Tag: Student Loan Forgiveness

Top 10 Most Left-Wing Positions Vice President Kamala Harris has Held over the Years

Just the News
Kamala Harris

Vice President Kamala Harris has held very liberal – some would even say radical – positions on various policies over the years, and despite flip-flopping on occasion as political winds changed, her history indicates how far to the left her possible administration could swing.

From guns to energy, Harris has held liberal positions over the course of her political career. Some of her stated positions from her dismal 2020 presidential run have softened recently, largely occurring after she joined President Biden’s ticket in 2020.

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Commentary: Loan Forgiveness Hurts Taxpayers

Admin

A few weeks ago, I argued the Biden Administration would use the new SAVE plan to enact student loan forgiveness with or without the approval of the Supreme Court. Since then, the administration has announced details which highlight the SAVE plan offers even more generous forgiveness terms.

This talk about student loans has brought about a question for Ask an Economist this week. Garrett from Ohio says,“One of the most prominent arguments against student loan forgiveness is that the borrowers are forcing the greater population to pay off their debts for them.

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Commentary: Biden Begins Shadow Loan Forgiveness Plan

Admin

Last week, the Supreme Court ruled against the Biden administration’s student loan forgiveness proposal which would have forgiven $10,000-$20,000 of student loans per borrower. But the fight for student loan forgiveness isn’t going anywhere.

In a previous article for FEE, I highlighted how student loan forgiveness has already been happening and started under president Trump due to the freeze on interest accumulation. Although this may not be as visible as a $10,000 lower balance, frozen interest means the real cost of taking a loan out became smaller than the initial terms suggested.

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Supreme Court Strikes Down Biden’s Multibillion Dollar Student Loan Forgiveness Plan

Just the News

In a landmark ruling with implications for the 2024 election, the Supreme Court ruled 6-3 on Friday that the Biden administration does not have the authority to unilaterally cancel hundreds of billions in student loan debt. The ruling was a major rebuke of President Joe Biden’s political efforts to court young voters with large college debts, and sets a fresh battle ahead of the next presidential election. It also was the latest of several major court rulings that chided the administration for trying to impose regulatory powers that Congress did not give the executive branch.

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White House Quietly Prepares Back Up Plan If SCOTUS Strikes Down Student Loan Giveaway: Report

Admin

The Biden administration is quietly preparing for the possibility that the Supreme Court will strike down its controversial student loan forgiveness plan later in June, according to a Wall Street Journal report.

The White House’s public position is that it expects the court to uphold the debt cancellation package, but several administration officials have conveyed private doubts about its prospects of survival upon review, according to the report. Behind the scenes, administration officials are exploring various legal and communications strategies to pursue in the event that the Supreme Court eventually overturns the signature Biden policy, according to the report.

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House Bill Would Block Biden’s Student Loan Bailout

M.D. Kittle

While the constitutionality of President Joe Biden’s student loan bailout is awaiting a Supreme Court decision, a bill re-introduced by two House members would block the Biden administration from canceling student loan debt on a mass scale. 

The Student Loan Accountability Act, authored by U.S. Representatives Mike Gallagher (R-WI-08) and Drew Ferguson (R-GA-03) would also prevent forgiven loans from getting an additional tax break and it would bar the Internal Revenue Service from sharing American’s tax information for the purpose of implementing mass loan cancelation. 

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Virginia Student Loan Holders Wait as Biden Relief Plan Stuck in Courts

Admin

As President Joe Biden’s student debt relief plan remains tied up in the courts, many Virginia student loan holders are still unsure whether they will have some of their debt forgiven.

About 12.5 percent of Virginians, which is more than 1.08 million people, owe some money on student loans. The average amount of debt per borrower is the fourth highest in the country at more than $39,000 per person, according to the Education Data Initiative. More than 85 percent of borrowers currently owe more than $5,000 in loans and the total amount of money owed on student loans in the commonwealth is about $42.4 billion.

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GOP Governors to Biden: Student Loan Plan Will Be Costly for American Taxpayers

The Center Square

President Joe Biden’s student loan forgiveness plan will be costly for American taxpayers, a coalition of GOP governors said in a letter sent Monday to the White House.

