is biden going to discharge student loans?
- 1 month ago
No, first because he will not be elected, but secondly, the decision to do this is very technical and would incite a laundry list of priorities that the candidates have spoken of. The country does not come close to having money for all the promised social programs. Best to get grants at application time, if available.
- nancyLv 72 months ago
It is very unlikely. Several of the candidates have proposed various ideas for reducing student loan debt, including discharging some level of it entirely. However, campaign promises are like pie crust: easily made, easily broken and usually pretty flaky. No matter what a candidate may promise on the campaign trail, the reality is that any program has to make it through Congress, and there is very little support for doing this, mostly because the enormous cost would almost certainly mean that taxes would have to go up to pay for it, and no politician wants to vote to raise taxes. So even if Biden were elected, it's unlikely that he would be able to get the votes in Congress to make it happen.
- SumDudeLv 72 months ago
No. He does not have that much money or political power.
- dewcoonsLv 72 months ago
The President does not have the power to discharge student loans. They are private debts and he can not use wiped them out. He does not have that power.
It would (at least) take an act of Congress. They would have to pass sch a law. Then it would have to go through the courts as the banks and companies that are owed the money will sue to get it back. They will have to decide if this is an "illegal seizure" of money from these companies.
They will probably be given something to replace the money that they lose to this bill. Whatever that is, it will be passed on to the tax payers.
We will end up paying more in taxes then we would have for the loans. And while there will come a day when your loan would be paid off, 200 years from now your grand children will still paying taxes to the banks because they can not charge for student loans.
Assuming that any of the candidates that have talked about discharging laws try it, the process will take several years. It is not going to help you.
- What do you think of the answers? You can sign in to give your opinion on the answer.
- PegathaLv 72 months ago
No one is going to forgive student loans. The name of the game is getting elected. Once they're in office, they find a million excuses not to deliver on campaign promises, because they know there's not a thing in the world the voters can do about it.
- Ron AkiaLv 62 months ago
I doubt if anyone is going to discharge student loans. Politicians always promise the moon and deliver very little. If student loans were to be absorbed by the government the cost would be absorbed by taxpayers who are already overtaxed.