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The “logical” reason is that the feds can forgive loans they provided. My student loan is from the US government... just like a PPP loan that will be forgiven. My mortgage is from Wells Fargo.
so then mortgages granted by FHA, VA, fanny,sally, freddy would be allowed to be forgiven? since they are federal?
And there we have it folks, liberal cognitive dissonance proudly displayed for all to see. The "Feds" don't provide anything. You do realize that there is no magic money tree, right? And that the Federal government acquires a good bit of it's revenue from individual taxpayers, right? I suppose if you were one of the 50% of Americans who don't contribute (pay taxes), you might not be aware of any of this. You're welcome for the education.
In 2007, as a part of the College Cost Reduction Act, Congress voted to forgive outstanding qualified student loan balances after 10 years of payments when the debtor was a full time employee of the federal, state, county or municipal government including most 501(c) 3 corporations. This act received strong bipartisan support.
The forgiveness is not predicated upon a degree, grades, area of study or relationship to the employee’s job. There is NO CAP on the amount of loan forgiveness. It was applicable only to new debt acquired post the legislation and therefore the first round of forgiveness did not occur till 2017.
Some private employers continue to offer a benefit of tuition reimbursement to employees. The value of the benefit is variable. McDonalds offers up to $2500 per year to any employee who works at least 15 hours a week. That comes to an equivalent of a $166/ hr benefit. Sweet.
Trump was clear he was open to a similar forgiveness initiative for qualified student debt, provided a solid 10-15 year history of payments. Then again, politicians say a lot of things when running for office.
That Biden has asked if an EO could be used to forgive a portion of outstanding qualified student loan debt does not mean there is a clear path to do so or what, if any, limitations would be necessary.
Any attempt to broadly forgive qualified student debt will be DOA.
Given dems have both houses, you will see a bill or EO with no limitations for x0K debt forgiveness. In fact, I am sure they can and they will do it.
Given dems have both houses, you will see a bill or EO with no limitations for x0K debt forgiveness. In fact, I am sure they can and they will do it.
That assumes all Democrats would vote for the debt elimination. I think Manchin is on record saying he wouldn't support this, and I hope there are other moderate Democrats that wouldn't support it either.
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