Joe Biden’s Student Loan Pardon Could
Cost $600,000,000,000
Gateway Pundit,
by
Seth Segal
Original Article
Posted By: Imright,
12/8/2024 7:46:12 AM
According to The College Fix, “President Joe Biden’s Department of Education has proposed a student loan forgiveness plan to take effect after President-elect Donald Trump takes office in January”
This follows a series of student loan debt forgiveness by the Biden regime.
According to The College Fix,”While the Department of Education puts the estimated cost at $112 billion, one analyst called it a “gross underestimate” and suggested the cost could be five times larger.”
“According to the new proposal, this act would “specify the Secretary’s authority to waive all or part of any student loan debts owed to the Department based on the Secretary’s determination that a borrower has experienced
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Reply 1 - Posted by:
Bur Oak 12/8/2024 7:51:24 AM (No. 1850614)
There's not only the billions of dollars in direct cost, but there is the even larger cost to society that is, "you don't need to pay your debts that you obligated yourself to pay."
33 people like this.
Reply 2 - Posted by:
pinger 12/8/2024 8:13:06 AM (No. 1850629)
.,.and the Democrats kept talking about a TRUMP dictatorship? Whatever happened to "the House controls the purse strings." They're determined to walk out the door leaving behind a ticking time-bomb. Biden appears to be the only president who's ever left office uncaring on how sad his legacy will be seen.
33 people like this.
Reply 3 - Posted by:
4Liberty2020 12/8/2024 8:25:24 AM (No. 1850634)
I had to pay my student loans, they should also.
It should not be a free ride, especially with the courses that are DEI related.
22 people like this.
Reply 4 - Posted by:
Venturer 12/8/2024 8:29:23 AM (No. 1850637)
If Biden can propose it Trump can stop it, and more then likely will.
22 people like this.
Reply 5 - Posted by:
Hazymac 12/8/2024 8:31:19 AM (No. 1850638)
Although the Eighth Amendment prevents it, by now the Big Guy, told repeatedly by all courts that he doesn't have the authority to cancel student debt unilaterally, needs a solid whack on the head to knock this illegal idea out of whatever is left of his mind. He's been told no repeatedly. Cheater, liar, traitor, idiot, pervert ... there's not one worthy thing about FJB. Doesn't matter, though. He hasn't got long. He's already passed away and he doesn't even know it yet. When he gets to Sheol, he'll know. It's his destiny. What damage he has done to America, all deliberate! Ubama's quisling stand in.
22 people like this.
Reply 6 - Posted by:
Mcscow sailor 12/8/2024 8:40:12 AM (No. 1850645)
NO
12 people like this.
Reply 7 - Posted by:
Mcscow sailor 12/8/2024 8:40:54 AM (No. 1850646)
26, NOW
6 people like this.
Reply 8 - Posted by:
Mcscow sailor 12/8/2024 8:42:48 AM (No. 1850648)
Excuse me, 25 Now
5 people like this.
Reply 9 - Posted by:
Jesuslover54 12/8/2024 9:17:25 AM (No. 1850684)
Is this even a right granted to the president?
9 people like this.
Reply 10 - Posted by:
tootall 12/8/2024 9:30:48 AM (No. 1850695)
Transfer these loans back to private lenders, which is where the program began, and abolish the DOE
23 people like this.
Reply 11 - Posted by:
AGGW 12/8/2024 9:36:29 AM (No. 1850702)
So when can my son expect reimbursement for his paid off student loan???
18 people like this.
Reply 12 - Posted by:
Twinkle93 12/8/2024 10:07:23 AM (No. 1850717)
Besides opposing this give away of our dollars, there should be an investigation of the spending of the colleges and universities. They seem to raise their rates when the amount of federal loans go up. Also, look at how much the faculty is getting paid versus their class room hours.
18 people like this.
Reply 13 - Posted by:
Strike3 12/8/2024 10:32:24 AM (No. 1850730)
Click bait, ain't going to happen and the money isn't there. Anything that illegitimate president Biden has done is null and void.
10 people like this.
Reply 14 - Posted by:
JHHolliday 12/8/2024 10:54:50 AM (No. 1850740)
As some posters have remarked, Most paid back their loan.. I put four kids through college. Took out a couple of personal loans and paid them back. Do I get reparations for that. If former students can get their loans paid off, why can;t I be paid back by Uncle Sucker? Doesn't seem fair but
very little our politicians do is fair to the taxpayers.
12 people like this.
