Plans for Harriet Tubman on $20 bill resume

[Economy 52,842]

3 hours ago, shoful said:

$10k is still A LOT better than nothing. I hope they push it through very soon. Has anyone in the administration said anything about it since his Inauguration?

Tbh i would support the idea of partial forgiveness more than total forgiveness unless they also make reforms to make tuitions a lot more affordable along with student debt cancellation

 

To cancel ALL student debt while not changing the root cause of high student debt will

 

#1 just result in high student debt again for the next group of ppl that werent part of this debt forgiveness wave

 

#2 it could encourage future students to not bother to try to save up as much or to be more lax about debt as they could anticipate that if debt was forgiven once it could be forgiven again

 

So i think it would be best if they are gonna forgive ALL of it then they should also reform post secondary to become cheaper and then make it clear the debt cancellation is a one time thing

 

Just cancelling all debt now and then doing nothing about high tuitions in my opinion is just setting up a situation where the next generation could have an even bigger debt load down the line

[Matangi 3,050]

1 hour ago, shoful said:

Can he actually cancel all student debt with just an executive order? 

 

54 minutes ago, Agunimon said:

I think that first suggestion requires congress. 

 

50 minutes ago, WhiteWitch said:

Biden is not necessarily for sure able to cancel student debt via executive order, which is why they are going through Congress for some of these things. Biden does not have power of the purse, the house does

 

In most cases, the Congress would need to grant permission or legislate expenditures, HOWEVER, a sitting President is given the executive authority under the Higher Education Act of 1965 to cancel or forgive as much Federal student debt as they wish. This is the exact authority that Bernie, Warren, and now Majority Leader Schumer have called on Biden to exercise.

If you want to see the proposals and info on the authority of the President when it comes to Federal student debts you can read this: 

https://www.forbes.com/sites/robertfarrington/2020/12/17/can-biden-really-forgive-student-loans-by-executive-order/?sh=117364371eed

 

[Whispering 18,865]

47 minutes ago, shoful said:

$10k is still A LOT better than nothing. I hope they push it through very soon. Has anyone in the administration said anything about it since his Inauguration?

They have, but are concentrating on getting Covid relief to all Americans first. 

[Chromatica Island 8,517]

This is an amazing step forward!

[shoful 13,304]

2 hours ago, Economy said:

Tbh i would support the idea of partial forgiveness more than total forgiveness unless they also make reforms to make tuitions a lot more affordable along with student debt cancellation

 

To cancel ALL student debt while not changing the root cause of high student debt will

 

#1 just result in high student debt again for the next group of ppl that werent part of this debt forgiveness wave

 

#2 it could encourage future students to not bother to try to save up as much or to be more lax about debt as they could anticipate that if debt was forgiven once it could be forgiven again

 

So i think it would be best if they are gonna forgive ALL of it then they should also reform post secondary to become cheaper and then make it clear the debt cancellation is a one time thing

 

Just cancelling all debt now and then doing nothing about high tuitions in my opinion is just setting up a situation where the next generation could have an even bigger debt load down the line

Agreed. They need to stop allowing schools to charge whatever they want it’s absolutely insane how they get away with it. “Non profit” MY ASS

[gothicdream 39,655]

I see this as a nice symbolic gesture that (hopefully) is setting the tone for an administration that takes tangible action toward racial equity. He hasn't even been president for a week yet, so I'm sure there is more to come.

[PartySick 172,431]

5 hours ago, Matangi said:

Cancel all student debt

Let's hope. He's already paused all payments until September so it's clearly in his sights.

5 hours ago, Matangi said:

Let alone follow through with a $2000 check as he had promised.

It's in the relief package that he and (I believe) 16 senators worked on.

[gabeoz 7,915]

5 hours ago, shoful said:

Can he actually cancel all student debt with just an executive order? 

They believe that legally he can wipe up to $55K in federal student loans for each student, but his current proposition is only $10k