Staff Reports
President Biden, the student loan canceller-in-chief, is once again attempting to make good on his promise to forgive student loan debt. Despite having his initial plan shot down by those pesky conservative Supreme Court justices, Biden is moving forward with a new proposal. This time, he’s enlisted the help of 14 hand-picked individuals to negotiate the details of his grand plan.
These negotiators, chosen by the Biden administration (surprise, surprise), come from all walks of life and represent a range of viewpoints on student loans. From students to college officials to loan servicers to state officials, this group is a regular smorgasbord of student loan expertise. And let’s not forget the inclusion of advocates like the NAACP because, you know, racial justice.
Biden’s backup plan hinges on the Higher Education Act, a law that apparently gives the education secretary the power to waive student loans. But of course, there’s a catch. Nobody really knows how far this power extends, and there’s bound to be loads of legal debate to sort it all out. Lucky for us, the Education Department is going through a painstaking process called negotiated rulemaking to figure it all out. No big deal, just your everyday bureaucratic nightmare.
But hold your horses, folks. Before you go rushing to sign up for debt forgiveness, let’s pump the brakes and examine the fine print. It’s still unclear who will be eligible for this magical loan cancellation and how much relief they’ll actually get. Those pesky details will be sorted out later after the administration takes input from the negotiators, who will be locked in rooms arguing with each other until December. Joy!
And what about those dastardly Republicans? Well, they’re not exactly thrilled with the idea of their hard-earned tax dollars going to help out those lazy college graduates. They argue that Biden’s plan would only benefit the privileged few while leaving the rest of us schmucks with the bill. Gotta love those fiscal conservatives.
So, when can we expect this miraculous plan to go into effect? Well, nobody really knows. Education Secretary Miguel Cardona is being awfully cagey about it, but he did assure us that they’re working as quickly as possible (translation: not very quickly at all). And let’s not forget that little Supreme Court ruling that put a damper on the whole mass cancellation idea. Looks like Congress might actually have to do something for a change.
In the meantime, the Education Department has published an issue paper to give the negotiators something to argue about. It outlines a whole bunch of questions like who deserves loan forgiveness and what factors should be considered. Because, you know, when it comes to student loan debt, nothing is ever simple.
All in all, Biden is on a mission to save the day and deliver debt relief to as many people as possible. He’s promising to tackle that pesky interest problem and put an end to the never-ending cycle of debt. But let’s not hold our breath just yet. With the slow pace of government bureaucracy and the inevitable legal battles, it might be a while before we see any real progress. Sigh.
