Vice President Kamala Harris gave a speech last week to accompany the release of her 82-page economic planning document. While her words were intended to evoke optimism, the implications of the plan are troubling for America’s future.
To begin with, the plan must be placed in context.
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The Supreme Court on Wednesday rejected a request to reinstate the Biden administration’s latest student loan forgiveness plan.
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As borrowing costs for student loans are already at unseen levels, rates are expected to rise even higher in the coming months to a high not seen in 16 years.
According to ABC News, the current interest rate on a federal undergraduate student loan, which is 5.5%, is expected to rise to 6.5% in July. This would mark the highest level since 2008. The borrowing rate for student loans is determined as a result of adding a fixed amount of 2.05% to the yield on the 10-year Treasury bond, which is set every May at an annual auction. On Wednesday, the 2024 auction saw 10-year Treasury bonds sold at a yield of 4.48%.
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The House of Representatives on Thursday passed a bill that would repeal the student loan plan issued by the Biden administration after its original plan was ruled unlawful by the Supreme Court.
The Saving on a Valuable Education (SAVE) plan was issued by the Department of Education on July 10, less than two weeks after the Supreme Court struck down the administration’s plan to forgive $10,000 of student debt held by all borrowers making less than $125,000 a year. House Republicans, who have opposed all student debt forgiveness plans by the administration, passed a bill that would repeal the SAVE plan on Thursday, by a vote of 210 yeas to 189 nays.
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Several Tennessee U.S. lawmakers reacted in social media statements Friday to the U.S. Supreme Court’s 6-3 decision to strike down the Biden administration’s proposal to unilaterally cancel hundreds of billions in student loan debt.
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GOP presidential candidate Vivek Ramaswamy released a video statement Friday after the U.S. Supreme Court struck down the Biden administration’s proposal to unilaterally cancel hundreds of billions in student loan debt.
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Georgia U.S. Representative Rick Allen (R-GA-12) condemned President Joe Biden’s veto of a resolution that would have nullified the suspension of federal student loan payments and discharge of debt.
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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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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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The Ohio House of Representatives wants to spend $3 million the next two fiscal years to help rural lawyers pay off their student loans.
The Rural Practice Incentive Program, passed by the House, would reduce the student loan debt on prosecutors and public defenders in most rural Ohio communities. The $3 million, according to the Ohio Legislative Commission, would be set aside for the first two years, and the overall cost would be determined by the number of participants in the program.
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About 12.5% of Virginia residents owe some amount of student debt that could be reduced through President Joe Biden’s student loan forgiveness plan, but some scholars are warning that the plan could have some negative consequences.
More than 1.08 million residents in the commonwealth owe money on their student loans and the average amount of debt per borrower is one of the highest in the country. According to the Education Data Initiative, the average borrower owes more than $39,000, which is the fourth highest rate in the country. In total, Virginians owe about $42.4 billion in student debt.
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U.S. Representative Tim Ryan (D-OH-13), a candidate for U.S. Senate in Ohio, said this weekend that he will make a public appearance alongside President Joe Biden despite the latter’s abysmal approval rating in the Buckeye State.
A July survey from Morning Consult indicated Biden suffered from a -23-point net approval rating in Ohio. Ryan is himself struggling to win sufficient favor with Ohioans in his race against Republican attorney, venture capitalist and author J.D. Vance who maintains a 3.7-point average polling lead against the Democrat according to RealClearPolitics.com.
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The Biden administration has announced that the federal government will enact a $10,000 per borrower student loan bailout for those with annual incomes as high as $125,000 (or $250,000 for households). This legally dubious action represents an upward redistribution of wealth from hard-working taxpayers toward the higher-income minority of Americans who have a college degree, all the while doing nothing to solve the ongoing challenge of rising college costs.
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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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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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Tennessee U.S. Representative Scott DesJarlais (R-TN-04) is set to introduce legislation that aims to block the Biden administration’s student loan forgiveness plan.
DesJarlais went on Fox Business to discuss the bill that he intends to introduce.
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A whistleblower lawsuit filed last month alleges that Rutgers University’s business school artificially boosted its rankings by using a temp agency to hire MBA graduates and place them into “sham positions at the university itself,” according to NJ.com, which first reported the news. Though shocking, the scandal is the natural result of the incentives the federal government has set up for schools through uncapped student loan subsidies for graduate programs.
