Biden says he will not support Democrats' call to eliminate $50,000 in student loan debt

[peoli]

President Joe Biden took questions from Americans during a televised town hall event in Milwaukee, Wisconsin on Tuesday and revealed that he does not support a plan from Democratic lawmakers to cancel $50,000 in debt for student loan recipients.

"I will not make that happen," Mr. Biden said during the CNN town hall when asked about the measure introduced by progressive Democrats earlier this month. While campaigning for presidency, Mr. Biden promised to cancel $10,000 in student loan debt, but has not committed to the plan to cancel up to $50,000 in debt.


This will not go away. The pressure will not go away. He needs to do this. We need to keep the pressure on him to do it.

[Maven]

1. This is really disappointing.

And yes we need to keep the pressure on.

[peoli]

2. It's insanely disappointing. It's maddening

[Mister Ed]

3. What I've read previously is that he said...

...that $10,000 was as much as he could do by executive order, and that greater forgiveness than that would require congressional action.

Can anyone verify whether that's correct? Neither I nor the OP are citing any references, and so either or both of us might not have the full and accurate picture.

[WhiskeyGrinder]

7. It's not.

The secretary of education has the power to modify federal loans to zero.

[aikoaiko]

4. That whole response was weird.

He made it clear he won't seek the elimination of up to $50,000 like it was a bad thing.

Then he talked about making college more accessible (free community college) which is great but not really relevant to people with student loan debt already.

He mentioned something about public versus private colleges but didn't explain what he meant by that.

He talked about volunteering to reduce debt and eliminating interest which helps on the fringe.

And then said something about not being able to eliminate more than $10,000 with an EO without explanation of why.

It was a disappointing response overall.

[Magoo48]

5. Bad news.

Forgive all student debt now.

[tirebiter]

6. The title is misleading

Biden is not against relief happening. He’s all about relief happening. Takes more than a snap of the fingers. Too mundane?

[WhiskeyGrinder]

8. The problem is, it doesn't take more than a snap of the fingers. It does take the will to snap the

fingers, of course.

[tirebiter]

12. Got a link to that solution?

A bit more than an opinion, please.

[WhiskeyGrinder]

16. The secretary of education has the power to modify federal loans to zero.

Section 432(a) of the Higher Education Act of 1965 (20 U.S.C. 1082(a)) grants the secretary the authority to modify, "...compromise, waive, or release any right, title, claim, lien, or demand, however acquired, including any equity or any right of redemption."

[SlogginThroughIt]

74. For the entire country though?

I am not sure that's what is spelled out there. That's a pretty large chunk of money there and it needs to be made up somewhere.

[BannonsLiver]

10. Too much nuance for some.

[Yo_Mama_Been_Loggin]

11. He said he would not approve relief without Congressional action

He does not believe he can cancel debt via executive order.

[JustAnotherGen]

13. Plus 1000

Nothing is happening with a snap of the fingers.

Better to keep up pressure on House and Senate reps.

I'm sure mine are sick and tired of hearing about the SALT cap from me - but its critical to our financial well being in NJ.

[jimfields33]

17. Ok. So let's say you pay 12,000 in property taxes.

If the cap is 10,000 dollars instead of 12,000, your paying 300 dollars in additional federal taxes a year. If you are paying 20,000 in property taxes then you are paying 1500 dollars more in federal taxes a year. Are you paying more then 20,000 in property taxes? It’s 150 dollars per 1,000. Is this really the biggest issue for the country?

[JustAnotherGen]

39. What about my state income taxes?

State income 11K
Property Tax 9,767

Cap those at 10 K.

It was an almost 10K increase last year.

So yes - its critical. I want school districts in Mississippi, Arkansas, West VA, etc etc to radically increase their property taxes and fund their schools.

We have people flipping out because someone left 15K to or police department who purchased a used SUV for rural searches. Our local PD relies on gifts for needed emergency equipment.

Now if my town wants to increase my taxes 1000 K a year -to fund my PD, FD, EMT or schools - I'm cool with that.

When anti Socialists take my money then spit in my face and scream socialist -

Yeah - its a big deal to me.

We don't have children - we need that money to look after ourselves when we are older. That literally cut into our last man or woman standing fund. Add in a genetic disease I have - that was ramp money, staircase lift money, etc etc. Nurse care.

I'm 48 and my husband is 52. We are on our own here.

ETA - where do you live?

[jimfields33]

41. Florida.

2100 square foot single family dwelling in an HOA gated community. It’s a block home. A lake in back. 3/4th acre. My property taxes are 2,069 dollars for 2021. No state taxes. I guess it’s location location location. I moved here from Maryland when I retired. Sold my home and bought here. It’s lovely. Many from the north do this. The pension goes extremely far here. I’d never get to do much of what I do had I stayed in Maryland....to expensive.

