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BREAKING: Biden offers student loan debt plan to those who make less than $125,000

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College Lockdown

On Wednesday, President Joe Biden tweeted “in keeping with my campaign promise, my Administration is announcing a plan to give working and middle class families breathing room as they prepare to resume federal student loan payments in January 2023. I’ll have more details this afternoon.”

Biden’s plan is slated to “forgive” up to $10,000 in federal student debt for anyone making under $125,000 annually. $20,000 will be “forgiven” for those who are Pell grant recipients. As National Review writes, the result of Biden’s decision is simply “transferring the cost of the loans to the American public.”

Republican lawmakers have sounded the alarm over Biden’s decision, saying that it will lead to inflation.

National Review adds that “payments for most student loan borrowers have been stalled since March of 2020, when Congress, and then former president Donald Trump, paused the payments due to predicted financial hardships stemming from the Covid-19 pandemic. Biden has extended the pause four times, and the freeze was expected to expire on August 31.”

National Review reports:

Biden’s decision marks the first time a president has canceled federal student-loan debt in such a broad capacity, and comes months before the midterm elections. He had campaigned on canceling up to $10,000 per borrower during the presidential race, but there was no mention of an income cap.

The total estimated cost for Biden’s one-time cancellation is $300 billion, according to a study released Tuesday by the Wharton School of business at the University of Pennsylvania. The cost would increase to $330 billion if the program continues over the standard ten-year window, the study showed.

Biden is also set to extend the federal student loan freeze for a final time until December 31.

Lawmakers, including Nancy Pelosi, have argued that Biden’s executive order, is unconstitutional and goes outside the rights of the executive branch.

Congress, not the president, is the only body that can cancel student debt, Pelosi said in July of 2021, arguing that “the president can’t do it.”

“Not everybody realizes that, but the president can only postpone, delay but not forgive” student loans, she added.

The Department of Education came to the same decision, arguing that the executive branch “does not have the statutory authority to cancel, compromise, discharge, or forgive, on a blanket or mass basis, principal balances of student loans, and/or to materially modify the repayment amounts or terms thereof.”

Senate Majority Leader Chuck Schumer told Biden to provide as much relief as possible in a phone call Tuesday night, according to Politico, saying its “the right thing to do morally and economically.”

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Hispanic Democrats ban term ‘Latinx’ used ‘to appease white rich progressives’

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Lawmakers in Connecticut which are both Hispanic and Democrats, have proposed a new state law to ban the term “Latinx” from all government documents. The term is deemed offensive by the lawmakers who want to end the practice.

“I’m of Puerto Rican descent and I find it offensive,” Democratic state representative Geraldo Reyes told the Associated Press.

“The Spanish language, which is centuries old, defaults to Latino for everybody,” Reyes added. “It’s all-inclusive. They didn’t need to create a word, it already exists.”

Reyes is the bill’s chief sponsor, and was joined by four other Hispanic Democrats who are also members of then Black and Puerto Rican Caucus in the Connecticut Legislature.

The Connecticut lawmakers are not alone in their sentiment. In 2021, Democratic Representative Ruben Gallego of Arizona tweeted “When Latino politicos use the term it is largely to appease white rich progressives who think that is the term we use.” Gallego added that his office was not allowed to use the term in any official communications.  

National Review reports:

The same year, the League of United Latin American Citizens, the oldest community organization in the United States, declared it would no longer use Latinx. The term has also been rejected by Real Academia Española, a governing body that oversees the Spanish language.

While the term has been enthusiastically adopted by progressive academics and far-left activists, polling reveals it has not gained traction within the broader Hispanic population.

“The word Latino is incredibly exclusionary, both for women and for non-gender conforming people,” Maia Gil’adi, a professor at Boston University, told the AP. “And the term Latinx is really useful because of the way it challenges those conceptions.”

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