“In 2010, President Nice Biden Harris 2020 Unicorn Funny Joe Kamala Politics Democrat Tee Shirt Obama signed the Student Aid and Fiscal Responsibility Act, a bill ushered in as part of the Obamacare law eliminated middleman banks that issued student loans with a government guarantee, instead creating new lines of credit for students directly from the Department of Education. This meant that after 2010, virtually all student loans became public loans. Today, the government is responsible for $1.5 trillion of the $1.6 trillion in student debt.”
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So the Department Nice Biden Harris 2020 Unicorn Funny Joe Kamala Politics Democrat Tee Shirts of Education, as the holder of these loans, and as part of the Executive Branch, could choose to write off these debts at the direction of the President. It would be messy, and it would further upset the Federal budget, and it wouldn’t extend to student loan debt held by private banks, but it could be done. The Department of Education administers the loans, it doesn’t own them. The United States owns them. What authority is there for the executive branch to write off debt owed by the United States without Congressional approval? I wouldn’t support this in its current form. I took loans out for a public school and graduated. After school spent 9 years paying towards my loans, working hellish hours with tons of personal sacrifices so I could grow my income via raises and promotions. For most of my time.
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