Official Student Debt Cancellation Watch Thread
- Thread starter Serious
- Start date
Six States Sue to Block Biden Student Debt Cancellation Plan
Missouri and five other states sued the Biden administration, seeking to block the student debt plan from going into effect.
www.wsj.com
Republican attorneys general in Missouri, Nebraska, Arkansas, South Carolina and Kansas, and an attorney representing Iowa Gov. Kim Reynolds, also a Republican, filed suit on behalf of their states in federal court in Missouri. The states are seeking the relief now since the Biden administration has indicated it will start rolling out the debt cancellation program in early October, Missouri Attorney General Eric Schmitt said.
The lawsuit came as the administration released its own cost estimate of the plan, pinning the price of its program at $379 billion. The nonpartisan Congressional Budget Office released a similar estimate of around $400 billion earlier this week.
Other estimates have ranged broadly, owing to uncertainties about how many people will choose to enroll in the program. A separate aspect of Biden’s student debt plans could push the total cost of his recent policy changes to around $1 trillion, according to the Penn Wharton Budget Model, an analysis frequently cited by policy makers.
Other conservative legal challenges are expected after the administration makes a formal move toward cancellation, such as by releasing an application for borrowers to report their income. The Pacific Legal Foundation, a libertarian nonprofit law firm, sued Tuesday in federal court in Indiana.
“The Biden administration’s executive action to cancel student loan debt was not only unconstitutional, it will unfairly burden working-class families,” Mr. Schmitt said. Mr. Schmitt is also a Republican candidate for a U.S. Senate seat in Missouri.
If a court acts on the lawsuit, it could stall the Biden administration’s effort to cancel up to $20,000 of student debt for borrowers who make under $125,000, or $250,000 for a married couple. The plan, announced in August, is expected to go into effect in October, just weeks before the midterm elections. An estimated 20 million borrowers—around half of all individuals with federal student debt—could see their balances wiped out, according to the White House. Borrowers who received Pell grants for low-income students are eligible for up to $20,000 in relief, while non-Pell borrowers are eligible for up to $10,000.
The lawsuit is the latest challenge to the president’s program. The plaintiff in the Pacific Legal case is a property-rights lawyer with the foundation and a federal student loan borrower who claims that canceling $20,000 of his outstanding loans would make him liable for more than $1,000 in state income tax.
The Justice Department responded to that lawsuit by noting that borrowers don’t have to participate in the program, and even the eight million who are eligible for automatic relief because the government already has their financial information may choose to opt out.
Wargames
One Of The Last Real Ones To Do It
This was always a concern. Interestingly enough, most proponents wrote it off as being a small percentage of people.
Why make it an issue now?
I opened my credit karma app and saw that over 180+ points have been added to my score. It showed all of my US Dept. of Education accounts have been removed. 
Is this the Biden student relief thing taking affect?
Edit: Nah it was a separate thing. You have to submit an application to get the relief. It is not automatic.
Is this the Biden student relief thing taking affect?
Edit: Nah it was a separate thing. You have to submit an application to get the relief. It is not automatic.
Last edited:
Leavingtheecstasy
All Star
I know this is one of you bozos
I don't know anyone who's mart enough to get their way to 350k a year and then live paycheck to paycheck.
That's retard shyt.
Its probably easier than you think. Lifestyle creep + taxes...
Yup. You have a kid and start paying for childcare, and putting money away for college and if you still have loans and two car notes and a mortgage then all of a sudden you don’t have the flexibility you thought you would. Especially because housing isn’t cheap on the east coast (or west coast).
What people often fail to realize is that society is hard on the poor and benefits the wealthy but upper middle class people don’t really have any benefit outside of their income. So for example, there were a lot of apartments I couldn’t rent in NYC because I was over the income threshold but I had student loan payments that effectively made me no better off than my friend with no loans who made less money. To live in comparable housing I would’ve had to pay anywhere from 1500 to 2000 more dollars per month. Now I’m a frugal person so I just had an average but less luxurious apartment. Most people working all those hours in their 20s in NYC wanted to be near where things are at and didn’t want a longer commute. I fully understand that. It’s not even necessarily being gluttonous.
2 kids could easily run you 3k a month 
ppl are speculating it won’t be posted any earlier than the 17th due to the 6 state law suit. WHo knows tho.
im ngl I’m getting worried. I’ve gotten use to not paying this shyt. Extra savings
No student debt will be canceled before October 23, the Biden administration writes in a new legal filing
As Biden works to defend student-loan forgiveness from GOP lawsuits, his Education Department affirmed relief won't happen until later this month.
www.businessinsider.com
smh.
steady getting pushed back
No student debt will be canceled before October 23, the Biden administration writes in a new legal filing
As Biden works to defend student-loan forgiveness from GOP lawsuits, his Education Department affirmed relief won't happen until later this month.
smh.
steady getting pushed back