Home loan owners want to have their debt written off too, the same way Biden Administration is writing off student loans

Victor

Homeowners with mortgages want their loans forgiven the same way that the Biden administration is doing to student loans, saying that it is not fair for the rest of people with debt.

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President of the United States, Joe Biden.Photo byCCGE / Flickr

Those with home loans have expressed their satisfaction with Texas' decision to pause student loan breaks, pointing out the unfairness of it to those with mortgage debt.

One user took it to Twitter, arguing that those with college debt took out the debt at the same time that they took out a mortgage, knowing full well that it would be a significant obligation.

The user continued to say that if they are getting bailed out by this scheme run by the Biden Administration, then the rest of those people who are in debt should also have that fair shot.

There are those who slammed this analogy by pointing out that the two should not be compared because, in most cases, college loans are made when students are 18-years of age and barely legal to do anything.

The most profound response to that happened with people mentioning that the mortgage debt helps with building equity plus a good credit score and, in the end, selling it for profit.

Several Republican leaders like Ted Cruz have already shown their excitement with this program being halted by a court order, and it is possible that the court won't reach a verdict until several months have passed.

This program by President Joe Biden had already been put on pause because of a separate legal challenge, but the administration had continued to collect applications and had received 26 million of them up to this point.

Since the program to erase student loans was launched in August, the Biden administration has been forced to contend with a number of legal challenges to the program.

  • Low and middle-income borrowers who qualify for the program could get up to $10,000 of their federal student loans cancelled and up to $20,000 if they also got a Pell grant while they were in college.

On Thursday, the United States Supreme Court approved the discharge of student loan obligations totaling $6 billion, according to a report.

Following the most severe setbacks that recent lawsuits have caused, this decision could have an effect on as many as 200,000 loans.

The case, however, has nothing to do with the $400 billion in student loans owed by 40 million Americans as a result of the Biden administration's pandemic-related debt forgiveness scheme.

The Supreme Court heard arguments in February regarding challenges to the program and is likely to issue a ruling in June.

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