Mike Pierce
@millennial_debt
Followers
4,109
Following
4,793
Media
949
Statuses
11,601
I tweet about debt. Now: ED @theSBPC & @borrowersaction , co-founder @UC_SLLI | Then: @CFPB @RepSarbanes | ♥️‘s @rpierc13 B&N (He/Him)
ATL & DC (& Baltimore@❤️)
Joined September 2009
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Today,
@AFTunion
@theSBPC
@NCLC4consumers
@SelendyGayLaw
dragged MOHELA to court, fighting for borrowers harmed by the student loan giant's abuses.
This case builds on The MOHELA Papers and the incredible oversight led by
@SenWarren
@SenateBanking
.
Borrowers deserve justice.
BREAKING: We just hit
@MOHELA
with a MASSIVE lawsuit for failing 8 million borrowers & violating consumer protection laws.
@AFTunion
—rep’d by
@theSBPC
,
@SelendyGayLaw
, &
@NCLC4consumers
—demands MOHELA is held accountable.
➦
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Fun fact: Many social workers work for for-profit agencies. None qualify for PSLF.
Also fun fact: Many healthcare workers work for for-profit hospitals. None qualify for PSLF.
Funnest fact: PSLF is good. Canceling debt for everyone is also good. Everyone deserves debt relief.
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Student debt makes people sad. Canceling student debt makes these people very happy.
Most people without student debt also think canceling student debt is good.
Basically no one will be really mad if student debt disappeared.
Sometimes things are simple.
#cancelstudentdebt
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Happy Saturday to everyone except for the sad centrist wonks who spent two years pushing the line that student debt relief was a giveaway to “the rich.”
BY INCOME: Borrowers in lower-income areas applied for debt relief at higher rates than those in wealthier neighborhoods.
98% of apps came from ZIP codes where per-capita income is less than $75K.
Two-thirds of apps from areas < $40K
More than half of apps from areas < $35K
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Anyone who tells you canceling student debt is regressive is selling something.
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THEY KEEP SAYING IT WILL CAUSE INFLATION IF WE CANCEL STUDENT DEBT BUT NO ONE HAS PAID A BILL IN YEARS! WHAT THEY MEAN IS THEY WANT TO FIGHT INFLATION BY MAKING PEOPLE PAY DEBTS THEY WOULDN’T OWE IN THE FIRST PLACE IF THE SYSTEM WASN’T CORRUPT.
(It’s me and I’m not sorry.)
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[BREAKING] The 8th Circuit temporarily blocked President Biden's signature SAVE income-driven repayment plan in full.
The unsigned, single-sentence order is extreme and will cause mass chaos.
@POTUS
has no choice but to suspend student loan payments.
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This isn't just Fetterman v Ryan.
Across the country, in race after race, Dems who ran on the promise to cancel student debt beat expectations.
That includes
@SenMarkKelly
and, most visibly,
@SenatorWarnock
who staked his race and his reputation on the politics of student debt.
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It is good for government to do things to help people. It is bad for government to do things that hurt people.
Canceling student debt makes life easier for millions of people. Collecting student loan payments makes life harder.
This doesn't have to be hard.
#CancelStudentDebt
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Once again, the narrow financial interests of the student loan industry trump the urgent economic needs of tens of millions of Americans with student debt.
This is a travesty.
NEWS - 8th Circuit has blocked Biden's student debt relief program, siding with GOP states in a 3-0 decision.
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🚨 [BREAKING]
@TheJusticeDept
just filed an update in the 8th Circuit.🚨
Ten days ago, the 8th temporarily stayed student debt relief. The case turns on right-wing
@AGEricSchmitt
's claim to represent loan processor
@MOHELA
.
Now it seems
@RepCori
got MOHELA to speak.🗣️
💣BOOM💣
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@sethfrotman
@NCLC4consumers
@CRLONLINE
@patriotact
's
@hasanminhaj
cracking jokes and telling truths.
"People are investing in education and trying to pay their loans back, but many borrowers are still treated like deadbeats because the government has put them in the hands of predatory loan companies like
@Navient
"
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This is bad for workers who should have a right to move freely in the labor market.
It’s also devastating to millions of workers stuck in TRAPs and other contracts that lock them into their jobs.
This is a brazen power grab by right-wing judges on behalf of big corporations.
BREAKING: A Texas federal judge has ruled against the FTC's noncompete ban, which will no longer take effect next month.
