Rapidcreek@lemmy.world to politics @lemmy.world · 4 months agoBiden administration cancels another $1.2B in student debtwww.axios.comexternal-linkmessage-square44fedilinkarrow-up1312arrow-down18
arrow-up1304arrow-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-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.
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.
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!
I’ve always wondered if there is some way to make a tax argument against these loans. Like they’re an illegal tax.
Caveat. The private companies like nelnet and others are servicing the loans on behalf of the government but the loans are government backed.