Rapidcreek@lemmy.world to politics @lemmy.world · elva månader sedanBiden administration cancels another $1.2B in student debtwww.axios.comexternal-linkmessage-square45fedilinkarrow-up11arrow-down10
arrow-up11arrow-down1external-linkBiden administration cancels another $1.2B in student debtwww.axios.comRapidcreek@lemmy.world to politics @lemmy.world · elva månader sedanmessage-square45fedilink
minus-squarechronicledmonocle@lemmy.worldlinkfedilinkarrow-up0·elva månader sedanAll 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-up0·elva månader sedanAh, that explains it. Thanks!
minus-squareOmega_Man@lemmy.worldlinkfedilinkarrow-up0·elva månader sedanI’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-up0·elva månader sedanCaveat. 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.