This adds to the long list of partisan judges obstructing the federal government's ability to regulate big business.
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Or…hear me out… shut the whole thing off.
If these judges force you to make the student loan system break— arbitrarily blocking borrowers rights based on operational constraints that have no root in the law itself— then just stand on the side of borrowers and SHUT IT DOWN.
What dept of ed is doing right now is illegal. They can’t stop processing idr applications for weeks just bc they feel like it. IBR is in statute, but DOE won’t let borrowers sign up. Servicers need to start processing paper apps or DOE needs to unblock the online application.
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This is a miscarriage of justice and an unprecedented misreading of the law.
Fortunately for millions,
@POTUS
knows that this kangaroo court doesn't actually constrain his ability to cancel student debt.
The law gives
@usedgov
another path forward. Joe Biden must seize it.
NEWS: Federal judge in Texas strikes down Biden's student debt relief program, declaring it illegal.
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The right-wing billionaire who paid for Alito's secret Alaska fishing junket is the chair of the board
@ManhattanInst
, where
@ishapiro
works.
Seems like someone should be asking harder questions about who pays the bills when
@ishapiro
briefs the court.
#CORRUPTION
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Anyone who treats this as straight news is missing the story.
The plaintiff is a *paid employee of the right-wing legal foundation that filed the case.*
Garrison is America's first student debt crisis actor.
PRESS RELEASE:
Today, Pacific Legal Foundation filed suit against the U.S. Department of Education to block its illegal move to cancel more than $500 billion in student loan debt.
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This is no less stupid and nonsensical from Bill Maher than it was from Herschel Walker.
Also, show me the bar that accepts canceled bills as payment and I’ll tell you where we’re throwing our victory party.
“73% of [Biden's student loan debt bailout] applicants say they are likely to spend their extra money on non-essentials, including vacations, smart phones, drugs, and alcohol,” Bill Maher tells Bernie Sanders.
"This is why people sometimes question some of what you're saying."
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4 out of 10 people with student debt don't have a college degree.
4 out of 10 people with student debt don't have a college degree.
4 out of 10 people with student debt don't have a college degree.
4 out of 10 people with student debt don't have a college degree.
4 out of 10
A full evaluation of student loan relief would take this into account. You might still like it—it benefits recent college grads and hurts most everyone else, both rich and poor. But don’t assume it is “free” money—it is not.
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🚨UPDATE ON DEBT RELIEF LAWSUIT-A-RAMA🚨
Last week,
@TheJusticeDept
petitioned SCOTUS to let Biden
#CancelStudentDebt
and reverse a lower court order pausing debt relief.
Today, an historic coalition of unions, advocates, scholars and experts filed briefs backing up DOJ.
🧵👇
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We are being held hostage by a rogue, unaccountable student loan industry and its bought-and-paid-for politicians.
Anyone tempted to frame this as Ds vs Rs is missing the story.
@MOHELA
is one of the largest student loan companies in America. It is fighting to keep us in debt.
Corrupt politicians are doing the student loan industry's dirty work. A judge will quickly dispose of this sham lawsuit, but we won't forget.
Banks and student lenders—especially
@MOHELA
—want to profit by trapping families in debt. We will hold them accountable.
More to come.
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The incredible
@propublica
team uncovered financial ties between Alito and billionaire Paul Singer.
Today, we called on Alito to recuse himself in the SCOTUS student debt relief cases- cases linked to groups Singer funds and leads.
@JustinElliott
@js_kaplan
@Amierjeski
1/
[BREAKING] Building on
@propublica
's bombshell exposing Justice Alito's ties to billionaire investor Paul Singer, we dug into Singer's support for litigants in the SCOTUS student debt relief cases.
This is
#corruption
.
Alito must immediately recuse.
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Do it. Do it. Do it. Do it.
#cancelstudentdebt
The President continues to support the cancelling of student debt to bring relief to students and families. Our team is reviewing whether there are any steps he can take through executive action and he would welcome the opportunity to sign a bill sent to him by Congress.
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“Business Journalist” doesn’t know the federal government owns the loans it’s cancelling and is, in fact, the largest consumer lender in the world.
Sad!
Remember no loans are “cancelled”. The costs are just passed through to others via tougher credit or higher rates to others down the line.
