Biden forgives ANOTHER $4.8 BILLION in student debt: President’s huge plan to go around the Supreme Court continues with latest wiping of loans for 80,000 borrowers
On Wednesday, Joe Biden canceled $4.8 billion in student debt, bringing the total amount he has forgiven to $132 billion for more than 3.6 million borrowers.
This came despite the Supreme Court in June striking down his plan to write off $400 billion in debt.
Republicans criticized the move and said taxpayers would be forced to foot the bill.
The latest move will benefit 80,000 people, including public sector workers and those who have been paying off loans for at least 20 years.
Biden said, “Following the Supreme Court’s decision on our student debt relief plan, we continue to seek an alternative path to provide student debt relief to as many borrowers as quickly as possible.
Biden said the move would allow former students to “realize their dreams.”
Students protest the Supreme Court’s decision against President Joe Biden’s student debt relief program in June
“From my first day in office, I vowed to improve the student loan system so that higher education gives Americans opportunity and prosperity rather than an unmanageable burden of student loan debt.”
He added, “I will not shy away from using every tool at our disposal to give student loan borrowers the help they need to achieve their dreams.”
Republican Speaker Mike Johnson said: “The Biden administration’s latest student debt transfer does not ‘cancel’ or ‘forgive’ a penny of student loan debt.
“Instead, President Biden is once again asking hardworking taxpayers to foot the loan bills for wealthy graduates. It’s not only unfair, it’s wrong.”
Most of those who benefited from the latest repeal were told in November that their remaining debt would be cleared.
Biden has forgiven more student debt than any previous president.
Education Secretary Miguel Cardona said, “The latest payments are the result of the current administration’s tireless efforts to fix our country’s broken student loan system and put hard-earned debt relief into the hands of eligible borrowers.”
National survey of 400 small business employers conducted June 5-30, 2023.
Protesters holding signs calling for student debt forgiveness stand in front of the U.S. Supreme Court in Washington, D.C., Friday, June 30, 2023.
Last month, Biden told 813,000 Americans that he had paid off their student loan debt.
Former students received an email from Biden notifying them.
Biden’s push to cancel student loan debt comes less than a year before the election, and he is trying to win over younger voters.
In early October, it canceled $9 billion in student debt for 125,000 borrowers.
Biden’s student loan forgiveness program, which was stopped by the Supreme Court, promised up to $20,000 in debt relief to low- and moderate-income borrowers.
The administration has since found other ways to announce debt forgiveness.