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The EO has not been published on the WH site nor the Federal Register. I keep checking.
We only have a "Fact Sheet" put out by the WH.
Can anyone bring suit to an EO that doesn't exist yet ?
Interesting that you say that. An EO will not be issued because the WH knows a program such as this created by EO would be illegal. This program will be created as a matter of "policy" under the supposed authority of the Dept of Ed. The WH even stated such when announcing:
"The President is announcing that the Department of Education will..."
As such, as PLF has clearly stated..."Congress did not authorize the executive branch to unilaterally cancel student debt. It’s flagrantly illegal for the executive branch to create a $500 billion program by press release, and without statutory authority or even the basic notice and comment procedure for new regulations."
Interesting that you say that. An EO will not be issued because the WH knows a program such as this created by EO would be illegal. This program will be created as a matter of "policy" under the supposed authority of the Dept of Ed. The WH even stated such when announcing:
"The President is announcing that the Department of Education will..."
As such, as PLF has clearly stated..."Congress did not authorize the executive branch to unilaterally cancel student debt. It’s flagrantly illegal for the executive branch to create a $500 billion program by press release, and without statutory authority or even the basic notice and comment procedure for new regulations."
Now I don't know if this pertains but Biden has emergency powers under the pandemic that allows him to do things bypassing Congress.
The WH walked that one back within 24 hours. Republicans in Congress have asked Biden to let his emergency powers expire. The WH has not responded to them.
Emergency powers are set to expire in Feb 2023 now since they got extended.
Than again...Patriot Act was supposed to expire in 5 years.
Doesn't matter what WH staff alleges. POTUS himself said repeatedly that the pandemic is over in a publicly broadcast interview. Why else do you think the lawsuits are just now beginning to be filed?
I didn't take out a student loan because I worked my butt off to sock away money, commuted to a local University and made other sacrifices so I could graduate without debt.
Like so many others that sacrificed that are getting the shaft over this Vote grabbing scheme and that is what it is, wouldn't it be nice to get a gift from the Feds of $20,000 to pay down the mortgage. I could use the money towards a new truck to replace the 20 year old one I'm driving. I think we could all use the money to stimulate the economy.
I think some of us could use the money to keep food on the table and a warm house to eat it in this Winter...
Paying off student loans is a carrot that the Dems are using to lure voters. They do the same when they start talking about Reparations. Will either of these feel good but very expensive schemes/ pledges actually happen? Who knows?
I didn't take out a student loan because I worked my butt off to sock away money, commuted to a local University and made other sacrifices so I could graduate without debt.
Like so many others that sacrificed that are getting the shaft over this Vote grabbing scheme and that is what it is, wouldn't it be nice to get a gift from the Feds of $20,000 to pay down the mortgage. I could use the money towards a new truck to replace the 20 year old one I'm driving. I think we could all use the money to stimulate the economy.
I think some of us could use the money to keep food on the table and a warm house to eat it in this Winter...
Paying off student loans is a carrot that the Dems are using to lure voters. They do the same when they start talking about Reparations. Will either of these feel good but very expensive schemes/ pledges actually happen? Who knows?
Agree completely.
That said, if I do end up getting my refund I will probably throw it at the mortgage.
Location: Was Midvalley Oregon; Now Eastside Seattle area
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Quote:
Originally Posted by Rocko20
Don't worry folks.
Forgiving student loans certainly doesn't incentivize more people to take out more loans expecting they will be forgiven.
Possibly.
Ideally, a Congressional solution is preferred.
Guaranteed Student loans is a creation of Congress with signature of the President.
Guaranteed Student loans is guarantee to the lender and not to the student. In the meantime, the Interest is being accrued and compounded to the National Budget, crowding out other "worthy" stuff.
No idea on what to do. But everyone needs to recognize that the unpaid interest is Compounding, probably near exponentially amounts.
YMMV
I wonder if the numbers factor in funding that was not expected to be paid back already. This may include borrowers in the Public Service Loan Forgiveness program who were already expecting loans wiped out after 10 years (including those who qualified under the pandemic-adjusted rules simplifying the program), those nearing the end of the long-term window for their loans to be wiped out, those who were already written off as uncollectable. That could make a considerable difference between total cost or additional cost... or rather, lost revenue, since the money has already been allocated and disbursed.
Those in the Public Service Loan Forgiveness program would be foolish to pay during the covid freeze. Credit was still given for payments toward the required 120, and ultimately students could end up with much more forgiven in the end.
I would be curious to see poll numbers on how many students will be encouraged to return for further education now. It doesn't necessarily have to be with the expectation of later Forgiveness, but also from the wiggle room created for future payments in the case they take more loans, being able to start another round of PSLF, or just having the cash at hand to pay up front now.
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