GeneticBlueprint Posted September 26, 2022 Share Posted September 26, 2022 CBO: Biden student loan forgiveness to cost $400 billion - The Washington Post WWW.WASHINGTONPOST.COM Supporters of student debt cancelation have argued some estimates overstate the policy’s price-tag. Quote The White House’s plan to cancel student loan debt for tens of millions of American borrowers will cost roughly $400 billion, according to a new estimate released by Congress’ nonpartisan scorekeeper. The scorekeeper also found that the White House’s plan to temporarily extend an existing pause on student loan payments would cost roughly $20 billion. ... The Congressional Budget Office’s estimate excludes the White House’s simultaneous move to lower the monthly amount borrowers can be forced to repay as a percentage of their income from 10 percent to 5 percent. That policy is set to cost an additional $120 billion, according to estimates from the Committee for a Responsible Federal Budget, a D.C.-based think tank that has opposed Biden’s policy. ... CBO found the policy change would result in a similar impact to annual cash flow to the federal government, but budget analysts typically assess the cost of a new program based on how it will alter the federal deficit in the long run. A conventional 10-year score of the budget would find the policy increases deficits by roughly $400 billion, because these policy changes are immediate, Goldwein said. ... “CBO’s $400 billion cost estimate shows this administration has lost all sense of fiscal responsibility,” said Rep. Virginia Foxx (N.C.), the top Republican on the House Education Committee. “Rather than working with Congress to bring down college costs, President Biden has opted to bury the American people under our unsustainable debt.” Quote Senate Majority Leader Charles E. Schumer (D-N.Y.) and Sen. Elizabeth Warren (D-Mass.), who led the charge on the debt forgiveness policy, released a joint statement taking issue with the assumptions underlying the CBO analysis. “It is clear the pandemic payment pause and student debt cancellation are policies that demonstrate how government can and should invest in working people, not the wealthy and billionaire corporations,” the pair said. Some economists cautioned that opponents of the policy frequently overstate its price-tag. Marshall Steinbaum, an economist at the University of Utah, said his research suggests that more than 60 percent of outstanding student loans have rising balances over time — suggesting that many of them are not being paid off. “A very large share of already outstanding student debt was not going to be repaid anyway, so I’m curious how the CBO will account for the fact that most student debt was already uncollectable,” said Steinbaum, who supports student debt cancellation, in an interview before the CBO’s release. Quote Link to comment Share on other sites More sharing options...
b_m_b_m_b_m Posted September 26, 2022 Share Posted September 26, 2022 That so many people will eventually get their debt cancelled after spending 25 years indebted is reason enough to cancel it all now 1 Quote Link to comment Share on other sites More sharing options...
Remarkableriots Posted September 30, 2022 Share Posted September 30, 2022 Biden administration scales back student debt relief for millions amid legal concerns WWW.MSN.COM Education Department says that a subset of federal student loans owned by private lenders no longer qualify for relief. Quote In a reversal, the Education Department said on Thursday it would no longer allow borrowers who have federal student loans that are owned by private entities to qualify for the relief program. The administration had previously said those borrowers would have a path to receive up to $10,000 or $20,000 of loan forgiveness. 1 Quote Link to comment Share on other sites More sharing options...
Uaarkson Posted September 30, 2022 Share Posted September 30, 2022 lmao Quote Link to comment Share on other sites More sharing options...
Jason Posted September 30, 2022 Author Share Posted September 30, 2022 They couldn't do this after the election? Quote Link to comment Share on other sites More sharing options...
b_m_b_m_b_m Posted September 30, 2022 Share Posted September 30, 2022 limiting those who have standing to sue is good even though it sucks for people affected. Quote Link to comment Share on other sites More sharing options...
GeneticBlueprint Posted September 30, 2022 Share Posted September 30, 2022 I thought this was a thing ever since the announcement? 1 Quote Link to comment Share on other sites More sharing options...
b_m_b_m_b_m Posted October 16, 2022 Share Posted October 16, 2022 https://studentaid.gov/debt-relief/application?utm_content=&utm_medium=email&utm_name=&utm_source=govdelivery&utm_term= Filled in my application for relief. 1 Quote Link to comment Share on other sites More sharing options...
SaysWho? Posted October 16, 2022 Share Posted October 16, 2022 11 hours ago, b_m_b_m_b_m said: https://studentaid.gov/debt-relief/application?utm_content=&utm_medium=email&utm_name=&utm_source=govdelivery&utm_term= Filled in my application for relief. Yaaaaaasssssssssss Quote Link to comment Share on other sites More sharing options...
GeneticBlueprint Posted October 16, 2022 Share Posted October 16, 2022 Filled it in for myself and sent it to my wife to do the same. Quote Link to comment Share on other sites More sharing options...
TUFKAK Posted October 16, 2022 Share Posted October 16, 2022 Imma do it just cause fuck it why not Quote Link to comment Share on other sites More sharing options...
b_m_b_m_b_m Posted October 20, 2022 Share Posted October 20, 2022 This was a stupid suit even by conservative standards Quote Link to comment Share on other sites More sharing options...
b_m_b_m_b_m Posted October 21, 2022 Share Posted October 21, 2022 Quote Link to comment Share on other sites More sharing options...
Commissar SFLUFAN Posted October 21, 2022 Share Posted October 21, 2022 23 hours ago, b_m_b_m_b_m said: Yeah, about that... Quote Link to comment Share on other sites More sharing options...
Jason Posted October 21, 2022 Author Share Posted October 21, 2022 Quote Link to comment Share on other sites More sharing options...
Jason Posted October 21, 2022 Author Share Posted October 21, 2022 Watch idiot voters act like it's Biden reneging on the debt relief. 3 Quote Link to comment Share on other sites More sharing options...
Ricofoley Posted October 21, 2022 Share Posted October 21, 2022 Like six separate courts int the past week agreed there was no standing to challenge this until this court ruled. I don't see how this country is remotely governable if every policy action results in a bazooka of legal challenges fired in all directions until they hit on a friendly court. 5 Quote Link to comment Share on other sites More sharing options...
b_m_b_m_b_m Posted October 22, 2022 Share Posted October 22, 2022 48 minutes ago, Ricofoley said: Like six separate courts int the past week agreed there was no standing to challenge this until this court ruled. I don't see how this country is remotely governable if every policy action results in a bazooka of legal challenges fired in all directions until they hit on a friendly court. It’s just the beauty and majesty of the impartial and everlasting law Quote Link to comment Share on other sites More sharing options...
johnny Posted October 22, 2022 Share Posted October 22, 2022 why does biden have to listen to the court i thought this dude is above the law 1 Quote Link to comment Share on other sites More sharing options...
Keyser_Soze Posted October 22, 2022 Share Posted October 22, 2022 6 2 Quote Link to comment Share on other sites More sharing options...
Anathema- Posted October 23, 2022 Share Posted October 23, 2022 I think that Joe Biden spends time in Delaware so frequently because he's got a hyperbolic time chamber there. He's just constantly leveling up. Quote Link to comment Share on other sites More sharing options...
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