Biden Administration's Student Loan Debt Plan Masterthread

[LevelUP]

People think that the President of the United States has the power for debt forgiveness. He does not!!!

Suppose your child just decided they, at this time, did not want to go to college but you’re paying taxes to forgive somebody else’s obligations. You may not be happy about that!!!

No need for the bold, supersized font. You don't need to yell at people on here. 

Plenty of things are paid for with my tax dollars that I dislike. That's called life. For many student loan holders, the interest far exceeds the amount of the loans.

Well, I like for someone to show me one piece of proof that the president has the power to do this???

[ss20ts]

Well, I like for someone to show me one piece of proof that the president has the power to do this???

Presidents do things people disagree with all the time.

[LevelUP]

Well, I like for someone to show me one piece of proof that the president has the power to do this???

Presidents do things people disagree with all the time.

"People think that the President of the United States has the power for debt forgiveness. He does not!!!" Said Nancy Pelosi

"Suppose your child just decided they, at this time, did not want to go to college but you’re paying taxes to forgive somebody else’s obligations. You may not be happy about that!!!" Said Nancy Pelosi

Nancy Pelosi didn't just say this once, she said this multiple times.

[freeloader]

Sure, the HEROES Act of 2003 confers on the Secretary of Education specific, statutory authority to “waive or modify any statutory or regulatory provision applicable to the student financial assistance programs” during times of national emergency. 20 U.S.C. § 1098bb(a)(1), (2)

President Trump declared a national state of emergency related to Covid-19 on 13 November 2020. That has subsequently been extended and is still in force.

[LevelUP]

Sure, the HEROES Act of 2003 confers on the Secretary of Education specific, statutory authority to “waive or modify any statutory or regulatory provision applicable to the student financial assistance programs” during times of national emergency.  20 U.S.C. § 1098bb(a)(1), (2)

President Trump declared a national state of emergency related to Covid-19 on 13 November 2020. That has subsequently been extended and is still in force.

"While the HEROES Act of 2003 arguably confers somewhat less broad authority than the HEA does, since an administration may only exercise its authority on a case-by-case basis or on a class of people impacted by the emergency"

Nancy Pelosi said Biden could only delay but not cancel student loan debt. Only congress has the power to do that.

Trump's Payroll Tax Cut was a bunch of nonsense too.

So for the record FJB and FDT.

[ashkir]

Clearly, not everyone is happy about this type of loan forgiveness program.  Some think it's too much, some think it's not enough.  I think the loan forgiveness is probably helpful for a lot of people but I hope they don't stop there.  The whole system needs overhauling and this would be a good time to do it.

This would have been the only time to do it, since it seems likely that Republicans are about to retake the House and this is not exactly an era of bipartisanship. But all the momentum on this has been on loan forgiveness via executive order rather than a legislative overhaul. Oh well.

---

I'm curious how far back the PELL Grant awards can go...or is it if you where ever awarded a PELL Grant (in any amount, they don't say it has to be a full grant award).

I got a small Pell grant in 2004, so I'm basically the canary in the coal mine for whether it applies to "anyone". I look forward to finding out.

They stated if your pell grant isn't showing in fafsa you will be able to fill a form out by the end of the year.

---

Feds added Purdue to the predatory school list! If you have loans for Purdue you can get it all forgiven!

[freeloader]

Sure, the HEROES Act of 2003 confers on the Secretary of Education specific, statutory authority to “waive or modify any statutory or regulatory provision applicable to the student financial assistance programs” during times of national emergency.  20 U.S.C. § 1098bb(a)(1), (2)

President Trump declared a national state of emergency related to Covid-19 on 13 November 2020. That has subsequently been extended and is still in force.

"While the HEROES Act of 2003 arguably confers somewhat less broad authority than the HEA does, since an administration may only exercise its authority on a case-by-case basis or on a class of people impacted by the emergency"

Nancy Pelosi said Biden could only delay but not cancel student loan debt. Only congress has the power to do that.

Trump's Payroll Tax Cut was a bunch of nonsense too.

So for the record FJB and FDT.

1. You referenced, without citation I would note, a Forbes article which is simply wrong. If you look at the actual law, it specifies “(3)Case-by-case basis
The Secretary is not required to exercise the waiver or modification authority under this section on a case-by-case basis.”

2. The power to cancel student loans rests with Congress.  And they delegated it to the Secretary of Education in 2003.  It will be interesting to see if there is litigation to try to stop this cancellation.  If there is, it will be up to a federal court, in all likelihood the Circuit Court for DC, to decide it Biden has this authority.  But, until an injunction to the contrary, Biden has this authority.

3. You may not be aware of this. Nancy Pelosi is not a president, dictator, or even a federal judge. While she controls the legislative agenda of the House of Representatives at this time, she doesn’t actually get to decide all the laws for the country. 

4. I do not appreciate you using profanity, even in veiled form.  I hope the moderators take note of that an respond appropriately.

