Government Watch / Politics

President Biden Now Wants to Cancel Student Debt Altogether

student

WASHINGTON, DC, Dec 5 — The late Senator Everett McKinley Dirksen [R-IL] is said to have balked about excessive federal spending in 1962, cautioning his colleagues that, “A billion here, a billion there, and pretty soon you’re talking real money.” Maybe it is too far in the past for President Biden to recall that message because here Biden is continuing to spend not a billion dollars, but hundreds of billions of dollars of taxpayer money to extend his federal student loan moratorium. 

The president promised to end the moratorium last February but Mr. Biden reinstated it last August, promising that payments would be resumed no later than December 31, 2022. Instead, he has extended the pause yet again until June when, according to CNBC, he intends to move forward with a debt forgiveness plan. The cost to taxpayers to date for his largesse is now more than $150,000,000,000 and growing at an alarming rate. 

However, The Hill reports that over the past several weeks the St. Louis U.S. Court of Appeals put a halt to the president’s plans, the Court of Appeals in New Orleans refused to revive the program and the U.S. Supreme Court has agreed to hear arguments on the issue but not until February.

Newsweek says that the Biden plan is to forgive some $20,000 for Pell Grant debtors and as much as $10,000 for other student borrowers and that some 95% of borrowers would be eligible for debt relief and that as many as 45% would have their debt completely eliminated.

The Committee for a Responsible Federal Budget [CRFB], a non-profit public policy organization based in Washington, D.C., suggests that college graduates with generous incomes may benefit big-time as a result of Biden’s generosity. In a new report published on November 22, CRFB states: “As we’ve shown before, the benefit of the pause accrues disproportionately to those with advanced degrees.  Should the President extend the policy through the end of 2024, the nearly five-year long pause would mean that a typical medical student who graduated in 2019 would effectively have $107,000 forgiven and a law school graduate would have $65,000 forgiven. That’s compared to the average borrower receiving $11,000 of forgiveness. Between 75 to 80 percent of the forgiveness would be from the pause itself and the rest from the effects of higher inflation on eroding debt. New doctors receive almost ten times the benefit of the average borrower and $107,000 more than someone who never attended college.” 

There’s a consensus out there that a student loan payback freeze is not just unfair, that it is bound to fuel a spike in inflation going forward, according to CRFB Senior VP Marc Goldwein. In addition, he told the Daily Caller, that by continuously extending the repayment pause student borrowers will start to think that they might never have to make payments. “The longer this goes, I think the more people are gonna start to question whether they’re ever going to pay back their debt. At some point, it’s probably going to cause people, if it isn’t already, to take out more debt than they otherwise would in hopes that at least they’ll get some of the interest canceled.”

Last August the White House issued a Fact Sheet regarding “Student Loan Relief for Borrowers Who Need It Most…working families…low- and middle-income families.” However, the Student Loan Planner website says President Biden’s “$10,000 in federal student loan debt forgiveness with income limits of $125,000 for individuals or $250,000 for households/families to qualify for forgiveness.” That’s “Forgiveness” with a capital “F.” In its November 15 post the Planner website noted that “Top White House officials have repeatedly confirmed that a decision on student loan cancellation would be made before the ongoing student loan payment pause ends. Biden himself has indicated that he could decide within a matter of weeks.” Talk about upping the ante. 

You may recall that the president declared definitively last august when he last extended the moratorium that, in no uncertain words, “The student loan payment pause is gonna end. It is gonna end – I am extending it to Dec. 31, 2022. And it is gonna end at that time. It is time for the payments to resume.”


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Sam
1 month ago

It’s GOOD to be the King……

CCR
1 month ago

Gee, can I get the mortgage and car loan cancelled??? Really, Joe, what are you thinking?? Oh that’s right, you have all that graft and corruption money….. So if you’re so concerned with the twerps not being able to afford an education, why don’t YOU and Dr Jill pay them?? I used my entire teachers salary for seven(that’s 7!) years to pay for my kids to go to college and we lived on one salary. If we made it work, others can too!! I did my turn and refuse to foot the bill for those who can’t or won’t honor their financial obligation!! ‘nuff said.

