A.G. Gancarski
Republicans are generally united against President Joe Biden’s plan for broad-based student loan forgiveness, including U.S. Sen. Marco Rubio.
Biden is expected to announce forgiveness of $10,000 in federal student loan debt for all borrowers making under $125,000 per person, with the forgiveness amount doubled for Pell Grant recipients.
An extension of the repayment pause is expected through Dec. 31, which is alleged to be the final extension of the grace period, first approved by President Donald Trump in the early days of the COVID-19 pandemic.
In a statement Tuesday, Rubio railed against the proposal as failing fundamental tests of fairness, while not offering substantial reform that would benefit borrowers.
“Forgiving student loan debt isn’t free. It means the 85% of Americans with no undergraduate debt from college will be carrying the burden for those that do. That is not a relief, it is an unfair burden to place on working families,” Rubio contended.
“There are better ways to help borrowers with surging interest rates and staggering debt. My LOAN Act would increase transparency and eliminate interest rates in the federal student loan industry. Congress should pass it immediately,” Rubio urged.
The LOAN Act (short for Leveraging Opportunities for Americans Now) is not a new proposal: Rubio re-introduced it in 2021. As written, it proposes a removal of interest from loans, with financing fees ranging from 20% to 35% of the loan. Those who pay early would be eligible for refunds of part of the finance fee.
“My bill would reform our federal student loan system so that borrowers don’t get stuck with debt they can never repay. Instead of accruing interest, borrowers will pay a one-time fee paid out over the life of the loan and will be automatically placed in an income-based repayment plan,” Rubio said.
“It’s time to update our federal student loan system, because fear of debt should never stand in the way of an education and the pursuit of a better life,” Rubio said last August upon filing his bill, which does not appear on track to be passed this Congress.
Biden is framing the impending announcement as an example of a campaign pledge fulfilled.
“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,” Biden tweeted.
33 comments
Impeach Biden
August 24, 2022 at 1:31 pm
This is nothing more than Biden and the Democrats buying votes. So I taught my kids to abide by your contracts and pay on time. What do you Democrat parents teach your kids? To hell with contracts? Pay if you want? Skip the house, auto, utility, and insurance payments? I hope this blows up on you socialist’s.
marylou
August 24, 2022 at 1:32 pm
Marco is trying to take away your hard-earned Social Security and Medicare because he promised to shovel more $$$ to his filthy rich owners. Vote him out!
Impeach Biden
August 24, 2022 at 3:56 pm
Mary Lou every election cycle the Democrats pull out their “The Repubs are going to take your Social Security and Medical.” They have been saying this for years, and this would simply be political suicide if wither party supported this. Yet you take the bait and that’s what they always depend on. You claim that Marco represents the rich and big business. Watch and see how much money is spent on Val Demings campaign. It will be tens of millions possibly approaching 100 million for a job that pays $174k.
Andrew T. Linko
August 25, 2022 at 12:43 am
Senator Rick Scott wants to “sunset” Social Security and Medicare
WAMC Northeast Public Radio | By Michael Meeropol
Published April 15, 2022 at 3:52 PM EDT
He said so himself, what other truth do you want? When it happens don’t blame anyone but yourself for ignoring what they tell you!
Andrew T. Linko
August 25, 2022 at 12:45 am
Between Scott and Rubio, your SSI is a target, refuse to believe what they say? “This proposal forces workers into an impossible position: If they need to cover a medical emergency today, then their Social Security benefits get cut when it’s time to retire,” about Rubio’s bill. “If they need to take care of a sick or dying parent, as three out of four people who need paid leave would use it, they get nothing.”
Impeach Biden
August 24, 2022 at 1:38 pm
Once again the FP moderators, probably with student debt, erase my comment since it wasn’t supportive of this bailout. Contracts, commitments, mean nothing to Joe Biden. This will basically wipe out the so called “inflation reduction” act. So what Joe and the Democrats are saying to all of us that pay our bills. “F” OFF!!
Mr. Haney
August 24, 2022 at 1:49 pm
Stifle and buy a clue like a good nutter should.
Impeach Biden
August 24, 2022 at 1:53 pm
Probably typing on his free Obama phone.
TD
August 24, 2022 at 2:51 pm
Rubio is a guy who stood up at his primary night event yesterday and said that he wished government could be about “whether taxes are 18 percent or 19 percent” compared to more pressing issues. So that should tell you exactly how many Fs he gives about regular people.
Moving on to Mr. Sanctity of “contracts, commitments” in the comments here: Yeah, like all the other industries, interests, and people who got bailed out first, right? YOU may have been against all of the bailouts (I doubt it), but your party wasn’t, and guess what? That means no one who represents you has a leg to stand on. And what about the biggest commitment of all – self-responsibility? YOU may be ready to live in that ideal world where all the free s… gets cancelled (again, I doubt it), but no one’s coming with you to Ayn Rand fantasyland.