[JustAnotherGen]

47. That's it

Florida.

I'm black - I would never live there. Not after Jordan and Trayvon and how they deliberately keep black folks from voting.

We will be in Italy. This 10K tax increase last year killed our dream of Costa Rica - which with the climate and closeness to the equator would have given me an extra 15 / 20 years.

We are just hoping I can get another 5-6 years of being mobile - then we have to do all of the disability upgrades in Italy. Maybe I'll make it to 60 in the mountain air.

[jimfields33]

49. I certainly hope you make it much longer then 60.

I lived in Italy for 5 years, Really Sicily. I loved it. I understand about Florida. No matter what, best of luck to you!!!!

[JustAnotherGen]

51. Thanks - I have A.S.

Prognosis is not good. My husband is from Calabria and his parents left us the house, his siblings the apartment building.

Our entire plan was blown up by that GOP tax scam that loaded the burden on the 5-10%.

[JustAnotherGen]

50. We have friends trying to move from there

To Hunterdon County. He's trying to get transferred from the Postal Service - she's a way underpaid nurse.

Their driver? Their son. Private Schools are astronomical there - and he goes into high school next year. The public school system is very weak - and the Hunterdon County school district is excellent.

Our kids have whatever they need. We don't cheat NJ kids out of the best education we can buy.

[jimfields33]

52. Yeah. Maryland had excellent schools

Most people in Florida are retired. It’s good for the state that they get property taxes from people with no children. But because of that, not many in the community to shout load for better schools. It’s a catch 22.

[BannonsLiver]

9. Good. I hope he sticks with the 10k.

[peoli]

18. Why? What's 10k when you owe 100k and you can barely afford the minimum payment?

Are you in favor of people being debt slaves their whole life? Not being able to qualify for a home loan because they can't raise their credit score ever because of their student loan debt? Not being able to save up enough for a down payment? Eternally stuck in cyclical wheel of debt poverty? Is that what you're excited about?

[OnDoutside]

19. Are you saying free college for all, from Community to Ivy League ? What about those who will take

on College debt into the future ? Also, what is the current total college debt ?

Just wondering....

[peoli]

20. I am saying might as well do nothing if you're gonna do 10k because 10k is nothing

It's like giving a .25 cent tip on your breakfast. Might as well just stick it back in your pocket

[OnDoutside]

21. I suspect 10K is the starting point for now, plus there's talk of freezing the interest. Once the

principle of student loan debt forgiveness is enacted, it will be easier to go back to the money well. That said, there are a lot of practical issues which will meet a lot of resistance, not least is if you forgive all student debt, you have to do it for those into the future, and isn't that amounting to free college education (something I agree with) ?

[Rice4VP]

33. So why not just forgive $100,000 then? What are you doing

that you think you deserve to have $100,000 in debt forgiven? Unless you’re teaching or saving the planet, you need to pay your loans like everyone else. I would be down with Zero interest forever though.

What about people with car loans and a mortgage? Should all of that be forgiven too?

[BannonsLiver]

56. Because I don't support it, that's why.

I’m not interested in bailing someone out who made the decision to spend $250k on a degree for a job that pays them $40k a year. That’s a bad personal business decision, and not my problem.

[USALiberal]

62. +1000, let's pay people's house mortgage also!!! Nt

[USALiberal]

61. Did they know they would have to pay it back? Nt

[R B Garr]

28. Yup. It was always $10,000, but it morphed into

$50,000 by the Brand Builders, thereby providing a convenient platform to gripe about him.

[peoli]

31. An actual real issue isn't a brand building platform to attack Joe

[R B Garr]

32. Any number he picked would not be what the

brand builders would have done.

[BannonsLiver]

57. Totally nailed it.

[R B Garr]

67. .....

[WA-03 Democrat]

14. As someone who paid a lot of student loans off

What I heard President Biden say is:
1) FREE Associate's Degree at Community College
2) FREE 4 year In State University Degree if your family makes under $125k amount of money
3) A works program to repay of existing debt with labor (cited his daughter who is a social worker as an example)

Number one and number 2 would have eliminated the $73k I paid for my kids to get through school. My family would have qualified-that money would look great in my "I can never hit retirement" fund. There are a ton of us who signed the loan and paid it.

How many in this thread would have no student loan debt if they had Biden's plan could access a time machine?

[Doremus]

26. Great for future students; where's the equivalent for people who already completed their degree?

Doesn't seem fair to let some people have free college and others be stuck with debt.