Robert Zuccaro
1 month ago

Better be paying me back for my Sallie Mae loan I paid off in 2012 then…. But its okay because when California votes for reparations, I’m identifying as black MEN descended from slaves under the pronoun of “they” so I get multiple checks.

DrJ
1 month ago

He wants to reward academia for dumbing down and perverting our youth. Good job guys.

Denise
1 month ago
Reply to  DrJ

Not all teachers can be blamed for that. I teach nursing students. You know what I had to do to be able to do that? I had to get a MSN. Not cheap. I also have been a nurse since my teens, and I have a lot of experience to pass on. I think in about 10 years when the last of the baby boomers are aging out, and the hospitals are approximately 290,000 nurses short, we just might notice no one bring us a bedpan quite as fast as we may need one. Pain pill? Sorry, it will have to wait while I code a patient. THEN YOU HAVE THE AUDACITY TO SAY THESE THINGS!!!!!
My MSN cost me $25,000 just to be ABLE to take a job to teach. You want to know what I make for a salary? Around $50,000. Yes, that’s all. After 43 years of experience. My son is with informatics and makes 3 X that. STARTING. What do you value? Apparently not me nor my skills. Nurses are required to jump through a heck of a lot of hoops. I did. But I won’t be there to help you because I will be in the room next door. Smart aleck comments about youth being perverted? Really? Have you sat through what these teachers have to put up with? A day in some classrooms ought to be equipped by bullet/stab proof vests.
Oh, I was talking about grade school. Yeah, guess what? There are teachers that put their heart and soul into teaching. Don’t blame them. Put yourself in a class as an aide and help them.
Freeloader? NOT me buddy. I have always paid my way. Buying a vote? Maybe the less than brilliant remarks politicians make about health and the human body need to learn how stupid and insensitive the remark was before they make it.
My tuition is getting slowly paid off, a month at a time. I will probably be dead before it is all paid off. But guess what? My love for patients and my students gave me the courage and will to try to teach others how to take care of your skin breakdown and titrate your Dig drip correctly. Or deliver a baby when no one else can get there on time. Or to make sure your insulin is measured correctly.
WAKE UP! You can obviously see I feel strongly about the comments. I sure do. Watch your mouth and give credit to someone that is encouraging youth to go to college. Someone needs to. Politicians get to the Hill and forget why they went. Help these kids. They are the ones that can decide when you are old what to do with you. You better hope it is one taught love, skill, and compassion. By someone like me.

Steve Clinton
1 month ago

Just another way that Lyin’ Biden can guarantee votes from welfare freeloaders and blacks.

Herb S
1 month ago

Cancel Biden, not the loan repayments.

patriot
1 month ago

Many would like to cancel Joe Bidum and put a stop to his endless spending of taxpayer money. Our children’s children and their children’s children will still be paying on this unending debt, to China

Kathi
1 month ago

Why doesn’t Biden take his “10%” and pay them off himself?

Brian
1 month ago

If he really wants to help people receive money that they HAVE earned, but not receiving, he should cancel the Social Security WEP program. :)

Geep1
1 month ago
Reply to  Brian

Thank you Brian. It has cost me over half my SS including the tax and premium.

Sam
1 month ago
Reply to  Geep1

Me, too.

Letts Brandon
1 month ago

This is called buying votes. Which is of course why it is illegal for a President to do. It should be stopped immediately on that fact alone. It also forces all taxpayers to subsidize a sitting president’s re-election, which is also illegal. Of course if he doesn’t run this would not be provable. See where this is going? He can do what ever he wants as long as he doesn’t run in 2024.

Mike L
1 month ago
Reply to  Letts Brandon

Buys a lot of votes for the democratic crowd. Toss the donkey another stack hay ($10,000 worth)

Papayec
1 month ago

Democrats cancel others’ assets, never their debts.

NewDay
1 month ago

Biden is tetering on the edge of becoming a madman. He is putting our children and grandchildren’s future at risk just to gain more votes. Look again at that figure, look at the zeros. This is insanity.

Jt
1 month ago
Reply to  NewDay

We can blame Biden but no one took the initiative to vote his party out of control in congress so all those folks who voted to stay this way will end up realizing it when it way to late to do anything about it

Carolb
1 month ago

President Biden is enjoying spending our tax dollars a bit too much. Someone needs to put a stop to this!

