The plan is expected to face legal challenges, which would cause uncertainty for borrowers who stand to benefit from the new policy.
At the same time, there are also expected to be challenges for those planning to sue the administration over the plan.
Demonstrating standing in the case in particular is seen as a hurdle, leading some to doubt a future challenge will be successful.
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I'm looking at this whole debt forgiveness as a weak plan to get more votes during the mid-terms.
"Look, we tried to something really nice for you but those meanie Conservatives threw a fit and sued us, then a Conservative judge said we can't do that. See, they really don't care for you at all."
What's funnier than hell though, is I've been reading that there's a shitload of Liberals that are pissed about this so-called plan too - you know, the ones that paid off their college loans.
They could cure the whole college debt mess with one stroke of the pen…just make student loans dischargable in bankruptcy. Remove the unusual protection the lenders have enjoyed and the system will realign overnight, with NO cost to the taxpayer.
ReplyDeleteKenny, that's not all. In some states, forgiven debt counts as taxable income. I heard that and laughed.
ReplyDeleteBribem, such a fitting name given this story, has no Constitutional authority to enact this rip off. Even Nazi Pelosi said much to the same affect the day Bribem announced it.
ReplyDeleteNemo
thats exactly how it will go down. "we are trying to give you $10000 but republicans want to stop it. vote for us = get paid"
ReplyDeletethe free shit army will dutifully report to duty and vote for their benefactors this year... as always.
Recently I read about a gal who now has over $200k in student debt. She's not finished for her 4 yr degree. She's not STEM, not medical.
ReplyDeleteWhat the heck has she been doing? And who is loaning that kind of dough to a non-science major? For a four yr degree!
Where were the responsible adults to tell her to stop?
"The Heroes Act was passed in 2003 with bipartisan support and gives the Education secretary the authority to waive debt obligations amid a war or national emergency. The law was passed with veterans fighting in Iraq and Afghanistan in mind , but the administration believes the coronavirus pandemic is covered by the law because it was declared a national emergency.
ReplyDeleteSo... COVID is a national emergency until we said it ain't ? Hmmm...
the college kids and recent grads were voting Biden anyhow.
ReplyDeleteLets see how this works. Folks haven't been paying on these debts for years due to covid. Joebama is merely reducing the balance on a loan that won't be paid.
ReplyDelete