Joe Biden should pass executive order to cancel student debt, Schumer says

[Dashinka 24,635]

This won't be divisive in any way.

 

Joe Biden should pass executive order to cancel student debt, Schumer says

 

 

President-elect Joe Biden should issue an executive order to cancel college student debt when he gets control of the White House, Sen. Democratic leader Chuck Schumer said.

“Getting rid of student debt. I have a proposal with [Massachusetts Sen.] Elizabeth Warren that the first $50,000 of debt be vanquished, and we believe that Joe Biden can do that with the pen as opposed to legislation,” Schumer said during an interview with The.Ink.

In his own press release, the New York senator said his plan would provide complete forgiveness of student loans for more than 75% of borrowers across the country and at least some debt forgiveness for 95% of people with student loan debt.

“This is especially good news for the nearly 2.4 million New Yorkers with outstanding student loans and a cumulative debt of $89.5 billion as of March 2020,” Schumer said.

Schumer said addressing the student loan crisis will be one of the first actions he will prioritize in the new 117th Congress in January.

But, according to Schumer, a President Biden would not have to wait for legislative action.

 

https://nypost.com/2020/11/16/schumer-urges-biden-to-cancel-portion-of-student-loan-debt/

[Ban Hammer 13,429]

so with the stroke of a pen, 50k of debt per person will be transferred to who?

[Prizm123 1,086]

it will be like a miracle, it will just disappear! just like covid!

[abum 324]

49 minutes ago, Prizm123 said:

it will be like a miracle, it will just disappear! just like covid!

 

Maybe they could re-brand it and call it Student Loan Forgiveness?  

 

[Prizm123 1,086]

https://www.foxbusiness.com/personal-finance/student-loan-forgiveness-who-benefits-most

Forgive student loan debt? Top 40% of American households would benefit most

The top 40% of U.S. households owe almost 60% of the outstanding educational debt

I am dying over here at the irony

 

i think it should be done alongside something to restrain out of control costs and something to help folks who dont want to go to college as well, like paying for trade schools like electricians, auto mechanics, HVAC technicians etc

Edited November 17, 2020 by Prizm123

[Dashinka 24,635]

1 hour ago, Ban Hammer said:

so with the stroke of a pen, 50k of debt per person will be transferred to who?

Who do you think?  Possibly those that actually earned a degree that would pay for itself, or those that already paid back their debts, and of course those that decided to go to trade school rather than wasting their time earning a useless degree.

4 minutes ago, Prizm123 said:

https://www.foxbusiness.com/personal-finance/student-loan-forgiveness-who-benefits-most

Forgive student loan debt? Top 40% of American households would benefit most

The top 40% of U.S. households owe almost 60% of the outstanding educational debt

I am dying over here at the irony

What happened to tax the rich?

[Prizm123 1,086]

9 minutes ago, Dashinka said:

.

What happened to tax the rich?

why do you think i am laughing?

 

 

[Dashinka 24,635]

9 minutes ago, Prizm123 said:

why do you think i am laughing?

 

 

I know.  It is amazing how divisive the Democrats can be.  It kind of comes natural to them.

[Prizm123 1,086]

its not limited to democrats. republicans are just as bad.

[Boiler 45,730]

I would like a new truck.

 

Could that be forgiven?

[yuna628 9,687]

5 minutes ago, Boiler said:

I would like a new truck.

 

Could that be forgiven?

Go crash the old truck off a cliff and go buy a new one. God might forgive you!  

[Dashinka 24,635]

41 minutes ago, Prizm123 said:

its not limited to democrats. republicans are just as bad.

It is mostly the Dems, but I will agree, the GOP can be somewhat divisive at times.  I will take the lesser though.

[Boiler 45,730]

11 minutes ago, yuna628 said:

Go crash the old truck off a cliff and go buy a new one. God might forgive you!  

It is really really old.

[Dashinka 24,635]

5 minutes ago, Boiler said:

It is really really old.

It's only forgiven if you buy one of the over-priced electric trucks that are coming.

[Steeleballz 7,550]

 

   As a fiscal conservative, I don't really support any student loan cancellation. I would like to see reforms to keep down the cost of secondary school, but cancelling loan debt is a slippery slope. There are a lot of younger people in my field nowadays and some of them busted their butts driving old beaters and eating sandwiches to pay off loan debt. Others drive a brand new Lexus and go on vacation all the time and complain about how long it's going to take to pay off their loans. 

 

  I think $10000 in student loan cancellation has been supported by both parties. It may happen and if it does, so be it, I guess. My parents helped me with some school costs. I expect to do that with my kids. Cancelling student loan debt is the opposite. Ultimately it is like asking your own young kids to pay for your education. I don't see that as something good.

 

  It's a huge issue, but don't put a band aid on it. Fix the problem.