Cancelation of student loans

[Yppej]

Waitresses, retail clerks, warehouse workers, truck drivers, plumbers, farmers, home health aides and the like are now paying the debts of lawyers, doctors, MBAs.

[ApatheticNoMore]

Credit card forgiveness would benefit a less well-off class of people and so there is no push for it. But Biden couldn't just do it by an executive order either. The thing is credit cards are at least negotiable in bankruptcy. Student loans should never have been exempted from bankruptcy, it makes no sense to have one unique class of debt for which the usual rules don't apply.

[iris lilies]

Credit card forgiveness would benefit a less well-off class of people and so there is no push for it. But Biden couldn't just do it by an executive order either. The thing is credit cards are at least negotiable in bankruptcy. Student loans should never have been exempted from bankruptcy, it makes no sense to have one unique class of debt for which the usual rules don't apply.

I think the idea is that consumer debt is (somewhat) of a secured debt.Buy a tv on time payments, that can be repossessed.

you cannot reposess educational content in someone’s head.

[Yppej]

Credit card forgiveness would benefit a less well-off class of people and so there is no push for it. But Biden couldn't just do it by an executive order either. The thing is credit cards are at least negotiable in bankruptcy. Student loans should never have been exempted from bankruptcy, it makes no sense to have one unique class of debt for which the usual rules don't apply.

Some say he cannot cancel student debt by executive order either, Congress has to. Expect court battles, but not until after the midterms. When it comes to buying votes timing is everything.

[bae]

Somehow other first-world nations manage to offer free or nearly-free college to all.

Hellholes like Germany, Norway, Iceland, Austria, France, ...

They often have healthcare systems for all, as well.

[Alan]

Some say he cannot cancel student debt by executive order either, Congress has to. Expect court battles, but not until after the midterms. When it comes to buying votes timing is everything.

Yes, he's apparently basing his authority on the 'Heroes Act' which was authorized by the Congress in 2003. It gives the President authority to cancel debts during national emergencies, and the administration thinking is that he's authorized at this point due to the pandemic. The problem he's going to run into is that his administration just recently argued in Federal Court that the pandemic was over during their successful attempt to repeal Title 42 which allowed the Border Patrol to turn away asylum seekers in an effort to restrict communicable diseases.

They're playing both sides of that card to meet their political goals and I suspect that once challenged, this whole debt cancelation/vote buying scheme will go away. Of course it will be after the mid-terms, but no big deal, it will have achieved its purpose.

[bae]

... I suspect that once challenged, this whole debt cancelation/vote buying scheme will go away. Of course it will be after the mid-terms, but no big deal, it will have achieved its purpose.

I'm wondering about the demographics of the people who will be getting this free cheese.

In the upcoming elections, would significant members of them have voted GOP anyways? Or is this just a reward for current supporters?

[iris lilies]

I'm wondering about the demographics of the people who will be getting this free cheese.

In the upcoming elections, would significant members of them have voted GOP anyways? Or is this just a reward for current supporters?

It could be to get them to the polls at all. A lot of people are not excited about the .head Honcho of the Democratic Party so the more cheese the better from him.

[Alan]

I'm wondering about the demographics of the people who will be getting this free cheese.

In the upcoming elections, would significant members of them have voted GOP anyways? Or is this just a reward for current supporters?

I think it's a reward for progressives, who've been trying to accomplish this for years. It will undoubtedly motivate any demographic looking for more free cheese. And the cool thing is, if it's eventually reversed, they can blame it on the Republicans. I think it's genius level politicking.

[jp1]

I wonder if the people who intend to challenge the legality of this will include all the Republican congress people who applied for and received PPP loans and had their debt cancelled, several of them with cancellations of $100’s of thousands or even millions of dollars of debt.