Reply 15 - Posted by:
sunset 12/8/2024 10:57:11 AM (No. 1850742)
Government floods colleges with student loan money which only incentivizes bigger paychecks for administrators, DEI departments, and weird curriculum.
14 people like this.
Reply 16 - Posted by:
whyyeseyec 12/8/2024 11:26:04 AM (No. 1850762)
It was Obama who threw the student loan program into the Obamacare legislation back in 2010, thus making it strictly a federal program. Its been straight downhill since. Remember, every child deserves a college education. Borrow from the taxpayer for a bright future. It gave rise to scores of worthless new degrees ending in the word 'Studies'. The program is currently well over a trillion in debt, as useless degrees continue to mount. Forgiving college debt is a double taxation on the American people. First we lend, then we pay ourselves back due to the folly of others.
14 people like this.
Reply 17 - Posted by:
DVC 12/8/2024 11:46:08 AM (No. 1850776)
Unpardon those loans, once Trump is President. Joe has no authority to erase these lawful debts.
10 people like this.
Reply 18 - Posted by:
Starboard_side 12/8/2024 12:53:24 PM (No. 1850804)
Considering they didn't have the legal controlling authority to do such a thing, it would be interesting if the all found out they owed taxes on that "income".
They should also revert back to a simple interest loan where each payment gets you closer to the payoff. Today's "loans" are more like a credit card with revolving interest making it harder to pay down and off.
6 people like this.
Reply 19 - Posted by:
The Remnants 12/8/2024 1:12:40 PM (No. 1850823)
So many of these people in "public service" who think they can "burn" away money that does not even belong to them are turning our country into a third-world country that is drowning in debt. They behave like some grossly overweight person who cannot stop stuffing its face with cookies and cream, with no thought of any aftereffect. They make me sick.
5 people like this.
Reply 20 - Posted by:
The Remnants 12/8/2024 1:14:29 PM (No. 1850824)
continued.............
And that is why we voted for Trump.
7 people like this.
Reply 21 - Posted by:
Birddog 12/8/2024 1:55:45 PM (No. 1850840)
Current in default College loans are not counted in the borrowers credit report...not subject to collection. If you try to restart payments they insist you accept a "New" loan, with a 15% increase in overall indebtedness, or gt a private lower interest loan to pay off the outstanding balances. THOSE can be discharged via bankruptcy, can have terms renegotiated as interest rates change. The Govt loans cannot...as of now.... a new congress and administration could alter that and make the govt loans more in line with private sector loans.
STILL...much of the funding for Obamacare is "On Paper" covered by the govt "Asset" of student loan balances, it will also need to be revised, revamped, or rescinded. (My son went into default on his student loans, some of which were parents plus loans with me as an unaware co-signer, dragging my under "deferment" loans into the mix, dinging MY credit report....actually cost me a Job I had just been hired for at FEMA...but TODAY they all show as "Paid off" on Transunion/Experian credit agencies...though I have received NO LETTERS from the Govt indicating why/how)
4 people like this.
Reply 22 - Posted by:
red1066 12/8/2024 3:01:54 PM (No. 1850864)
This illustrates the out-of-control cost of college. It cost me $1200 a year to go to college. That included the cost of being an out of state student during my first year.
4 people like this.
Reply 23 - Posted by:
Lawsy0 12/8/2024 3:05:36 PM (No. 1850868)
If there is a college diploma anywhere on earth that mentions Gender Studies, Public Policy Studies, Women's Studies, Social Justice Studies, Critical Race Studies, Sexuality Studies, and Intersectionality Studies, just burn them. They all of merely examine power dynamics, or social identities, and only pretend to draw on useful disciplines such as literature, history, sociology, and psychology.
4 people like this.
Reply 24 - Posted by:
bpl40 12/8/2024 3:44:34 PM (No. 1850886)
Yeah, it was a hardship paying my student loan installment out my first salary check. But like millions of others, I gritted my teeth, tightened my belt and did it. What kind of snow flake nonsense is this.
6 people like this.
Reply 25 - Posted by:
paral04 12/8/2024 4:08:18 PM (No. 1850900)
Biden doesn't care what it costs. He has all his money and when that us gone his son will take care of him with his ill gotten gains. The rest of us will probably suffer Social Security decreases and tax increases to make up for the loan forgiveness and cost of supporting illegals.
3 people like this.
Reply 26 - Posted by:
franq 12/8/2024 5:29:14 PM (No. 1850928)
He has no authority to do this. Why do we keep hearing about it?
7 people like this.
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