutely apocalyptic over this. Love to see it. This is how you know it's helping poor and middle class people more than it is the rich. 

[autigeremt 7,240]

6 minutes ago, aubiefifty said:

would you have time after the dumpster fire known as trump? lets be real here guys.

I am real. It’s unconstitutional (Pelosi even said so in 2021). The president doesn’t have the authority and he knows it.