Biden's admin just filed a full legal defense of its student-loan-forgiveness plan to the SCOTUS, saying debt relief falls comfortably within the law

[RayGravesGhost]

https://www.yahoo.com/news/bidens-administration-just-filed-full-142315165.html
Biden's administration just filed a full legal defense of its student-loan-forgiveness plan to the Supreme Court, saying the debt relief falls 'comfortably' within the law
Ayelet Sheffey
Thu, January 5, 2023 at 9:23 AM EST

• The Justice Department Wednesday filed a defense to SCOTUS of Biden's student-debt relief.
• The Supreme Court will hear oral arguments in the case on February 28.
• The department remained confident in the legality of enacting broad loan forgiveness.

The Biden administration Wednesday night filed its full legal defense of its student-loan forgiveness ahead of the case landing at the nation's highest court next month.

The Justice Department filed a brief to the Supreme Court defending Biden's plan to cancel $20,000 in student debt for Pell Grant recipients making under $125,000 a year and $10,000 for other federal borrowers under the same income cap.

This filing comes ahead of February 28, when the Supreme Court is set to hear oral arguments on the two lawsuits that have blocked the implementation of the debt relief. One lawsuit, filed by six Republican-led states, argued the relief would hurt their states' tax revenues and that of student-loan company MOHELA. The other lawsuit was filed by two student-loan borrowers who sued because they did not qualify for the full $20,000 amount of relief.

Biden's administration has consistently argued that those lawsuits don't have merit and expressed confidence in the authority it used to cancel student debt under the HEROES Act of 2003, which gives the Education Secretary the ability to waive or modify student-loan balances in connection with a national emergency, like COVID-19. The Justice Department emphasized the relief's legality and how it falls "comfortably" within the law, and its efforts to ensure borrowers do not leave the pandemic worse off than when they started.

 

[GhostOfMatchesMalone]

This plan is a wet kiss to the loan providers, IOW, it's the government giving a kickback to itself. Simply the dems doing what they do best: Launder money.

Want to actually help borrowers? Lower interest rates. That helps ALL borrowers ACROSS THE BOARD.

Doesn't help lenders. And since the government owns most of the lenders, Hiden won't do it.

Sad!

 

[RayGravesGhost]

malone acts like i didn't show him almost 2 months ago the Biden admin proposal caps borrowing rates...

Willful ignorance

Interest rates on new federal student loans would be lowered starting in July 2023 to match the yield on the 10-year Treasury note, and all federal student loans would be capped at a 5% interest rate. Current caps vary depending on the type of loan but can reach as high as 10.5%. Older loans would be eligible for refinancing at the lower interest rates.

 

[ghost_of_ukalum1988]

Biden's administration has consistently argued that those lawsuits don't have merit and expressed confidence in the authority it used to cancel student debt under the HEROES Act of 2003, which gives the Education Secretary the ability to waive or modify student-loan balances in connection with a national emergency, like COVID-19. The Justice Department emphasized the relief's legality and how it falls "comfortably" within the law, and its efforts to ensure borrowers do not leave the pandemic worse off than when they started.

Isn't the Biden administration also arguing that Title 42 to expel illegal migrants can be allowed to lapse since we no longer have a Covid emergency?

 

[GhostOfMatchesMalone]

malone acts like i didn't show him almost 2 months ago the Biden admin proposal caps borrowing rates...

Willful ignorance

Then there's no need to do 'debt forgiveness'.

Cap the rate for ALL loans, new and old, at 5% or lower.

That saves money for ALL borrowers.

'Debt forgiveness' only hurts borrowers, as lenders will adjust rates to more than make up for the difference.

Imagine being such a slave to your politics that you smile as your favorite poltiician steals money from your pocket.

Sad! Maybe incoming Speaker Jeffries can do something about this 🤣 🤣 🤣 🤣 🤣 🤣

 

[RayGravesGhost]

Isn't the Biden administration also arguing that Title 42 to expel illegal migrants can be allowed to lapse since we no longer have a Covid emergency?

The filing addresses that argument...


A person familiar with the legal filing told reporters Wednesday night that the purpose of the relief was to address economic effects from the pandemic. Even if a declaration of a national emergency no longer exists when relief is implemented, they said, it's still legal to help borrowers recover from financial strains.

 

[RayGravesGhost]

Then there's no need to do 'debt forgiveness'.

Cap the rate for ALL loans, new and old, at 5% or lower.

