40,000 students' debt erased, almost 4M on the table for further breaks

[Posit]

"DOE wipes debt of 40k borrowers, millions more may be next"

Absolved of personal responsibility

40K votes bought

4M votes pending purchase

Pundits expect next round of loan 'forgiveness' to be announced in time to influence the November elections. Who pays? Do we really want our elected government to use such tactics to pursue their political aims??

 

[Dekster]

"DOE wipes debt of 40k borrowers, millions more may be next"

Absolved of personal responsibility

40K votes bought

4M votes pending purchase

Pundits expect next round of loan 'forgiveness' to be announced in time to influence the November elections. Who pays? Do we really want our elected government to use such tactics to pursue their political aims??

if these 40K loans were supposed to have already been written off, but weren't (which is the reported case) then all they are doing is complying with the terms of the loans. Apaprently oversight of the student loan program has been non-existent and the third party loan servicers have been fleecing borrowers. From what I read on NPR, there have been several lawsuits regarding this in recent years.

 

[justoffal]

if these 40K loans were supposed to have already been written off, but weren't (which is the reported case) then all they are doing is complying with the terms of the loans. Apaprently oversight of the student loan program has been non-existent and the third party loan servicers have been fleecing borrowers. From what I read on NPR, there have been several lawsuits regarding this in recent years.

Oh man I can't wait to see this happen....most of those voters are already democrats so the forgiveness isn't going to buy them very much lol. But maaaaaan...... If I was Big Joey I would be getting me a pope mobile with a bullet proof shield. If he does that....they are absofreakinglutely gonna JFK him!

You know how much money we're talking about here? It's heinous.....lol......this is great.

 

[wamose]

Irresponsible Democrats aiding and abetting irresponsible barrowers. This should never happen in the US.

 

[Ghost1776]

Unless your white they stick.

 

[Dekster]

Oh man I can't wait to see this happen....most of those voters are already democrats so the forgiveness isn't going to buy them very much lol. But maaaaaan...... If I was Big Joey I would be getting me a pope mobile with a bullet proof shield. If he does that....they are absofreakinglutely gonna JFK him!

You know how much money we're talking about here? It's heinous.....lol......this is great.

What I have not seen yet is whether these people will be getting a refund of their overpayments. Basically, if you worked in certain jobs (government, teachers, some non-profits) your student loans were supposed to be discharged after 10 years. They weren't being discharged. These loan servicers were fleecing the borrowers for any payment they could get out of them. Personally, I would have raised holy hell at the 10 year mark, but apparently most of these borrowers just quietly kept on paying.

The additional 4M are a little more suspect. Basically they are shortening the income driven payment plan to 20 years which will be retroactive from 25 years on the original program. People are being given credit for having made a payment for every month they were in deferment except in school deferments, and any payment made will be considered a month toward the 20 years regardless of when it was made to bring in payments (and months) before the loans were consolidated. It is a one time adjustment to give every borrower the benefit of the new shorter payback window and the benefit of the doubt for records that have been lost. Allegedly the loan servicers were supposed to have been putting people in the income contingent program with zero dollar payments instead of handing out deferments. Having been in this program, I can tell you they are very much changing the rules as it was clear to me that deferment periods would not count toward your 25 years. I pretty much always made my regular payment except there was a hiccup that I hit when they switched servicers on me that almost threw me into default. Basically my old servicer got my income information automatically from the IRS and just automatically took the money every month from my account. When they switched me, the new people didn't bother telling me that I needed to resupply them with my account information. I just assumed they were taking the money when they weren't and was like 3 months behind before they decided to tell me I was three months behind. Rather than take the money once I got it sorted, they just retroactively put me in deferment for those 3 months. Made no sense to me why they wouldn't just take the payments, but I was like whatevers.

 

[Uncensored2008]

"DOE wipes debt of 40k borrowers, millions more may be next"

Absolved of personal responsibility

40K votes bought

4M votes pending purchase

Pundits expect next round of loan 'forgiveness' to be announced in time to influence the November elections. Who pays? Do we really want our elected government to use such tactics to pursue their political aims??

Except that it never happened.

No debts have been forgiven. This is all smoke and mirrors that the dims hope won't be exposed before the election.

All this does is provide a means for people to challenge modifications they believe are inequitable. The problem is, no one has paid on a student loan in two years - no one. There is ZERO chance Biden will lift the moratorium prior to the midterms - so the FACT this is all a scam won't be revealed to the stupid.

