The United States Supreme Court has agreed to hear grinchy Republican states’ lawsuit against the Biden Administration’s student loan forgiveness in February. That means borrowers hoping for forgiveness will likely have to wait until June to see if a court full of Trump radicals seeking revenge against a fair and just society will approve President Biden’s student-debt plan.
But the ever crafty President Biden has found a way to turn that lemon into a little more lemonade for all student loan holders. Just before Thanksgiving, Biden’s Department of Education extended the pause on student loan repayment, interest, and collections through next summer:
Today, the U.S. Department of Education announced an extension of the pause on student loan repayment, interest, and collections. The extension will alleviate uncertainty for borrowers as the Biden-Harris Administration asks the Supreme Court to review the lower-court orders that are preventing the Department from providing debt relief for tens of millions of Americans. Payments will resume 60 days after the Department is permitted to implement the program or the litigation is resolved, which will give the Supreme Court an opportunity to resolve the case during its current Term. If the program has not been implemented and the litigation has not been resolved by June 30, 2023 – payments will resume 60 days after that.
“Callous efforts to block student debt relief in the courts have caused tremendous financial uncertainty for millions of borrowers who cannot set their family budgets or even plan for the holidays without a clear picture of their student debt obligations, and it’s just plain wrong,” said U.S. Secretary of Education Miguel Cardona. “I want borrowers to know that the Biden-Harris Administration has their backs and we’re as committed as ever to fighting to deliver essential student debt relief to tens of millions of Americans. We’re extending the payment pause because it would be deeply unfair to ask borrowers to pay a debt that they wouldn’t have to pay, were it not for the baseless lawsuits brought by Republican officials and special interests” [U.S. Department of Education, press release, 2022.11.22].
While we wait, we may take heart in noting that the Biden Administration has already forgiven nearly $48 billion in student debt for over 1.8 million borrowers, leading to a net decrease in total student loan debt from $1.59 trillion in Quarter 2 to $1.57 trillion in Q3.
Remember: less debt means more economic freedom for more Americans….
Congress should enact compulsory military service or police training as one way to slow gun violence. Enlistment could look like the Swiss model where soon after high school eighteen year olds would join for two years then re-up or enroll at no cost to students in the college or vocational training of ones choosing.
Joe Biden said he got student loan forgiveness passed by one or two votes.
Absolutely Larry!
The quicker the US adopts Swiss firearms laws and practices, the better off the US will be.
Gotta hand it noem, once in a decade she’s correct. Her emerging proposal of free college for national guard service is spot on.
The proposal MUST also include free VOTECH for national guard service.
College is not for everyone. Good people in the trades can and do earn 6-figure salaries.
John and larry – I too have supported the Swiss model for many years. There is another aspect of it one needs to talk about, which is the implementation of a Swiss-style system of local armories, where ALL firearms and ammunition are stored and issued upon request by the local armorer. Want to go hunting? target shooting? Go to the armory and check out your well-maintained firearm and fresh ammo after a quick check for any restricting violations you may have committed since the last check-out. Bring the firearm and any unused ammo back when you’re done.
Do the Swiss allow student loaners to declare bankruptcy. There are solutions everywhere.
Thad, that was a family vote. Hunter was the winning vote. The wrestling coach will look into that conspiratorial I’m sure. Wrestling is such an intimate sport anyway. I’m sure his office is lined with Francis Bacon images of it. Takes him back to Ohio. Just ask Ian Fury about that one. Jimmie Jordan cries about those days too.
Anyone who takes out a loan should have a plan in place
for paying it back. I’ve said it before and I’ll say it again, if your student
debt seems insurmountable then college wasn’t worth what
it cost. A lot of people spend their lives in debt, (car, house, business).
I became debt free at age 77, but I paid it all back.
Remember that I was a farmer.
Debt payment should be part of anyone’s financial plan.
Your debt obligations ought to be considered a certainty.
Arlo, I’m in your corner-but we also have to be aware of “why” college students have been ‘lured’ and ‘programmed’ by our society to go those extra, expensive years of education and undertake the debt. If you remember, in the 1980’s the finance industry hood-winked so many farmer/ranchers into debt that ended up costing them their land-base to the bankers that was sold to speculators that corporate power quickly gobbled up from the food-trough. Our youth today have been convinced that debt will lead them to that ‘perfect’ job through the tax-exempt advertisement of Wall Street convincing them it is the “only” way, and the college/university systems fall right in line; creating a bulwark of one ‘slick’ hand feeding the ‘other slick hand’ just like card sharks in a poker game.
Then, when they graduate into a world that is a cratered economy brought about by bad GOP finance policy
(the big bust Obama inherited from the GOP) they find there are no jobs for that skill they borrowed all that money to obtain by borrowing that went to over-inflated sport budgeted universities that in it’s own time deserves a good blogging or ‘flogging!’
Or, they could take one of those high-paying railroad jobs the GOP won’t provide a favorable vote for. They who have one of the cushiest jobs (high-paying too) with oodles of sick pay to burn!
How much did farmers get from the government?
Subsidies for South Dakota $18,201,318,246 from 1995-2020
Total for the United States
USDA subsidies in the United States totaled $424.4 billion from 1995-2020
Edwin, was the average annual revenue for your farming operation composed of the 60% Government (taxpayer) supplied average for today’s “farm”?