But if we’re going down this road, let’s wipe off truckers debt. The money they borrowed to buy the trucks that build America. Blue
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I accused this guy's boss of ~*greasing a sitting Supreme Court Justice*~ and his response was "bUt pRoNoUnS."
That's not even a denial-- their obvious grift is met with ad hominem attacks.
These guys want you to see them wield their power.
The
#corruption
is the point.
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[BREAKING] NEW
@CFPB
REPORT FINDS RAMPANT LAWBREAKING BY STUDENT LOAN COMPANIES, COLLEGES
Strap in folks, this is going to be a wild day.
🧵
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That this kind of thinking has purchase in both parties just shows how out of touch these people are.
It’s been *decades* since you could distinguish between “working poor” people and “people with student debt.”
Student debt makes working people poor.
The idea that student loan debt is inherently more deserving of forgiveness than other forms of debt is regressive. Forgiving car or mortgage debt for the working poor makes infinitely more sense on progressive terms. Not endorsing that but the fetish for student loans is bs.
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Last night,
@TheJusticeDept
filed its response to the sham lawsuit pushed by MO
@AGEricSchmitt
and five of his right-wing peers.
This is the most complete explanation of
@POTUS
' legal and economic rationale to date.
It is serious, thorough, and *absolutely devastating.*
🧵
In new court filing, Biden admin offers its first legal defense of student debt relief:
"... based on thorough economic analysis...targeted in response to the COVID-19 national emergency, fits comfortably within the Secretary’s HEROES Act authority."
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What is wildly popular with young people and doesn't require Congress?
Any ideas? Anyone?
Absolutely shocking age crosstabs on Quinnipiac's latest Biden approval poll
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That’s exactly why
@POTUS
had to cancel the debt.
The student loan system ran like an industrial-scale payday lending scheme.
It hasn’t been *new lending* driving the student debt crisis for a long time. It’s the structure of the loans themselves (which Biden is fixing!).
Do people know that federal undergraduate lending peaked in 2011 and has fallen by nearly 50 percent since then?
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[BREAKING]
@SpeakerMcCarthy
's long-promised counter on the debt limit dropped.
It seeks to make the student debt crisis permanent.
Swing district Republicans will be forced to take a show-vote on a right-wing fever dream of unpopular policy.
This is an historic debacle.
🧵👇
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Stares in crushing student debt
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[BREAKING]
@CFPB
Economists issue a dire warning about the state of student loan borrowers' finances.
This is ugly. And it is only going to get worse.
🚨🚨🚨🚨🚨
👇
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Roughly 1-in-3 voters said student debt relief was "the only reason I voted" or was "very motivating to get me to vote."
ONE THIRD OF THE ENTIRE MIDTERM ELECTORATE.
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If true, this puts
@JoeBiden
firmly to THE RIGHT of
@realDonaldTrump
, who has used executive authority to
#CancelStudentDebt
over and over again.
THREAD
paging
@SenWarren
&
@SenSchumer
Biden: "I’m going to get in trouble for saying this...it’s arguable that the president may have the executive power to forgive up to $50k in student debt...Well, I think that’s pretty questionable. I’m unsure of that. I’d be unlikely to do that.”
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As an old millennial who graduated w/ debt, but spent lots of time with folks who could avoid it, this strikes home— we make young adults live in financial precarity and even those who never miss a payment still miss out on so so much.
It doesn’t need to be this hard.
Some of us graduated at a time when almost no one had student debt, and just think that everyone should have the chance to take crazy jobs and flail a bit while they're trying to figure out what on earth to do now that they've graduated.
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Thomas took a bribe funneled through key power brokers at the center of the conservative movement and Trump White House. Everyone involved conspired to keep the cash a secret.
Bribery. Corruption. Conspiracy.
If you do not use those words, you are not telling the story.
Exclusive: Conservative judicial activist Leonard Leo arranged for the wife of Supreme Court Justice Clarence Thomas to be paid tens of thousands of dollars for consulting work nearly a decade ago, specifying that her name be left off billing paperwork.
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We are all Jeff’s friend tonight
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PSA: 📢KEEP CALM📢
This STAY is NOT an INJUNCTION.
This is normal course in the 8th Circuit, done to preserve the court's jurisdiction on an emergency motion.
THE COURT DID NOT BLOCK BIDEN'S DEBT CANCELLATION **POLICY**.
PEOPLE SHOULD KEEP APPLYING!
NEWS: 8th Circuit temporarily halts Biden admin from “discharging any student loan debt under the Cancellation program” as it weights emergency request to block the debt relief reprogram.