The letter, signed by 22 GOP governors, tells Biden to “withdraw” the plan, citing cost estimates of up to $600 billion, or $2,000 per American taxpayer.

“As governors, we support making higher education more affordable and accessible for students in our states, but we fundamentally oppose your plan to force American taxpayers to pay off the student loan debt of an elite few,” the coalition wrote.

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Biden’s Student Loan Forgiveness to Raise Tuition for Future Generations

Admin

Critics are taking Biden’s student loan forgiveness initiative to task because they believe it will only raise tuition in the future.

The Education Data Initiative reports that as of January 2022, in-state tuition and fees for a public 4-year university in Michigan climbed 3.31% in the last year. The cost for out-of-state tuition and fees climbed 2.76% during the same timeframe. The cost for room and board jumped a combined 10.59% in the last year.

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Student Loan Forgiveness in Pennsylvania Favors the Wealthy

The Center Square

As Pennsylvania higher education institutions face a shortage of students, their former students will disproportionately benefit from student loan forgiveness.

A research brief from the Independent Fiscal Office estimates that almost 2 million Pennsylvania borrowers hold $69 billion student loan debt, and $21 billion would be forgiven. Another $1.8 billion would be forgiven through the expansion of the income-driven repayment program. 

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Commentary: The Reason College Prices Have Spiraled

RealClearWire

With the Biden administration’s announcement this week that it would continue the moratorium on student loan payments through the beginning of next year and will forgive up to $20,000 in student loan debt per student, student loan forgiveness is at the top of the current political agenda. Meanwhile, there’s little talk about bringing the cost of college under control, or why the cost of college became so outrageous in the first place. 

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Forgiven Federal Student Loan Debt Is Not Virginia Taxable Income

Eric Burk

Virginians won’t have to pay income tax on forgiven federal student debt recently announced by the White House, thanks to efforts in previous years to make sure Virginians weren’t taxed on COVID-19 relief.

“[T]he amount of student loan debt that was forgiven will be left out of federal adjusted gross income, and, by extension, Virginia taxable income, without any further action by the General Assembly,” Virginia Division of Legislative Services Stephen Kindermann said in an email Delegate Vivian Watts (D-Fairfax) shared with The Virginia Star.

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Arizona Legislators Bash Biden over Student Loan Forgiveness

Neil Jones

Following President Joe Biden’s recent announcement that his administration would forgive federal student loan debt, Arizona’s legislators quickly bashed the policy, including Rep. Paul Gosar (R-AZ-04), who called the action favoritism.

“You may ask, rightly, why you should pay your mortgage, rent or car payments? If some people get student loans written off, why can’t your mortgage or car loan be written off? I will not tolerate such inconsistent blatant favoritism. Either we all pay our debts or none do,” Gosar said. “There is no constitutional basis for any of these actions. The problem is not student loans. The problem is exorbitant college costs and useless college degrees.”

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‘Many Latinos Are Not Celebrating Student Loan Forgiveness’, Says Libre Initiative

Admin

President Joe Biden announced plans on Wednesday to forgive $10,000 of student debt or up to $20,000 for those with Pell Grant for millions of Americans, with some projections estimating the government’s cost at about half a trillion dollars–but for Daniel Garza, president of the LIBRE Initiative, one of the nation’s largest Hispanic organizations, the move does not “address the root problem of rising college tuition prices.”

In fact, in a recent statement published by the LIBRE Initiative, the group said that, “many Latinos are not celebrating student loan forgiveness.”

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

Peter D'Abrosca

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 Set to Unveil Massive Student Loan Forgiveness: Report

Admin

President Joe Biden is planning to forgive $10,000 of student loan debt per borrower, according to a Friday report from The Washington Post.

Biden intended to announce the new student debt forgiveness plan at the University of Delaware’s graduation ceremony Saturday but postponed the decision after a school shooting in Uvalde, Texas on Tuesday, unnamed sources familiar with the issue told The Washington Post. The newest debt forgiveness plan would apply to Americans who in the year prior made under $150,000 and to married Americans who made under $300,000 in joint filings.

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