Biden is withdrawing his broader student-loan-forgiveness plans that were set to cancel debt for over 38 million borrowers
Biden is withdrawing his broader student-loan-forgiveness plans that were set to cancel debt for over 38 million borrowers
It's officially the end of the road for Biden's attempts to broadly cancel student debt.
The withdrawal notices were for two of the department's unfinished debt-relief rules. The first rule was Biden's Plan B for broader debt relief after the Supreme Court struck his first plan down in summer 2023. The second rule was a proposal to provide relief to borrowers facing financial hardship.
Unfinished and proposal.
Yeah, Biden's team never wanted to do any of this and never put any real effort into making it happen so now we're hear. In any sane world this implosion (along with the FAFSA disaster and a million other things) would be the end of the conversation about why younger voters haven't been supporting Dems at the rate we need, but I'm sure some jackass on MSNBC will say something fucking idiotic and insulting about misinformation on tiktok or something anyway.
Passed student debt relief. You: "He didn't want to do it!!!"
Blocked by court. You: "see he didn't want to do it!!!"
Passes new bill. Continues to work on other ways to do it too. You: "see he never wanted to do it!! No real effort!!"
Unbelievable.
Of course he is. Take some of your most popular, and arguably most effective, policies and just stop doing them.
Oh wait, those help normal Americans. That's right, we don't do that here.
The withdrawal notices were for two of the department's unfinished debt-relief rules. The first rule was Biden's Plan B for broader debt relief after the Supreme Court struck his first plan down in summer 2023. The second rule was a proposal to provide relief to borrowers facing financial hardship.
Unfinished and a proposal. This is basically just acknowledging it won't be finished in time.
Don't dampen people's ability to grouse here. It's all they have left.
Depose.
The rules were unfinished. He had tried to do earlier wide scale debt relief that was struck down by the courts. This was another attempt at it and trying to write around their BS rulings. Republicans were already threatening that second version
He's been focusing on more narrow areas to provide relief because those have been harder to sue about
Biden is still pursuing other avenues for debt relief before his term is up. On Friday, his administration announced an additional $4.28 billion in debt relief for 54,900 borrowers in Public Service Loan Forgiveness — a result of ongoing improvements to the program. Despite not being able to pass broad relief, Biden, over the course of his term, has provided relief to nearly 5 million borrowers through changes to various programs.
Did everyone forget that Biden was one of the chief engineers of making it so that student loans cannot be discharged in bankruptcy?
He never gave a flying fuck and that's why his solutions were all shitty bandaids instead of addressing the real issues.
I didn't forget.
How Biden helped create the student debt problem he now promises to fix.
The former vice-president and 2020 presidential hopeful backed a 2005 bill that stripped students of bankruptcy protections and left millions in financial stress
https://www.theguardian.com/us-news/2019/dec/02/joe-biden-student-loan-debt-2005-act-2020
He did try to do wide scale student loan reliefs but the supreme court kept blocking his attempts. The rules they are talking about were his second attempt at writing around the court rulings for broader relief. He kept at it with different approaches to work around that ended up smaller and more narrow because of stupid court rulings. His plans blocked by courts would also would have done stuff like capping interest payments for future loans and so much more.
Republicans kept challenging his rules at every step because they thought that people would blame him for their lawsuits. Sadly it seemed to have worked and created perceptions exactly like the comment I'm responding to
Hey dude, doing a one-time forgiveness of loans without figuring out why tuition costs are exploding beyond what is sustainable and leaving student loans as non-dischargeable in bankruptcy isn't a fucking solution.
Making student loans dischargeable via bankruptcy is.
The increase in Republican majorities in the Senate and House after the 2004 elections breathed new life into the bill, which was introduced in its current form by the chairman of the Senate Finance Committee, Republican Senator Chuck Grassley of Iowa. According to George Packer in his book The Unwinding, Joe Biden, Chris Dodd, and Hillary Clinton helped pass this bill. (Of the three, however, only Biden voted for the final bill. Dodd voted against, and Clinton did not vote.) The bill was supported by President George W. Bush. Tom DeLay also championed the legislation. The bill passed by large margins, 302–126 in the House and 74–25 in the Senate, and was signed into law by President Bush.
Biden was one of 18 Democrats who broke with party to pass this bill in 2005 that made it so you can't discharge your student loans in bankruptcy. Biden in particular, was pretty loud about supporting the creditors on this bill. I remember because I had just left college and had loans at this point in my life, and I was pretty frustrated by it, and Biden in particular.
The fact that he doesn't want to undo the biggest issue with student loans as they stand, considering it's a bill he voted for himself, speaks loudly to how he wasn't actually interested in solving the problem. Think about how much of a non-issue this would be if you could just file bankruptcy and make these loans go away.
But sure, it's scary Republicans blocking his worthless fucking joke of a plan, not that his plan was a joke and his work in the senate is literally the reasons that students can't just... file for bankruptcy to get out from under their student loans.
But fuck me for actually knowing the history of this issue, right??