Ohio Think Tank Asks Supreme Court to Kill Biden Student-Debt-Forgiveness Plan

A center-right policy-research center based in Columbus, OH is asking the U.S. Supreme Court to nix President Joe Biden’s plan to forgive almost $500 billion in unpaid student loans. 

Nebraska and six other states sued the Biden administration to stop the program that Congress never authorized. Last November, petitioners succeeded in getting a three-judge panel of the U.S. Court of Appeals for the 8th Circuit to pause implementation of the plan. The following month, the U.S. Supreme Court agreed to hear the case and oral arguments have been scheduled for February 28. 

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Wisconsin Senator Baldwin Wants Student Debt Forgiveness for Farmers

U.S. Senators Tammy Baldwin (D-WI), Chris Murphy (D-CT), and Tina Smith (D-MN) filed legislation this week to forgive student-loan debt for new members of the agriculture industry. 

Their bill, the Student Loan Forgiveness for Farmers and Ranchers Act, would cancel significant educational debt for those qualifying as “a beginning farmer or rancher” as well as minority, women, and veteran farmers. 

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Ohio Senate Candidates Slam Biden’s Handout to Student Debtors

Both U.S. Senate candidates from Ohio criticized President Joe Biden for forgiving $300 billion in student-loan debt, with Republican J.D. Vance issuing a particularly scathing rebuke for what he called “an elite giveaway on the backs of American workers.”

“Today, in the midst of a historic inflation crisis, Joe Biden supplied a $300 billion giveaway to college graduates – paid for by single moms in the form of higher food prices, by trade workers in the form of higher taxes, and by the next generation of students in the form of higher tuition,” the attorney, venture capitalist and author said in a statement. 

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Georgia Congressman Introduces Bill to Prevent Biden Admin from Canceling Student Loan Debt

A Georgia congressmen has introduced a bill that would prohibit the President Joe Biden’s administration from cancelling student debt, a caused championed by the progressive left. 

“Hardworking Americans are not responsible for paying off the student loan debt of others,” said Rep. Drew Ferguson (R-GA-03) in a press release. “The Biden Administration’s radical big government proposal would come at the expense of taxpayers – many of whom have fully paid off their student loans, worked hard to pay for their education, or chose not to enroll in college at all.”

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Biden Admin to Cancel $415 Million in Student Loan Debt for Roughly 16,000 People

A see of college graduates at the commencement ceremony.

The Biden administration announced Wednesday it will cancel $415 million in student debt for nearly 16,000 borrowers who claim they were misled by for-profit colleges.

The loans for almost 16,000 former students will be canceled under a legal provision called the borrower defense to repayment, which allows students to have their debts erased if they prove a for-profit school defrauded them, the Department of Education (DOE) said in a press release.

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Attorney General Miyares Announces Rule to Cut His Office’s Student Debt Collection Fees to 15 Percent

Attorney General Jason Miyares announced a new policy to cut attorneys’ fees for debt collection on student loan debt at Virginia’s public colleges. Under Virginia law, the Office of the Attorney General (OAG) is responsible to provide debt collection services on behalf of state agencies, and can retain as revenue up to 30 percent. Miyares’ internal policy limits that to 15 percent on new claims referred to the OAG, where possible.

“As someone who worked to put themself through college and still has their own student loans, I understand the strain student loans can put on working families. By working to reduce the attorney collection fee from 30 percent to 15 percent on accounts deemed delinquent by the respective universities, we are making immediate, internal procedural improvements that will help Virginians,” Miyares said in a Wednesday press release.

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Commentary: A Market-Driven Solution to the Student-Loan Debt Spiral

Graduation caps being thrown in the air.

It’s calculated that somewhere north of 45 million Americans have run up $1.73 trillion worth of college debt. The numbers may surprise a lot or a little, which is really not the point.

The main thing is that debt now measured in the trillions is in a sense a logical midpoint to the federal government’s unfortunate involvement in the financing of college education. “No one spends the money of others very carefully” is a truth as old as humanity (or money) is, and the trillions worth of federal student loan debt vivify this truth. We know this because the hangovers (literal and figurative) from time spent on campus continue to grow.

