Biden's administration absorb students from loan debt.

[Bushdark]

It's a good thing that Joe has covered those loans. I know that some students who really have the desire to pursue formal education can go to any length to make sure they acquire the education, and having to take a loan to do so is not really bad because definitely those students would still graduate and can still be employed in some government organisation. By so doing, they are serving the country, for whom they have also received a favour in the loan repayment, so I think it also contributes to the economy. Perhaps the government knows how much they have repaid each student. So, even if they (the government) wish to get back that money, they can still get it when all those students have started working.

Now many of the studen would be free and concentrate on the study without having much burden on loan to pay back which can reduce the interest or zeal to read and pass exam. The students loan forgiveness is something that will boost the economy and make money to flow very wellaking people to make plans for other things they need to buy and stay healthy.

Loan is nothing that can affect people if we don't know what we are doing or allow the loan issue to affect the way we think or react to things around us. Although this can have a great effect later because some persons might think of getting more student loan because they may think that the government is still going to forgive then and that will end like that.

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[o48o]

39 billion is inconsequential to the U.S. economy considering how recklessly the U.S. government will spend trillions of dollars without thought, and subject them to exponential debt growth. Besides, they've sent Ukraine more than that in aid over the past year.

This is nothing more than a campaign tactic for Biden seeing as it's election time. The Supreme Court struck down his insane proposal of forgiving nearly 500B USD in student loans which would have allowed him to spend an unforeseen amount of money and circumvent Congressional oversight simultaneously. Not clear how he has the authority to forgive 39 billion -- assuming it's through executive action, all he did was essentially print 39 billion USD into the economy. Consider it an expensive campaign expenditure.

You do understand that money most likely stays in US and acting as a stimulus package and those people have now more to spend in US products, and that's indirectly driving economy up.

And US has insanely big budget anyway and this is like fraction of a drop in a sea. From outside looking in their taxation doesn't make any sense. They really should tax the rich more for the system to be sustainable.

[Poker Player]

Well, I'm not surprised at the number of people in the thread saying it's good news, given the trend of this forum. Good thing there are those with knowledge:

Especially this part:

Age group   Amount owed   Number of borrowers
50 to 61   $282 billion   6.4 million
62 and older   $98 billion   2.4 million

This type of policy penalizes those who do well and rewards those who do poorly. Those who paid their student loans are now aggravated because Biden is going to pay for part of the party for the cicadas. In other words, two twin brothers studied the same degree and got into the same amount of debt. At the age of 60, one has long since paid off his student loans and has built up a good net worth, while the other has not only not paid off his student loans, but has many other loans because of his spending habits, among them regular parties with hookers and cocaine. But for the latter the state is coming to save him, lol.

Besides, without so much government intervention with student loans, college prices would not be so high and students would not need so many loans.
 
It is a typical example of politicians offering a bad solution to a problem that they have created and that only makes it worse.

This is nothing more than a campaign tactic for Biden seeing as it's election time.

Really? I would never have imagined it. 

[adaseb]

This doesn’t really mean anything because he can say anything but if the SCOTUS will block it there is nothing he can do. Just like it happened in the past.

One reason is that it’s not fair to those who had student debt and worked hard to pay it off. They are all pissed if those with debt get some relief. Hence why this is a huge struggle for many.

Those will student loans want relief.
Those without student loans don’t want relief.

[Gyfts]

39 billion is inconsequential to the U.S. economy considering how recklessly the U.S. government will spend trillions of dollars without thought, and subject them to exponential debt growth. Besides, they've sent Ukraine more than that in aid over the past year.

This is nothing more than a campaign tactic for Biden seeing as it's election time. The Supreme Court struck down his insane proposal of forgiving nearly 500B USD in student loans which would have allowed him to spend an unforeseen amount of money and circumvent Congressional oversight simultaneously. Not clear how he has the authority to forgive 39 billion -- assuming it's through executive action, all he did was essentially print 39 billion USD into the economy. Consider it an expensive campaign expenditure.

You do understand that money most likely stays in US and acting as a stimulus package and those people have now more to spend in US products, and that's indirectly driving economy up.

And US has insanely big budget anyway and this is like fraction of a drop in a sea. From outside looking in their taxation doesn't make any sense. They really should tax the rich more for the system to be sustainable.

I understand. As I mentioned, 39 billion isn't a lot of money. But if the U.S. President has the authority by executive action to cancel 39 billion in student debt, how does this conflict at all with SCOTUS striking down the 500 billion Biden tried to cancel earlier? The legal framework seems convoluted so I raise this as an issue because even if it's for a social/economic stimulus, the executive branch should not be in the business of printing money out of thin air.

And by the way, I don't think stimulus packages are a good idea either. The entire idea involves the federal government issuing a loan out to itself on behalf of their constituency. The federal government can never default on their loan so it comes money creation without consequences. Under an economic system where new currency couldn't be minted, then stimulus packages might work.

[xSkylarx]

This is really good and for sure the students are happy about this but i do hope that those people in middle class or on poor sector binefit it because they are the one that needed this and also they need help. Rich people can still pay the tuition that is why it is better to exempt then and their slot should be given to those worthy people. For sure also parents are happy on this as they are now focusing on their foods and needs and not thinking about paying those loans

[Poker Player]

You do understand that money most likely stays in US and acting as a stimulus package and those people have now more to spend in US products, and that's indirectly driving economy up.

And US has insanely big budget anyway and this is like fraction of a drop in a sea. From outside looking in their taxation doesn't make any sense. They really should tax the rich more for the system to be sustainable.

I understand. As I mentioned, 39 billion isn't a lot of money. But if the U.S. President has the authority by executive action to cancel 39 billion in student debt, how does this conflict at all with SCOTUS striking down the 500 billion Biden tried to cancel earlier? The legal framework seems convoluted so I raise this as an issue because even if it's for a social/economic stimulus, the executive branch should not be in the business of printing money out of thin air.

And by the way, I don't think stimulus packages are a good idea either. The entire idea involves the federal government issuing a loan out to itself on behalf of their constituency. The federal government can never default on their loan so it comes money creation without consequences. Under an economic system where new currency couldn't be minted, then stimulus packages might work.

The idea of ​​friend o48o, that forgiving student debt drives up the economy is similar to the genius that if money is needed in a country, all you have to do is print it. Typical idea of ​​someone who does not understand the basic fundamentals of economics and offers simple and wrong answers to simple questions that have a complex (correct) answer.

I am not going to try very hard to explain that the USA is the country with the highest standard of living on the planet precisely because there are many rich people.

[tabas]

Waiving this much for the students truly is a big gesture. But I am thinking that the government will take a return on this one through printing of money. That's why there have been stimulus that have been distributed to its people but anyway, these students have already became professionals and from there, they will be able to contribute to their government through taxations and from the services, jobs and home mortgages that they'll take.