Tag: student loan forgiveness

Student Loan Forgiveness Promise Backfires

Guest Post by Martin Armstrong

The student loan forgiveness plan backfired plain and simple. Payments were frozen three years ago in March 2020 under the CARES Act when countless people were out of work and the program made sense. Then Biden campaigned on a promise to eliminate a portion of that debt with no real plan in place. One must wonder if he thought his lofty promise to buy votes was even a possibility. The Education Department announced that debtors must resume payments by October, and interest on those loans will resume in September. This will affect 44 million Americans.

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Texas Judge Strikes Down Biden’s Student-Loan Forgiveness Plan As Unconstitutional

Via ZeroHedge

First two years of lame duck gridlock, now this.

Late on Thursday, a federal judge in Texas ruled that 80-year-old (ok, fine 79 for another 10 days) President Joe Biden’s plan to cancel hundreds of billions of dollars in student loan debt was unlawful and must be vacated, delivering a victory to conservative opponents of the program.

District Judge Mark Pittman, an appointee of former Donald Trump in Fort Worth, ruled in a lawsuit backed by the Job Creators Network Foundation on behalf of two borrowers.

Pittman in a 26-page ruling wrote that the HEROES Act – a law that provides loan assistance to military personnel and that was relied upon by the Biden administration to enact the relief plan – did not authorize the $400 billion student loan forgiveness program.

“The Program is thus an unconstitutional exercise of Congress’s legislative power and must be vacated,” Pittman wrote.

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$400 Billion!? Biden Student Loan Forgiveness To Cost Far More Than Initial Estimate

Via ZeroHedge

President Joe Biden’s student loan forgiveness plan will cost at least $400 billion over three decades, blowing away initial estimates of $300 billion, the Congressional Budget Office has estimated.

The plan, a handout for the middle and upper classes (and will only raise GDP by 0.1%), will provide debt relief of $10,000 per borrower, subject to income caps of $125,000 per individual or $250,000 per household – while Pell Grant recipients will receive an additional $10,000 of forgiveness, Bloomberg reports.

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Elizabeth Warren SCOFFS At Irate Dad After He Confronts Her About Unfairness Of Student Loan Forgiveness

Guest Post by Hailey Sanibel

Of all the unfair, unethical, and immoral acts of the Biden administration, their economic policies might be the worst of all. Wealth confiscation and redistribution has taken on so many life forms that it’s hard to cover them all. The latest sham – and blatant vote-buying scheme – comes with student loan forgiveness.

This atrocity comes on the heels of shuttering small businesses during the plandemic, thus moving all commerce to Big Box and online retailers. It was not an accident that trillions of dollars were gained by the largest sellers while the little guy got snuffed out.

Inflation has wiped out savings of those most prudent. Printing money so rapidly led to that inflation, and now prices for everything has accelerated and cruelly affected the most vulnerable. It has also led to a massive housing bubble and priced average Americans out of a home.

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