Friday, June 30, 2023

Student Debt Relief By Executive Action Is Illegal Requires Act of Congress


Biden’s student debt relief plan was a craven attempt
To buy votes with a $430 Billion debt forgiveness to Red candidates perempt
Cancelling student debt with an executive order stroke of the pen
Was illegal which is what Pelosi as Speaker of the House told him over and over again
SCOTUS in no uncertain terms declared his acts violated the separations of power in our Constitution ingrained
Biden supposedly has a plan to the ruling circumvent starting with not rereporting to credit agencies defaults that will cause debtors much pain
To many students have come to believe
That they are not responsible and the government their financial paid must relieve
The students willingly entered into debt and they must pay
Student debt is one of the rare debts that in B/K does not go away
But colleges and universities that have hiked tuition faster than inflation to new heights
Creating new courses that lead only to the unemployment line bear a good deal of blame for the student debt holders plight
We have truth in lending to disclose with fees and costs the annual percentage rate
For students we need from colleges a Truth in Borrowing that annual income and degree majors mate
Maybe to retain their 501(c)(3) status a higher portion of their endowment on financial aid must be spent
But compared to inflation tuition and fees must increase by a lower percent

© 6/30/2023 Michael P. Ridley aka The Alaskanpoet

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