Rutgers has denied the charges. But the allegations are credible when considering the source: the lawsuit was filed by Deidre White, the human resources manager at Rutgers’ business school. Days later, a separate class-action lawsuit was filed by one of Rutgers’ MBA students.
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A bipartisan coalition of state attorney generals, including Tennessee’s Herb Slatery, announced a $1.8 billion settlement with Navient, a large, nationwide student loan provider.
The agreement will dispense millions to residents of the state that were negatively impacted by Navient’s lending practices.
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Minnesota Rep. Ilhan Omar (D-MN-05) wrote a letter to the Biden Administration demanding that they cancel student debt. Omar said that Biden could cancel student debt “with a flick of his pen.” The letter is asking that the Biden Administration “release the memo to determine the extent of the administration’s authority to broadly cancel student debt through administrative action.”
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Take heart. The resurgence of a freedom-based conservatism has already begun. On the other side of the pandemic tyranny, the debacle in Afghanistan, and the catastrophic reckoning with inflation, Americans will be ready to be rid of the screechy pseudo-intellectuals who ruin everything. When that day comes, it’s critical we take steps to eliminate the Left’s toxic syndicate that indoctrinated so many Americans. It’s not enough to beat them back. We must look to the source of this poison that almost overtook our country.
There are so many problems that need to be unwound. Leftist authoritarianism has infected everything as indoctrinated graduates began assuming leadership roles in heretofore apolitical organizations from churches to school boards to the military. Instead of trying to fight the battle on every front, we should look first to stopping it at its source: Academics unmoored from market incentives.
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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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Americans are growing angrier by the day in a way different from prior sagebrush revolts such as the 1960s Silent Majority or Tea Party furor of over a decade ago.
The rage at the current status quo this time is not just fueled by conservatives. For the first time in their lives, all Americans of all classes and races are starting to fear a self-created apocalypse that threatens their families’ safety and the American way of life.
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After a Tuesday evening town hall, president Joe Biden said he will not cancel up to $50,000 of student loans, prompting backlash from the progressive wing of his own party.
“I will not make that happen,” Biden said when asked what he will do to cancel up to $50,000 in student loans.
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President-elect Joe Biden will order the Department of Education to extend the student loan payment moratorium through September in one of his first presidential moves.
Joe Biden is set to sign the executive order on Wednesday following his inauguration, extending the current pause on student loan payments, which has been in effect since March, according to CBS News. The order is a fulfillment of Biden’s campaign promise to prioritize the U.S. student loan debt crisis.
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If Joe Biden sticks to his campaign promises, student loan forgiveness will be part of his plan as president to combat our shutdown in economic activity. Forgiving student loans would be ill-advised during normal times. It is downright irresponsible pandering during our current situation.
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A new high school graduate may take out about $37,200 in student loans for college, according to a recent NerdWallet study.
And for many of them, that won’t be enough.
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Rep. Rashida Tlaib (D-MI-13) spoke this week at an event hosted by the Young Democratic Socialists of America at Wayne State University.
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President Donald Trump signed an executive order Wednesday directing the Department of Education to eliminate “every penny” of student loan debt owed by more than 25,000 disabled veterans.