Papayec
1 month ago
Reply to  Carolb

He is retaining young voters by holding out this carrot. It’s how he prevented the expected “Red Tsunani”. He will never make good on it, but kids are trained by public educators to disdain critical thinking.

Mike L
1 month ago
Reply to  Papayec

or thinking at all, public educators are just making zombies out of our kids.
See Bob Hope’s 1940 movie “Ghost Breakers”; it describes zombies as mindless, senseless beings that just do what they are told. And Bob Hope replies “Oh, you mean democrats”.

Robin W Boyd
1 month ago

There is no rationality for student loans to be paid off using taxpayer money. Why not pay off all of our mortgages, vehicle loans and credit card debt? Citizens must be held responsible for our actions. We must repay loans we take out!

Vena
1 month ago

Jus like Biden, make promises he never meant to keep.Get everybody’s hope up, happy happy day. Only to drop them like humpty-dumpty, cracked. Why do they listen to him, lie lie lie that’s all he does. Makes up stories only to find out he never did any of it. Hope they learned, and figure out to STOP VOTING DEMOCRAT.

Professor Sean Clark
1 month ago

The Executive Branch has no authority here. The Legislative Branch has the Power of the Purse, so *any* POTUS insinuating that they can “cancel debt” (i.e., settle debts with public tax money unallocated to the task) is flat WRONG. The 5th Circuit Court agreed. This is a political stunt, nothing more.

Mike
1 month ago

Trump has revived white supremacy and hate. That is his legacy.

Vena
1 month ago
Reply to  Mike

Love this guy…what a chump. Time to wake up. If you’re on bidens side than you contributed to America’s failed presidency.

Lisa Skinner
1 month ago
Reply to  Mike

And you’ve revived stupidity

Theron Kuhn
1 month ago
Reply to  Mike

Wrong

NewDay
1 month ago
Reply to  Mike

The most hatred I have seen in the last 6 years is from people who hate Donald Trump by believing the medias repetitious lie that he is the problem.

JBond
1 month ago
Reply to  Mike

Mike is every bit the imbecile Brandon is!

Mike L
1 month ago
Reply to  JBond

Mike (one above) must be a AARP member.

Nana
1 month ago

What about senior adults who worked as many jobs as 7 at one time to get husband through seven years of college debt free and now receiving less than $700 per month. AND he’s wanting to cut that.

Mike
1 month ago
Reply to  Nana

Then get a better job. Isn’t that what you tell liberals?

MariaRose
1 month ago
Reply to  Mike

@ Mike Did you read the comment completely, female seniors (those born before 1970) especially those born prior to 1960, did not have many options for any high-paying jobs over minimum wage because it was ASSUMED that they were wives and homemakers. It was not until the 1970s, that women had jobs that paid wages to support themselves. There was no choice and don’t assume that someone who is over 60 years old is going to be hired when ageism is present. Blame that husband for not providing for his wife/companion.

PaulE
1 month ago
Reply to  Mike

Hey Mike, why don’t you follow your own suggestion and get a better job yourself, so you can pay your own outstanding student loans? That is if you even have a job to start with. Maybe all you actually do is just sit on the couch all day playing video games and whine about how your life stinks, because it is someone else’s fault.

heil biden
1 month ago

LIAR

Granny26
1 month ago

And if they would take courses in college that would help them make a decent living..besides crap like ‘liberal arts’ they could pay their own student debts.

Mike
1 month ago
Reply to  Granny26

All you have is hatred toward the younger generation.

MariaRose
1 month ago
Reply to  Mike

@Mike–No one is saying that, what is being said is that going to college is also assuming the debt of the cost of the education and no one forced people to attend colleges with such high tuition for majors in studies that do not create careers for the sake of the”networking and partying” experience. Responsibility for debt is a responsibility and not an easy out unless this “student loan forgiveness” has the same credit effect as bankruptcy to ensure that the student gets to learn financial wisdom.

Gail
1 month ago
Reply to  Mike

It has nothing to do with hate Mike, it is about being responsible for your own bills, if you can’t afford to pay it back, don’t borrow it

NewDay
1 month ago
Reply to  Mike

It’s not hatred to expect people to make good decisions for themselves and pay their own way in life.

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