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This analysis is making the rounds in DC because it tells a specific group of people a story they want to hear.
But, as best as I can tell, the math is bad and the story is wrong.
If Joe Biden acts to
#CancelStudentDebt
, it won't move the needle on inflation this year.
🧵
🚨ANALYSIS🚨 - If the
@POTUS
cancels student debt, it will wipe out virtually ALL of the fiscal and inflationary gains from the Inflation Reduction Act.
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This thinking is exactly why we are in this mess.
To people like
@kevincarey1
, it's easy to blame activists, or budget constraints or even borrowers themselves.
Unwillingness to look at the ugly parts of the student loan system justifies it. It makes real change impossible.
🧵
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This is leadership.
New:
@AyannaPressley
is calling for student-loan payments to be paused in the event of a government shutdown: "It is abundantly clear that student loan payments should not resume October 1."
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[BREAKING]
@AFTunion
@theSBPC
have accused student loan giant
@MOHELA
of illegal student loan servicing, demanding the company end its scheme to block Biden's effort to
#CancelStudentDebt
.
We should
#cancelMOHELA
instead.
Indeed! 📢📢 We just joined
@AFTunion
to send a cease-and-desist to
@MOHELA
—the student loan giant behind
@AGEricSchmitt
's sham lawsuit to block student debt relief… because the company is engaging in a 𝙧𝙖𝙣𝙜𝙚 of illegal practices!
THREAD:
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This potential court challenge was the last barrier to debt relief for more than 800,000 people who had been in debt for decades.
These borrowers were cheated by predatory companies like
@Navient
and failed by gross mismanagement by
@usedgov
.
This is long-delayed justice.
[BREAKING] Federal judge in Michigan dismisses the legal challenge brought by
@CatoInstitute
and
@MackinacCenter
on standing grounds.
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But *why* would it drive up the cost of college? What evidence supports this?
You might also be shocked to learn that 87% of Americans oppose debt cancelation if it also forces them to eat broccoli for dinner tonight and a whopping 99% oppose if Biden also kills 50 puppies.
BREAKING: When you mention the potential costs of student loan cancellation, large majority support flips to large majority opposition.
Dig into the data.
@lindseymburke
@kissel_adam
@DrBethAkers
@jasonfurman
@EDAnalyst
@PrestonCooper93
@delislealleges
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This is an extraordinary moment for people with student debt.
We spend a lot of time talking about the deep flaws in the federal student loan system, and we often overlook the rancid companies like
@Navient
that dominate student loan industry.
But this is how we got here.
🧵
🚨BREAKING🚨A bipartisan group of 39 state attorneys general just announced that scandal-plagued
#studentloan
giant
@Navient
will have to to cancel nearly $2 billion in predatory private student loans.
Our statement:
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My superficial observation about politics, student debt, & rate hikes:
Inflation makes life harder for people. Higher rates make life harder, too. Restarting loan payments makes life even harder!
Seems like pundits want Dems to run on "take your medicine."
This is not good.
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@POTUS
Last month,
@rweingarten
and I warned
@SecCardona
that there was no middle ground, as right-wing AGs sought to dismantle Biden's legacy on student debt.
It's clear today that the student loan system no longer functions.
We need to suspend payments now.
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Among younger voters, the role of student debt was even more pronounced-- student debt ranked between climate change and guns as key issues.
Nearly 6-in-10 young voters said student debt relief was "the only reason I voted" or was "very motivating to get me to vote."
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This is the only correct take. Everyone else is playing politics because they don’t like debt cancellation’s vibes. The law is crystal clear.
That includes Roberts and Gorsuch, who are ushering in a new era of vibes-based jurisprudence here (“fairness” is a vibe check).
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The "if" heard 'round the world
#CancelStudentDebt
.
@PressSec
just now on student-loan forgiveness: "I don't have any additional executive orders to predict at this point in time, but if this resumes... Biden will continue working to ensure a smooth transition to repayment."
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It's so easy to spot the propaganda: critics always use *inefficient* and *regressive* interchangeably.
To achieve the *progressive* aim of protecting EVERY LOW INCOME PERSON from distress, the government also pauses payments for high earners.
This is not "regressive."
