Rapidcreek@lemmy.world to politics @lemmy.world · 4 months agoBiden administration cancels another $1.2B in student debtwww.axios.comexternal-linkmessage-square44fedilinkarrow-up1309arrow-down19
arrow-up1300arrow-down1external-linkBiden administration cancels another $1.2B in student debtwww.axios.comRapidcreek@lemmy.world to politics @lemmy.world · 4 months agomessage-square44fedilink
minus-squarechronicledmonocle@lemmy.worldlinkfedilinkarrow-up20·4 months agoAll of these loans are backed by the US government, not a private bank. Forgiving then is just the government writing it off. The only private entities involved are the borrower and potentially the school.
minus-squareBenchpressMuyDebil@szmer.infolinkfedilinkarrow-up3·4 months agoAh, that explains it. Thanks!
minus-squareoakey66@lemmy.worldlinkfedilinkarrow-up2·4 months agoCaveat. The private companies like nelnet and others are servicing the loans on behalf of the government but the loans are government backed.
minus-squareOmega_Man@lemmy.worldlinkfedilinkarrow-up2·4 months agoI’ve always wondered if there is some way to make a tax argument against these loans. Like they’re an illegal tax.
All of these loans are backed by the US government, not a private bank. Forgiving then is just the government writing it off. The only private entities involved are the borrower and potentially the school.
Ah, that explains it. Thanks!
Caveat. The private companies like nelnet and others are servicing the loans on behalf of the government but the loans are government backed.
I’ve always wondered if there is some way to make a tax argument against these loans. Like they’re an illegal tax.