Biden Cancels $1.3 Billion Of Student Loans — His Plan For Student Loan Cancellation Is Becoming Cle

[gwb-trading]

https://www.forbes.com/sites/zackfr...-student-loan-forgiveness-from-latest-budget/
Biden Drops Student Loan Forgiveness From Latest Budget

The writing is on the wall about student loan cancellation.

Here’s what you need to know—and what it means for your student loans.

Student Loans
According to the Washington Post, President Joe Biden will not include any student loan cancellation in his annual budget. While the annual budget, which is expected at the end of next week, only contains major policy plans that have already been released by the Biden administration, it’s another major setback for student loan cancellation. As a presidential candidate, Biden called for Congress to cancel up to $10,000 of student loans for student loan borrowers, but hasn’t enacted any policy for student loan cancellation through an executive order.

The exclusion of student loan cancellation isn’t a surprise. Based on the latest news on student loan cancellation, it’s easier to read the writing on the wall about where Biden stands on his executive authority to cancel student loans. It’s not that Biden doesn’t support student loan cancellation; he does. However, Biden wants Congress — not the president — to enact student loan cancellation through legislation.

In aggregate, since becoming president in January, Biden has not included wide-scale student loan cancellation in:

• his annual budget plan;
• stimulus packages; or
• infrastructure package.

This should be a clear message that it’s unlikely Biden will enact student loan cancellation unilaterally without further authorization from Congress.

Seeing that student loan forgiveness primarily helps white, middle-class students who don't need loan forgiveness while serving only to further leave minority students behind -- it is good to see this idea dropped.

If Biden wants to improve education and enhance achievement across society then he should focus on making two years at public community colleges free.

 

[Scataphagos]

And no more loans at state schools for dubious degree programs and degrees unless the data clearly demonstrates that the average graduate is achieving sufficient earning power to repay the loan.

Should have been a condition from the start.

 

[ipatent]

Seeing that student loan forgiveness primarily helps white, middle-class students who don't need loan forgiveness while serving only to further leave minority students behind -- it is good to see this idea dropped.

I don't necessarily agree with everything in this article, but it is a good counterpoint to your comment and has some interesting information.

Student loans, the racial wealth divide, and why we need full student debt cancellation

 

[Tsing Tao]

Thanks for resurrecting this thread. The title about Biden's plans for cancellation becoming clear...another awesome post by GWB.

 

[ipatent]

Seeing that student loan forgiveness primarily helps white, middle-class students who don't need loan forgiveness while serving only to further leave minority students behind

Another Brookings article that reaches a similar conclusion to you......

Student loan forgiveness is regressive whether measured by income, education, or wealth

• Whether measured by income or wealth, student loan borrowers are better off than other Americans, and widespread loan forgiveness is regressive. Some argue that loan forgiveness isn’t regressive when measured by financial wealth. But that’s because such measures exclude the very asset the person borrowed to buy—an education that increases lifetime earnings. That’s like assessing a homeowner’s wealth by counting their mortgage balance but not the value of their home.

 

[TreeFrogTrader]

Susan Rice's name looms in the background on this student loan situation.

Biden put her in charge of some domestic policy programs, including the loan forgiveness scam. But she is more moderate than the progressives and keeps holding Joe at some smaller forgiveness numbers or just rolling it out with temporary forebearance stunts.

And of course, no one likes Susan Rice so Joe does not dare to put her face on it. On the other hand, Joe and the dems are tanking and he does not dare to distance himself from a hard-core Obama type when both Hillary and Obama are telling Joe that he may need to do some things that are dialed back a bit rather than just putting the hammer down on everything and watching the losses pile up.

The progressives already hate Rice - well, everyone does- because she is not on board with the free for all at the border. Her position would be plenty lefty and insane, but not the open border we have now.

