วันพฤหัสบดีที่ 25 สิงหาคม พ.ศ. 2565
Welcome to Renewal by Andersen Windows Savings ziyk
Welcome To Welcome To Welcome To Welcome To Welcome To Welcome To Welcome To Welcome To Welcome To Welcome To Welcome To Welcome To Welcome To Welcome To Welcome To Welcome To DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.01//EN" "http://www.w3.org/TR/xht= ml1/DTD/xhtml1-transitional.dtd While Secretary Cardona stood behind the president's left shoulder on Wednesday, he did not speak. In order to get the bulk forgiveness through, the administration is using a post-9/11 law that allows the president to change student loan rules in the midst of a public emergency ��� including the current one. Biden claims the lump sum relief is aimed at helping wane Americans back into their monthly student loan payments. Senate Minority Leader Mitch McConnell slammed the relief announcement as 'unfair' and a 'slap in the face' for families that worked years to save money to pay for college and said the forgiveness will only add to the country's economic woes. Arkansas Senator Tom Cotton said he will introduce an alternative to the program in the form of a bill he says will 'save taxpayers billions' by holding colleges accountable for massive debts as well as lowering tuition rates and supporting more non-college career paths. 'There is no such thing as student loan forgiveness���this is a bailout, paid for by the large majority of Americans who never went to college or who responsibly paid off their debts,' said the GOP senator. 'Even worse, President Biden's plan ignores the true culprit: bloated, self-serving colleges.' Former Vice President Mike Pence called the relief 'another unsustainable and reckless policy from the Biden Administration.' 'Canceling debt will cost taxpayers hundreds of billions of dollars and only incentivize colleges to raise tuition even more! Unacceptable.' Biden tweeted on Wednesday: '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.' Republicans weren't the only ones who felt the move wasn't in the best interest of American taxpayers. New Hampshire Democratic Representative Chris Pappas noted in a Wednesday statement: 'This announcement by President Biden is no way to make policy and sidesteps Congress and our oversight and fiscal responsibilities.' Borrowers have had federal student loan payments and interest remain in limbo since the onset of the coronavirus pandemic on March 20, 2020. The pause was extended by both former President Donald Trump and President Biden several times. The fourth extension expires on August 31, and the down-to-the-wire announcement had borrowers on the edge of their seats waiting to hear the future of their debts to the government. The announcement on Wednesday notes that individuals making $125,000 annually are eligible for the $10,000 or $20,000 forgiveness ��� depending on their Pell Grant status. And joint earners making under $250,000 will also be eligible to receive the relief. Some are questioning the legality of the move for the administration to unilaterally forgive massive swaths of federal student loans. The Education Department, however, released a five-page memo on Wednesday laying out that the plan relies on the 2003 HEROS Act, which gives power to the executive to waive or modify rules on federal student loans in the midst of a presidential declared national emergency. They also moved to rescind a Trump-era memo, prepared just days before he left office by an outgoing political appointee, that concluded the DOE lacks power to forgive this type of debt. 'Washington Democrats have found yet another way to make inflation even worse, reward far-left activists, and achieve nothing for millions of working American families who can barely tread water,' McConnell said in a statement Wednesday. He called Biden's plan 'student loan socialism.' 'President Biden's student loan socialism is a slap in the face to every family who sacrificed to save for college, every graduate who paid their debt, and every American who chose a certain career path or volunteered to serve in our Armed Forces in order to avoid taking on debt. This policy is astonishingly unfair.' A new analysis released Tuesday from the Penn Wharton Budget Model estimates that forgiving student loan debt for those making under $125,000 could cost between $300 and $980 billion over 10 years. It also notes that the majority of relief, between 69 and 73 percent, would go towards borrowers who are within the top 60 percent of earners. The Penn Wharton budget group --_----------=_badj40wefzdhf980ge40hd_vip.syoswjswd98h76itiogdurgzgrvmkghc6h Content-Type: text/html; charset=utf-8 --_----------=_badj40wefzdhf980ge40hd_vip.syoswjswd98h76itiogdurgzgrvmkghc6h Content-Type: text/html; charset=utf-8 which is based out of the University of Pennsylvania and run by the top Treasury official under George W. Bush, is highly influential with key lawmakers, including moderate Democratic Senator Joe Manchin. The nonprofit National Taxpayers Union Foundation says, based on the Penn analysis, that canceling $10,000 per borrower would cost each taxpayer $2,085.59 ��� even those Americans without outstanding student loans who did not benefit from the forgiveness. The Education Department also announced on Tuesday $10 billion more in student debt relief for more than 175,000 borrowers with government and non-profit jobs who qualify for the Public Service Loan Forgiveness (PSLF) program. The administration already forgave $32 billion as part of targeted student loan relief programs. House Minority Leader Kevin McCarthy responded to studies claiming the forgiveness would benefit some of the top income brackets and cost individual taxpayers thousands to pay off the loans of 'highly educated, rich borrowers.' '[W]ho pays for it?' the California Republican questioned in a Wednesday statement. 'Hard-working Americans who either already paid off their debts or never incurred debt in the first place.' The $10 billion in forgiveness announced Tuesday comes after only 7,000 borrowers ever qualified for relief under the PSLF program before Biden's presidency. Changes to the program for public workers, announced by DOE on Tuesday, and the $10 billion in forgiveness marks one of the largest swaths of debt canceled by the federal government. Most recently, as part of targeted relief programs, the administration canceled $3.9 billion in student debt for 208,000 borrowers who attended the now defunct ITT Technical Institute.The latest round of forgiveness will bring the total student loan forgiveness total under Biden to more than $40 billion. The latest round of forgiveness will bring the total student loan forgiveness total under Biden to more than $40 billion. 'Today's announcement that we've surpassed $10 billion in forgiveness for more than 175,000 public servants shows that the Biden-Harris administration's efforts to cut red tape are turning the Public Service Loan Forgiveness program from a promise broken into a promise kept,' Secretary Cardona said in a Tuesday statement. 'We're committed to helping borrowers who choose to pursue careers in education, public health, social work, law enforcement, and other critical fields receive the benefits to which they're entitled for leading lives of service.' The Public Service Loan Forgiveness program is notorious for being difficult for borrowers to navigate. Among those who qualify are government and nonprofit employees, but it can also include teachers, firefighters, nurses, doctors and public defenders. Those who had outstanding federal student loans have not had to make monthly payments for nearly two-and-a-half years and saw their interest accruement also put on hold during the public health emergency, which also saw the onset of mass layoffs and furloughs. Despite the job market recovering, the U.S. is still experiencing a series of economic crises, including record-high gas prices, inflation and a traditionally defined recession with two consecutive quarters of negative Gross Domestic Product (GDP) growth. Summers tweeted over the weekend: 'I hope the Administration does not contribute to inflation macro economically by offering unreasonably generous student loan relief or micro economically by encouraging college tuition increases.' 'The worst idea would be a continuation of the current moratorium that benefits among others highly paid surgeons, lawyers and investment bankers,' the Clinton-era Treasury secretary and Obama-era National Economic Council director added. 'Every dollar spent on student loan relief is a dollar that could have gone to support those who don't get the opportunity to go to college,' Summers wrote on Twitter. 'Student loan debt relief is spending that raises demand and increases inflation. It consumes resources that could be better used helping those who did not, for whatever reason, have the chance to attend college. It will also tend to be inflationary by raising tuitions.
สมัครสมาชิก:
ส่งความคิดเห็น (Atom)
ไม่มีความคิดเห็น:
แสดงความคิดเห็น