🧵
Student debt cancellation is regressive, but 𝐭𝐡𝐞 𝐬𝐭𝐮𝐝𝐞𝐧𝐭 𝐝𝐞𝐛𝐭 𝐩𝐚𝐮𝐬𝐞 𝐢𝐬 𝒓𝒆𝒂𝒍𝒍𝒚 𝐫𝐞𝐠𝐫𝐞𝐬𝐬𝐢𝐯𝐞, not to mention costly, inflationary, and unjustified.
Great piece by
@turnersarahe
, via
@BudgetHawks
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Hey
@PostOpinions
, we've spent 30 years trying and failing to target student debt relief "to those who really need it."
Misplaced faith in
@usedgov
's capacity deliver "targeted" debt relief is a major driver of the student debt crisis.
It is literally how we got here.
Biden should resist canceling student debt, the Editorial Board writes. Here’s a better policy:
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That’s why
@GroverNorquist
and I are joining together to call on
@POTUS
to cancel ALL student debt. Taxpayers with student debt deserve permanent relief, not more shell games by politicians.
#CancelStudentDebt
#nolabels
Big government politicians like the idea of sending checks to all citizens rather than reducing tax rates.
Why?, it is temporary, not permanent. Next year they will keep the money.
A "Rebate" is government spending.
Not a tax cut.
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Internal documents show MOHELA engaged in a tactic called "call deflection"-- intentionally driving people away from call centers, toward "self help" options like the company's website.
This let the company save money on staff.
It turns out denying service was always the plan.
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For anyone tempted by this tortured mess, a summary:
"Student debt is regressive if measured by wealth. But not "financial wealth" a different kind of wealth made up to support my policy preferences. But that's OK because I'm an economist and totally on the level."
It's a hoot!
“Measured appropriately, student debt is concentrated among high-wealth households and loan forgiveness is regressive whether measured by income, educational attainment, or wealth,” Adam Looney writes.
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For the record since it’s been a week:
1) no one should have to repay student loans for 50 years
2) fixing income driven repayment won’t help people who have not benefited from IDR but have been in debt for decades
3)millions of people fit this description
#cancelstudentdebt
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In rejecting this appeal, SCOTUS bought into the 8th Circuit’s legal fiction that pausing affordable payments is “preserving the status quo.”
This is bullshit.
Millions of people were repaying their student loans. Now they are in limbo.
Over no public dissents,
#SCOTUS
keeps Biden administration SAVE (student loan repayment) program *blocked*—while noting that it expects the case to be decided by the Eighth Circuit quickly (and, presumably, then appealed to the Court on the merits).
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@alexisgoldstein
Also, maybe more importantly, who cares if some millionaires send their kids to public college for free?
Seems like America has bigger problems.
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This is *the normal experience* for people with student loans.
For every two borrowers who repay loans in 12 years, three owe more than when they first borrowed.
Among Black borrowers, for every one who repays in 12 years, SIX MORE are deeper in debt.
Student debt is a trap.
One thing I want to flag that came up in many of these conversations—beyond those published here—is interest. People paying for *years* and the amount never budging.
"I graduated with $50,000 in debt. I have not missed a payment since 2009, and I currently have $51,000 in debt."
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This obvious hack job should never be taken seriously by anyone who knows anything about civics or the economy.
When you see who boosts
@jasonfurman
today, remember that it is difficult to get a man to understand something when his salary depends on not understanding it.
Student loan relief is not free. It would be paid for. Part of it would be paid for by the 87% of Americans who do not benefit but lose out from inflation. Part of it would be paid for by future spending cuts & tax increases—with uncertainty about who will bear those costs.
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CFPB found that colleges who withhold transcripts-- a practice that is illegal under state law in CA and many other states-- are violating the Dodd-Frank Act too.
This is a watershed moment for colleges-as-debt collectors.
cc
@NextGen_Policy
@YoungInvincible
@kresgefdn
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As always, Astra lays the stakes out better than I ever could.
What happens next is about so much more than partisanship or political conflict— Biden earned the trust and support of people with student debt. Breaching that trust will have consequences we can’t predict.
1/
“Student debt cancellation can be one of Biden’s signature victories, or a self-inflicted failure – an empty promise that risks demoralizing and demobilizing the demographic on which the future of the Democratic party, and arguably democracy itself, depends.”
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You can forgive people for reaching the conclusion that the entire student loan system is rigged to cheat borrowers out of their rights.
One example: teachers were denied loan forgiveness when they met every eligibility requirement, but formatted dates as MM-DD-YY instead of MM-DD-YYYY.