Lastly, note that Rubio didn’t claim that the loan forgiveness is illegal. That’s because it isn’t, and that’s obvious if you look at the statute. Much of it is summarized in the memo that the Secretary of Education released today, but basically, Congress passed the HEROES Act of 2003 which gave the Secretary authority to waive student loan requirements due to national emergency for any individuals who suffer economic harm as a result of the emergency, if the waiver would ensure that such individuals are “not placed in a worse position financially” as a result of the waived requirements. Under judicial review, the Secretary needs only a rational basis, which is easy given that the declared national emergency for COVID has been shown to have economically impacted just about everyone, particularly those earning less than $125K, and the waiver of the conditions would put those same people in a better, not worse, position financially. So all the goldbrickers crying over the 10K and saying the courts will stop it can get back to their Q videos for the day. The argument to be made is, well, “they’ created the crisis (COVID itself, plus the lockdown), now “they” offer the solution, but again no leg to stand on since DJT and the Rs had plenty of chances to make different choices.
Andrew T. Linko
August 24, 2022 at 3:21 pm
Funny Rubio’s accountability to Tax dollars and treasury is all over the map? When the former President filed bankruptcy 5 times, dumping the debt onto consumers, no peep from Rubio. When the former President visited Mar-A-Lago 500 times costing taxpayers $1.7 billion, still no criticism, just a taxpayer sponsored trip! Accountability is in the eye of the tweet?
Paul Passarelli
August 25, 2022 at 9:33 am
Completely wrong. When a business declares bankruptcy it doesn’t dump the debt onto “consumers” that’s foolish fear mongering. It means the people who lent the business money are out the money they lent.
When an public entity, e.g. a city, or a pseudo-governmental entity backed by *TAX* dollars declares bankruptcy, the debts become socialized, which is to say passed onto the taxpayers. The government officials that screwed up are not even labeled as responsible they pay no penalty for their failure.
Contrast that to the business & ite executives who will have forfeited lots of trust in the marketplace.
I can’t believe how stupid Democrat supporters have become in the past 50 years.
Andrew T. Linko
August 25, 2022 at 11:05 am
When a business declares bankruptcy, it’s debt is erased, this debt is loans, bonds and other instruments. Bank and others holding those investments pay the cost of those losses. They don’t just disappear like violating laws!
Paul Passarelli
August 25, 2022 at 11:15 am
you wrote: “Bank and others holding those investments pay the cost of those losses.”
Well, sort of, they already lent the money out. What actually happens is that they no longer expect to collect any of it in return.
The difference with Federally Guaranteed Student Loans, is that the the lenders will still get their money, the colleges still got paid, and the *TAXPAYERS* are put on the hook to repay the debts. The students, aka the borrowers, who were compelled to take the loans by their Democratic Indoctrinators are the only ones who are not being held to the agreed obligations.
The insult is that the lying cheating stealing Democrats will apply ‘social pressure’ to the debtors that had their loans forgiven. i.e. ‘You better vote Democrat or else those loans might be dusted off and the debts made due again.”
It’s a fucking power grab by the Left, and I can assure you that when the other shoe drops, there will be carnage.
The fact that you should be able to understand that simply reality and still support it is what proves Democrats are idiots.
Paul Passarelli
August 24, 2022 at 4:01 pm
Fuck Joe Biden! I paid for my daughter’s education specifically so she would nut be burdened with non dischargeable student load debt.
Will the Democrats be sending *ME* any of the paid tuition? No, of course not. So who will be getting all this largess from the government? The big banks. The banks that are too big to fail will be getting hundreds of billions of dollars of taxpayer funds.
FUCK JOE BIDEN — FUCK ALL DEMOCRATS
The first shoe has dropped…
Tom
August 24, 2022 at 4:06 pm
Biden’s been missing for 20 months.
T D your diatribe is ridiculous.
Lowering tax rates matters for all working people.
Linko, classic ignorance. How bout the millions for the fence for Biden’s beach house? Are you serious? He’s spent over a year on vacation, he’s been potus for 20 months.
You and TD are delusional.
Tom
August 24, 2022 at 4:06 pm
Biden’s been missing for 20 months.
T D your diatribe is ridiculous.
Lowering tax rates matters for all working people.
Linko, classic ignorance. How bout the millions for the fence for Biden’s beach house? Are you serious? He’s spent over a year on vacation, he’s been potus for 20 months.
You and TD are delusional.
Paul Passarelli
August 24, 2022 at 4:06 pm
F*ck Joe Biden! I paid for my daughter’s education specifically so she would nut be burdened with non dischargeable student load debt.
Will the Democrats be sending *ME* any of the paid tuition? No, of course not. So who will be getting all this largess from the government? The big banks. The banks that are too big to fail will be getting hundreds of billions of dollars of taxpayer funds.
F$CK JOE BIDEN — F$CK ALL DEMOCRATS
The first shoe has dropped…
PeterH
August 24, 2022 at 5:52 pm
Hey wingnut!
I am 70 years old and have been paying taxes for 50 years while your children attended elementary school. I paid for their books, teacher salaries and new school construction.
Can I get reimbursed?
Stop your childish selfish whining!
Get a life!
Paul Passarelli
August 24, 2022 at 6:31 pm
Peter,
By age 70 I’d expect you to understand scathing sarcasm. I don’t want the money, I want the losers that borrowed it to repay their debts!
