In the hours after the Supreme Court knocked down his student debt relief plan on Friday, President Joe Biden announced in an Oval Office speech that he’ll take a different pathway to forgive the loans.
Biden Announces He’ll Try Different Route To Student Debt Relief After Supreme Court Decision
Allowing us to hate the SC again next June when they strike that one down too.
One nice thing about Ken Paxton being sidelined, he’s not running to the courthouse to block President Biden’s initiatives.
I’m the parent of a child who will have substantial debt after graduate school. What strikes me is the interest rate, which accrues as soon as the loan amount is used. It would be helpful to get the interest rate down on the entire loan, so borrowers can pay more towards principal as they make their payments. That might be politically easier to swallow as well.
Biden is keeping hope alive. That’s very important.
If government could free up all this stagnate, bloated, dead-dog of student debt, we’d have a boom of wealth the likes of which nobody really has ever seen. That’s not Donald Trump. There’s so much money tied up in mere useless expense and such a pent-up need for all kinds of stuff to set a life and build a retirement… Elon could not count all the money he’d make.
A young person not only pays back the exorbitant cost of the education – labs, books, boarding, credit hours, whatever. They will have paid back enough in interest to buy another degree. Of course, they only get one degree for all that money.
The other part subsidizes a handout to a best friend on the Court.
Since standing is now only sometimes a thing, how long will it take for these new measures to be enjoined and a case sent to SCOTUS?
Good on him. This legislating from the bench bullshit — remember when they hated that … even when it wasn’t happening? — is bullshit.
It’s not a good idea to underestimate Joe Biden. Look at what he has accomplished. But we know the Repubs are not grounded in reality or equity.
Holy shit Joe Biden is a good president.
Biden couldn’t get a bill from Congress. In the past, most other presidents would give up right there, and all mainstream political media would still credit him. “Hey, he tried, but the voters wouldn’t give him a mandate.”
But Biden did not give up. He took advantage of the lately-swollen powers of the Presidency, and used executive action to do it by fiat. And, he did it by a path that he and other experts believed might actually work. Today, the cold dead hand of the oligarchy killed that plan.
But Biden did not give up. On the same day as Organized Money’s pet judges killed the plan, Biden announced a second attempt. And it’s not merely an announcement that he’s gonna try again: he already had a backup plan and was already in the process of executing on it:
already initiated the rulemaking process
And it sounds like a better plan. Biden says it’s on more solid footing. But it will take a while, and vulnerable people might be left in the lurch in a touchy economy. So Biden is doing something to mitigate some of the worse common harms that are anticipated:
financially vulnerable borrowers who miss monthly payments during this period are not considered delinquent, reported to credit bureaus, placed in default, or referred to debt collection agencies
I saw a Hiver comment today that they believed Biden only reluctantly pursued relief for student debt, and that Biden was secretly glad that SCOTUS killed it. It has been bugging me all day.
This is my answer: Biden has been fucking bringing it.
Oh yeah and he’s doing something similar for Affirmative Action in case anybody missed it – I know it’s been a busy news day with all these destructive opinions being issued today. Yes that’s me pointing out in a smart-ass way that Biden’s pace has been fast or even aggressive. Usain Bolt is just keeping that medal warm for Uncle Joe.
Gimme some Dark Brandon!
Biden has been fucking bringing it .
Did you see that he got railroad workers paid sick leave this week too? He’s got our back, we’ve gotta have his.
wut???
Is this because of that toxic crash earlier in the year?
Looks like you might get at least part of your wish:
The administration also finalized what it’s touting as the “most affordable repayment plan ever created” to cut the amount borrowers have to pay each month, forgive debts after 10 years of payments instead of 20 for certain borrowers and not charge borrowers unpaid monthly interest.
emphasis mine
Not exactly a lower interest rate, but looks to end the capitalized interest that gets rolled over into principal each month that’s the true killer, which I have described elsewhere:
It’s the fall-out from the labor deal forced through congress to end a strike right before Christmas. The workers got raises, but not paid sick leave. However…
We’re thankful that the Biden administration played the long game on sick days and stuck with us for months after Congress imposed our updated national agreement,” Russo said. “Without making a big show of it, Joe Biden and members of his administration in the Transportation and Labor departments have been working continuously to get guaranteed paid sick days for all railroad workers.
Ejecting corrupt people from government is truly the gift that keeps on giving. Even just this appetizer is delightful.
Good. I do hope Biden can figure out how to give relief to folks who’ve been bit by capitalized interest and are now in a hole there’s no way out of.
Even a restructuring of the IDR plans and a shorter forgiveness period would do wonders for my mental health.
I cannot fathom why we allow this shit, when my graduate school tuition was $47.00, per hour in 1989, in Nevada and they allowed nearby California counties to be treated like residents for tuition purposes.
How is that subsidy different from student loan forgiveness? Sorry about the language, but I am angry about the unfairness of it.
Wow.
I bet rail workers were pretty upset with the original agreement. They went on strike but only got a little cash.
In the past, presidents often got a lot of political credit for merely restoring operation, even if it meant forcing a bad deal on workers. Biden got that far, but didn’t just take the plaudits and move onto some new issue.
Biden kept working for 2 years. And they did it in the background, which is smart strategy but politically risky: flying under the radar of GOP media doubtless avoided difficulties – can you imagine Fox’s attempts to weave an anti-rail-workers thread into their messy “culture war” tapestry? But it also means he couldn’t be campaigning on it while he was doing it. So he took the career risk and drilled those hard boards quietly, and now they get a week of PTO.
For the record, I do think that’s way too low: most office jobs get 2 weeks, and I think every worker in the country ought to have at least 4 weeks. But going from 0 days to 4+3 days is a night-and-day improvement.
Uncle Joe and his team are really something special.