Let's face it, those racking up student debt are the dumbest members of society and won't grasp that this a con until they try to get their debt forgiven and can't. Which won't happen until after the election.

 

[Ghost1776]

Except that it never happened.

No debts have been forgiven. This is all smoke and mirrors that the dims hope won't be exposed before the election.

All this does is provide a means for people to challenge modifications they believe are inequitable. The problem is, no one has paid on a student loan in two years - no one. There is ZERO chance Biden will lift the moratorium prior to the midterms - so the FACT this is all a scam won't be revealed to the stupid.

Let's face it, those racking up student debt are the dumbest members of society and won't grasp that this a con until they try to get their debt forgiven and can't. Which won't happen until after the election.

Why are these people so fkn dumb and So easy to sucker. As long as it’s the gov. Telling these goons what they want to hear yet these are the same twats that hate big gov. MENTAL ILLNESS severely Has taken over.

 

[1srelluc]

I figured the dems would try such a "Hail Mary"......Now their failure is complete.

 

[Posit]

if these 40K loans were supposed to have already been written off, but weren't (which is the reported case) then all they are doing is complying with the terms of the loans. Apaprently oversight of the student loan program has been non-existent and the third party loan servicers have been fleecing borrowers. From what I read on NPR, there have been several lawsuits regarding this in recent years.

"The Biden administration says it wants to clean up the federal student loan system through which 45 million Americans possess education debt. It is waiving the rules of income-driven repayment plans to retroactively credit millions of people with additional payments toward loan forgiveness." (Washington Post)

It further reports breakdowns in communications, poor record keeping, etc. as the basis for the waivers. None of which is actually the point.

Do we approve of an elected official using the power of his office to forgive loans, from the public coffers, accept the losses of taxpayer dollars, timed to enhance the attraction to voters in an upcoming election?

 

[Posit]

Except that it never happened.

No debts have been forgiven. This is all smoke and mirrors that the dims hope won't be exposed before the election.

All this does is provide a means for people to challenge modifications they believe are inequitable. The problem is, no one has paid on a student loan in two years - no one. There is ZERO chance Biden will lift the moratorium prior to the midterms - so the FACT this is all a scam won't be revealed to the stupid.

Let's face it, those racking up student debt are the dumbest members of society and won't grasp that this a con until they try to get their debt forgiven and can't. Which won't happen until after the election.

"The Biden administration says it wants to clean up the federal student loan system through which 45 million Americans possess education debt. It is waiving the rules of income-driven repayment plans to retroactively credit millions of people with additional payments toward loan forgiveness." (Washington post)

Sec of Ed also says the waivers (forgiveness) is happening.

Just in time for upcoming elections. Strange how that works?

 

[Dekster]

"The Biden administration says it wants to clean up the federal student loan system through which 45 million Americans possess education debt. It is waiving the rules of income-driven repayment plans to retroactively credit millions of people with additional payments toward loan forgiveness." (Washington Post)

It further reports breakdowns in communications, poor record keeping, etc. as the basis for the waivers. None of which is actually the point.

Do we approve of an elected official using the power of his office to forgive loans, from the public coffers, accept the losses of taxpayer dollars, timed to enhance the attraction to voters in an upcoming election?

From what I have read even before this announcement, the Department of Education already had the power to do this as Congress has granted them broad regulatory authority over loans at least 5 years into repayment. Sure it is well-timed political theater for them, but this is appears to be just another case of the Congress delegating too much of its authority to the bureaucrats who always step and fetch for the guy who can fire them.

 

[Posit]

From what I have read even before this announcement, the Department of Education already had the power to do this as Congress has granted them broad regulatory authority over loans at least 5 years into repayment. Sure it is well-timed political theater for them, but this is appears to be just another case of the Congress delegating too much of its authority to the bureaucrats who always step and fetch for the guy who can fire them.

An apt description.

 

[Ghost1776]

"DOE wipes debt of 40k borrowers, millions more may be next"

Absolved of personal responsibility

40K votes bought

4M votes pending purchase

Pundits expect next round of loan 'forgiveness' to be announced in time to influence the November elections. Who pays? Do we really want our elected government to use such tactics to pursue their political aims??

Not if your white. Lol YOur gonna get turned down like the hospitals who did it because ppl were white lmfao.