Latest / Earn Your Leisure / Advance Placement: Biden Administration Cancels $39 Billion in Student Loans: What It Means for Over 800,000 Borrowers

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Advance Placement: Biden Administration Cancels $39 Billion in Student Loans: What It Means for Over 800,000 Borrowers · Earn Your Leisure

• 0:00
  Speaker 1: An illegal alien from Guatemala charged with raping a child
• 0:03
  Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador
• 0:07
  Speaker 1: accused of murdering a Texas man of Venezuelan charged with
• 0:11
  Speaker 1: filming and selling child pornography in Michigan. These are just
• 0:15
  Speaker 1: some of the heinous migrant criminals caught because of President
• 0:19
  Speaker 1: Donald J. Trump's leadership. I'm Christy nom the United States
• 0:23
  Speaker 1: Secretary of Homeland Security. Under President Trump, attempted illegal border
• 0:28
  Speaker 1: crossings are at the lowest levels ever recorded, and over
• 0:31
  Speaker 1: one hundred thousand illegal aliens have been arrested. If you
• 0:35
  Speaker 1: are here illegally, your next you will be fined nearly
• 0:39
  Speaker 1: one thousand dollars a day, imprisoned, and deported. You will
• 0:43
  Speaker 1: never return. But if you register using our CBP home
• 0:46
  Speaker 1: app and leave now, you could be allowed to return legally.
• 0:50
  Speaker 1: Do what's right. Leave now. Under President Trump, America's laws,
• 0:55
  Speaker 1: border and families will be protected.
• 0:57
  Speaker 2: Sponsored by the United States Department of Homeland Security.
• 1:00
  Speaker 3: President Biden he announced the Student Loan Relief or student
• 1:07
  Speaker 3: loan forgiveness, and a lot of people still aren't really
• 1:12
  Speaker 3: sure about what it really means because they know the
• 1:15
  Speaker 3: federal the Supreme Court rejected a larger plan last week,
• 1:21
  Speaker 3: but they were still able to actually get something through.
• 1:24
  Speaker 3: And people want to know, am I eligible? What does
• 1:27
  Speaker 3: this mean for me personally? Is this going to affect me?
• 1:32
  Speaker 3: So what's your thoughts and what happened with this student
• 1:37
  Speaker 3: loan relief situation.
• 1:40
  Speaker 4: So, based on the most recent announcement, if you were
• 1:43
  Speaker 4: on an income based repayment plan and you've been paying
• 1:49
  Speaker 4: your student loans off for the last twenty years or
• 1:52
  Speaker 4: twenty five years, depending upon the plan, your student loans
• 1:56
  Speaker 4: are about to be forgiven in the next month, out
• 2:00
  Speaker 4: right done forgiven. That's going to impact eight hundred and
• 2:03
  Speaker 4: four or eight hundred and three thousand Americans across the country.
• 2:07
  Speaker 4: We're still gathering the numbers in terms of how many
• 2:11
  Speaker 4: impacts in our district. We are still also seeking clarity
• 2:16
  Speaker 4: to find out if you were making payments for twenty
• 2:20
  Speaker 4: years but not part of an income based repayment plan,
• 2:24
  Speaker 4: are you going to be eligible? I believe the short
• 2:27
  Speaker 4: answer is yes to that, but I still need to
• 2:30
  Speaker 4: get clarity on that. So that's what that recent announcement meant,
• 2:35
  Speaker 4: which is obviously a huge, huge deal based on the
• 2:39
  Speaker 4: Supreme Court shooting down the president's more ambitious plan which
• 2:44
  Speaker 4: would have had a tremendous impact on many more borrowers.
• 2:49
  Speaker 4: And the Supreme Court decision there was bs and we'll
• 2:52
  Speaker 4: get into that hopefully because I want to talk a
• 2:54
  Speaker 4: little bit about that as well.
• 2:56
  Speaker 5: Yeah, I mean, let's go there, right, because the original
• 2:59
  Speaker 5: plan was with thirty seven million people to be impacted
• 3:02
  Speaker 5: by student no forgiveness. I was sitting here waiting. We
• 3:07
  Speaker 5: know that the payment are going to start. Payments are
• 3:10
  Speaker 5: going to start being reactive in the next couple of months,
• 3:12
  Speaker 5: and so people are looking at that from an economical
• 3:14
  Speaker 5: standpoint like that, we haven't paid in three years now.
