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appalachiablue

(41,105 posts) Fri Sep 18, 2020, 01:02 AM Sep 2020

Warren, Schumer, Dem. Senators Unveil Plan To Cancel Up To 50K For Fed. Student Loan Borrowers

With Eye on Biden Victory, Warren and Schumer Unveil Plan to Cancel Up to $50,000 for Federal Student Loan Borrowers
"Broadly cancelling student loan debt would be a game-changer for millions of people in this country and a lifeline when they desperately need it." By Jessica Corbett, staff writer, Common Dreams, Sept. 17, 2020.

- Sens. Chuck Schumer (N.Y.) and Elizabeth Warren (Mass.) led a group of Democrats in introducing a resolution on student loan cancellation.

As Americans face the economic fallout of the coronavirus pandemic and prepare for an incredibly consequential presidential election, over a dozen Democrats—led by Sen. Elizabeth Warren and Senate Minority Leader Chuck Schumer—came together Thursday to unveil a "visionary" student loan cancellation plan for the next administration.

The introduced resolution urges the next president to use existing authority under the Higher Education Act to cancel up to $50,000 in federal student loan debt and ensure there is no resulting tax liability for borrowers.
In addition to Warren, two other former Biden rivals—Sens. Bernie Sanders (I-Vt.) and Cory Booker (D-N.J.)—are backing the plan, along with Sens. Sherrod Brown (D-Ohio), Dick Durbin (D-Ill.), Tammy Duckworth (D-Ill.), Richard Blumenthal (D-Conn.), Chris Van Hollen (D-Md.), Jeff Merkley (D-Ore.), Ed Markey (D-Mass.), Rob Menendez (D-N.J.), and Ron Wyden (D-Ore.).

Neither the resolution nor the joint statement announcing it directly mentioned Democratic presidential nominee Joe Biden and his running mate, Sen. Kamala Harris (D-Calif.), but their campaign is clearly the intended target. The statement calls out President Donald Trump and congressional Republicans for refusing "to provide any immediate student debt cancellation for tens of millions of Americans" while vowing that "Democrats will be ready to act starting in 2021."

Warren (D-Mass.) repeated that promise on Twitter Thursday, also taking aim at Education Secretary Betsy DeVos, who has been widely condemned for everything from her privatization plans and revisions to Title IX rules to her positions on school reopenings and tax return seizures for student loan payments during the pandemic...

More, https://www.commondreams.org/news/2020/09/17/eye-biden-victory-warren-and-schumer-unveil-plan-cancel-50000-federal-student-loan

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Warren, Schumer, Dem. Senators Unveil Plan To Cancel Up To 50K For Fed. Student Loan Borrowers (Original Post) appalachiablue Sep 2020 OP

This is good, but many student loan debt holders fleur-de-lisa Sep 2020 #1

That's the case for a young relative, but perhaps Dems. appalachiablue Sep 2020 #2

Helping people shouldn't be stopped because it doesn't help everybody jorgevlorgan Sep 2020 #3

No shit. That's why I started my response with "this is good." fleur-de-lisa Sep 2020 #4

Yet you point out people will "get screwed" by it jorgevlorgan Sep 2020 #5

I pointed out that some people will get screwed again by being left out, because they will. fleur-de-lisa Sep 2020 #6

This isn't really about who gets screwed and who doesnt jorgevlorgan Sep 2020 #7

fleur-de-lisa

(14,624 posts)

1. This is good, but many student loan debt holders

Reply to appalachiablue (Original post)

Fri Sep 18, 2020, 01:46 AM

Sep 2020

won’t be helped by this.

In an effort to consolidate their loans and thereby reduce the interest rate, many were duped into going with private lenders, and this wasn’t divulged to them.

So yet again, a lot of these folks will get screwed through no fault of their own.

appalachiablue

(41,105 posts)

2. That's the case for a young relative, but perhaps Dems.

Reply to fleur-de-lisa (Reply #1)

Fri Sep 18, 2020, 02:33 AM

Sep 2020

can work on helping these private loan holders once things get started.

jorgevlorgan

(8,282 posts)

3. Helping people shouldn't be stopped because it doesn't help everybody

Reply to fleur-de-lisa (Reply #1)

Fri Sep 18, 2020, 03:40 AM

Sep 2020

But we should continue to work hard at trying to help everybody who needs it, no matter what

fleur-de-lisa

(14,624 posts)

4. No shit. That's why I started my response with "this is good."

Reply to jorgevlorgan (Reply #3)

Fri Sep 18, 2020, 09:38 AM

Sep 2020

jorgevlorgan

(8,282 posts)

5. Yet you point out people will "get screwed" by it

Reply to fleur-de-lisa (Reply #4)

Fri Sep 18, 2020, 11:21 AM

Sep 2020

fleur-de-lisa

(14,624 posts)

6. I pointed out that some people will get screwed again by being left out, because they will.

Reply to jorgevlorgan (Reply #5)

Fri Sep 18, 2020, 11:36 AM

Sep 2020

This isn't hard: Two things can be true at the same time.

Some people will benefit and that is good.

Others will be left out. That's not Joe Biden's fault and I never implied that it was. I merely pointed out that not everyone will benefit.

And now I'm done with you since you are clearly trying to stir shit up, so off to the ignore list you go.

jorgevlorgan

(8,282 posts)

7. This isn't really about who gets screwed and who doesnt

Reply to fleur-de-lisa (Reply #6)

Fri Sep 18, 2020, 11:39 AM

Sep 2020

The largest benefit from it would be about freeing up billions in collective disposable income which will inadvertantly boost the economy. There really is no downside, even as you throw the red herring of "but some people wont get the money." That is meaningless in the grand scheme of actual economic spending. A sort of 50k stimulus that will free up disposable income and qualify people for capital they never would have had.

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