That saves money for ALL borrowers.

'Debt forgiveness' only hurts borrowers, as lenders will adjust rates to more than make up for the difference.

Imagine being such a slave to your politics that you smile as your favorite poltiician steals money from your pocket.

Sad! Maybe incoming Speaker Jeffries can do something about this 🤣 🤣 🤣 🤣 🤣 🤣

The forgiveness & the cap are both part of the Biden plan...your imaginary problem solved

Your ignorance defeats your own protest 🤣

 

[GhostOfMatchesMalone]

they said, it's still legal to help borrowers recover from financial strains.

'Debt forgiveness' doesn't forgive the debt. It just makes it easier for lenders (mostly owned by the government) to raise rates and the BALANCES of borrowers.

 

[GhostOfMatchesMalone]

The forgiveness & the cap are both part of the Biden plan...your imaginary problem solved

Your ignorance defeats your own protest 🤣

There is no forgiveness. This is why sheep keep getting hoodwinked.

This is the same thing as the $7500 EV credit,....then automakers raise prices by $8k.

Let's get Speaker Jeffries on this ASAP! 🤣 🤣 🤣 🤣 🤣 🤣

 

[nail1988]

https://www.yahoo.com/news/bidens-administration-just-filed-full-142315165.html
Biden's administration just filed a full legal defense of its student-loan-forgiveness plan to the Supreme Court, saying the debt relief falls 'comfortably' within the law
Ayelet Sheffey
Thu, January 5, 2023 at 9:23 AM EST

• The Justice Department Wednesday filed a defense to SCOTUS of Biden's student-debt relief.
• The Supreme Court will hear oral arguments in the case on February 28.
• The department remained confident in the legality of enacting broad loan forgiveness.

The Biden administration Wednesday night filed its full legal defense of its student-loan forgiveness ahead of the case landing at the nation's highest court next month.

The Justice Department filed a brief to the Supreme Court defending Biden's plan to cancel $20,000 in student debt for Pell Grant recipients making under $125,000 a year and $10,000 for other federal borrowers under the same income cap.

This filing comes ahead of February 28, when the Supreme Court is set to hear oral arguments on the two lawsuits that have blocked the implementation of the debt relief. One lawsuit, filed by six Republican-led states, argued the relief would hurt their states' tax revenues and that of student-loan company MOHELA. The other lawsuit was filed by two student-loan borrowers who sued because they did not qualify for the full $20,000 amount of relief.

Biden's administration has consistently argued that those lawsuits don't have merit and expressed confidence in the authority it used to cancel student debt under the HEROES Act of 2003, which gives the Education Secretary the ability to waive or modify student-loan balances in connection with a national emergency, like COVID-19. The Justice Department emphasized the relief's legality and how it falls "comfortably" within the law, and its efforts to ensure borrowers do not leave the pandemic worse off than when they started.

Maybe under the old Soviet constitution but not ours. The vegetables arguments are laughable at best.

 

[RayGravesGhost]

There is no forgiveness. This is why sheep keep getting hoodwinked.

This is the same thing as the $7500 EV credit,....then automakers raise prices by $8k.

Let's get Speaker Jeffries on this ASAP! 🤣 🤣 🤣 🤣 🤣 🤣

malone just being willfully ignorant & nonsensical...

First he complains that we shouldn't do loan forgiveness...we should cap rates

When he's exposed for lying that he didn't know the Biden plan does both...
He says there is no loan forgiveness

Just a peek inside the scrambled head of a trump supporter

 

[GhostOfMatchesMalone]

malone just being willfully ignorant & nonsensical...

First he complains that we shouldn't do loan forgiveness...we should cap rates

When he's exposed for lying that he didn't know the Biden plan does both...
He says there is no loan forgiveness

Just a peek inside the scrambled head of a trump supporter

Poor ray ray....they can literally steal money from him, but if they call it 'debt forgiveness', he thinks they just gave him money!

This is their idea of 'debt forgiveness':

Reduce your balance by $10k,

Increase your rate by 5%.

End balance increases by $25k.


Borrower LOSES $25k, and the LENDER gets an extra $25k.

Hope Speaker Jeffries can fix this 🤣 🤣 🤣 🤣 🤣 🤣

 

[RayGravesGhost]

Poor ray ray....they can literally steal money from him, but if they call it 'debt forgiveness', he thinks they just gave him money!

This is their idea of 'debt forgiveness':

Reduce your balance by $10k,

Increase your rate by 5%.