• 3:16
  Speaker 5: This is another thing that we have to add to
• 3:19
  Speaker 5: our payments on our monthly basis. So what happened there?
• 3:23
  Speaker 5: Thirty seven million, eight hundred thousand people are going to
• 3:25
  Speaker 5: be impacted by the recent ruin, but there's that big
• 3:27
  Speaker 5: gap of almost thirty six million.
• 3:29
  Speaker 2: People were looking.
• 3:30
  Speaker 5: At it like what happened? We had an opportunity to
• 3:32
  Speaker 5: help our economy by relieving some debt and having people
• 3:35
  Speaker 5: have disposal income that they could potentially invest in real
• 3:38
  Speaker 5: estate and other things.
• 3:39
  Speaker 4: Yeah, first of all, I want to say we should
• 3:41
  Speaker 4: give President Biden credit for continuing the pause over these
• 3:45
  Speaker 4: last few years. I know we go after Biden for
• 3:48
  Speaker 4: a lot of issues, as we should, but definitely given
• 3:51
  Speaker 4: credit because this pause it was started under the Trump administration,
• 3:55
  Speaker 4: but Biden continued it for an additional couple of years,
• 3:58
  Speaker 4: so that put more money in people's every month for
• 4:02
  Speaker 4: the last couple of years. Let's give him credit for that.
• 4:04
  Speaker 4: So this case, first of all, there's something called the
• 4:10
  Speaker 4: Heroes Act that Congress passed in two thousand and three,
• 4:14
  Speaker 4: which in response to a national emergency, gives the Secretary
• 4:19
  Speaker 4: of Education latitude and the power to waive or forgive
• 4:25
  Speaker 4: a student loans or provide some sort of redress so
• 4:29
  Speaker 4: that we are not harming borrowers during a national emergency.
• 4:33
  Speaker 4: This was initially something like this was initially done during
• 4:37
  Speaker 4: the Gulf War where people who were off to war
• 4:41
  Speaker 4: and the nation was in the middle of a war.
• 4:44
  Speaker 4: You know, we didn't want to you know, hurt borrows
• 4:46
  Speaker 4: at that time, so Congress passed legislation to give the
• 4:49
  Speaker 4: Secretary of Education opportunity to waive payments or reduce payments
• 4:53
  Speaker 4: during that time. It was repeated after nine to eleven.
• 4:57
  Speaker 4: We all remember what was going on during nine to eleven.
• 5:00
  Speaker 4: After that that led to the war in Afghanistan and
• 5:02
  Speaker 4: the Iraq War. There was a reprieve that occurred during
• 5:07
  Speaker 4: that time. But in two thousand and three, Congress said,
• 5:09
  Speaker 4: you know what, we need a piece of legislation that
• 5:12
  Speaker 4: gives the Secretary the power to respond to any national emergency.
• 5:16
  Speaker 4: So Congress passed the Heroes Act. So under the jurisdiction
• 5:22
  Speaker 4: of the Heroes Act, the Secretary of Education has the
• 5:25
  Speaker 4: power and the President has the power to waive or
• 5:28
  Speaker 4: cancel student debt. The Supreme Court argued against this based
• 5:35
  Speaker 4: on an argument that came from a party that isn't
• 5:40
  Speaker 4: even harmed by the cancellation of the debt.
• 5:43
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• 7:34
  Speaker 1: An illegal alien from Guatemala charged with raping a child
• 7:38
  Speaker 1: in Massachusetts. An MS thirteen gang member from El Salvador
• 7:42
  Speaker 1: accused of murdering a Texas man of Venezuelan charged with
• 7:46
  Speaker 1: filming and selling child pornography in Michigan. These are just
• 7:50
  Speaker 1: some of the heinous migrant criminals caught because of President
• 7:54
  Speaker 1: Donald J. Trump's leadership. I'm Christinem, the United States Secretary
• 7:58
  Speaker 1: of Homeland Security. Under President Trump, attempted illegal border crossings
• 8:03
  Speaker 1: are at the lowest levels ever recorded, and over one
• 8:06
  Speaker 1: hundred thousand illegal aliens.
