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Old 10-03-2022, 02:09 AM
 
6 posts, read 1,653 times
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it is legal, of course. Saying this as a lawyer
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Old 10-03-2022, 08:36 AM
 
Location: Shawnee-on-Delaware, PA
7,936 posts, read 7,285,378 times
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Quote:
Originally Posted by fehmann56 View Post
it is legal, of course. Saying this as a lawyer
Thanks, that settles it! Who needs the SCOTUS?
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Old 10-08-2022, 03:34 PM
 
Location: Oregon, formerly Texas
10,004 posts, read 7,144,615 times
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The Higher Education Act of 1965 which is the legislative foundation of federal student loans, makes it clear that the executive branch is in charge of them.

At the very least, even if the SCOTUS says the loans can't be completely forgiven; the president can just say they won't collect payments.

That would put the political cost on the next president to restart them. I look forward to seeing how popular that move is.
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Old 10-08-2022, 08:55 PM
 
Location: NJ
23,789 posts, read 33,249,189 times
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Quote:
Originally Posted by fehmann56 View Post
it is legal, of course. Saying this as a lawyer


What type of lawyer are you?




Quote:
Originally Posted by redguard57 View Post
The Higher Education Act of 1965 which is the legislative foundation of federal student loans, makes it clear that the executive branch is in charge of them.

At the very least, even if the SCOTUS says the loans can't be completely forgiven; the president can just say they won't collect payments.

That would put the political cost on the next president to restart them. I look forward to seeing how popular that move is.


Everything I've read says it's going to be a cluster f*ck when loans restart, unless Biden puts them on hold again because servicers that are left are not ready.

I've read that a lot of loans do not even have the right payments applied and the balances are badly off. Of course I'm not finding an article. I'll have to see if I still have it open on my cell.

For anyone following this thread that has student loans, go to your servicer to make sure your balance is correct.

I don't recall the article saying what to do if it was not right.
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Old 10-08-2022, 09:47 PM
 
Location: Oregon, formerly Texas
10,004 posts, read 7,144,615 times
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Quote:
Originally Posted by Roselvr View Post
What type of lawyer are you?








Everything I've read says it's going to be a cluster f*ck when loans restart, unless Biden puts them on hold again because servicers that are left are not ready.

I've read that a lot of loans do not even have the right payments applied and the balances are badly off. Of course I'm not finding an article. I'll have to see if I still have it open on my cell.

For anyone following this thread that has student loans, go to your servicer to make sure your balance is correct.

I don't recall the article saying what to do if it was not right.
There's so much confusion I imagine if they try, there would be massive non-compliance. People won't know what they're supposed to pay, they'll think a big chunk got forgiven, etc...
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Old 10-15-2022, 04:21 AM
 
Location: NJ
23,789 posts, read 33,249,189 times
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The application is available here

Feds release preliminary application for student loan forgiveness; relief to come later - 10/14/22

Quote:
The federal government released a preliminary application form for its mass student debt cancellation plan late Friday night.

Borrowers can submit their applications, but they won’t be processed until later this month. The application is available here, though the agency said it would pause the site periodically for maintenance.

The feds have encouraged borrowers to file their forms by Nov. 15 if they want to see their balances shrink before the end of a freeze on payments that began during the pandemic and ends in January.

And earlier this week, the federal government teased what the application form would look like and what borrowers would need for relief. To apply, they will have to provide their Social Security number and birthdate in the government's online form.

As part of that, they will self-attest that they earn less than $125,000 a year, or $250,000 for couples, and those who provide false information could face fines or jail time. Some borrowers may have to file proof of their income. The application is available in English and Spanish and via desktop computer or cell phones.
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Old 10-21-2022, 07:06 PM
 
Location: Honolulu, HI
24,188 posts, read 9,120,139 times
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Federal appeals court has blocked it.

Quote:
WASHINGTON, Oct 21 (Reuters) - A U.S. appeals court on Friday temporarily blocked President Joe Biden's plan to cancel billions of dollars in college student loans, one day after a judge dismissed a Republican-led lawsuit by six states challenging the debt-forgiveness program.

The 8th U.S. Circuit Court of Appeals granted the states' emergency petition to freeze the loan forgiveness plan until the court rules on their request for a longer-term injunction while Thursday's decision against the states is being appealed.
https://www.reuters.com/markets/us/u...an-2022-10-21/
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Old 10-21-2022, 09:57 PM
 
Location: Shawnee-on-Delaware, PA
7,936 posts, read 7,285,378 times
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Quote:
Originally Posted by Rocko20 View Post
Federal appeals court has blocked
]
Yep, saw that. It's a temporary injunction for now. May become permanent based n the ruling. May go to SCOTUS.
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Old 10-22-2022, 08:16 AM
 
1,225 posts, read 532,159 times
Reputation: 1123
Quote:
Originally Posted by jtab4994 View Post
Yep, saw that. It's a temporary injunction for now. May become permanent based n the ruling. May go to SCOTUS.
The injunction makes sense pending argument, just because it holds off on enacting part of the plan that will be a tremendous pain to walk back if overturned.

I still think this goes through. The legislation that the feds are citing (HEROES Act) was already passed and grants wide executive authority in this matter. The States' case seems largely centered on their "injury" via potential poor return on pension investments made in the loan servicing companies. If that's the case, I see the courts turning around and essentially telling the States to make better investments, something they are empowered to do regardless of any federal action.
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Old 10-22-2022, 05:26 PM
 
16,893 posts, read 16,166,447 times
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Quote:
Originally Posted by redguard57 View Post
There's so much confusion I imagine if they try, there would be massive non-compliance. People won't know what they're supposed to pay, they'll think a big chunk got forgiven, etc...
They better figure it out fast. Those loans ain't gonna pay themselves.
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