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Biden Administration Plans to Cancel $5.8 Billion More in Student Loan Debt

Man on macbook working

The Department of Education announced Thursday that it will cancel student loan debt for over 300,000 borrowers with severe disabilities.

The program, set to erase over $5.8 billion in total debt, will begin in September and apply to over 323,000 borrowers classified as having a “total and permanent disability” by the Social Security Administration (SSA), the Education Department announced. Borrowers will now receive automatic discharges of their debt, whereas previously needed to fill out applications.

“Today’s action removes a major barrier that prevented far too many borrowers with disabilities from receiving the total and permanent disability discharges they are entitled to under the law,” Education Secretary Miguel Cardona said in the announcement.

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‘Students Right to Know Act’ Proposes Transparency on Costs, Loans, Post-Graduate Salary Data for Tennessee Colleges, Universities

The Tennessee General Assembly is considering requiring more transparency when it comes to higher education. If passed, the “Students Right to Know Act” would require the Tennessee Higher Education Commission (THEC) to publish a database concerning different state universities or vocational schools’ attendance costs, monthly student loan payments, graduation or completion rates, and post-graduate salaries.

The bill was introduced by State Representative Kent Calfee (R-Kingston) and State Senator Kerry Roberts (R-Springfield). The latest amendments to the act rewrote the bill to clarify and expand its scope – as well as expand the data to be included within the database on military options for students.

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Rep. Ilhan Omar Urges Biden to Cancel $50,000 of Student Debt Per Person

Rep. Ilhan Omar (D-MN-05) has introduced a “bold resolution” asking President-elect Joe Biden to federally remove $50,000 of student loan debt per person.

The congress member introduced the resolution alongside Reps. Ayanna Pressley, Maxine Waters, and Alma Adams. The resolution outlines a path for Biden to use “excessive authority” to remove student loan debt while simultaneously ensuring there are no tax liabilities for federal student loan borrowers.

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Commentary: Forgiving Student Debt Isn’t the Solution to Anything

by Preston Cooper   The time-honored American tradition of outlandish political promises continues apace. Now, the spotlight is on student debt. Democratic presidential candidate Elizabeth Warren added to the debate recently when she put forward a proposal to cancel $640 billion worth of federal and private student loans. Warren touts her plan as a way to boost the economy, redistribute wealth, and help struggling borrowers. But as justifications for canceling nearly half the outstanding $1.5 trillion balance of student debt, these arguments are woefully inadequate. To her credit, Warren has recognized and partially addressed one of the major problems with canceling all outstanding student debt. Since student loans finance education, and education is associated with higher earnings, student debt is concentrated among high-income people—meaning that the benefits of loan forgiveness would flow disproportionately to the rich. Warren proposes forgiving smaller amounts of student debt for richer households, partially addressing this issue. Though this feature makes Warren’s plan slightly less problematic than other loan forgiveness proposals, it is still inherently flawed as a policy. That wealthier families benefit more from it only scratches the surface of the problems with student loan forgiveness. Nearly every argument offered in its favor is wrong.…

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Federal Report Says Millennials Are Poorer Than Other Generations

by Ryan McMaken   One of the challenges in looking at income and wealth data is getting a sense of how different demographic groups are affected. It’s relatively easy to find median income and wealth data over time for the entire population, for example. But then problems of interpretation immediately present themselves. For example, if the data is household data, what are we to make of things if the household compositions has changed over time? And what if the demographics of the individuals within the households themselves have changed? For example, if a larger proportion of all households are now younger households, perhaps that could have an effect on the income and wealth data overall. After all, younger heads of household tend to have lower incomes and less wealth than older heads of households. This problem of measuring workers and incomes over time has been the challenge that presents itself to anyone trying to figure out if so-called millennials are richer or poorer — as a group — than other age cohorts. To do this, researches must find some way to estimate wealth and incomes for different age cohorts at similar ages or at similar points in their careers. Otherwise,…

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