The Biden administration is scaling back its debt relief program for millions of Americans over concerns about legal challenges from the student loan industry as well as a new lawsuit from Republican-led states.
In a reversal, the Education Department said on Thursday it would no longer allow borrowers who have federal student loans that are owned by private entities to qualify for the relief program. The administration had previously said those borrowers would have a path to receive up to $10,000 or $20,000 of loan forgiveness.
I didn’t write about the student debt relief, in part because I think it’s a good thing, or at least a good start, and I didn’t want to praise our parasite class. Turns out I never had to, as, given enough time, they’ll make sure to undo anything remotely decent that squeaks its way out of Washington.
Student debt should be completely forgiven, and the system of usury that was created to help these extremely anti-White and ideological universities. Unlike other kinds of loans you cannot declare bankruptcy and free yourself of these loans, so $10k isn’t nearly enough. But again, that was simply too much for the financial parasites, so it’s not happening.
The Jimmy Dore video on this is surprisingly good.
The policy change comes as the Biden administration this week faces its first major legal challenges to the loan forgiveness program, which Republicans have railed against as an illegal use of executive power that is too costly for taxpayers.
Debt relief shouldn’t cost a thing. You just say “the banks that gave these loans no longer have any legal ability to collect.” This costs the government literally nothing, but it costs the banks everything, and universities pay a price implicitly, since the loans are essentially going straight to them.
There are significant business interests that depend on the federally guaranteed loan program — a wide range of private lenders, banks, guaranty agencies, loan servicers and investors. That industry is widely seen, both inside and outside the administration, as presenting the greatest legal risk to the debt relief program.
Earlier this month, the Biden administration released data estimating that 42.4 million borrowers across the country would be eligible for its debt relief program.
It’s not clear why the Biden administration decided on Thursday to pull the plug on allowing the subset of federal student loan borrowers to participate in the program. Industry officials and a wide range of policy experts had long warned — even before the administration’s August announcement — about the legal complexities associated with the federal government forgiving federally guaranteed student loans.
It’s just so tiresome. I had a much deeper analysis of this written, but I had to delete it, because the bottom line is simply that these politicians are simply employees of their big money donors, and they don’t want even fake and ghey student debt relief. They want their debt slaves, and Biden is going to give them their debt slaves.
But it’s nice to know that Republicans can always be counted on to be the assholes who will throw the fight on child trannies, throw the fight on anti-White policies or even push them without being asked, throw the fight on the border, but make sure to really find the intestinal fortitude to send you off to die for Israel and give (((financial elites))) everything they want, at the expense of the people. And if Republicans don’t have any legal or electoral leverage, the Democrats will simply bring out some shill like Joe Manchin to throw the fight themselves, at least on anti-war or economic issues. We simply don’t have the money.
But we’ve got $100B+ for Zelensky of course.