I paid taxes too for all those years, on multiple properties. Even with the *ridiculous* rates that the Board of Education squanders on public schools, I still managed to pay more in local taxes than the city claims to have spent educating my kids.
Andrew T. Linko
August 25, 2022 at 12:03 am
Funny how Joe Biden releasing student debt to create more demand is an issue, but the former President’s bankruptcies, dumping debt onto our economy for ALL of us to pay is nor problem?
Paul Passarelli
August 25, 2022 at 9:26 am
You call it “releasing” really? Are you that stupid? Where do you thing the debt is going?
Will the people who received the tuition payments be giving it back? No.
Will the people who lent the money be stiffed for their loans? No.
Will the students who borrowed the money and spent it be paying it back? No.
Who will be responsible? The taxpayers!
What will be the effect? Increased tuitions & more inflation.
Democrats and those that support them are imbeciles.
Don’t Look Up
August 24, 2022 at 5:47 pm
Dearest Marco,
Democrats will promote, assist, encourage and PANDER to college graduates with high rent, low paying jobs, unreasonably long ‘volunteer’ internships
….. while selfish Republicans continue to PANDER, encourage, solicit and protect the planners of the January 6th attempted coup and the leaders involved with this ‘deplorable’ violence.
Paul Passarelli
August 25, 2022 at 10:09 am
There was no coup attempt on Jan 6.
If there was, Sleepy Joe would not be in the White House, and lots & lots of lying cheating thieving Democrats would be dead.
You do realize that simple truth don’t you?
Ocean Joe
August 25, 2022 at 2:18 pm
You’re correct. Technically it was an attempted ‘autocoup,’ as a leader legally elected to power resorted to illegal means in an attempt to stay in power after his defeat.
Definitely one of the darkest days in American history, whatever you want to call it.
What I would call it is 4-5 counts of manslaughter against the guy who caused it all, not to mention a civil suit for damages to the Capitol…since you’re talking bout money.
Paul Passarelli
August 25, 2022 at 5:26 pm
You Democrats just cannot resist the temptation to get your bullshit message out there no matter how asinine it is, nor how flawed the delivery, or how falsified the facts.
BLM, Antifa, Occupy, et. al. riot in the streets and you guys say nothing, ignore the deaths, tell the people whose property was destroyed that it was insured.
Sometimes when I’m sitting quietly, I find myself looking forward to the day the Democrats go into “auto-purge’ mode. It’s won’t be pretty, but it will be asatisfying.
Andrew T. Linko
August 25, 2022 at 5:43 pm
Proud boys, Oat keepers, and white supremacy, all ‘freed’ from under their rocks with one Narcissist!
Paul Passarelli
August 25, 2022 at 5:56 pm
The one thing this forum needs is a way to tag & ignore trolls.
There’s an Andrew T. Linko in Michigan, so why is George Soros paying him to troll Florida Politics?
Andrew T. Linko
August 25, 2022 at 6:29 pm
You need to stop showing your lack of knowledge. I am registered to vote and live in Florida. I saw Michigan public education destroyed by the DeVos family buying every state GOP legislator and Governor, that’s why they lost in the last election. They are here and advising FL Governor how to destroy public education, even though he had a good start! Also, don’t forget the Guvs proposal for private militia, that’s another bit of advice from Betsy’s Brother, Erik Prince, aka Blackwater!
Paul Passarelli
August 25, 2022 at 7:49 pm
“DeVos is known for her support for school choice, school voucher programs, and charter schools.”
All the things the Democrats hate. Why? Because in the sunlight and the fresh air of competition & disclosure, *NOTHING* the democrats endorse stands a snowball’s chance in hell.
Andrew T. Linko
August 25, 2022 at 11:08 am
Again you had no issue of a Presidential candidate who was elected and declared bankruptcy multiple times dumping that debt back onto our economy. Taking 500 vacations at his bankrupt properties, getting paid tax dollars to the amount of $1.7 billion for those trips?
Andrew T. Linko
August 25, 2022 at 11:32 am
People who call themselves Conservatives are funny. They say they believe in the market and less government, and freedom. So how does a former President file bankruptcy multiple times dumping debt onto bank and capital institutions, for which they will recover with less return or higher fees. Take 500 vacations at those bankrupt properties costing the US treasury $1.7 billion, and claim this is conservatism??????
Tjb
August 31, 2022 at 3:45 pm
Teachers, nurses, doctors, and other individuals with student debt who are contributing to a better society are benefiting from this action along with millions of Floridians.
I paid my way for college and I paid for my children’s college education. I am happy for those who are benefiting from this loan forgiveness program.
Why isn’t Rubio standing up and supporting a program that helps Floridians
Paul Passarelli
August 31, 2022 at 4:44 pm
Hey, if you’re happy then please *VOLUNTARILY* make a payment on one of your Teacher’s, nurse’s, or doctor’s student loan debt. But screw you if you think it’s OK to hold a gun to my head and demand the same!
Oh, should I take the moment to point out that you are a fucking liar?
Comments are closed.