This is an important issue for the majority of Dem voters. Sweeping it under the rug (for god-only-knows the reasons) is only going to bite us in the ass in 2022.

[Rice4VP]

34. I think this should only apply to people who have already been paying for

at least 10 years.

[Progressive dog]

15. I agree with the President

Every person who took out student loans does not need debt forgiveness.

[Wounded Bear]

22. Meh, I seriously doubt he would veto something over that...

I mean, if that's in the Rescue Bill, what is he gonna do? Veto his own legislation? Not happening.

Much ado about nothing.

[Goodheart]

23. I agree with President Biden.

[Doremus]

27. Do you have student loans?

Glad you agree with Biden but the majority of Dems support $50k.
Ignoring the wishes of our base is a sure way to lose majorities in 2022.
Wait and see.
As for the "grand sum" of $50k, let's try to remember the last 3 tax giveaways could've paid for $50k plus M4A plus a few other Dem pet projects.

[Rice4VP]

35. Of course they agree. Who wouldn't agree with a

free $50,000? The question is, how is that fair? People make a choice to go to a specific school and a choice to take out loans.

[Blue_true]

46. Do people punish democrats in 2022.

Then republicans take charge of Congress and set us even further back.

People need to think with their heads. Elect more democrats so that we have the legislative margins to push change down republican’s throats.

[jimfields33]

48. I'd agree with this if they tested students and put them in suitable majors

If too many students are taking majors that will saturate the market, stop allowing them to have that major at least free. If a student is in a major that only pays 30K on the outside, don’t pay the major. In order for it to be paid, the choices need to tighten up. And if you get below a C, pay it back.

[Goodheart]

58. I seriously doubt that the majority of Democrats support that $50k.

Link me to a poll if you've seen one.

I oppose it for several reasons:

1- I don't see a college education as a personal right (not like healthcare, for example).
2- I don't believe that the Democratic Party should be supporting and financing every life decision under the sun.
3- I don't think it would be fair to all those people who have previously and responsibly paid off their own student loans.
4- I don't think it promotes good personal investment decisions.
5- I believe it would raise the prices of colleges across the board.

[Luciferous]

24. I still owe on student loans and the interest is the big problem. I would be happy if they

quit charging interest.

[JustAnotherGen]

40. This - interest free

I didn't qualify until Clinton brought in the Unsubsidized Sallie Mae loans.

I worked part time to pay my interest while in school.

Had I not - I would have had a few grand tacked on at the end.

These private loans are killing young people.

[smirkymonkey]

77. That is my big issue.

I have already paid back more than I borrowed. It is the interest that is killing me.

[uponit7771]

25. Did Biden ever commit to 50k of Student debt going away? Thx in advance

[peoli]

29. He will because we won't stop until he does. Thx

[Blue_true]

45. What about the people who paid off their loans? What do they get?

Maybe instead of attacking a Democrat, you should redouble efforts to get rid of republicans in every level of government.

[uponit7771]

55. If he sticks to what he committed to I'll take it, we can push him but if he pushes back I'm not ...

... holding it against him on this.

Similar was done with Obama and pony crews which now I think were Russian rat f**kers

[Rice4VP]

30. I agree with him. $10,000 is enough...

How can you just blanket forgive $50,000. College might as well be free if that’s going to happen. I’m still paying loans and I graduated 20 years ago. This loan forgiveness is nonsense. Maybe for people who went into teaching or something to help people but not anything else

[Caliman73]

38. College was basically free until Republicans.

In California, the State paid about 80% of college costs at state and UC schools until Reagan came along and reversed it.

A college or technical school education is an investment in society. The more educated and skilled people are, the better society is. We as a society have been taught that education, especially past high school, is a commodity. That is how it has been sold. Education and training is a society builder. We need people skilled in both manual and social skills. We need doctors, lawyers, plumbers, electricians, etc...

Charging people 100,000s of thousands of dollars for education is ridiculous when people with education end up putting multiples of that back into society through taxes and the work that they do.

[KY_EnviroGuy]

36. Perhaps the President feels this is best done in stages rather than one giant leap.

Easier to get legislation passed that way, over the Thug's objections....

[belpejic]

37. Why should any of us pay taxes for anything

For which we don't receive a direct benefit?

The equity argument leads nowhere. It doesn't seem fair, but taxes don't seem fair when you really get into the dollars and cents. Taxes are the fees we pay for having a civil, pleasant, healthy, and just society. For those who are drowning in student debt, society is very unpleasant, unhealthy, and unjust, and will be for most if not all of their lives. Why shouldn't they get some respite? The investment they made in their education, one that they were told would pay itself off many times over, did not materialize. Once again, the finance industry privatized the profits and socialized the losses. Those bad loans were written off long, long ago, and they are sitting on some federally-backed institution's balance sheet.

