Large-scale student loan cancellation could be latest in long line of Biden legal overreaches – IOTW Report

Large-scale student loan cancellation could be latest in long line of Biden legal overreaches

Noting that all federal spending must first be appropriated by Congress, critics contend canceling hundreds of billions of dollars in debt via executive action violates the constitutional separation of powers. more

Oh but it’s great news for White House staffers:
Student debt forgiveness is personal for the Biden administration. About one in five of the White House aides required to file a financial disclosure, as Bloomberg News previously noted, reported owing student debt. Collectively, those 30 senior White House staffers owe as much as $4.7 million. Those personal finances are not unusual in the nation’s capital.

11 Comments on Large-scale student loan cancellation could be latest in long line of Biden legal overreaches

  1. What’s the benefit to someone to owe $10k less on $150k? I just don’t get it. Yes, it’s less to pay for sure, but FFS you still owe $140k. If these people make $100k/yr (less than $125k to qualify) and are required to only pay back 5% of their income per year, with NO interest it’ll still take 28 years at $140k versus 30 years. Big whoop.

    But let’s be realistic. These are graduate degree, or “professional” students that have to pay back 5% of their income with an interest rate of 6.54%. If they make the maximum $125k/yr @ 5% they will pay $6250, on a $140k loan that is charging $9156 @ 6.54% interest. IT DOESN’T MAKE A DIFFERENCE. They need to pay 7.3% of their income just to owe the same amount.

    The 5% minimum is a joke. That needs to be raised to 10% or at least a sliding number that covers the interest payments PLUS a percentage so they actually PAY IT OFF. And these people need to learn something about making good on a promise they signed up for. I mean, they are “professional” smarty pants, right? Act like it.

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  2. When someone ‘overreaches’ and nothing is done it becomes accepted behavior and it encourages even more outrageous illegal behavior. Both parties are in on it, they may cry foul but they do NOTHING to stop it and they both engage in it. Just beyond disgusting at this point.

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  3. So the banks that carry these loans because the gov. guaranteed them are just going to roll over and eat it?
    Get ready for another “unprecedented” bank bailout.

  4. This is nothing more than the form of politics we’ve unfortunately learned to accept. Biden can’t do this, the communists know it. Hell, her highness Pelosi even said so last year. The Republicans will fight against it and “win” and the communists will use it to further indoctrinate their minions prior to the midterms.

    We tried to do this wonderful thing for you but those evil Republicans snatched it away!

    I’ve grown very, very weary of this shit.

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