• 8:08
  Speaker 2: Have been arrested.
• 8:09
  Speaker 1: If you are here illegally, you're next. You will be
• 8:13
  Speaker 1: fine nearly one thousand dollars a day, imprisoned and deported,
• 8:17
  Speaker 1: you will never return. But if you register using our
• 8:20
  Speaker 1: CBP home app and leave now, you could be allowed
• 8:24
  Speaker 1: to return legally. Do what's right. Leave now. Under President Trump,
• 8:29
  Speaker 1: America's laws, border and families will.
• 8:32
  Speaker 2: Be protected sponsored by the United States Department of Homeland Security.
• 8:35
  Speaker 4: That's a key point here. In order for you to
• 8:37
  Speaker 4: argue a case in front of the Supreme Court, you
• 8:41
  Speaker 4: have to be able to express harm at a party.
• 8:44
  Speaker 4: You have to be a party that was harmed by
• 8:46
  Speaker 4: something in order to argue the case. The state of Michigan, Missouri,
• 8:51
  Speaker 4: excuse me, argued on behalf of a third party in
• 8:57
  Speaker 4: this case, expressing harm based on the president of forgivenness debt,
• 9:03
  Speaker 4: which is complete nonsense. The third party that they argued for,
• 9:07
  Speaker 4: Mohela is the name of the company, was not even
• 9:11
  Speaker 4: involved in a lawsuit at all, and the Supreme Court
• 9:14
  Speaker 4: shouldn't have heard the case. They still heard the case anyway,
• 9:17
  Speaker 4: heard the case, heard the arguments, decided in favor of
• 9:22
  Speaker 4: mohela third party who wasn't even involved in the case,
• 9:25
  Speaker 4: and shot down the president's cancelation of ten thousand for
• 9:28
  Speaker 4: individuals making up to one hundred and fifty thousand and
• 9:31
  Speaker 4: twenty thousand for lower income people. So a huge blow.
• 9:35
  Speaker 4: But the President is pursuing another avenue called the Higher
• 9:40
  Speaker 4: Education Act, which he's saying is going to take longer,
• 9:44
  Speaker 4: but is another possibility. Well, I think he should do.
• 9:47
  Speaker 4: Let me just close on this and sorry for the
• 9:48
  Speaker 4: long answer. I think he should just cancel the teny
• 9:52
  Speaker 4: twenty thousand outright and force the Supreme Court to figure
• 9:56
  Speaker 4: out a way to force people to pay back to
• 10:00
  Speaker 4: the program after the president cancels it. But this president
• 10:04
  Speaker 4: is an institutionalist, so he's not used to doing things
• 10:06
  Speaker 4: that way. The state of emergency, I think provides him
• 10:09
  Speaker 4: the opportunity to do that.
• 10:12
  Speaker 6: For the constituents that you're representing. For the audience here,
• 10:18
  Speaker 6: since there has been some talk about student loans being
• 10:21
  Speaker 6: an asset that has traded kind of like mortgage backed
• 10:24
  Speaker 6: securities in two thousand and seven, in two thousand and eight,
• 10:27
  Speaker 6: will we ever see twenty million, thirty million loans.
• 10:32
  Speaker 2: Just eradicate it?
• 10:33
  Speaker 6: Or is it will to be like a tiered system
• 10:35
  Speaker 6: of maybe like a maximum of a million to two million,
• 10:37
  Speaker 6: Because when I talk to people, the sentiment is, well,
• 10:40
  Speaker 6: they're just trying to do this to get votes and
• 10:43
  Speaker 6: it's never going to pass. Is there any perfect utopian
• 10:46
  Speaker 6: situation where twenty million, thirty million people may get relief
• 10:50
  Speaker 6: from having these loans off their back.
• 10:53
  Speaker 4: Yes, there is. But our democracy is what we make it.
