Joe Biden ‘Cancels’ Another $1.2 Billion in Student Loan Debt
“In an executive action that was originally planned for July, Biden has activated a Savings on Valuable Education (SAVE) plan policy that cancels debt for enrolled borrowers who have been in repayment for at least 10 years and hold $12,000 or less in student loan debt.”
Joe Biden has just waved away another $1.2 billion in student loan debt, despite being told months ago by the United States Supreme Court that he doesn’t have the authority to do so.
There is no getting around the fact that this looks like Biden is buying votes.
FOX Business reports:
Biden cancels $1.2 billion in student debt six months ahead of schedule
The White House on Wednesday announced that President Biden has canceled another $1.2 billion in student loan debt for more than 150,000 borrowers earlier than expected.
In an executive action that was originally planned for July, Biden has activated a Savings on Valuable Education (SAVE) plan policy that cancels debt for enrolled borrowers who have been in repayment for at least 10 years and hold $12,000 or less in student loan debt. Those with larger debts will receive relief after an additional year of payments for every additional $1,000 they borrowed.
“This shortened time to forgiveness will particularly help community college and other borrowers with smaller loans and put many on track to being free of student debt faster than ever before,” the White House said in a statement. “Under the Biden-Harris Administration’s SAVE plan, 85 percent of future community college borrowers will be debt free within 10 years.”
Biden has now unilaterally wiped away nearly $138 billion in federal student loans for almost 3.9 million borrowers without a single act of Congress. The student loan bailouts come after the U.S. Supreme Court blocked Biden’s initial debt cancelation plan last year, which would have cost more than $400 billion.
They’re actually boasting about doing this on the White House website:
From Day One of his Administration, President Biden vowed to fix the student loan system and make sure higher education is a pathway to the middle class – not a barrier to opportunity. Already, the President has cancelled more student debt than any President in history – delivering lifechanging relief to students and families – and has created the most affordable student loan repayment plan ever: the SAVE plan. While Republicans in Congress and their allies try to block President Biden every step of the way, the Biden-Harris Administration continues to cancel student debt for millions of borrowers, and is leaving no stone unturned in the fight to give more borrowers breathing room on their student loans.
Most of the media just accepts the framing of the Biden administration.
In 2021, even Nancy Pelosi said Biden doesn’t have the authority to do this.
“People think that the president of the United States has the power for [student loan] debt forgiveness. He does not.”
— Nancy Pelosi (July 2021)pic.twitter.com/0iz8uQeKXG
— RNC Research (@RNCResearch) February 21, 2024
Lots of people are talking about this.
There is no such thing as student loan "forgiveness."
President Biden is simply transferring the debt to make you and your kids pay back student loans that you never took out.
— Tom Cotton (@TomCottonAR) February 21, 2024
Today’s @POTUS pay-off is a slap in the face to people who never took out student loans or already paid their own debt.
Hardworking Americans should not be forced to pay off somebody else’s debt.
The Senate will fight to end Biden’s insulting & unconstitutional scheme. https://t.co/cevFQ6FG5j
— Sen. John Barrasso (@SenJohnBarrasso) February 21, 2024
The Biden administration is trying to cancel $1.2 billion in student loan debt.
Yet another move that circumvents the Supreme Court’s authority and harms American taxpayers.
— Sen. Marsha Blackburn (@MarshaBlackburn) February 21, 2024
Biden is not "canceling" student debt. He is taking debt from borrowers who willingly took it on and transferring it onto taxpayers who chose not to attend college or already paid off their loans. It is unfair and nothing to be proud of. https://t.co/ysgiANUaj9
— U.S. Senator Bill Cassidy, M.D. (@SenBillCassidy) February 21, 2024
It’s illegal. It’s unconstitutional. It’s immoral. It’s essentially voter fraud. And it is disqualifying. https://t.co/kyl936cSa1
— David L. Bahnsen (@DavidBahnsen) February 21, 2024
Impeachable. https://t.co/zVylQhJ0qR
— Stephen L. Miller (@redsteeze) February 21, 2024
“Canceling student debt” translates to — “Pay off my debt with taxes paid by other people.”
The debt doesn’t disappear — it gets paid by taxpayers. You.
The students who signed up for the debt are released of their responsibilities, and the burden is now on others.
— Michele Tafoya (@Michele_Tafoya) February 21, 2024
This is such a slap in the face to the millions of Americans who did the right thing and paid off their student loans.
Featured image via YouTube.
