President Joe Biden in the East Room of the White House, in Washington, Aug. 9, 2022.Ahead of another deadline on the restart of payments for America's $1.7 trillion in federal student loans, President Joe Biden on Wednesday announced a plan to cancel debt for a subset of Americans and continue to keep a pandemic-era pause on the repayments -- a sweeping move he has openly weighed in some form or another since his time as a candidate.
In an interview on Tuesday afternoon, U.S. Secretary of Education Miguel Cardona told ABC News that the much-anticipated decision on loan forgiveness would come "soon" but was vague on details. Activists attend a rally outside of the White House to call on U.S. President Joe Biden to cancel student debt in Washington, July 27, 2022.Such a major cancelation may seem like a big step for Biden to take without Congress, but legal and policy experts say it's clearer: The move would be well within the president's authority -- it just hasn't been wielded before because of the political implications.
Outside experts also wonder how long the processes would take to cancel student loans once a policy is announced -- and how complicated it would be for borrowers to work their way through it, which are details that have yet to be released. "If the rumors are true, we've got a problem. And tragically, we've experienced this so many times before," NAACP President Derrick Johnson said in a statement Tuesday, reacting to the details of the potential policy announcement.
Though Fuller worked hard his first few years out of school to pay down his school debt, and then had his loan frozen for much of the pandemic, he's concerned that restarting payments on top of monthly living costs could put him over the edge. Pinched salaries and rising inflation have had many teachers on edge with the loan forgiveness deadline approaching.
In reality
AndrewYang Why don’t Democrats cancel mortgage too? I’m suffering because I have to pay mine every month — blame the stupid loan agreement I had signed. cancelmortgage
Not sure what that teaches people about being responsible for their debt.
AndrewYang So if I paid off my debt, I'm just a sucker...good to know this country can't think past the next election.
Biden can't forgive loans unilaterally, he needs Congress, this is just a stunt to get the Democrats up for the midterms. When it's voted down by SCOTUS he will blame the courts.
Killing us
Inflation is still 8.5% and it’s not going down and every day people are struggling! What next will Biden do to get votes!
The best thing about this is it rewards the worst behavior AND does nothing to solve the underlying problem, meaning this can be done two months before EVERY election. Joe Biden may not play 4D chess but perhaps 4D musical chairs.
Why the fuck aren’t private loans eligible? We finish school with loans at like 6/7% and refinance because that’s insane and get punished for it now? This is a fucking joke.
What about graduate student loans?
Pell Grants is free money. Makes no sense.
I hope congress can throw this out? Thats fucking ridiculous. I rather universal healthcare or something more productive then canceling student debt. They chose to go to college, sick people didn't choose to be sick. Use your fancy degree and get a job geez.
First, the U.S. Gov should not be incentivizing college with attractive loan offers, thus artificially raising the price. Second, regulate private loans to eliminate compound interest:
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