Biden is desperate to find something positive in order to promote voting for Democrats in the 2024 election. After being gob-smacked for his The Economy is Great campaign, he is now relying on his student debt relief as a ping in his favor. The Supreme Court already turned down his proposed massive across the board relief, so how is he manipulating Laws to grant loan relief?
Plan B is equally unconstitutional given it does not apply to the General Welfare, but instead to a ‘select group’ he created: 1. Borrowers with balances greater than what they originally borrowed, 2. Borrowers who have been in repayment for at least 25 years, 3. Borrowers who attend programs that did not provide sufficient financial value, and 4. Borrowers who never applied to other relief programs for which they are eligible.
The justification being used is the Higher Education Act of 1965. $6 billion of the loan forgiveness Biden is touting is actually a lawsuit settlement, Sweet vs Cardona from 2022. NONE of the relief will take effect until summer of 2025 and NONE is guaranteed as negotiations are still being mapped. In essence Biden’s Twitter Tweets regarding his accomplishment of debt cancellation for students is Disinformation. It is propaganda.
Legal action can not be taken against the plan until the plan is finalized. At which point lawsuits will prevail as they did with his Plan A. It is simply Democrat fodder for Election 2024.
The 1965 HEA Act was signed by Johnson as part of his Great Society agenda:
It increased federal money given to universities, created scholarships, gave low-interest loans for students, and established a National Teachers Corps. The “financial assistance for students” is covered in Title IV of the HEA.
There are 45.3 million borrowers holding student debt. The interest rate on loans ranges from 5.5% to 7.05%. 25% of student debt is for $10,000 or less. Over 100 people owe more than $1 million in student debt. 10.8% of borrowers default in their first year. The default rate is highest among blacks at 17.7%. According to The Department of Education, a default can be forgiven upon death or fraud…
The total outstanding balance on student debt is $1.77 Trillion. IF Biden is successful, he will reduce the outstanding debt to $1.37 Trillion – or 22%. However, loans will continue to be made throughout 2024 and 2025 without ANY modification to the means and rules.
The rule within Biden’s Plan B, #3, is likely to be the most controversial. Students who graduate with a major that earns them zero gain in the employment industry is a ‘choice’. For Example: As of Today Harvard, University of Florida, University of Texas, NY University, and Stanford, provide a new class entitled, “Taylor Swift”. Obviously, this Class/Degree program is highly unlikely to benefit ANYONE financially – except Taylor Swift who is likely given an override fee.
There are a host of degrees that are currently termed useless – unless – one extends the degree into a specialty field, Masters Program, thereby ensuring the University of more Money: Psychology, Philosophy, Language, Ethnic Studies, Culinary Arts, Creative Writing, etc… In addition, most students now take a minimum of five years to earn a bachelors degree.
The College Degree scam is a Ponzi Schematic.
For decades colleges have falsely advertised that a college degree guarantees higher wages and successful careers. To make matters worse, many colleges offer bought and paid for degrees offline. For Example: It has been speculated that AOC never actually went to any university based on her acute lack of knowledge and any pictures to uphold her claim. In fact, colleges will sell not only a degree, but transcripts as well to uphold the lie. A mill.
The overall college entrance rate is 38%. However, the graduation rate is as low as 20% and averages at roughly 40%. By Contrast – Trade schools concentrate on specific training in a field that is marketable, are upwards of 1000% less expensive than college, and take half the time. The supposed ‘disadvantage’ is that a student doesn’t get the College Experience. You know, the hazing, the drinking, the brawls, and hookups…
In the meantime, like everything else the government handles, there is no actual solution to the student loan crisis. In order to repair the problem, universities need to make guarantees. They need to drop course work in Taylor Swift studies. They need to be accountable to students in terms of their careers – instead of the almighty dollar. The fault needs to be mitigated – not the result.
There are nearly 6,000 colleges in the US. They vie for students by making false claims and vie for government money to uphold their extravagant spending. Harvard’s annual budget is now $5.4 billion of which just $1.2 billion comes from student loans and payments. The vast majority of Harvard funding comes from the Federal Government/US Taxpayers. Truckers and Machinists and Cooks are funding Harvard. The government agencies include: DoD, NIH, CDC, DHHS, and NSF.
Harvard’s Net Assets/Endowment stands at $50.7 Billion – nearly 10 times its annual budget of which 63% is spent on wages and pensions. WHY does it continue to receive Taxpayer funding? It boasts a surplus each and every year. WHY does it continue to receive taxpayer funding? This is the problem the US Government needs to FIX. NOT student debt. This is the source of irresponsible spending for which US middle class taxpayers foot the bill – and this represents ONE example of nearly 6,000 Colleges.
OUR Government has usurped their power as provided in the US Constitution over and over again. POWERS must be stripped. At every level.