The obvious answer to that question is to give a motive to pass broader legislation. Eliminate student debt by EO and you might give the impression that the issue is solved for the moment and nothing more needs to be done.
? Nah, laws are a lot harder to bring to court than an EO, and they can do more than an EO.
You can do both. Cancel student debt through executive action and pass an education reform bill.
Or you could pack it into an education reform bill, making the actual work on the education reform bill easier to move forward on. Which also makes the whole thing harder to challenge in courts.
This is actually what I wonder. Student loan forgiveness seems like a tax break for people who are projected to be well off anyway later on? Why not give a stimulus to others instead? Is there a good argument for this? I've not looked too much into it so there might be something I'm missing.
I am failing to get why they wrote that. $50K of debt forgiveness would be HUGE for anyone, including those who still hold more than that.
You have to pass the fucking bill tho which is hard with this senate layout and the filibuster
It's harder to find motivation for passing the fucking bill if the issue has been addressed. Just defer the debt until something is passed, or if that doesn't work out, do it by EO.
It's easier to defend a law in court because Congress has a lot more lattitude on budget issues in the constitution. Laws aren't bullet-proof, but you're more likely to get away with any given law than you are an EO.
Hell statistically 10k alone would wipe out loans for 1/3 of people and cut loans by half for around 19-20+%
Biden Says He Is “Unlikely” To Cancel $50,000 In Student Loan Debt By Executive Order
Biden made his first public comments today in response to an ongoing campaign by progressive Democrats and consumer advocates to convince the President-Elect to enact sweeping student loan forgiveness.www.forbes.com
Let alone what 50k would do. Barring the fact that obviously 50k relief is still really substantial for anyone who owes more than 50k, people who owe above that are a relatively small % anyway.
Nope, they're still under federal.
Great Lakes is a loan servicer that works with different lenders to collect payments. They aren't a lender themselves. You need to check where your loans are from on their site. There's a good chance at least some of your loans are from the federal government.
Yeah I get you. I struggled to pay in full each semester since I wanted to make sure I didn't get buried by a loan. Now I feel dumb for doing that lol
Bullshit. I accumulated more than $140k in student debt between undergrad and grad school, and that's after factoring in scholarships, grants, and workstudy/assistanceship work. That schooling ended over a decade ago (nearly 20 years since undergrad ended) and I've already paid off $110,000+ of it ($250,000+ when you factor in interest). I'd still be grateful if the last $30k was wiped from my plate.
It'd be very difficult to get 50k in debt just for undergrad, so I'd cautiously assume it would.
