There are other features of the plan that will help alleviate the debt burden — such as a percent cap on payments of loans in relation to monthly incomes — but those are the headline numbers.
Let’s roll through the arguments for and against relief. This is an intra-Democratic Party debate as much as a partisan one. You can guess where the Republican Party is on this — wholeheartedly opposed to the idea of debt cancellation. No ambiguity there. But in the case of Democrats, we have serious people on both sides. The criticisms don’t hold water, and the policy should be welcome.
"The inflation impact of greater amounts of relief is typically exaggerated. A lot more would not be bad." Nothing substantial is likely happening in Congress for the remainder of this year, meaning that further major policy change depends on executive action by the White House. The legal boundaries for President Biden’s scope of action have been in dispute, so the new debt relief plan could get tangled up in legal challenges.of relief, disappointing those who wanted more. Calls for higher levels are daunting for an administration that is spooked by the ongoing inflation spike.
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Absent major student loan reforms, ‘my preference would be no relief at all’: Obama economic advisor, Jason Furman saysIn an interview with MarketWatch, the economist discussed his concerns with the Biden Administration's student debt relief plan Well so much for his opinion... the relief would never come. It's OK to work on reform while providing relief... there goes my opinion.
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Scammers Are Using Student Loan Forgiveness as Bait, FTC Warns. Here Are Tips to Protect YourselfScammers will likely prey on borrowers eager for debt relief following President Biden’s student loan forgiveness plan.
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Laxalt: 'Biden/Masto Student Debt Bailout Unconstitutional, Immoral'Laxalt rebuked Biden for his multi-billion student debt bailout plan and blamed his Democrat opponent for enabling Biden’s agenda. But bail outs are perfectly fine for corporations and rich CEO's. We know what side the GOP is on.
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If Biden Can Cancel Some Student Debt, He Can Cancel All Student Debt in the USBiden’s student debt plan lays a groundwork for future jubilees. It’s time to push for full debt cancellation. a fraction of the billions given to armement corporations to feed the war led by the US with ukrainian blood 🤦♂️ Actually, he can't. That's up to Congress. 31 USC 1301 et seq
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