[teejayb]

If this benefits you....congrats! Post a few happy faces.
If this does not benefit you, feel free to complain and vote accordingly in the next election.

If you're telling people to get over themselves, then shame on you. We have an extremely diverse country with an almost infinite amount of different avenues for life experiences, cultures, and priorities. I don't know the hardships someone had thinking their only option was to go into debt for a degree. I also don't know the hardships that someone who couldn't afford a degree that decided to go straight to work and found out today that part of every dollar they make will help pay for the debt of their peers..

I for one am against paying for peoples debt. I think it sets a "everyone gets a trophy" mentality moving forward. But, we have done that with banks, cities, development speculators, homeowners, private firms, ect in the past. Today, my individual position has leaned a little more right. That's after a ton of other social issues that the right has messed up, causing me to lean left recently. The only thing that I can do is realize that our great country elected Biden into office this time around, and I will use my vote in the upcoming elections to attempt either change that or keep the current leadership in office. Online arguments without meaningful context of discussion has zero value. Discuss with facts, or vent your frustrations or show your enthusiasm and move on....

[LevelUP]

Sure, the HEROES Act of 2003 confers on the Secretary of Education specific, statutory authority to “waive or modify any statutory or regulatory provision applicable to the student financial assistance programs” during times of national emergency.  20 U.S.C. § 1098bb(a)(1), (2)

President Trump declared a national state of emergency related to Covid-19 on 13 November 2020. That has subsequently been extended and is still in force.

"While the HEROES Act of 2003 arguably confers somewhat less broad authority than the HEA does, since an administration may only exercise its authority on a case-by-case basis or on a class of people impacted by the emergency"

Nancy Pelosi said Biden could only delay but not cancel student loan debt. Only congress has the power to do that.

Trump's Payroll Tax Cut was a bunch of nonsense too.

So for the record FJB and FDT.

1. You referenced, without citation I would note, a Forbes article which is simply wrong. If you look at the actual law, it specifies “(3)Case-by-case basis
The Secretary is not required to exercise the waiver or modification authority under this section on a case-by-case basis.”

2. The power to cancel student loans rests with Congress.  And they delegated it to the Secretary of Education in 2003.  It will be interesting to see if there is litigation to try to stop this cancellation.  If there is, it will be up to a federal court, in all likelihood the Circuit Court for DC, to decide it Biden has this authority.  But, until an injunction to the contrary, Biden has this authority.

3. You may not be aware of this. Nancy Pelosi is not a president, dictator, or even a federal judge. While she controls the legislative agenda of the House of Representatives at this time, she doesn’t actually get to decide all the laws for the country. 

4. I do not appreciate you using profanity, even in veiled form.  I hope the moderators take note of that an respond appropriately.

I would think Nancy Pelosi knows a bit more than a bunch of keyword warriors and some random journalists trying to armchair quarterback being a lawyer and giving out legal advice as to what is constitutional or not.

[freeloader]

Sure, the HEROES Act of 2003 confers on the Secretary of Education specific, statutory authority to “waive or modify any statutory or regulatory provision applicable to the student financial assistance programs” during times of national emergency.  20 U.S.C. § 1098bb(a)(1), (2)

President Trump declared a national state of emergency related to Covid-19 on 13 November 2020. That has subsequently been extended and is still in force.

"While the HEROES Act of 2003 arguably confers somewhat less broad authority than the HEA does, since an administration may only exercise its authority on a case-by-case basis or on a class of people impacted by the emergency"

Nancy Pelosi said Biden could only delay but not cancel student loan debt. Only congress has the power to do that.

Trump's Payroll Tax Cut was a bunch of nonsense too.

So for the record FJB and FDT.

1. You referenced, without citation I would note, a Forbes article which is simply wrong. If you look at the actual law, it specifies “(3)Case-by-case basis
The Secretary is not required to exercise the waiver or modification authority under this section on a case-by-case basis.”

2. The power to cancel student loans rests with Congress.  And they delegated it to the Secretary of Education in 2003.  It will be interesting to see if there is litigation to try to stop this cancellation.  If there is, it will be up to a federal court, in all likelihood the Circuit Court for DC, to decide it Biden has this authority.  But, until an injunction to the contrary, Biden has this authority.

3. You may not be aware of this. Nancy Pelosi is not a president, dictator, or even a federal judge. While she controls the legislative agenda of the House of Representatives at this time, she doesn’t actually get to decide all the laws for the country. 

4. I do not appreciate you using profanity, even in veiled form.  I hope the moderators take note of that an respond appropriately.

I would think Nancy Pelosi knows a bit more than a bunch of keyword warriors and some random journalists trying to armchair quarterback being a lawyer and giving out legal advice as to what is constitutional or not.

I don’t disagree. But, I think the White House counsel and the Department of Education counsel, who have both asserted that the HEROES Act gives Biden this authority know more than Pelosi. Again, it really doesn’t matter. He is the President. Unless and until a court stop this, it is happening.