Proverbs 19:9 – “A false witness shall not be unpunished, and he that speaketh lies shall perish”
Why Biden Cannot Forgive Student Loan Debt
Many are under the impression that their student loans may be forgiven. Here’s why Biden cannot forgive student loan debt.
People think that the President of the United States has the power for debt forgiveness. He does not.
He does not have that power. That would have to be an act of Congress.
Biden obviously didn’t get the memo. His plan to bail out up to $20,000 of student loans per borrower is proceeding.
To hold the Biden administration accountable for this illegal executive overreach, Job Creators Network Foundation’s Legal Action Fund filed a lawsuit this week to block the counterproductive, inflationary, and unfair student loan bailout from taking effect.
The suit argues that the Department of Education has flagrantly violated the Administrative Procedure Act’s notice-and-comment requirements by crafting this massive and arbitrary debt jubilee behind closed doors.
Two former students initiated the lawsuit because their perspectives were ignored.
The program arbitrarily chooses who is in, who is out, and how much those in the program get.
Conclusion
Taxpayers shouldn’t pay for this. College endowments should.
College perpetrators must be held accountable. Who wants to pay for someone else’s debt?
The real issue starts with reversing runaway college tuition. This is the root cause of the student loan problem.
College debt levels will not return to today’s level within the next five years.
Between 2008-09 and 2020-21, greedy and unaccountable colleges raised tuition by 54%.
Inflation did make up for 26% of that cost increase.
College tuition increased faster than healthcare costs.
Tuition funds have been used to fund worthless services and programs such as five-star amenities, athletic coach salaries and so forth.
Policymakers can fix the college debt crisis by involving the government less. More government means more problems.
The bailout will worsen inflation at the worst possible time by injecting $426 billion into the economy.
The Feds efforts to reduce runaway prices will have failed due to the bailout.
It’s only right to pay for your student loans.
DISCLAIMER: I am not a financial adviser. This site is for educational purposes only. It is imperative that you do your own research. I am sharing my opinion from personal research and experience with no guarantee of gains or losses on investments, finance etc.
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