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> No one has received a penny. The Biden administration mailed student loan checks to people (conveniently set up to arrive just before the most recent midterm

by koolba 4y ago

> No one has received a penny. The Biden administration mailed student loan checks to people (conveniently set up to arrive just before the most recent midterm): https://www.foxbusiness.com/personal-finance/student-loan-refund-checks-qualify https://www.foxbusiness.com/personal-finance/student-loan-re... The checks are "rebates" for people who paid their student loans during the moratorium. The idea is to reimburse those people and add back their student loan debt so they can claim the maximum $10K / $20K amount of the forgiveness program. It's hard to argue that's not inflationary.

ceejayoz 4y ago
That's not the student loan cancellation program. Those are people who overpaid during the pause in payments. It's as inflationary as getting a tax refund in April.
- koolba 4y ago
  > That's not the student loan cancellation program. It’s directly related to the student loan cancellation program as it’s intended to maximize the amount of cancellation for people who paid during the moratorium. > Those are people who overpaid during the pause in payments. It's as inflationary as getting a tax refund in April. It’s not overpayment. It’s just payment because it’s money those people owed on their loans. A payment pause doesn’t mean the money is not owed, it’s simply delayed.
soared 4y ago
No checks were delivered because it’s still going through the courts though, so this likely hasn’t had much of an effect yet. Additionally it’s only for people who paid their loans during the pandemic and have less than $10k in their current loan balance. The check is for whatever amount would return their balance back to $10k.
mikem170 4y ago
I'm not following your point about student loan debt relief impacting the economy. It seems that money has not yet been released yet. From your link [0]: > "If you made voluntary payments during the payment pause (from March 13, 2020, through Dec. 31, 2022) and your current loan balance is below the amount of debt relief you’ll receive, after you successfully apply for and receive debt relief under the administration's debt relief plan, we’ll automatically refund the amount you paid during the payment pause (only up to the remaining amount of your eligible debt relief)," the Office of Federal Student Aid states on its website. > But that plan is currently being challenged in court. A federal appeals court on Oct. 21 issued a temporary block on the student loan forgiveness program as it considers legal challenges raised by six states: Nebraska, Missouri, Arkansas, Iowa, Kansas and South Carolina. I didn't see anything corroborating your statement that checks were mailed out. Maybe I missed something? It's my understanding that the pause in student loan payments was initiated prior to Biden becoming president, along with the trillions of dollars of stimulus given to small business owners and individuals, as alluded to by the top post in this thread. [0] https://www.foxbusiness.com/personal-finance/student-loan-refund-checks-qualify https://www.foxbusiness.com/personal-finance/student-loan-re...

by koolba 4y ago

ceejayoz 4y ago

That's not the student loan cancellation program. Those are people who overpaid during the pause in payments. It's as inflationary as getting a tax refund in April.

koolba 4y ago
> That's not the student loan cancellation program. It’s directly related to the student loan cancellation program as it’s intended to maximize the amount of cancellation for people who paid during the moratorium. > Those are people who overpaid during the pause in payments. It's as inflationary as getting a tax refund in April. It’s not overpayment. It’s just payment because it’s money those people owed on their loans. A payment pause doesn’t mean the money is not owed, it’s simply delayed.

soared 4y ago

No checks were delivered because it’s still going through the courts though, so this likely hasn’t had much of an effect yet. Additionally it’s only for people who paid their loans during the pandemic and have less than $10k in their current loan balance. The check is for whatever amount would return their balance back to $10k.

mikem170 4y ago

I'm not following your point about student loan debt relief impacting the economy. It seems that money has not yet been released yet. From your link [0]: > "If you made voluntary payments during the payment pause (from March 13, 2020, through Dec. 31, 2022) and your current loan balance is below the amount of debt relief you’ll receive, after you successfully apply for and receive debt relief under the administration's debt relief plan, we’ll automatically refund the amount you paid during the payment pause (only up to the remaining amount of your eligible debt relief)," the Office of Federal Student Aid states on its website. > But that plan is currently being challenged in court. A federal appeals court on Oct. 21 issued a temporary block on the student loan forgiveness program as it considers legal challenges raised by six states: Nebraska, Missouri, Arkansas, Iowa, Kansas and South Carolina. I didn't see anything corroborating your statement that checks were mailed out. Maybe I missed something? It's my understanding that the pause in student loan payments was initiated prior to Biden becoming president, along with the trillions of dollars of stimulus given to small business owners and individuals, as alluded to by the top post in this thread. [0] https://www.foxbusiness.com/personal-finance/student-loan-refund-checks-qualify https://www.foxbusiness.com/personal-finance/student-loan-re...