Official Student Debt Cancellation Watch Thread

[Cakebatter]

Remove the means testing and just create an executive order to wipe out a specific dollar figure from every borrower's loan. The debt gets wiped off the balance sheet, and by the time the SCOTUS hears any case in dissent, ain't shyt they can do about it. It's gone from the balance sheet, and the government isn't going to figure out who owes what extra money. You can't put the toothpaste back in the tube.

 

[Pressure]

Remove the means testing and just create an executive order to wipe out a specific dollar figure from every borrower's loan. The debt gets wiped off the balance sheet, and by the time the SCOTUS hears any case in dissent, ain't shyt they can do about it. It's gone from the balance sheet, and the government isn't going to figure out who owes what extra money. You can't put the toothpaste back in the tube.

Biden would probably end up impeached

 

[T’Challa’s Heir]

Remove the means testing and just create an executive order to wipe out a specific dollar figure from every borrower's loan. The debt gets wiped off the balance sheet, and by the time the SCOTUS hears any case in dissent, ain't shyt they can do about it. It's gone from the balance sheet, and the government isn't going to figure out who owes what extra money. You can't put the toothpaste back in the tube.

I get the idea, but preliminarily injunctions are a thing, and would probably stop this.

 

[88m3]

Wow imagine not voting for Democrats

 

[Payday23]

Biden would probably end up impeached

Not convicted though and whats history going to say? Biden got impeached for helping people out. The reelection writes itself

 

[Godless Socialist CEO]

Biden would probably end up impeached

He's going to get impeached either way my dude based on the way the house leader has been running his cocksucker

 

[Pressure]

Not convicted though and whats history going to say? Biden got impeached for helping people out. The reelection writes itself

 

[Cakebatter]

I get the idea, but preliminarily injunctions are a thing, and would probably stop this.

Only if the President make a ton of pomp and circumstance around the signing of the order. Without the means testing, it becomes just a banking execution. There is no long lead times to write off debt. No websites need to be created, or any input from borrowers at all. I just can't imagine some state legislator creating a reasonable argument then presenting it to a judge and getting them to invoke an injunction faster than the department of education could erase some zeros on their computers. My idea requires a President who truly wants this done though, and I can't imagine anyone at this point who still believes Biden genuinely wanted to lower student debt to begin with.

 

[T’Challa’s Heir]

Only if the President make a ton of pomp and circumstance around the signing of the order. Without the means testing, it becomes just a banking execution. There is no long lead times to write off debt. No websites need to be created, or any input from borrowers at all. I just can't imagine some state legislator creating a reasonable argument then presenting it to a judge and getting them to invoke an injunction faster than the department of education could erase some zeros on their computers. My idea requires a President who truly wants this done though, and I can't imagine anyone at this point who still believes Biden genuinely wanted to lower student debt to begin with.

I respect and understand your position. I just don’t know how feasible it’s for him to issue it and have shyt zeroed out in under a week. Based on my own experiences with how shytty and slow the feds move. It’d be nothing short of a miracle to get that process even going before some random plaintiff in the 5th or 11th circuit got that complaint and motion for injunctive relief in.

 

[FAH1223]

I respect and understand your position. I just don’t know how feasible it’s for him to issue it and have shyt zeroed out in under a week. Based on my own experiences with how shytty and slow the feds move. It’d be nothing short of a miracle to get that process even going before some random plaintiff in the 5th or 11th circuit got that complaint and motion for injunctive relief in.

The injunction for the $10,000 / $20,000 forgiveness plan came from the 8th circuit on October 21, 2022. This is after the six Attorneys General filed that lawsuit at the end of September.

The Biden administration announced the plan on August 24, 2022.

So, the theory goes, if they had the button ready to drop last September to do the plan with existing data and not having to do go through an application process, it would have been implemented before the injunction. And once those loans were written down or even discharged since a good number are under $10k or $20k, it'd be too late to put the genie back in the bottle.

My question is, let's say that most folks got the forgiveness, the injunction happens, and the case goes to SCOTUS as it just did, does SCOTUS attempt to re-impose debts?