Rice has big influence over Biden because Obama loves her and wanted her to be the nominee. But Joe keeps her in the background because she is so obnoxious and it offends the progressives when he listens to her. As Tom Cotton said "Susan Rice is the Typhoid Mary of foreign policy." Now that she is Biden's "Domestice Policy Advisor," she might be the Typhoid Mary of domestic policy too I guess.

What a mess. Hopefully Joe will just keep listening to the progressives and pick up some losses.

 

[ipatent]

Susan Rice's name looms in the background on this student loan situation.

Biden put her in charge of some domestic policy programs, including the loan forgiveness scam. But she is more moderate than the progressives and keeps holding Joe at some smaller forgiveness numbers or just rolling it out with temporary forebearance stunts.

And of course, no one likes Susan Rice so Joe does not dare to put her face on it. On the other hand, Joe and the dems are tanking and he does not dare to distance himself from a hard-core Obama type when both Hillary and Obama are telling Joe that he may need to do some things that are dialed back a bit rather than just putting the hammer down on everything and watching the losses pile up.

The progressives already hate Rice - well, everyone does- because she is not on board with the free for all at the border. Her position would be plenty lefty and insane, but not the open border we have now.

Rice has big influence over Biden because Obama loves her and wanted her to be the nominee. But Joe keeps her in the background because she is so obnoxious and it offends the progressives when he listens to her. As Tom Cotton said "Susan Rice is the Typhoid Mary of foreign policy." Now that she is Biden's "Domestice Policy Advisor," she might be the Typhoid Mary of domestic policy too I guess.

What a mess. Hopefully Joe will just keep listening to the progressives and pick up some losses.

https://www.inquirer.com/columnists...n-student-loan-debt-immigration-20220111.html

The college loan debacle is the most recent and possibly the most damaging to Biden politically. During his winning campaign, the president explicitly promised to use his executive powers to cancel up to $10,000 of an individual’s federal student loan — agreeing that much of America’s gobsmacking $1.7 trillion higher-ed debt load is the result of bad faith that falls heavier on Black and brown borrowers, and on women. Allies like Sen. Elizabeth Warren have pushed to go even higher. Instead, he’s done nothing but extend a pandemic-related freeze on payments out to May. Rice is said to be driving his change of heart.

 

[TreeFrogTrader]

https://www.inquirer.com/columnists...n-student-loan-debt-immigration-20220111.html

The college loan debacle is the most recent and possibly the most damaging to Biden politically. During his winning campaign, the president explicitly promised to use his executive powers to cancel up to $10,000 of an individual’s federal student loan — agreeing that much of America’s gobsmacking $1.7 trillion higher-ed debt load is the result of bad faith that falls heavier on Black and brown borrowers, and on women. Allies like Sen. Elizabeth Warren have pushed to go even higher. Instead, he’s done nothing but extend a pandemic-related freeze on payments out to May. Rice is said to be driving his change of heart.

Indeed.

 

[ipatent]

Biden forgot to answer the student loan question (part one of a two part question) at his press conference today.

 

[ipatent]

On student loans, Biden doesn't have an answer yet

Lawmakers and advocates who have pushed for President Biden to act on student loan forgiveness were left frustrated and disappointed this week when he didn’t answer a reporter’s question on the issue.

Biden was asked during his marathon press conference on Wednesday if he still plans to cancel $10,000 in student loans — which he pledged to do during his campaign — but he didn’t respond.

“We are looking for a clear answer from our president — I for one don’t believe I’ve heard one yet,” said Rep. Cori Bush (D-Mo.), a progressive who has been vocal on fighting the student loan crisis.

“Honestly, I think he dodged it because he could,” said Robert Moran, a former senior policy adviser in the Education Department under President George W. Bush and now a principal at Bose Public Affairs Group. “And loans are such a hot topic right now, and the reporter gave him an out with the second question. He basically didn’t address it because one, he didn’t have to and two, he didn’t want to get into the back and forth of, ‘We don’t have the authority to do it.’ ”