US appeals court blocks all of Biden student debt relief plan (Page 1/13)
blackrams JUL 18, 04:30 PM
US appeals court blocks all of Biden student debt relief plan.

www.aol.com/news/us-appeals...biden-182436195.html

(Reuters) -A federal appeals court on Thursday blocked President Joe Biden's administration from continuing to implement a new student debt relief plan designed to lower monthly payments for millions of Americans.

The St. Louis-based 8th U.S. Circuit Court of Appeals granted a request by seven Republican-led states to put on hold parts of the U.S. Department of Education's debt relief plan that had not already been blocked by a lower-court judge.

That ruling last month by U.S. District Judge John Ross in St. Louis had blocked the department from granting further loan forgiveness under the administration's Saving on a Valuable Education (SAVE) Plan but had not blocked all of the plan.

That plan provides more generous terms than past income-based repayment plans, lowering monthly payments for eligible borrowers and allowing those whose original principal balances were $12,000 or less to have their debt forgiven after 10 years.

State attorneys general led by Missouri Attorney General Andrew Bailey subsequently last week asked the 8th Circuit to block the rest of the SAVE Plan. The court did so through a one-page order granting an administrative stay.

Bailey on the social platform X hailed the ruling as a "huge win for every American who still believes in paying their own way." He said the student loan plan "would have saddled working Americans with half-a-trillion dollars in Ivy League debt."

The Education Department had no immediate comment.

Biden, a Democrat, announced the SAVE Plan in 2022, alongside a broader $430 billion program that would have fulfilled a campaign promise by cancelling up to $20,000 in debt for up to 43 million Americans. It was ultimately blocked by the conservative-majority U.S. Supreme Court in June 2023.

The SAVE Plan was slated to fully take effect on July 1, though parts of it have already been implemented.

The White House has said that over 20 million borrowers could benefit from the SAVE Plan. The administration in May said that 8 million are already enrolled, including 4.6 million whose monthly payments have been reduced to $0.

The Education Department on Thursday said it had already granted $5.5 billion to 414,000 borrowers through the SAVE Plan.

Another federal judge in Kansas had also blocked parts of the SAVE Plan last month, though a different federal appeals court, the Denver-based 10th U.S. Circuit Court of Appeals, put part of that decision on hold. A group of Republican-led states have asked the U.S. Supreme Court to reinstate that injunction.

Thanks, I don't need to help pay off the debts others have made. Neither do any of the other tax payers regardless of political affiliation. The whole scheme was designed to buy votes and I think the vast majority of us know that. Of course, there will be a few who love getting free money. We all probably know who some of them are.

Rams
Doug85GT JUL 18, 05:11 PM
The permanent fix is to get the federal government out of the student loan business entirely.
NewDustin JUL 18, 05:25 PM

quote
Originally posted by blackrams:

Thanks, I don't need to help pay off the debts others have made. Neither do any of the other tax payers regardless of political affiliation. The whole scheme was designed to buy votes and I think the vast majority of us know that. Of course, there will be a few who love getting free money. We all probably know who some of them are.

Rams



I'd pay off their debts if it had an economic net benefit; would be petty to the point of absurdity not to. I'm not suggesting that's necessarily the case -there does not seem to be sufficient information for us to make a determination like that yet- but it seems foolhardy to assume the conclusion based on how emotionally satisfying it would be.


blackrams JUL 18, 05:38 PM

quote
Originally posted by NewDustin:


I'd pay off their debts if it had an economic net benefit; would be petty to the point of absurdity not to. I'm not suggesting that's necessarily the case -there does not seem to be sufficient information for us to make a determination like that yet- but it seems foolhardy to assume the conclusion based on how emotionally satisfying it would be.




OK, you're very welcomed to help "Other Debtors" to pay off their debts. The only benefit I can see is to get those in debt to go to the voting polls and thank the guy that provided them economic relief while passing that debt onto the American taxpayer. Economic Net Benefit, should you see any, please bring it into the light.


------------------
Rams
Learning most of life's lessons the hard way. .
You are only young once but, you can be immature indefinitely.

Doug85GT JUL 18, 05:56 PM

quote
Originally posted by NewDustin:


I'd pay off their debts if it had an economic net benefit; would be petty to the point of absurdity not to. I'm not suggesting that's necessarily the case -there does not seem to be sufficient information for us to make a determination like that yet- but it seems foolhardy to assume the conclusion based on how emotionally satisfying it would be.




There is nothing stopping you from reaching into your pocket, pulling out your wallet and giving money to someone with a student loan. You can find someone with a student loan at any coffee house.
NewDustin JUL 18, 06:08 PM

quote
Originally posted by blackrams:

Economic Net Benefit, should you see any, please bring it into the light.




The likely outcome is increased GDP, decreased unemployment, increased job creation, and increased funds in state budgets. Check the bulleted list on the left of page 46 for the tl;dr. It looks like the modeling is relatively unanimous on it, though the extent is not as certain.

I'm not saying the models are infallible, but the consensus among them does increase certainty.

[This message has been edited by NewDustin (edited 07-18-2024).]

NewDustin JUL 18, 06:13 PM

quote
Originally posted by Doug85GT:

There is nothing stopping you from reaching into your pocket, pulling out your wallet and giving money to someone with a student loan. You can find someone with a student loan at any coffee house.



Maybe it's a suburban Vegas thing, but the daytime coffee house crowd near me is almost exclusively retirees. Call me bananas, but I don't feel like giving them money onesie/twosie will have the same economic impact the report finds.
Doug85GT JUL 18, 06:22 PM

quote
Originally posted by NewDustin:


Maybe it's a suburban Vegas thing, but the daytime coffee house crowd near me is almost exclusively retirees. Call me bananas, but I don't feel like giving them money onesie/twosie will have the same economic impact the report finds.



So you want to force everyone else to pay those student loans off.
blackrams JUL 18, 06:52 PM

quote
Originally posted by NewDustin:


The likely outcome is increased GDP, decreased unemployment, increased job creation, and increased funds in state budgets. Check the bulleted list on the left of page 46 for the tl;dr. It looks like the modeling is relatively unanimous on it, though the extent is not as certain.

I'm not saying the models are infallible, but the consensus among them does increase certainty.




Just curious here but, would you happen to be one of those with a Student Loan Debt? Let me repeat the very questionable part of your post: The likely outcome..............

Sorry, just not agreeing with Likely.

Edited:


quote
Originally posted by NewDustin:


Maybe it's a suburban Vegas thing, but the daytime coffee house crowd near me is almost exclusively retirees. Call me bananas, but I don't feel like giving them money onesie/twosie will have the same economic impact the report finds.



There in lies the problem, there shouldn't be any free money. Nuff Said.


------------------
Rams
Learning most of life's lessons the hard way. .
You are only young once but, you can be immature indefinitely.

[This message has been edited by blackrams (edited 07-18-2024).]

olejoedad JUL 18, 07:04 PM
"There's no such thing as a free lunch"

Not under this misadministration......