End balance increases by $25k.


Borrower LOSES $25k, and the LENDER gets an extra $25k.

Hope Speaker Jeffries can fix this 🤣 🤣 🤣 🤣 🤣 🤣

malone must think all of these loans are zero percent if they're going to be raised 5% 🤣


Interest rates on new federal student loans would be lowered starting in July 2023 to match the yield on the 10-year Treasury note, and all federal student loans would be capped at a 5% interest rate. Current caps vary depending on the type of loan but can reach as high as 10.5%. Older loans would be eligible for refinancing at the lower interest rates.

 

[ghost_of_ukalum1988]

The filing addresses that argument...


A person familiar with the legal filing told reporters Wednesday night that the purpose of the relief was to address economic effects from the pandemic. Even if a declaration of a national emergency no longer exists when relief is implemented, they said, it's still legal to help borrowers recover from financial strains.

I thought we were all supposed to be flush with cash at the pandemic since people couldn't go and spend money(?). Hopefully the SCOTUS will deep-six this Biden giveaway.

 

[RayGravesGhost]

I thought we were all supposed to be flush with cash at the pandemic since people couldn't go and spend money(?).

That was the republican story...I guess you now realize that wasn't true

This should have been an earlier clue but whatever...

 

[GhostOfMatchesMalone]

malone must think all of these loans are zero percent if they're going to be raised 5% 🤣


Interest rates on new federal student loans would be lowered starting in July 2023

July 2023????? What about borrowers that need relief NOW?

Poor ray...they always take advantage of the sheep.

If Hiden really wanted to help borrowers, here's what he would do:

1 - IMMEDIATELY suspend ALL INTEREST on ALL LOANS for 6 months.

2 - Starting with the 7th month, the interest rate remains suspended for up to 2 years as long as the borrower makes ON TIME payments.

3 - Cap the rate at 5% for all borrowers, and at 3% for borrowers that qualify for suspended interest rates for on-time payments.


Note that plan says NOTHING about 'debt forgiveness'. Because reducing the balance DOES NOT HELP THE BORROWER.

Reducing or eliminating the interest rate does.

That's why Hiden doesn't want to do it.

Maybe Speaker Jeffries can help 🤣 🤣 🤣 🤣 🤣

 

[RayGravesGhost]

July 2023????? What about borrowers that need relief NOW?

malone continues to show the world his ignorance of what everyone else already KNOWS...

Student loans have been suspended since 2020 and the pause continues until July of 2023 🤣


The Trump administration started the federal student loan payment pause — also known as the administrative forbearance period — on March 13, 2020, to ease the financial burden caused by the COVID-19 crisis. After repeated extensions, the pause ends June. 30, 2023 or when forgiveness litigation is resolved.Nov 22, 2022

How the Student Loan Pause Affects Borrowers | 2022 Data and​

 

[GhostOfMatchesMalone]

malone continues to show the world his ignorance of what everyone else already KNOWS...

Student loans have been suspended since 2020 and the pause continues until July of 2023 🤣

That's the payments. What about the INTEREST ON THE BALANCE?

That's right kids.....the interest keeps adding on.

So what happens to the AMOUNT THE BORROWER HAS TO REPAY? It continues to GO UP.

You just made my point. This was NEVER about helping borrowers, it was about PUTTING THEM MORE IN DEBT.

And you fell for it, hook, line and sinker.

Let's hope incoming Speaker Jeffries is smarter than you are 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣

 

[RayGravesGhost]

Poor malone is showing he has no clue what's in the Biden Admin Student Loan Forgiveness
Interest accrual is addressed.

As I've been saying....malone is an idiot 🤣



https://www.forbes.com/sites/adammi...nd-loan-forgiveness-programs/?sh=4ad22b612069
Sweeping New Rules Will Curtail Student Loan Interest And Expand Loan Forgiveness Programs
Oct 31, 2022,10:46am EDT

The Biden administration has released final regulations that will provide sweeping changes to the federal student loan system. The new rules will curtail interest accrual and expand relief under several existing student loan forgiveness programs.

The release of these final regulations is the next step in a long process that began last year with negotiated rulemaking, where the Education Department convened key stakeholders to review and approve proposed reforms to student loan programs.

“Today is a monumental step forward in the Biden-Harris team’s efforts to fix a broken student loan system and build one that’s simpler, fairer, and more accountable to borrowers,” said U.S. Secretary of Education Miguel Cardona in a statement on Monday.

