Biden's Socialist Student Loan Forgiveness Plan Shifts Wealth from Wage Earners to Student Loan Borrowers

 

WASHINGTON – President Biden has announced a plan to forgive student loans by taking money away  from hard working Americans who earned it and giving it to students who took out loans for their education.  

That's the definition of socialism.  

Here are details of the plan provided by Whitehouse.gov: 

The U.S. Department of Education will provide up to $20,000 in debt cancellation to Pell Grant recipients with loans held by the Department of Education and up to $10,000 in debt cancellation to non-Pell Grant recipients. Borrowers are eligible for this relief if their individual income is less than $125,000 or $250,000 for households.

In addition, borrowers who are employed by non-profits, the military, or federal, state, Tribal, or local government may be eligible to have all of their student loans forgiven through the Public Service Loan Forgiveness (PSLF) program.This is because of time-limited changes that waive certain eligibility criteria in the PSLF program. These temporary changes expire on October 31, 2022.

The Administration will also extend the pause in student loan payments a final time through December 31, 2022, with payments resuming in January 2023.

According to a Fox News report, a one-time maximum debt forgiveness of $10,000 for borrowers who make less than $125,000 will cost around $300 billion for taxpayers.

This is a developing story. 

Subscribe to the LIVE! Daily

The LIVE! Daily is the "newspaper to your email" for San Angelo. Each content-packed edition has weather, the popular Top of the Email opinion and rumor mill column, news around the state of Texas, news around west Texas, the latest news stories from San Angelo LIVE!, events, and the most recent obituaries. The bottom of the email contains the most recent rants and comments. The LIVE! daily is emailed 5 days per week. On Sundays, subscribers receive the West Texas Real Estate LIVE! email.

Required

Most Recent Videos

Comments

Yep, "socialist" policies like this have resulted in an historic deficit reduction oulined below.  These damn socialists are too good at being fiscally conservative and I won't have it!

https://www.whitehouse.gov/omb/briefing-room/2022/08/23/the-2023-mid-session-review/

I dug through the archives for slanits hit piece on the ppp loan program or the historic give back to the rich under the previous regime, missed them both.  he may have been away at college during one or both of these. 

Slantis is clearly unable to distinguish between giving the average person a break and giving massive tax benefits to the one percent.  I also bring to note the 1.6 billion dollar donation Barre Seid bestowed on the outfit run by Leonard Leo.

https://www.nbcchicago.com/news/local/chicago-politics/chicago-businessman-donates-staggering-1-6-billion-to-conservative-nonprofit/2921917/

Should anyone not think this is a clear example of wealth purchasing political influence that person is a f_cking idiot.

I can’t help but chuckle at the irony of this article being written by someone who was convicted of embezzling 40k+ from the local government. 

Can someone explain to this dumb liberal how this takes money from me and gives it to students?  Or is this saying the "hard working Americans" are just the loan sharks?  In that case, I'm all for it.

Don Jones, Wed, 08/24/2022 - 16:04

Well, they think that they should have a say-so in where their "tax dollars" go at every point down the pipeline. The issue, that they do not realize, is that there is only one way to say where your "tax dollars" go; that is by voting, and America voted for Biden.

But, yeah, everyone should be for investing in the future worker, but they think that someone getting something is directly taking something away from them, even though that is never true.

So ignorant! Tax dollars are appropriated by Congress…not through executive order for the purpose of “buying” votes which is obviously the case with the Biden plan ;)

No problem. Nothing is “free” in this world someone is paying…probably not you so who cares, right?

j j, Wed, 08/24/2022 - 14:07

This plan was passed by congress back in May 2018 with $350 million dollars and signed into law by then-President Trump.  President Biden has extended it. I'm not happy with it, I paid my own loans. The program was to give our public service workers (who often make low wages compared to the private sector) a break from the high education prices and high interest after ten years. It does encourage people to give something back. If it is socialist now then it had to be socialist then when it was signed. 

Not exactly. Very strict protocol under the 2018 plan. For example: you had to have made all your payments in full and on time, plus have worked 10 years in a public service job such as the military, teaching, or as a social worker.

Also…not only has the Biden plan not received Congressional approval like the 2018 plan, but it’s 1000 times the amount of money so no comparison ;)

 

I dont even mind his argument, its just lazy to be as one sided as he is.  Its joes rag and he caters to that nonsense so whatever.  

Indeed.  It is Joe's sandbox, he pays for it, and he can allow what he chooses... even if it's rightist crap.

It wasn’t easy at times, but I paid for every single dime of my kids’ educations so they wouldn’t be strapped with any debt apparently I’m the “dumbass” ;)

Nancy Pelosi definitively stated a year ago that the president doesn’t have the power to FORGIVE student loan debt…that something like that would require an Act of Congress ;)

This xiden administration will go down as the worst "Told you So" failure in American presidential history.

Any one that believes this admin is helping the American working people are truly brain dead slugs. 

 

Post a comment to this article here:

X Close