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Originally Posted by DorianRo Dumb move. This will ultimately backfire on republicans and ensure Dems keep power forever. You can believe that. Kids are liberal enough now as it is. Imagine what this ruling will do LOL. Get ready for a dictatorship. Republicans just pissed away all power in the future doing this. You just pissed away an entire generation of voters retards. Kids won’t forget this LOL
blah, blah, blah. Democrats will do like they always have done, make fake promises for votes especially to the young and dumb. By the way, pay your loan.
In reading through these posts... I'm going to assume this decision has, ummmm, negatively affected some of you.
Son owes about 30k in loans. 20k would have been waived and I would have paid the other 10k to pay off all of his loans. I was not expecting it to pass but it would have been nice if it had. The only thing that puzzling to me is I am sure their are conservatives on this very same forum who felt the exact same way as I do. It's not like liberals are the only ones who take out college loans.
Interest paid to a bank is profit to the bank. Interest paid to the government is because today's dollars are worth less than the dollars borrowed.
Banks don't do student loans since the Obama Admin shifted student loans to the Fed Gov in 2010.
Quote:
"The student lending overhaul ends the current program that subsidizes banks and other financial institutions for issuing loans, instead allowing students to borrow directly from the federal government. Interest rates for some borrowers will also be lowered.
Now, instead of having banks use government money to loan tuition, the government will lend the funds directly. Starting July 1, all new federal student loans will be delivered and collected by private companies under performance-based contracts with the Department of Education, according to officials."
Dumb move. This will ultimately backfire on republicans and ensure Dems keep power forever. You can believe that. Kids are liberal enough now as it is. Imagine what this ruling will do LOL. Get ready for a dictatorship. Republicans just pissed away all power in the future doing this. You just pissed away an entire generation of voters retards. Kids won’t forget this LOL
Have to agree.
But first, the Democrats could have made a much better effort to get this done if they really tried. The first two years of Biden's presidency, the Democrats controlled the Congress. Nancy Pelosi was not onboard for student loan forgiveness (the kids should really blame her) but Senators Chuck Schumer, Bernie Sanders and Elizabeth Warren were all for it with supposedly Joe Biden. Between the Senate and the President, they could have played hardball with Pelosi but they never really tried.
Instead, Biden decided to use student loan forgiveness as a campaign issue deliberately dragging it out for 2 years to the midterm elections.
Second, the Republicans. It always amazes me that the party which can spend a trillion dollars on defense each year without batting an eye, tax cuts for billionaires, huge bail outs for corporations and banks but not for farmers or homeowners, can go bat crazy whenever some money would be going toward the middle class.
Once again the Republicans blew the next election and just don't realize it yet.
Son owes about 30k in loans. 20k would have been waived and I would have paid the other 10k to pay off all of his loans. I was not expecting it to pass but it would have been nice if it had. The only thing that puzzling to me is I am sure their are conservatives on this very same forum who felt the exact same way as I do. It's not like liberals are the only ones who take out college loans.
But conservatives expect to pay their own loans back, not other people. Big difference.
“People think that the President of the U.S. has the power for debt forgiveness, he does not. He can postpone. He can delay. But he does not have that power. That has to be an act of Congress”.
The vote is 6-3. Kagan dissents, joined by Sotomayor and Jackson.
Biden loves to ignore the constitution and just issue edicts. He knows Congress would not approve.
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