 

[GhostOfMatchesMalone]

Poor malone is showing he has no clue what's in the Biden Admin Student Loan Forgiveness
Interest accrual is addressed.

As I've been saying....malone is an idiot

Yeah it's addressed, and it's explained that the average borrower is SOL:

"The new federal regulations will eliminate certain interest capitalization events including when a borrower first enters repayment, when a borrower exits a forbearance, and when a borrower leaves most income-driven repayment (IDR) plans such as Pay As You Earn (PAYE) and Revised Pay As You Earn (REPAYE). Interest will still be capitalized for borrowers who leave the Income-Based Repayment (IBR) plan, however, because changing that rule would require an act of Congress."

So the average borrower who hasn't made payments since 2020, what happens to that interest?

IT ACCRUES 🤣 🤣 🤣 🤣 🤣

Why didn't Hiden address THAT? Why not wipe it out?

Cause he doesn't give a shit about helping borrowers. He preys on sheep that graduate from getting hoodwinked by Yahoo into thinking that Jeffries is the new House Speaker to being hoodwinked by Forbes into believing that they will ever see a dime of 'debt forgiveness' from Hiden.

🤣🤣🤣🤣🤣

 

[RayGravesGhost]

Yeah it's addressed, and it's explained that the average borrower is SOL:

"The new federal regulations will eliminate certain interest capitalization events including when a borrower first enters repayment, when a borrower exits a forbearance, and when a borrower leaves most income-driven repayment (IDR) plans such as Pay As You Earn (PAYE) and Revised Pay As You Earn (REPAYE). Interest will still be capitalized for borrowers who leave the Income-Based Repayment (IBR) plan, however, because changing that rule would require an act of Congress."

So the average borrower who hasn't made payments since 2020, what happens to that interest?

IT ACCRUES 🤣 🤣 🤣 🤣 🤣

Wrong. ALL student loans are suspended INTEREST FREE since 2020

Your loan payments will be paused, and your interest rate will stay at 0% until the payment pause ends. For example, say your grace period ended April 15, 2022. In this case, your payments would be suspended from April 15, 2022, through the end of the payment pause.

COVID-19 Loan Payment Pause and 0% Interest​

Why didn't Hiden address THAT? Why not wipe it out?

The interest ISN'T accruing dumb dumb

Cause he doesn't give a shit about helping borrowers. He preys on sheep that graduate from getting hoodwinked by Yahoo into thinking that Jeffries is the new House Speaker to being hoodwinked by Forbes into believing that they will ever see a dime of 'debt forgiveness' from Hiden.

🤣🤣🤣🤣🤣

As I said before...

 

[GhostOfMatchesMalone]

Wrong. ALL student loans are suspended INTEREST FREE since 2020

Nope. From the government itself:

"If your loans are eligible, we automatically paused your loan payments and set your interest rate to 0% starting March 13, 2020. This payment pause is also known as the administrative forbearance."

https://studentaid.gov/announcements-events/covid-19/payment-pause-zero-interest

Only ELIGIBLE loans are interest free.

Ray ray caught lying once again.

Why doesn't Hiden make ALL loans interest free?

We know why. He lies as much as you do. 🤣 🤣 🤣 🤣 🤣

 

[fsu939913]

Basically he's suing the American people to pay for these loser gen z'ers who have they/them in their bio

 

[RayGravesGhost]

Nope. From the government itself:

"If your loans are eligible, we automatically paused your loan payments and set your interest rate to 0% starting March 13, 2020. This payment pause is also known as the administrative forbearance."

https://studentaid.gov/announcements-events/covid-19/payment-pause-zero-interest

Only ELIGIBLE loans are interest free.

Ray ray caught lying once again.

Why doesn't Hiden make ALL loans interest free?

We know why. He lies as much as you do. 🤣 🤣 🤣 🤣 🤣

malone proving he's an idiot once again...

The Education Dept has suspended ALL loans its holds (originates & services).

Some FFEL Program and HEAL loans are held by commercial lenders. Some Perkins Loans are held by the school you attended. If your loan is not eligible, you can contact your servicer to ask about what benefits may be available.

Private student loans are not eligible for the payment pause. ED does not have legal authority over private student loans.