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Comments
Just another example of a “It’s not your fault” government. Got student loans for your worthless degree in Lesbian Dance Theory? Not your fault. Got arrested for armed robbery? Not your fault. So you’re a singe, unwed mother of 6…. Not your fault. Your government is morally and financially bankrupt and utterly incompetent? Not your fault.
Buying votes
If Biden canceled any of my children’s student loans, I wouldn’t complain, and I still wouldn’t vote for him, and neither would they.
But my children are part of the payer class with professional degrees and aren’t Democrats, so they would never receive the largesse from the Treasury/taxpayer.
Of course, if they had degrees in (enter whatever “Studies” degree here) such as putting condoms on bananas to teach children about oral sex and what anal rape feels like, they would get all kinds of money.
Wonder if when those children turn into taxpaying adults and the debt is way over 40 trillion and they have to pay over half of their income if they’ll still feel like they got lucky.
Can this be court challenged? Does the president have the power to unilatterally cancel written contracts?
It was challenged in the Supreme Court, and Traitor Joe lost . . .
But that was a COURT loss, and it is being ignored as if it never happened. What is needed now is the political will to stop this bastard.
More to the point, it was a court loss against that one plan, so all Biden has to do is paint it yellow and now it’s a “new plan.” He needs to be sued again. He also needs to be impeached, but like that’s gonna happen.
So nothing will happen because the GOPe won’t do a thing about it…..as usual.
No, he does not. The answer is found in Article I, section 9, the Appropriation Clause, “No money shall be drawn from the treasury, but in consequence of appropriations made by law[*]; and a regular statement and account of receipts and expenditures of all public money shall be published from time to time.
The word “No” is clear and unambiguous.
It’s precisely because the Constitution is not obeyed as written** that we have behemoth government. If followed faithfully, fedgov would be 5% of its present size.
The Constitution is the Solution lecture series,
https://jbs.org/video/constitution/
*And ONLY Congress can make law. Article I, section 1.
**The voters are certainly the ones responsible for this situation because they don’t know that their own Constitution is designed to LIMIT fedgov. As a result they’ve sent to DC representatives (mostly Ds) who have NOT been faithful to their Article VI oath of office and who have enlarged government by deliberately not obeying the principle of limitation. Today’s situation is the result of the 000s of unfaithful reps who’ve served in Congress for the past 130 years.
This is just bad policy and unconstitutional. I steer clear of the slap-in-the-face argument which is susceptible to the parable of the grape pickers.
Wow! Joe Biden doesn’t seem to have ever canceled out any debts other Biden family members owed him … About half of the financial transactions of Joe Biden have been Bidens repaying loans to him. But, man! Joe Biden is one of the most forgiving people in the history of Mankind when it comes to people who owe him money for the loans he gave them to go to college!
He didn’t give them that money, they borrowed it from the rest of us at already very favorable and lenient terms. This is what I believe we call theft.
I was being facetious, and you’re correct – though it’s worse than plain theft.
But I think it would be funny for someone to ask Traitor Joe if he has ever canceled any of the “debts” his family members owed him – especially given the laughable amount of “loan repayments” that seem to happen in the Biden Crime Family.
How does he have that kind of power? We need to end government student loans.
Well, first, he doesn’t really have that kind of power… but it was the transfer of the student loan trough from private funders to government as the lender that gave him the ability to usurp it.
Can we tax payers file some sort of lawsuit to get this overturned? I paid off my student loans and this pisses me off.
Milhouse will be here shortly to expound on the inability of the taxpayers to receive relief from a runaway government, and how it’s a good thing.
Hey, remember in 2013 when the execrable Harry Reid (D-hell) blew up the Senate’s nuclear option to affirm judges to the courts? Glitch McConnell (R-China) told Harry he would regret it. Three years later, Glitch blew up the nuke option for scotus appointments. Good times.
Thanks, JoeBama for blowing up the obligation to comply with scotus opinions.
You will regret it.
No, he won’t. Joe is the executive branch. He controls enforcement — to wit, FBI goons. If you don’t comply with a court opinion he likes, he sics them on you. If he doesn’t comply with a court opinion he doesn’t like, crickets.
The old pedophile won’t occupy that office forever
Yup. Regimes change. The issue is will /our guys/ have the stones to weaponize it against /their guys/. Past performance says ‘No.’
And this is why we can’t have nice things.
So can I get my tax debt written of also?
If you pay Biden 10% of your tax liability, you just might.
Another example of why ending the Dept of Ed is a good idea. Rep Massie has introduced legislation to do just that.
We need a Sunset Commission for the Federal govt…. every single agency should be under regular review with an eye towards downsizing it, shrinking its budget and perhaps eliminating it completely. If it isn’t explicitly enumerated in the Constitution as a power of the Federal Government, then we should seriously consider getting rid if it. These fed govt leeches are WAY out of control and they need to have their nuts cut out.