 

[FAH1223]

 

[T’Challa’s Heir]

The injunction for the $10,000 / $20,000 forgiveness plan came from the 8th circuit on October 21, 2022. This is after the six Attorneys General filed that lawsuit at the end of September.

The Biden administration announced the plan on August 24, 2022.

So, the theory goes, if they had the button ready to drop last September to do the plan with existing data and not having to do go through an application process, it would have been implemented before the injunction. And once those loans were written down or even discharged since a good number are under $10k or $20k, it'd be too late to put the genie back in the bottle.

My question is, let's say that most folks got the forgiveness, the injunction happens, and the case goes to SCOTUS as it just did, does SCOTUS attempt to re-impose debts?

I don’t think they can put the genie back in tbt bottle. But I wonder about the ability to build the software/infrastructure Biden would need to make the forgiveness automatic with him signing an executive order.

And so the opt-in shyt is an interesting legal strategy. Where by giving people the option to opt out or having to opt-in, he tried really hard to take away standing arguments from bad actors. shyt, didn’t go how he planned, but it took a ludicrous Supreme Court decision to establish standing.

And on time, I honestly don’t know how that plays out. You pointed out the 5-6 week gap between announcement and first law suit. My assumption is Cato, heritage, etc. has a complaint on deck ready to go.

And i know it’s weird to say now. On an overall picture. I’m uncomfortable with a president being able to circumvent normal process by using a timing trick. A president I agree with won’t always be in office. I don’t wanna be on the opposite end of it for an issue I don’t agree with it. And I know that assumes way more good faith in the system than anyone shock have right now.

Also, really appreciate the tenor of this exchange. I feel like people might learn something reading the back and forth.

 

[FAH1223]

I don’t think they can put the genie back in tbt bottle. But I wonder about the ability to build the software/infrastructure Biden would need to make the forgiveness automatic with him signing an executive order.

And so the opt-in shyt is an interesting legal strategy. Where by giving people the option to opt out or having to opt-in, he tried really hard to take away standing arguments from bad actors. shyt, didn’t go how he planned, but it took a ludicrous Supreme Court decision to establish standing.

And on time, I honestly don’t know how that plays out. You pointed out the 5-6 week gap between announcement and first law suit. My assumption is Cato, heritage, etc. has a complaint on deck ready to go.

And i know it’s weird to say now. On an overall picture. I’m uncomfortable with a president being able to circumvent normal process by using a timing trick. A president I agree with won’t always be in office. I don’t wanna be on the opposite end of it for an issue I don’t agree with it. And I know that assumes way more good faith in the system than anyone shock have right now.

Also, really appreciate the tenor of this exchange. I feel like people might learn something reading the back and forth.

Since they used the Hero's Act of 2003, the legislation waived the rule making process. So, in terms of timing, I think if they had done all the prep work before announcing the policy and had their ducks in place, they could have done it with the legislation they used. The COVID emergency just ended on May 11, 2023.

 

[FAH1223]

The IDR adjustment to forgive $39B for 800,000 borrowers, many of whom have paid in excess of their balances and are entitled to loan forgiveness under the rules…. Went through the negotiated rule making process as this BI article notes.

These MFers at Cato are seeking an injunction. Loans are scheduled to be forgiven this coming week.

Could New Lawsuit Reverse Biden’s Latest Student Loan Forgiveness Approvals?

A new legal challenge may threaten one of the Biden administration’s signature student loan forgiveness initiatives.

www.forbes.com

 

[T’Challa’s Heir]

The IDR adjustment to forgive $39B for 800,000 borrowers, many of whom have paid in excess of their balances and are entitled to loan forgiveness under the rules…. Went through the negotiated rule making process as this BI article notes.

These MFers at Cato are seeking an injunction. Loans are scheduled to be forgiven this coming week.

Could New Lawsuit Reverse Biden’s Latest Student Loan Forgiveness Approvals?

A new legal challenge may threaten one of the Biden administration’s signature student loan forgiveness initiatives.

www.forbes.com

This is such bad faith shyt. I get that against the US population, the vast majority don’t have student loans. But going out of your way to fukk a small bit of relief is just so shytty.