Current Events > Biden Says He Is 'Unlikely' To Cancel $50,000 In Student Loan Debt By Executive

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https://www.forbes.com/sites/adamminsky/2020/12/23/biden-says-he-is-unlikely-to-cancel-50000-in-student-loan-debt-by-executive-order

Biden made his first public comments today in response to an ongoing campaign by progressive Democrats and consumer advocates to convince the President-Elect to enact sweeping student loan forgiveness.

Speaking candidly to The Washington Post and others in the media about the challenges he will face in January and the limitations of his executive power, Biden said, Im going to get in trouble for saying this . . . its arguable that the president may have the executive power to forgive up to $50,000 in student debt... Well, I think thats pretty questionable. Im unsure of that. Id be unlikely to do that.

Earlier in the day, Biden had reaffirmed his general support for broad student loan forgiveness, but suggested that he would support a smaller amount of $10,000.

Last week, Rep. Ayanna Pressley and other House Democrats introduced a resolution calling on Biden to cancel $50,000 in federal student loan debt for every borrower using executive authority. Senate Democrats, led by Senators Elizabeth Warren and Chuck Schumer, had introduced a similar resolution earlier in the year.

A diverse coalition of 237 civil rights and consumer protection organizations, including the NAACP and several national labor unions, sent a letter to Biden in November, urging him to use executive authority to cancel federal student debt when he assumes office in January.

President-Elect Biden can and should cancel student debt on Day One of his presidency, said Ashley Harrington, federal advocacy director and senior counsel at the Center for Responsible Lending, at the time.

The organizations, and several Democrats in Congress, have argued that the Higher Education Act provides the President with broad authority release borrowers from their student loans. Some student loan legal experts have argued that using this provision to cancel student loan debt is legally sound. But others have expressed concern that such executive action could face serious legal challenges as an overreach of executive authority.

Forgiving $10,000 in student loans would eliminate all outstanding student loans for over 16 million people, or a third of all current student loan borrowers. That level of student loan forgiveness would also reduce the balances of another 9.3 million people by half. Ultimately, over 50% of outstanding student loan borrowers could see significant relief with just $10,000 in student debt cancellation.

Nevertheless, Bidens comments will disappoint Warren and other consumer rights advocates who have been pushing for broader student loan relief. Warren had also proposed $50,000 in broad student loan forgiveness during her own presidential run, and noted that this level of student debt cancellation could significantly benefit nearly 95% of borrowers.

Student borrower advocacy organizations are not giving up and believe Biden is still persuadable, particularly in light of the recent announcement of his nominee for Secretary of Education, Miguel Cardona.

We know that hope is not enough, said Natalia Abrams, executive director of Student Debt Crisis, earlier today.
We will work tirelessly to ensure that Secretary Cardona uses his power and legal authority to cancel student debt on Day One.

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Good

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you borrowed money, you have to pay it back

why is this such a difficult concept

Kaiganeer posted...

you borrowed money, you have to pay it back

why is this such a difficult concept

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Greatest news
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Kaiganeer posted...

you borrowed money, you have to pay it back

why is this such a difficult concept

Arguably some loan forgiveness would help the economy.

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Kaiganeer posted...

you borrowed money, you have to pay it back

why is this such a difficult concept

the interests rates are ridiculous and take advantage of people. The interest rates need to be more fair

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Sorry Mr. President-Elect, you said you will be everyone's president. We will help you keep your word and be the wind behind your back.

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The most progressive president since FDR.

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DD Divine posted...

the interests rates are ridiculous and take advantage of people. The interest rates need to be more fair

Huh? Aren't student loan interest rates ridiculously low, like 3% or so for subsidized loans and 4-5% for unsubsidized? I've literally heard economic advice to repay them as slowly as possible and instead invest the money you have spare for higher returns than these interest rates (just as long as you're investing it and not spending it).

This is federal student aid, mind you, not private loans... but I don't think the government has any say in forgiving private debt?

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Kaiganeer posted...

you borrowed money, you have to pay it back

why is this such a difficult concept

There is immense societal and institutional pressure on you to go to college when you're in k-12. Basically every day with the morning announcements they'd be like "and did you know students who graduate make $1,000,000 more in their life." In the minds of many, not going to college doesn't even seem like an option. The country spends years indoctrinating our children that they need to go to college under any circumstance to be successful (and frankly, this isn't exactly wrong at this point, any job that isn't considered "a teen's low paying part time job" asks for a BA or trade school at minimum). Meanwhile personal finance isn't required to be taught in schools. Hard to hold people responsible IMO when you give them essentially no economic choice.

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As I said in a previous topic about Biden, Dems will be crying in 2024 about how leftists won't vote for whatever shitty candidate they put forward in that election despite dems making all sorts of promises about Biden this time around that Biden clearly has no interest in living up to.

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Hi.

Wanted to remind everyone that 2 senate races are going on in Georgia. If you would like to see some SLD canceled, Jon Ossoff and Reverend Warnock can get on that after being elected.

Their social media is on youtube, instagram, facebook, and twitter.
https://www.twitter.com/reverendwarnock
https://www.twitter.com/ossoff

If you are a Georgia resident, please vote.

#VOTE #GaSenate #Democats (the blue cats)
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Whether you support student loan forgiveness or not can we please agree that after 4 years of trump playing wannabe dictator that it is much better to have a president who isnt trying to over extend executive power ?
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Fuck Biden

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lmfao, Bastard isn't even in office yet and he's backtracking on his promises.

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Crazyman93 posted...

lmfao, Bastard isn't even in office yet and he's backtracking on his promises.

