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 scheduleThe 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.
Lots of people are talking about this.
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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