The Biden administration has announced plans to finalize a new student loan forgiveness program this fall, targeting a broad swath of borrowers and aiming to deliver significant debt relief. This effort comes after the Supreme Court struck down the initial attempt last year, ruling that the HEROES Act did not authorize such widespread forgiveness.
The new proposal seeks to address various issues within the student loan system by expanding existing forgiveness programs and introducing new measures. The plan aims to benefit over 30 million borrowers, focusing on those with high balances due to accumulating interest, long-term repayment histories, and borrowers from institutions that failed to provide sufficient financial value. It includes;
Morality: Harris won CA AG by f*kking a married man. Walz got a DUI fixed
Legality: Biden and Harris ignored the Supreme Court and continued to give student loan bailouts
Truth: Harris knew Biden has dementia but lied. #MAGAts https://t.co/aUQC8hICeu— TrishInTexas24🙏🇺🇲🍊🪖⚜️ (@TrishInTexas24) August 7, 2024
The administration's first major attempt at loan forgiveness aimed to cancel up to $20,000 in federal student loans for individuals earning less than $125,000 annually and couples earning less than $250,000. However, this plan was blocked by the Supreme Court in a 6-3 decision, which deemed the approach unconstitutional under the HEROES Act.
Since taking office, President Biden has approved nearly $138 billion in student debt cancellation for almost 3.9 million borrowers through various executive actions. This includes $69.2 billion for public service workers, $51 billion through administrative adjustments to IDR plans, and additional relief for borrowers with disabilities and those defrauded by their schools.
The Biden administration sent out emails on Friday to millions of borrowers, notifying them of an upcoming mass student loan forgiveness plan. https://t.co/yVk0m0BAMH pic.twitter.com/DP3tBXoKVd
— Antonio Porretta (@AntonioPorrett1) August 7, 2024
The Biden administration's push for student loan forgiveness has faced significant opposition from Republicans and conservative groups, who argue that such measures unfairly burden taxpayers and do not address the root causes of high education costs.
Critics also contend that widespread loan forgiveness could incentivize colleges to raise tuition further, knowing that future debt could be forgiven.
Despite these challenges, the administration remains committed to providing relief, positioning student loan forgiveness as a critical issue ahead of the upcoming presidential election. By targeting a wide range of borrowers and focusing on long-term financial stability, the Biden administration hopes to alleviate the burden of student debt and make higher education more accessible and affordable for future generations.
When is someone going to stop Biden and Harris and democrats from wasting taxpayers money for students loans. Court told Biden it’s illegal and he’s still doing it. Lock his ass up talk about being above the law. This administration has destroyed America values. Biden should of been hung for Treason years ago. Harris is just brain dead and and a lying black corrupt asshole.