Show me where he promised to cancel student debts by executive order.

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you might as well get used to nothing happening because youre in for a lot of it

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School was about 50k and a waste of time for me since I went because its what you're "supposed" to do but if you have no particular goal or interest to work towards it won't do you much good and thats 50k that's unlikely to ever be paid off.

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I agree that in the future the interest rates should be lower. But people who take a loan know exactly what they are getting themselves into. They have no excuse.

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ultimate reaver posted...

you might as well get used to nothing happening because youre in for a lot of it

still better than Trump dragging America through the mud and trampling on rights.

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nfearurspecimn posted...

still better than Trump dragging America through the mud and trampling on rights.

yes, but we should strive for a lot more than that. Especially immediately out of the gate after four years like that

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Im pro forgiveness on principle, but it should probably come after several severe reforms in the way not only loans are handed out, but also the education system in general so we dont just end up repeating the cycle.

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good shit

Another Politician says bullshit to get into office. Why do Americans have a poor since of judgement with their candidates they elect?

Maybe the student loans are another good learning exercise on how to pay what you owe.

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Maninstagnate posted...

Another Politician says bullshit to get into office.

Why do you post things that aren't true?

Not even his first day in office and he's already proving to be another do-nothing lame duck, lmao.

Mr. Electability, everyone.
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Why am I paid more at a Japanese university for the same job I had in America when students pay 1/10 the tuition of Americans? If you say government aid, you're wrong. We don't get more government aid than my university in America did if you average it out per student. American universities (and yes I worked at a public university) are corrupt and are run like a for-profit business to benefit the people at the top while the workers are paid as little as possible. Union busting and treating grad students and adjuncts like disposable labor is rampant. It's unreal how successful universities in America have been at presenting themselves as bastions of progressive policies (you really believe they care about diversity when all the international students are from wealthy families predominantly in China and get charged even more than Americans?). Get the costs under control instead of subsidizing their exploitation of students and workers.

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ssjevot posted...

Why am I paid more at a Japanese university for the same job I had in America when students pay 1/10 the tuition of Americans? If you say government aid, you're wrong. We don't get more government aid than my university in America did if you average it out per student. American universities (and yes I worked at a public university) are corrupt and are run like a for-profit business to benefit the people at the top while the workers are paid as little as possible. Union busting and treating grad students and adjuncts like disposable labor is rampant. It's unreal how successful universities in America have been at presenting themselves as bastions of progressive policies (you really believe they care about diversity when all the international students are from wealthy families predominantly in China and get charged even more than Americans?). Get the costs under control instead of subsidizing their exploitation of students and workers.

<3 <3 <3 ! ! !

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Kaiganeer posted...

you borrowed money, you have to pay it back

why is this such a difficult concept

It's the underlying problems with higher education we want solved. This is just a temporary solution.

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I'm only open to it if the underlying problem is first addressed so that we wouldn't just be in the same situation 5 years from now

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There goes that dream for progressives of thinking they could get what they want out of Biden.

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College graduates have lower unemployment rates, higher income, and more job opportunities than those without. If the government is gonna spend money on helping people out, shouldnt it go to the more needy?

ultimate reaver posted...

you might as well get used to nothing happening because youre in for a lot of it

I'll take that over repealing conservation efforts so we can build a McDonalds on Mt. Rushmore's peak.

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win georgia and do it through congress is better anyway.

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fREEEEE


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BlueTigerLion posted...

There goes that dream for progressives of thinking they could get what they want out of Biden.

They can cry about it.

dodgefan91 posted...

College graduates have lower unemployment rates, higher income, and more job opportunities than those without. If the government is gonna spend money on helping people out, shouldnt it go to the more needy?

You make it sound like forgiving the debt of college grads is just giving more money to people are already "the haves", instead of helping people who are the "have nots".

BlueTigerLion posted...

There goes that dream for progressives of thinking they could get what they want out of Biden.

Imagine wanting everything passed via EO instead of actually having legit legislation

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Cornhuskers posted...

Hi.

Wanted to remind everyone that 2 senate races are going on in Georgia. If you would like to see some SLD canceled, Jon Ossoff and Reverend Warnock can get on that after being elected.

Their social media is on youtube, instagram, facebook, and twitter.
https://www.twitter.com/reverendwarnock
https://www.twitter.com/ossoff

If you are a Georgia resident, please vote.

#VOTE #GaSenate #Democats (the blue cats)

Are they going to cancel it like Biden said he would? :))

Tbh my loans are paid off but this blatant lying, on both sides of the aisle, is just so tiresome

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Esrac posted...

You make it sound like forgiving the debt of college grads is just giving more money to people are already "the haves", instead of helping people who are the "have nots".

that is exactly what Im saying

SergeantGander posted...

Are they going to cancel it like Biden said he would? :))

Tbh my loans are paid off but this blatant lying, on both sides of the aisle, is just so tiresome

How is it blatant lying? I dont think Biden ever said he was going to do the loan forgiveness bs

also Warnock and Ossoff wont either

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dodgefan91 posted...

College graduates have lower unemployment rates, higher income, and more job opportunities than those without. If the government is gonna spend money on helping people out, shouldnt it go to the more needy?

That's the traditional democratic position. But the progressive movement is mostly made up of white, college educated, upper middle class people who feel government policy should be centered on their wants instead.

So now paying off some dudes graduate degrees from yale is supposed to be the "progressive" thing to do even though it sounds more like trickle down economics.

au_gold posted...

The most progressive president since FDR.

Cultists are the only ones that believe this.

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