It’s Lent. I will include Massie’s bill in my prayers.
biden “re wrote” a law to act like his actions are now legal
combine this with the scotus refusing to hear other cases involving race based school admissions or the 2020 obvious violation of the law in PA
and the GOPs refusal to do what they in fact can do to stop lefty
and we have a middle class of americans being led to the ( currently) figurative slaughter
the lefts continued ignoring of the law and there is a dispute on whether or not they stole the 2020 elections??????
ahahahahahahahahahahah
Well, its nice to know that the retarded, demented pedophile bastard obeys court rulings … or maybe the senile old fart forgot about that decision.
This should serve as yet another article of impeachment.
Trump is being prosecuted for paying off a “professional actress” with his own money to hush up about a supposed affair because that money is considered campaign financing — meant to influence the way people vote.
But telling voters they can keep other people’s money they borrowed with the not-so-subtle intent to bribe them to vote for you…. that’s about as legit as stealing classified documents you are not even authorized to see and store them in your garage in order to facilitate a bribing operation with an enemy state.
In a perverse way, Biden doing this is a good thing.
When the Sup Crt says Texas cannot build a border wall, that Texas cannot send illegal aliens back, Texas can say, “See what Biden did. We’re doing it too.”
The next move for Binden would be to cancel the 21 Trillion Dollar National Debt.
We wish it was only 21 trillion dollars
You mean the 34 Trillion dollar and continually growing national debt?
https://www.usdebtclock.org/It’s good to be king.
despite being told months ago by the United States Supreme Court that he doesn’t have the authority to do so
And if our Supreme Court wasn’t so wrapped up in the niceties of form and rules, they would simply issue an order saying “What part of ‘You can’t do this’ did you not get? Shut it down!”
The Legal System of Wishful Thinking is at an end. Channeling Stalin, “how many divisions does the Supreme Court have?” Well… once upon a time it was “We the People” but that has been neutered and on the way to being disarmed.
Trump is now Emmanuel Goldstien, and the “two minutes of hate” is on every MSM channel every hour.
Perfect comparison.
https://en.m.wikipedia.org/wiki/Emmanuel_Goldstein
The president may not have the power of the purse but the dictator does.
“….despite being told months ago by the United States Supreme Court that he doesn’t have the authority to do so.”
The left has declared the current Supreme Court illegitimate. Look at what the Hawaii Supreme Court wrote about the 2A a few days ago. Look at any blue state reaction to anything not going their way.
You want to see real insurrection? It’s staring you in the face.
Meanwhile, our side still sits here complaining the other side doesn’t play fair.
There is nothing SCOTUS can do until somebody on our side brings a suit to challenge Biden.
I’m not talking about SCOTUS cases. Those might take years before being heard. Our side repeatedly refuses to acknowledge how tyrannical the left is. Oh, the court said you can’t do that. Really? Meanwhile, the left says GFY.
This is such a slap in the face to (me) who did the right thing and paid off my student loan, my wife’s loans, and undergraduate education, medical school ($65,000 per year), and dental school ($72,000 per year) loans for my three children.
Hey Joe, what’s fair is fair. How do I get reimbursed?
Then there’s the Veterans of the two decade + ‘global war on terrorism who had to put their life on the line in Iraq, Afghanistan and other unpleasant places to earn their GI Bill or qualify for student loan forgiveness.
Each time these student loans are wiped away for the borrowers it devalues military service. Good luck finding recruits for the future neocon wars.
Seize the Endowments.
The taxpayer should not be paying for this. The taxpayer is the victim.
“…President Biden vowed to fix the student loan system … cancelled … student debt…”
Cleaning up the bad results from a broken system is not fixing the system.
Now do immigration.
OK, so property valuations for securing loans are what the G says they are, or it’s fraud subject to crippling judgments.
Now, loans to a preferred constituency are “forgiven” at the drop of an executive order — what do the loan holders get?
How to do “everything not compulsury is forbidden” for commerce, without needing an actual Ministry to do it.
Is this considered income, and will they have to pay taxes on their “loan forgiveness”, or do they get away with that as well?
There are three coequal branches. Executive, Legislative, and Judicial.
The judiciary, in the form of the Supreme Court, has ruled that the executive has no legal or constitutional authority to cancel student debt unilaterally. The Legislative Branch has to enact legislation to cancel student debt.
There is no ‘workaround.’ Biden’s actions reflect actions commonly found in banana republics.