Discharge of the debt is possible through the Borrower Defense mechanism written into the Federal student loan program, but widescale exercise of that option would potentially impugn the reputations of many hallowed institutions of higher learning so TPTB have sought wide scale forgiveness instead.
You can't do that for this one particular legal reason, so we find for the other side Biden believes he has executive authority to address/eliminate the student debt for SOME particular people (he has not tried individually to discharge ALL student debt).
I don't see how forgiveness of the debt issued by the Federal student loan program since the nationalization in 2010 would be possible without a very complicated act of Congress.
A federal court last month blocked that plan, but the department says its new rule would operate separately and distinctly. Courts are playing whack-a-mole with the Administration's debt write-offs that end-run Congress, which never authorized such broad-based debt forgiveness.
That didn't stop me, President Biden declared after the Supreme Court blocked his $430 billion student loan write-off in 2023.
The Education Department says its proposed rule would authorize forgiveness for some eight million borrowers experiencing hardship. Under the rule, the department can discharge debt if it calculates a borrower has an 80% likelihood of defaulting on payments within the subsequent two years based on 17 factors such as income, debt balances and assets.
The Student loan forgiveness scheme is a total fraud aimed at getting EVERYONE in debt.
Brandon's scheme guarantees the banks plenty of profit since student loan forgiveness is only for older loans, long after the halfway mark on amortization.
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