Furthermore, I guarantee that those who have paid their student loan bills are getting "freebies" somewhere else. It all balances out.

Finally, freeing individuals from crushing debt burdens would be a boon to the economy, particularly in sectors like real estate.

[JustAnotherGen]

43. Not in blue states - re: real estate

You can't claim your property taxes and state and local income taxes. Its only 10K max. It wasn't that way when we bought our home in 2013.

The GOP tax scam was implemented to inflict pain on those states who educate their children.

[USALiberal]

63. What freebies??? Nt

[BannonsLiver]

64. When you spend 400k on an English degree from Princeton

Nobody told you it would “pay for itself many times over.”

When I pay taxes I get roads, police, fire department, and a vast array of other benefits and services. That’s why I don’t mind taxes at all. Nobody gets anything from bailing out someone’s bad personal life decisions.

[Blue_true]

42. Actually, from what I understand, he said that HE could eliminate

only $10,000 of the debt on his own. Congress must remove the rest.

Instead of being upset, maybe people should get out and vote republicans out of office in 2022.

[JustAnotherGen]

44. This

And - call their House Rep and Senators.

[betsuni]

53. +1

[Blue_true]

54. The poster has not answered my post.

It is infuriating to see people basically saying that if democratic voters don’t get certain things, they will stay home in 2022. That is the very nonsense that has gotten us where we are now.

IRONCLAD RULE:
If a person wants progressive policy to regress back more than a decade in two short years, make it possible for republicans to exercise power during those two years.

[betsuni]

59. Yes, that's the myth.

I just read an article by Bernie Sanders, who said that Democrats will lose their majorities in 2022 if the Biden administration isn't bold and aggressive enough in its first 100 days, mentioning what happened in 1994 and 2010. "We must not make those mistakes again."

What mistakes? Not having enough votes to pass more progressive policies? Democratic voters thinking, well, the Clinton administration tried to give us better health care and failed so I'm not going to vote next time, let Newt Gingrich take over? The Obama administration couldn't get enough votes for the ACA with a public option so I'm not going to vote in the midterms, better let Republicans wreck everything again? That'll teach the Democrats! It doesn't make any sense to me.

[Blue_true]

60. The mindset makes ZERO sense.

When we can’t get something due to having thin majorities, our number one effort should be to grow the majorities. Once we have big, robust majorities, then kick out Presidents when they don’t deliver policy that we want.

The other way is like saying “oh, my finger is bleeding really bad, I’ll slash my wrist to stop the bleeding”.

[betsuni]

65. Exactly. Wait until Democrats have large majorities before assuming both sides, that

Democrats aren't progressive, they're "corporate-owned" and all the other nonsense insults.

The politiphobe: "They see the contentious give-and-take of politics as unnecessary and distasteful. Specifically, they believe that obvious, commonsense solutions to the country's problems are out there for the plucking. The reasons these obvious solutions are not enacted is that politicians are corrupt, or self-interested, or addicted to partisan feuding."

And the populist idea that the vast majority of Americans are waiting for the right progressive leader to come along with a message of economic equality, and then all the non-voters and Republican voters will finally vote for their economic interest. That the reason Democrats can't get more progressive policies passed is that they're corrupt and something about "establishment" and "elites."

[Blue_true]

66. You hit the nail on the head with your analysis. nt

[treestar]

72. +1 million zillion

These headlines are written for the sole purpose of stirring up controversy.

[Blue_true]

75. Seems that way. nt

[Vivienne235729]

68. I am really disappointed in his decision to not support $50,000

I agree w others above. This will not go away. I know, I for one, will keep harping on this.

[beathimlikeadrum]

69. hi

With all due respect, we have ten thousand bigger priority issues than this. I understand people innately want what's good for them, but paying off people's college debt is not on the list of things the country needs to be focused on right now.

[peoli]

70. Hi. I disagree. I think it's a huge priority and should be addressed tomorrow

[Kashkakat v.2.0]

71. GOOD. This and other things makes me think maybe Im a moderate Dem and no longer the

"progressive" I thought I was.

Sorry. Should have thought about repaying the debt before you took it on. Perhaps the debts could be structured though in a more favorable way to the lender - so its not so onerous. Look into that pls and get back to us.

[Bonx]

73. We need to get this done

It would basically eliminate my debt and I could start spending more on my hobbies that have been neglected.

[leftofthestorm]

76. I think a good compromise would be....

Cancel everything over $10000. Let then pay back a fair share.