• 10:59
  Speaker 4: I need to emphasize that point. The previous president, Donald
• 11:04
  Speaker 4: Trump chose three Supreme Court justices because he had the
• 11:09
  Speaker 4: ability to do that because he was elected. Now, the
• 11:12
  Speaker 4: Supreme Court is ultra conservative, so you are going to
• 11:16
  Speaker 4: see the Supreme Court siding less with policies that we
• 11:20
  Speaker 4: all care about, like canceling student debt, like Affirmative Act,
• 11:26
  Speaker 4: like voting rights. So I cannot emphasize enough how important
• 11:32
  Speaker 4: elections are because the president decides who goes into the
• 11:35
  Speaker 4: Supreme Court. Now, taking a step back, it's not just
• 11:38
  Speaker 4: about the Supreme Court. It's about who we elected, who
• 11:41
  Speaker 4: we elected to Congress, and who we elected to the Senate.
• 11:44
  Speaker 4: Because if you have the wrong people in no seats,
• 11:47
  Speaker 4: which we currently have right now, then we are not
• 11:51
  Speaker 4: going to write or pass any legislation that is going
• 11:54
  Speaker 4: to do what you're talking about. Everyone knows the student
• 11:58
  Speaker 4: loan program is corrupt, it's it's predatory, and it has
• 12:08
  Speaker 4: been designed in a way that harms borrowers more than
• 12:11
  Speaker 4: it helps them. Because listen, many of us know we
• 12:15
  Speaker 4: were raised to go to college. Right you're going to college,
• 12:17
  Speaker 4: going go to college. Many of us come from families
• 12:20
  Speaker 4: where we don't know what it takes to go to college.
• 12:22
  Speaker 4: All of a sudden, you get to college, you can't
• 12:23
  Speaker 4: afford it. They dangle this loan in front of you. You,
• 12:26
  Speaker 4: thank god, I'll take out the loan. I'm gonna get
• 12:28
  Speaker 4: a job anyway with this degree, so I'm gonna be good.
• 12:30
  Speaker 4: I'll pay it back. You take out the loan, you
• 12:33
  Speaker 4: don't really understand an interest rates, you don't get the
• 12:36
  Speaker 4: job that you expected, you're unemployed or you're underemployed. And
• 12:39
  Speaker 4: then when you try to call these these these third
• 12:43
  Speaker 4: party companies that work with the Department of Education for
• 12:46
  Speaker 4: redress lower payments, income based repayments, they they push people
• 12:51
  Speaker 4: to forbearans without even like giving them the background of
• 12:56
  Speaker 4: what other options there were for them, and as a result,
• 13:00
  Speaker 4: collected all this additional money. And that's why the president's
• 13:02
  Speaker 4: recent decision is so important because it responds to that
• 13:07
  Speaker 4: redress eight hundred and three thousand borrows you've been paying
• 13:11
  Speaker 4: for twenty years completely forgiven. That's I think the numbers
• 13:14
  Speaker 4: thirty nine billion in total. Not what we wanted, but
• 13:17
  Speaker 4: a good start.
• 13:18
  Speaker 1: An illegal alien from Guatemala charged with raping a child
• 13:21
  Speaker 1: in Massachusetts. An MS thirteen gang member from El Salvador
• 13:25
  Speaker 1: accused of murdering a Texas man of Venezuelan charged with
• 13:30
  Speaker 1: filming and selling child pornography in Michigan. These are just
• 13:34
  Speaker 1: some of the heinous migrant criminals caught because of President
• 13:37
  Speaker 1: Donald J. Trump's leadership. I'm Christy Noman, the United States
• 13:41
  Speaker 1: Secretary of Homeland Security. Under President Trump, attempted illegal border
• 13:46
  Speaker 1: crossings are at the lowest levels ever recorded, and over
• 13:49
  Speaker 1: one hundred thousand illegal aliens have been arrested. If you
• 13:53
  Speaker 1: were here illegally, your next you will be fined nearly
• 13:57
  Speaker 1: one thousand dollars a day, imprisoned, and you will never return.
• 14:02
  Speaker 1: But if you register using our CBP home app and
• 14:05
  Speaker 1: leave now, you could be allowed to return legally. Do
• 14:08
  Speaker 1: what's right. Leave now. Under President Trump, America's laws, border
• 14:14
  Speaker 1: and families will be protected.
• 14:16
  Speaker 2: Sponsored by the United States Department of Homeland Security.