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by Andrew Kerr Republican Sen. Josh Hawley of Missouri announced Tuesday he will introduce two pieces of legislation this week targeting institutions of higher education, one of which would put universities on the hook financially if its students are unable to repay their student loans. Americans hold nearly $1.5 trillion in outstanding student debt, 10.9% of which is over 90 days delinquent, according to the latest figures available by the New York Fed. Hawley’s proposal would require universities to pay off 50% of the debt incurred by their students facing default. The Missouri senator’s proposal would also prohibit universities from increasing their tuition rates to offset their increased liability. Fox News host Tucker Carlson explicitly called on congress in March to pass a law forcing colleges to shoulder a portion of the liability on defaulted student loans. “Colleges get all of the benefit and none of the risk,” Carlson, who is the co-founder of the Daily Caller News Foundation, said. “That’s the definition of a scam. It’s amazing it could even be legal. It shouldn’t be.” “Maybe congress could take twenty minutes from the Russia hoax and posturing about climate change and fix one of the biggest problems this…
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U.S. Rep. Dr. Mark Green (R-TN-07) wrote an op-ed recently explaining how one of his bills would solve the student debt crisis. Green published the op-ed last Friday in The Daily Signal discussing his Kids to College Act, which is cosponsored by U.S. Rep. Vicente Gonzalez (D-TX-15). The op-ed is available in its entirety here. Colleges could begin offering “income share agreements,” where students agree to pay for college with a percentage of their future earnings. This way, colleges and universities would be incentivized to help students secure good paying jobs after they graduate, because tuition payments would depend on it. Responsibility would fall on the student as well. Income share agreements would encourage prospective students to research starting salaries for their major and learn what they can expect in return for their studies. In a desire to see income share agreements more widely offered, my Democratic colleague Vicente Gonzalez of Texas partnered with me to introduce the Kids to College Act, a bipartisan bill that would encourage more schools to utilize these agreements. In his op-ed, without naming names, Green criticized 2020 Democratic presidential candidate U.S. Sen. Elizabeth Warren’s (D-MA) plan to wipe out up to $50,000 of student loan…
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by Chloe Anagnos The debate surrounding the student-debt crisis in America continues to prompt both lawmakers and political commentators to discuss the matter as they search for a way to address the issue. But as expected, whenever policy solutions are debated, the fact that the crisis was manufactured by government intervention itself seldom gets discussed. The latest solution to get some media attention comes from Senator Lamar Alexander (R-TN), who wants to fix the student-debt problem by taking loan payments straight from debtors’ paychecks. Much like the idea behind the withholding tax, the automatic-repayment plan would work by requiring employers to deduct federal student-loan payments directly from employees’ paychecks. To Alexander, the chairman of the Senate Health, Education, Labor, and Pensions Committee, the idea is worth exploring because it would keep borrowers from defaulting or falling behind. With 40 percent of student-loan borrowers expected to default by 2023, this proposal may appeal to many in the federal government. But when a crisis such as this is born out of artificial demand for college education, which inflates the cost of pursuing a degree, wouldn’t this purported solution add more fuel to the fire? The Solution Is Less Government While most critics…
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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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Steve Gill and 7th District Republican Congressional nominee State Senator Dr. Mark Green (R-Clarksville) sat down for an extensive interview about Green’s candidacy for Congress , and his position on a broad range of issues important to Tennesseans. The cost of higher education and skyrocketing student debt was among them – in particular the federal government’s overreach into state education and how new college graduates can benefit from a ‘401K’ structured student loan incentive that could end up being a 360 degree win for both employers and their new young employees riddled with debt. STEVE GILL: Education is another issue we hear a lot about in terms of concerns with voters. If you’re in Congress, what would be your education priority how do you deal with education issues?I know most of that is local. DR. MARK GREEN: Sure STEVE GILL: But the federal government imposes 85 percent of the regulation and about 10 percent of the money. How do we balance that a little better? DR. MARK GREEN: The ESSA has got to go. Right? I think it is, all it is is this overbearing federal program that the state’s have to comply to, or comply with. If we can’t…
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Memphis city officials announced this week that the city will start helping employees pay off their student loans. “We’re proud to announce today that we’re the first city in the country to add a student debt repayment assistance program to our employee benefits package!” read a post Thursday morning on the city government’s Facebook page. By Friday afternoon, the post had received around 100 reactions, with many giving the announcement hearts and thumbs-ups. One person commenting applauded the city for “evolving.” But not everyone was pleased “It’s always a great idea to some when the taxpayers [foot] the bill,” wrote one commenter. The city set aside $400,000 in the budget for the 2018 fiscal year to help pay off its employees’ student loan debt, according to the Memphis Business Journal. Memphis has a contract with Tuition.io., a student loan management company in Santa Monica, California. The company will direct the money from the city to student loan companies. The city will contribute $50 a month to participants’ student loan principal payments and an additional $7 per member monthly fee that will go to Tuition.io. A one-time set-up fee under the two-year agreement cost $50,000. “Individuals will still need to make monthly…
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