Remember That Student Loan Thing?
- Thread starter wvkeeper(HN)
- Start date
The headline is inaccurate since it’s under a million who get impacted, but you can thank Republican states for this.
Some Republican states have filed suit trying to block the whole thing, as the program was going to allow borrowers who took a certain kind of government guaranteed private loan (the hell was the point of that except to funnel money to someone’s golf buddy!?) to consolidate to a federal loan and get forgiveness on that.
Their suit said that the company who issued those loans (at 0 risk to themselves) stood to be damaged from forgiveness since that would lose out on the interest payments of anyone who consolidated due to forgiveness. This would just give someone standing, not mean it was illegal, but it was possible a ruling could invalidate the whole thing.
So to keep the whole thing afloat, they’re going to only allow it for people who had already consolidated, or the vast majority of borrowers who didn’t use this specific program. There are about 4 million loans that went through the program, but most of those people also had loans that are still forgivable, or they were income-bracketed out of it anyway, so it’s about 800,000 people who lost loan forgiveness.
Some Republican states have filed suit trying to block the whole thing, as the program was going to allow borrowers who took a certain kind of government guaranteed private loan (the hell was the point of that except to funnel money to someone’s golf buddy!?) to consolidate to a federal loan and get forgiveness on that.
Their suit said that the company who issued those loans (at 0 risk to themselves) stood to be damaged from forgiveness since that would lose out on the interest payments of anyone who consolidated due to forgiveness. This would just give someone standing, not mean it was illegal, but it was possible a ruling could invalidate the whole thing.
So to keep the whole thing afloat, they’re going to only allow it for people who had already consolidated, or the vast majority of borrowers who didn’t use this specific program. There are about 4 million loans that went through the program, but most of those people also had loans that are still forgivable, or they were income-bracketed out of it anyway, so it’s about 800,000 people who lost loan forgiveness.
You are pretty level headed most of the time…but man you’re one good apologist for the Democrat party.
NPR is well-known for shading reports to help the GOP.
H&H can spin with the best of them!
What part of anything I said in that post is not right?
Oh it leans Dem for sure but this headline in particular is just wrong.
I would have to do some digging but the info is changing almost daily on this. I know the article I read a couple days ago said something like 4 million.
You're dreaming and just as naive as all the other liberals if you think banks won't find a way to get around Mush Brain's attempt at buying votes.
There are 4 million of the loans that could be affected.
Most of those people also have other loans that could still be forgiven, so it doesn’t really affect them at all.
And some of those people were ineligible due to income anyway, so it doesn’t really affect them at all either.
These are just facts. You can still neener neener at Biden for not considering the possibility of this lawsuit ahead of time, sure, but let’s be real about how many people are going to be impacted.
My point is the whole idea is terrible and it’s a Democrat idea, yet you’re here defending it and blaming any repercussions on Republicans like it’s their fault.
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This happening doesn’t really impact if it was good or bad though. If someone supported or opposed it before this shouldn’t change that.
The “repercussion” is this case is happening because Republicans states are suing. If something bad actually happens because of the debt relief then sure, place the blame on the Democrats.
