Official Student Debt Cancellation Watch Thread

[No1]

lol I’ve been pretty open about my family covering my education

Yeah that’s why I said it lol. I wish. I’m the first to go as far as I did. (My folks are educated though.)

 

[NaijaProdigy Redux]

Yeah that’s why I said it lol. I wish. I’m the first to go as far as I did. (My folks are educated though.)

good shyt Breh.

 

[NZA]

"Paying back these debts is turning into a decades-long struggle for many black borrowers. Twenty years after starting college, the median black borrower owed 95 per cent of their student debt, while the comparable white student had paid back 94 per cent, according to a 2019 study by the Institute on Assets and Social Policy at Brandeis University. Three-quarters of black borrowers owed more on their student loans in 2019 than when they took them out, reflecting the accrual of interest, Brookings found."

 

[CrimsonTider]

Most Americans don’t fit into any one category. We could use that argument about any program. 13 percent of Americans having student loan debt is greater than the entire black population.

what kind of argument is this

he can’t authorize new spending. The government has to pay the 1.8 trillion dollar bill

this also doesn’t fix the problem. What about the class of 2022?

The government paying everyone’s mortgage or credit cards would benefit more people

Lastly, people with degrees make more money and have more opportunities to make money Than people without them

canceling student debt does not help the people in the most dire situations in this country

people should be talking about reform. Saying canceling all student debt is silly and shouldn’t be taken serious

 

[Loose]

lol I’ve been pretty open about my family covering my education so I try not to be on some “pick yourself up by your bootstraps”

Must be nice hope to be able to do that one day

 

[FAH1223]

what kind of argument is this



he can’t authorize new spending. The government has to pay the 1.8 trillion dollar bill

this also doesn’t fix the problem. What about the class of 2022?

The government paying everyone’s mortgage or credit cards would benefit more people

Lastly, people with degrees make more money and have more opportunities to make money Than people without them

canceling student debt does not help the people in the most dire situations in this country

people should be talking about reform. Saying canceling all student debt is silly and shouldn’t be taken serious

He's not authorizing new spending. The Education Secretary waiving, settling, and compromising student debt is not new money.
https://policymemos.hks.harvard.edu...-ltr_to_warren_re_admin_debt_cancellation.pdf

The Secretary may carry out your plan to cancel existing student loan debt under a distinct statutory authority—the authority to modify existing loans found in 20 U.S.C. § 1082(a)(4). Like the compromise authority, the modification power is included in the FFELP section of the HEA, but is read to apply to the DLP, and has a corollary in the FPLP, see 20 U.S.C. § 1087hh(1). Modification of existing loans under Title IV programs is outside of the FCCA and FCCS, which address compromise and settlement, but not modification. The Secretary has the authority to modify a loan to zero, and exercises this authority even in the absence of any implementing regulations. Such modification (and, likewise, any act to compromise existing student loans), is permissible under the budgetary standards that govern Title IV programs.

Under the Federal Credit Reform Act of 1990 (FCRA), direct loan obligations and guarantee commitments may only be incurred or made to the extent that their “costs” are annually appropriated by Congress. See 2 U.S.C. § 661c(b). However, the FCRA specifically exempts any “direct loan or loan guarantee program” that “constitutes an entitlement (such as the guaranteed student loan program…)” from this appropriations requirement. 2 U.S.C. § 661c(c) (exemption for mandatory programs). Likewise, subsection (c) exempts mandatory programs such as FFELP and DLP from the requirement that any outstanding direct loan or loan guarantee “shall not be modified in a manner that increases its cost” unless the cost increase is provided for in an appropriations Act, 2 U.S.C. § 661c(e). Congress also anticipated and provided “permanent indefinite authority” for agencies’ “reestimate” of the cost for a group of direct loans or loan guarantees made in a single fiscal year. 2 U.S.C. § 661c(f).

 

[King Kreole]

he can’t authorize new spending. The government has to pay the 1.8 trillion dollar bill

What bill? The government is owed money by lenders, the ask is to write down that debt. Forgiving a debt is not the same thing as writing a check.

If someone owes me $100 and I say "you know what? keep it, we're good", I don't have to now find $100.

edit: @FAH1223 beat me to it

 

[88m3]

What bill? The government is owed money by lenders, the ask is to write down that debt. Forgiving a debt is not the same thing as writing a check.