But lets get this straight about malone....his "complaints" have ranged from

• The government is going to raise borrowing rates (they're not because they're capped @ 5%)
• The interest capitalization accrual is the REAL problem (it isn't because its being eliminated in the program)
• Then he complained about not helping borrowers until July (didn't know loans had been suspended since '20)
• Then he lied about interest still accruing on the suspended loans (its not on the loans by the Ed Dept)

And now he wants to know why Biden just doesn't forgive all student loan debt...
Its called republican opposition

And malone calls himself a conservative

 

[NavigatorII]

😂

The Heroes Act unlikely to permanently block forgiveness​

The administration has also asserted that the 2003 Heroes Act grants them the legal right to forgive debt without an act of Congress. The act states that in the case of a national emergency, the Education Secretary has the power to modify pre existing legislation to ensure borrowers aren’t worse off due to direct economic harm caused by the outcome of the emergency.

According to Kantrowitz, Biden’s forgiveness plan doesn’t satisfy the requirements directly. While the COVID-19 pandemic was a national emergency, the court would have to find that every student loan borrower experienced direct financial harm due to the pandemic.

The inflated economy has been an argument as to how the Secretary can prove direct economic harm, but that claim may not have the basis that lawmakers thought it once did. “That’s not being caused by the pandemic, that’s being caused by the stimulus. In my opinion, these two aspects [the Heroes Act and Major Questions Doctrine] are sufficient for the Supreme Court to block the president’s plan permanently,” he concludes.

Student Loan Forgiveness “Highly Unlikely” As Supreme Court Reviews Case, Says Expert | Bankrate

The Supreme Court is holding off reviews of the student debt relief plan until February 2023. Find out the details here.

www.bankrate.com

 

[RayGravesGhost]

Maybe you should check with your own expert's comments from yesterday AFTER the filing...not from 2022

🤣


https://www.cnbc.com/2023/01/05/whi...an-forgiveness-plan-to-the-supreme-court.html
Biden administration files its brief with the Supreme Court, defending student loan forgiveness
PUBLISHED THU, JAN 5 20239:02 AM ESTUPDATED THU, JAN 5 202311:10 AM EST

• The Biden administration filed a legal brief with the U.S. Supreme Court defending its plan to cancel hundreds of billions of dollars in student debt.
• The lawyers argued that the legal challenges to the plan were brought by parties that failed to show harm from the policy.
• The brief also denied that the Biden administration was overstepping its authority.

Higher education expert Mark Kantrowitz said the Biden administration made many strong arguments in its brief.

“The federal government does a very good job of demonstrating that the plaintiffs lack legal standing,” Kantrowitz said.

 

[NavigatorII]

Maybe you should check with your own expert's comments from yesterday AFTER the filing...not from 2022

🤣


https://www.cnbc.com/2023/01/05/whi...an-forgiveness-plan-to-the-supreme-court.html
Biden administration files its brief with the Supreme Court, defending student loan forgiveness
PUBLISHED THU, JAN 5 20239:02 AM ESTUPDATED THU, JAN 5 202311:10 AM EST

• The Biden administration filed a legal brief with the U.S. Supreme Court defending its plan to cancel hundreds of billions of dollars in student debt.
• The lawyers argued that the legal challenges to the plan were brought by parties that failed to show harm from the policy.
• The brief also denied that the Biden administration was overstepping its authority.

Higher education expert Mark Kantrowitz said the Biden administration made many strong arguments in its brief.

“The federal government does a very good job of demonstrating that the plaintiffs lack legal standing,” Kantrowitz said.

Article published January 6th, 2023.

 

[RayGravesGhost]

navigator is an idiot too...and as equally a bad liar as malone :rofl

https://www.bankrate.com/loans/stud...ess-highly-unlikely-as-supreme-court-reviews/
Student loan forgiveness “highly unlikely” as Supreme Court reviews case, says expert
4 MIN READ
Published December 06, 2022

 

[GhostOfMatchesMalone]

Wrong. ALL student loans are suspended INTEREST FREE since 2020

malone proving he's an idiot once again...

The Education Dept has suspended ALL loans its holds (originates & services).

So ray ray gets caught lying, I call him out as a liar, then he calls ME the idiot, then proves he lied.

We have the dumbest trolls on the internet 🤣 🤣 🤣 🤣 🤣 🤣 🤣

 

[RayGravesGhost]

malone starts by saying loan forgiveness is an attempt to launder money...

...and in the end is arguing that ALL loans should be forgiven

(We'll ignore for the moment he's been wrong about 5x in this thread alone) 🤣