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Coming off of last night's Red Fizzle™️, folks are searching for an explanation.
Here's one:
Dems gave young people a vision for a country that *listens to them* and *responds.*
Republicans ran on making their lives worse.
This is motivating. It also shows the road ahead.
🧵
Dems lost votes of everyone over 40, like '20.
+25 w/ 18-24
+32 w/ 25-29
+11 w/ 30-39
= is why we have Dem gov in PA, MI, WI & likely Dem Senate.
While fear of MAGA was a factor,
@POTUS
deserves MUCH credit for keeping word/empowering youth.
☑️Student loans
☑️Climate
☑️Guns
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This is a scandal on its own terms, but made worse because
@MOHELA
is very very bad at servicing loans.
MILLIONS of MOHELA customers experienced servicing errors since payments resumed.
In total, more than 4-in-10 MOHELA customers have had some kind of servicing failure.
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If you engage in predatory lending with other people’s money, you are part of the problem. And those who oppose you are right to call you cruel.
If you are generous with other people's money you are not generous. And those who oppose you are not cruel.
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If you read one piece today on student debt, make it this one from
@TheProspect
.
This isn't "forgiveness."
@usedgov
is not doing these people a favor. This is long-overdue justice & undoes some of the catastrophic damage caused by a decade-old, industrial-scale fraud.
Finally.
Story is up:
Blanket, automatic loan cancellation from all predatory loans issued by Corinthian Colleges since 1995.
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@kibblesmith
How does this list not start and end with Rambo 2. He goes from PTSD-addled disgraced soldier fighting against the government that made him to true blue captain America...for some reason.
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Beneath the surface are a range of issues where Fetterman threw in with progressives and Ryan ran on the Third Way platform.
Cancelling student debt is among the most visible. Ryan ran to the right of
@POTUS
. Fetterman made the case to Biden & stood with him when he delivered.
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"moral hazard" is the last refuge of an economist whose model has failed them
"Expectation of additional debt forgiveness programs evokes a moral hazard incentive for college students to take out more loans and for universities to increase tuition rates." via
@richmondfed
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I’m just a simple country lawyer, but this seems like a bad sign for the “first serious challenge” to Biden’s action to
#cancelstudentdebt
.
People are saying
@PacificLegal
are not the brilliant tacticians we thought they were.
h/t
@Braxtonbrew96
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Marc left off the key to his snazzy chart.
Fortunately, I'm very good at MS Paint and i fixed it for him.
#CancelStudentDebt
🚨New
@BudgetHawks
Analysis🚨- cancelling all student loan debt would have a 'multiplier' of between 0.08x and 0.23x.
Regardless of its other merits, it would be *horrible* stimulus.
Read the analysis here:
Thread/
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CFPB also looked around the student loan market and lawlessness abounds.
Private loan holders
Government contractors
Colleges
Vendors for colleges
Everyone is breaking the law. If you ever doubt the reason why
@POTUS
needed to cancel student debt, you should read this report.
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Over the course of the past two decades, policymakers have attempted dozens of large and small policy interventions intended to protect student loan borrowers from financial distress.
Only one worked.
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Earlier today,
@PacificLegal
's website said Frank Garrison worked in their WASHINGTON, DC OFFICE.
A few minutes ago, they changed the website to show that he was based in Indiana.
STUDENT DEBT CRISIS ACTOR INDEED!
This feels like a Project Veritas stunt, not a lawsuit.
Anyone who treats this as straight news is missing the story.
The plaintiff is a *paid employee of the right-wing legal foundation that filed the case.*
Garrison is America's first student debt crisis actor.
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Every single person engaged in the beltway back-and-forth about lawsuits and the fight to
#cancelstudentdebt
needs to talk to people whose financial lives hang in the balance.
Maybe they wouldn't be so cavalier about the borrowers who get left behind.
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.
@POTUS
said that the pandemic left people w student debt worse off. Canceling debt is necessary to make it right.
Today, economists, sociologists & higher ed scholars make the case.
@louise_seamster
@AlanAAja1
@bakerdphd
@FenabaAddo
@DarrickHamilton
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The Rubio Bill, which has been around for half a decade, is very much *not great.*
Rubio deserves credit for recognizing that the current model for student loans creates debt traps.
Debt traps are bad. Replacing debt traps with giant junk fees is also bad.