If someone owes me $100 and I say "you know what? keep it, we're good", I don't have to now find $100.

edit: @FAH1223 beat me to it

 

[CrimsonTider]

What bill? The government is owed money by lenders, the ask is to write down that debt. Forgiving a debt is not the same thing as writing a check.

If someone owes me $100 and I say "you know what? keep it, we're good", I don't have to now find $100.

edit: @FAH1223 beat me to it

But this is a government agency with legally binding budgets

THE DOE has a receivable on their books for 1.8 trillion. Theoretically the executive office would have to pay the DOE 1.8 trilllion. That’s how government finance works. Trust me, Government finance ain’t like an IOU



Like i said Biden cancelling Student loans for the Disable, people that were scammed by for profit college and making the PSLF more generous has been him finding money in the Oval Office couch cushions

what @FAH1223 sourced is saying what Biden could do is basically collaborate with DOE and decide not to accept payments ( sort of what they’re doing with the pause). That article doesn’t say that Biden can just cancel 1.8 trillion

 

[FAH1223]

But this is a government agency with legally binding budgets

THE DOE has a receivable on their books for 1.8 trillion. Theoretically the executive office would have to pay the DOE 1.8 trilllion. That’s how government finance works. Trust me, Government finance ain’t like an IOU



Like i said Biden cancelling Student loans for the Disable, people that were scammed by for profit college and making the PSLF more geniuses has been him finding money in the Oval Office couch cushions

what @FAH1223 sourced is saying what Biden could do is basically collaborate with DOE and decide not to accept payments ( sort of what they’re doing with the pause). That article doesn’t say that Biden can just cancel 1.8 trillion

Basically it’s not cancelling but waiving collection or making alternative settlements.

 

[King Kreole]

But this is a government agency with legally binding budgets

THE DOE has a receivable on their books for 1.8 trillion. Theoretically the executive office would have to pay the DOE 1.8 trilllion. That’s how government finance works. Trust me, Government finance ain’t like an IOU



Like i said Biden cancelling Student loans for the Disable, people that were scammed by for profit college and making the PSLF more geniuses has been him finding money in the Oval Office couch cushions

what @FAH1223 sourced is saying what Biden could do is basically collaborate with DOE and decide not to accept payments ( sort of what they’re doing with the pause). That article doesn’t say that Biden can just cancel 1.8 trillion

There ain’t no “finding money in the Oval Office couches” man. The executive office didn’t sent the DOE a check for the billions in loans they’ve already cancelled. Either they can forgive the debt or they can't.

Biden collaborating with (telling) the DOE to not accept payments IS what people are asking Biden to do. Just permanently. Instead, what Biden just did is told them to defer accepting payments. The authority to do the latter is the same authority with which he can tell them to do the former. There is no cutting a check required. Just forgive the debt.

 

[mastermind]

What bill? The government is owed money by lenders, the ask is to write down that debt. Forgiving a debt is not the same thing as writing a check.

If someone owes me $100 and I say "you know what? keep it, we're good", I don't have to now find $100.

edit: @FAH1223 beat me to it

@CrimsonTider already told you he don’t and won’t read

 

[CrimsonTider]

There ain’t no “finding money in the Oval Office couches” man. The executive office didn’t sent the DOE a check for the billions in loans they’ve already cancelled. Either they can forgive the debt or they can't.

Biden collaborating with (telling) the DOE to not accept payments IS what people are asking Biden to do. Just permanently. Instead, what Biden just did is told them to defer accepting payments. The authority to do the latter is the same authority with which he can tell them to do the former. There is no cutting a check required. Just forgive the debt.

Bruh stop. They have to settle the debt and yes, the money would have to come from somewhere. For all intents and purposes a “check” wi;; have to spent.

Why would Biden permanently all student debt? WTF

@CrimsonTider already told you he don’t and won’t read

I read it and @FAH1223 confirmed my thoughts on it

I also think asking Biden to “cancel” 1.8 trillion of student loan debt is bordering on delusion. Do people really think there’s going to be a scenario where they want have to pay what they owe?

 

[Pressure]

@CrimsonTider is not wrong that forgiving the student loans would blow up the decifit in 2022 and would also increase the debt long term due to lost revenue.

 

[Yapdatfool]

@CrimsonTider is not wrong that forgiving the student loans would blow up the decifit in 2022 and would also increase the debt long term due to lost revenue.

That's why I said earlier the government caking off student loan interest that much? Would it really do all that? Especially if every american doesn't have student loans to pay off?
All this deferment only means they paying off the interest of the loan before touching the principal when it comes time to pay.