Biden Working On Plan To Resume Student Loan Payments For Struggling Americans

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Published on 23 Oct 2021, 18:00
The Biden administration has been quietly working on plans to restart the student loan payment process - a plan that is going to cause financial strain for millions of Americans. The plan is being worked on in secret, largely because they don't want to draw much attention to the fact that they aren't going to extend the moratorium OR move forward with universal loan forgiveness. Ring of Fire's Farron Cousins explains what SHOULD happen if Biden wants to avoid a catastrophe at the start of an election year.

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*This transcript was generated by a third-party transcription software company, so please excuse any typos.

The Biden administration has been working very quietly behind the scenes on a very major program. And it's not the build back better act. It's not the infrastructure package. No, it's the, how do we get people to start paying student loans again, which is what's happening right now with the Biden administration and the department of education. So what's happening is that at the end of the year, the student loan payment moratorium expires. People are expected to resume their payments starting in January, even though, as we have seen the economy is still lackluster. We still have a lot of people out of work, not as many as we had at the beginning of the pandemic, we're back to pre pandemic lows, but even the pre pandemic lows were not good. Okay. Let's not kid ourselves about that. America was not humming along just fine with a strong middle class prior to the pandemic.

The only people who were doing well were those at the top and they did even better during the pandemic, got a story on that, so check that out too. But anyway, they're not extending the moratorium is the moral of this story. They're actively working on plans on how to get people to start making those payments again, you know, maybe we give them a month or two of forgiveness if they can't make the payments, you know, but we're going to make them pay. And the question I have to that is why? Okay. You're making a decision, it sounds like you've already made the decision, that you don't have to make and it's one that's not going to bode well for you in the 2022 midterms. Why in God's name would you start an election year by screwing people over? Electorally speaking that's suicide and that's idiotic. Like, hey folks, get ready to go to the polls in November. Hey, don't forget $1.6 trillion in student loans, cough them up because I'm not forgiving it.

Now I know people are thinking right now, but Farron, Joe Biden has forgiven billions of dollars in student loan debt payments. Sure. He kind of did because if you look at the fine print of all those, there's always a catch isn't there. You have to meet so many different requirements in order to actually qualify for those student loan debt relief payments, including not missing any payments for 10 years, or you had to have been defrauded by a college and then sure you don't have to repay those loans. But he could forgive it. Now I've had, you know, mixed signals coming from a lot of activists who actually work in this arena. Some of them have clearly told me, Biden cannot issue an executive order and wipe out student loan debt. Others have said the exact opposite to me. So to be honest, I don't know what's real and what's not. I do know he can issue an executive order and get rid of a lot of student loan debt. I know that. But can he do it all? Maybe not.

But what's stopping him from doing what he can? Like let's stop with these programs of, okay, we're going to forgive more student loan debt if, of course, you grew up in a poor neighborhood and you've been paying on your loans for 10 years and you've had a steady job for the entire time and that job has been in the public sector and it's a public sector that doesn't pay very well then sure. You can have your, your debt forgiven. No, just say, listen, straight up.