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Old 11-12-2022, 10:21 PM
 
8,274 posts, read 3,736,244 times
Reputation: 5879

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Quote:
Originally Posted by Rakin View Post
True but this ruling comes 1 day after the election so it accomplished what it set out to do.

Buy Democrat votes.
As we know from handouts Trump took credit for, buying votes in this manner doesn't work as well as candidates would like.
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Old 11-12-2022, 11:12 PM
 
Location: NJ
23,763 posts, read 33,153,129 times
Reputation: 30571
Quote:
Originally Posted by Rocko20 View Post
Update. It's illegal again.


https://www.usatoday.com/story/news/...t/10664760002/



Agreed and well stated. The economy would collapse if no one ever had to pay back their loans.

Weaponizing personal debt into political votes is absurd.


Biden dragged his feet for a long time. I'm sure he has known it will end up not being legal, and that he used to just to get democratic votes. Not surprised it's looking illegal. Guess people better start planning 2 repay their college debt



What student loan borrowers need to know after a federal court struck down Biden’s forgiveness program

Quote:
While the Biden administration has faced several legal challenges to the student loan forgiveness program since it was announced in August, the ruling on Thursday is the most significant setback thus far – prompting the Department of Education to stop accepting applications for debt relief.

Biden’s program was already on hold due to a separate legal challenge, but the administration had continued accepting applications, having received 26 million to date.

The Texas decision “makes it more likely that the issue will ultimately go to the Supreme Court, though it is still too early to say,” said Abby Shafroth, staff attorney at the National Consumer Law Center.

Borrowers will have to wait for the government’s appeal to the 5th Circuit Court to play out.

It could take months for the court to issue a final ruling. If it overturns the Texas lower court’s ruling, then the Biden administration could begin canceling student debt.

But the Department of Justice could also ask for an emergency stay of the Texas judge’s order. If granted – and if a different appeals court ends its temporary stay on the program in a separate, pending case – then the administration would be allowed to cancel debt before a final ruling is made by the 5th Circuit.
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Old 11-14-2022, 03:42 PM
 
Location: deafened by howls of 'racism!!!'
52,227 posts, read 33,819,932 times
Reputation: 28954
Quote:
Originally Posted by Roselvr View Post
Biden dragged his feet for a long time. I'm sure he has known it will end up not being legal, and that he used to just to get democratic votes. Not surprised it's looking illegal. Guess people better start planning 2 repay their college debt

What student loan borrowers need to know after a federal court struck down Biden’s forgiveness program
you got it.

Pelosi says Biden "does not" have the power to cancel student loans
“People think that the president of the United States has the power for debt forgiveness. He does not...That has to be an act of Congress."
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Old 11-14-2022, 04:39 PM
 
9,691 posts, read 7,494,108 times
Reputation: 24027
Quote:
Originally Posted by TMSRetired View Post
Exactly that. FWIW the EO never appeared on whitehouse.gov or was published in the Federal Register.
They knew it wouldn't hold water
And yet, they set up the website to take applications, like it was legit.

<<Biden’s program was already on hold due to a separate legal challenge, but the administration had continued accepting applications, having received 26 million to date.>>

I couldn't believe it when the local news was promoting the website and telling people to apply. My daughter and son in law told us they had applied and that they heard the checks would be out shortly. They had no idea there was any issue about it being real.
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Old 11-14-2022, 05:50 PM
 
Location: Western North Carolina
7,952 posts, read 10,510,959 times
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It was a "carrot", bait to get those hoping for student debt relief to the polls during the mid-terms.
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Old 11-14-2022, 07:49 PM
 
16,835 posts, read 16,082,779 times
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Quote:
Originally Posted by KaraG View Post
And yet, they set up the website to take applications, like it was legit.

<<Biden’s program was already on hold due to a separate legal challenge, but the administration had continued accepting applications, having received 26 million to date.>>

I couldn't believe it when the local news was promoting the website and telling people to apply. My daughter and son in law told us they had applied and that they heard the checks would be out shortly. They had no idea there was any issue about it being real.
Biden even said that the checks would be mailed out. It seems that the loan applicants were led to believe that they would be getting checks in the mail for 10K. Biden is a liar.
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Old 11-15-2022, 05:14 AM
 
1,204 posts, read 522,173 times
Reputation: 1103
Quote:
Originally Posted by uggabugga View Post
you got it.

Pelosi says Biden "does not" have the power to cancel student loans
“People think that the president of the United States has the power for debt forgiveness. He does not...That has to be an act of Congress."

It wouldn't actually have been Biden forgiving the debt. That power would have been entrusted to the Secretary of Education.

I predict a few ways this may go:
1. Repayment paused again, at least for the duration of legal activity, and maybe even until July when other program changes are scheduled to take effect.
2. If the ruling comes down that debt forgiveness won't fly, the Sec Ed may tweak the program to simply stop repayment on all loans for those under the income cap while a new program is created or amendments are made to the existing PSLF or income-driven plans. In theory, they could hold repayment until the loans age out and are set to be forgiven by statute, leaving the ball in someone else's court to start repayment again. It could be a politically risky move for whoever comes next, and I wouldn't expect it to be automatic based on party.
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Old 11-15-2022, 07:08 AM
 
8,181 posts, read 2,731,489 times
Reputation: 6015
The federal student loan program should be abolished and privatized.

Banks charging high interest on what is a risky loan with little or no collateral to someone with no credit history isn't predatory lending. That's just good credit risk management.
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Old 11-15-2022, 03:03 PM
 
Location: Shawnee-on-Delaware, PA
7,908 posts, read 7,245,693 times
Reputation: 15994
Quote:
Originally Posted by albert648 View Post
The federal student loan program should be abolished and privatized.

Banks charging high interest on what is a risky loan with little or no collateral to someone with no credit history isn't predatory lending. That's just good credit risk management.
Your post is a little off topic, but you've given me an idea. I'm starting a new thread.
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Old 11-17-2022, 06:24 AM
 
Location: NJ
23,763 posts, read 33,153,129 times
Reputation: 30571
Quote:
Originally Posted by KaraG View Post
And yet, they set up the website to take applications, like it was legit.

<<Biden’s program was already on hold due to a separate legal challenge, but the administration had continued accepting applications, having received 26 million to date.>>

I couldn't believe it when the local news was promoting the website and telling people to apply. My daughter and son in law told us they had applied and that they heard the checks would be out shortly. They had no idea there was any issue about it being real.

I think the only people that would get an actual check were the ones who paid during the pause who could get back up to $10k or $20k depending on what they paid during the pause.

Those getting student loan forgiveness would not get a check, their loan balance would go down by $10k or $20k.
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