Monday, February 22, 2021

DEADBEAT ALERTS: Student Loan Debtors Refusing to Pay Off Debt in Anticipation of Biden Forgiveness, and related stories

AP Photo/Bebeto Matthews, File
Student Loan Debtors Refusing to Pay Off Debt in Anticipation of Biden Forgiveness:
There was a viral Facebook post that appeared on February 2nd claiming student loan debt had been forgiven by President Biden. “My student loans are gone,” reads a Feb. 2nd Facebook post with hundreds of shares. “I love you Biden!”
The sentiment is probably appreciated but the news is premature. Biden has yet to issue an executive order on student loan debt. Many Democrats are urging the president to cancel $50,000 in debt with the stroke of a pen. But Biden says he would much rather involve Congress in the decision. And getting any kind of consensus on forgiving student loan debt is going to be very difficult.
Some student loan debtors have decided to have a “debt strike” and refuse to pay on their loans until Biden acts.
Fabares has now joined the Biden Jubilee 100, a group of 100 student loan borrowers who have stopped paying their debt. The Debt Collective, which calls itself “a union for debtors,” has organized the strike, hoping to pressure President Joe Biden to cancel the country’s entire outstanding student loan balance of $1.7 trillion.

“We’re going to win what we organize for,” said Thomas Gokey, co-founder of The Debt Collective.
White House open to $50,000 in federal student debt relief after pressure from Left:
The White House is leaving open the possibility of President Biden forgiving $50,000 in federal student debt for some people, despite him seeming to dismiss the idea less than 24 hours earlier.
Biden doesn't "favor" $50,000 in student loan forgiveness "without limitation," White House press secretary Jen Psaki told reporters Wednesday.
"He said previously that relief about $10,000 should be targeted, based on the borrower's income, based on the kind of debt in question," she said.
Psaki's comments come as Democratic Senate Majority Leader Chuck Schumer, facing pressure from potential primary challenger New York Rep. Alexandria Ocasio-Cortez, and Massachusetts Sen. Elizabeth Warren quickly criticized Biden for suggesting during a CNN town hall Tuesday evening that he has the executive authority to forgive $10,000 in student loans but not $50,000. --->READ MORE HERE
Follow link below to a related story:

Canceling Student Debt Is Still a Terrible Idea

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