Biden promised to now turn to the Higher Education Act of 1965 to restore student debt relief. He also plans to enact a 12-month repayment program that would help people with student debt avoid defaulting on their loans if they couldn’t pay and avoid years of bad credit ratings.
this post was submitted on 01 Jul 2023
91 points (100.0% liked)
News
40 readers
2 users here now
Breaking news and current events worldwide.
founded 2 years ago
I just had a crazy thought that likely would not pan out. So the Supreme Court said the executive branch can’t “transform” the loan. Apparently though the option was there to provide loans that, if used for a specific purpose, were partially or completely forgivable.
Why not just issue equivalent loans, with the stipulation that they must be used for the student loans? If the disbursed amount is not used for student loans within X time period, they are not forgiven and accrue interest.
It is not “transforming” the loan, and unlike the PPP loans there is a vested interest in making sure it is used for the right purpose. Granted, it could become a logistical nightmare to run it smoothly.
Sounds like a novel legal idea, the problem is the Supreme Court would find some rationale for their foregone conclusions...
Edit: I wonder if he could just make the mandatory payment $0...
Even if they could just make payments $0 the next president could change it. For this to work the actual amount owed needs to be reduced somehow or its just kicking the can down the road.
That could be an avenue. It would be kinda like PPPs but for student loans. But I could see a lot of people misusing them, similar to PPP
I’m glad Biden is fighting for debt relief. It’s the first step in a process that should end with free schooling.
Definitely going to be a major discussion point during the debates, and it'll likely be a deciding factor for a huge number of voters.
Lets go brandon
This but unironically
I've always preferred Dark Brandon [still] Rising
Can Clarence Thomas just take that vacation to a rich donor's ranch already? It did wonders for Tony Soprano- er, Scalia.
view more: next ›