1/
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Happy "Bump an Old Walz Tweet that Confirms He's Good on my Niche Issue" Day to all who celebrate
Student loan debt is a crisis in our state. Every student deserves a shot at a college education and soaring costs shouldn't stand in the way.
When we invest in our students, we invest in our future.
#OneMinnesota
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Six Republican state AGs sued to block Biden from canceling student debt.
They claim "standing" because their states-- SC, KS, IA, NE, AR, MO -- own old federal loans or back state-chartered student loan companies.
How is this possible?
A deeply disturbing 🧵 (with zombies)
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As an aside:
Judge Steven Grasz was one of the three Republican-appointed judges who voted to temporarily block student debt relief.
Until he joined the 8th Circuit, Grasz was Chief Deputy AG in Nebraska. He just sided with his former employer instead of recusing himself.
Once again, the narrow financial interests of the student loan industry trump the urgent economic needs of tens of millions of Americans with student debt.
This is a travesty.
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Once again, we are asking
@POTUS
to step back from the brink and help millions of people with student debt stay afloat.
Check out the "Inflation & Omicron Special Edition" letter from us and a huge, growing coalition of partners. 👇
It's long past time to
#CancelStudentDebt
[BREAKING] More than 200 orgs are calling on
@POTUS
to delay restarting federal
#studentloan
payments for tens of millions of borrowers. Resuming payments will throw borrowers back into a system plagued by breakdowns, corruption, and abuse.
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As the dust settles on two of the highest profile Senate races, a big question for Dem's:
Are we the party of
@TimRyan
's bland, warmed-over centrism or
@POTUS
&
@JohnFetterman
's vision of a future where America does things to help people?
Voters made a clear choice last night.
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Larry Summers gets his facts wrong.
He also ignores the *obvious public health case* for a continued
#studentloan
payment pause.
Let's break this down again.🧵
#cancelstudentdebt
Judged purely in terms of economic impacts, the Administration’s decision to extend student loan moratorium is highly problematic.
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This is an economist who says people in default do not “benefit” from debt cancelation since they weren’t paying anyway.
Tell me you’ve never talked to a person who struggled with student debt without telling me you’ve never talked to a person who struggled with student debt.
Fogiveness advocates focus on wealth because the relationship between debt and income is damning. Two facts:
1/ Below age 40, lifetime income inequality dwarfs wealth inequality in $
2/ People in the bottom 25% of the wealth distribution with big debts tend to be top 25% earners
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As usual,
@imillhiser
gets it exactly right.
"The Court’s decision in Biden v. Nebraska is nothing more than an exercise of raw power. It bears no resemblance to actual law."
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People are skeptical when I say the fight to defend student debt relief is a test of our democracy.
Today, the America First Policy Institute- the official election-denying propaganda organ of the Trumpist right- filed a brief in opposition.
Fascists want to keep you in debt.
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2⃣ There is robust research debunking the idea that student debt is a "rich kid" thing. Student debt sits with those who have the least wealth, disproportionately Black & brown folks.
This
@tressiemcphd
@louise_seamster
breakdown is brilliant.
#lowered
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Great questions, terrible answers. Prof Turner flunks:
1⃣ the basics of how government works (executive action vs. lawmaking)
2⃣ the mechanics of gov spending & debt
3⃣ the distribution of debt relief (ignoring wealth! & race!!)
TL;DR this is just fancy propaganda.
My own 🧵👇
It may sound nice and play well on the evening news, but (another) student loan repayment pause is regressive and expensive. Who benefits? What is the cost?
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My dude locked his account.
Getting that next gig as a student debt crisis actor is tough if no one can find you.
I guess its back to shilling for polluters and cheering for the Reds like a good, red-blooded Virginian who totally lives in Indiana he swears (in federal court).
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[BREAKING] ED SAYS STUDENT LOAN COMPANIES SCREWED UP ANOTHER 750,000 BORROWER ACCOUNTS
3.25 million people in total.
My back-of-the-envelope math: nearly 15% of all people who got bills due in October have run into some kind of servicing failure so far.
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@MsPeoples
@POTUS
That's totally right. And worst part is they don't even have the courage to put their names on the order!
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Helping fewer people is not more of anything. Pass it on.
Larry Summers made the point that means-tested relief would be more progressive than the current payment freeze, which is universal. He also said he'd prefer Dems provide aid to non college grads, who in aggregate have lower earnings
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