(DCWatchdog.com) – Pushing further his policies for burdening the entire nation with some people’s debts, President Joe Biden’s administration has announced the cancellation of $7.7 billion in student loan debt for approximately 160,000 borrowers.
See a video of Biden’s press secretary commenting on the plan below!
In a formal statement, President Joe Biden revealed that this debt forgiveness was granted to individuals who had applied under his administration’s Saving on a Valuable Education (SAVE) repayment plan.
This group includes professionals such as teachers, nurses, and law enforcement officials, The Daily Caller reports.
The initiative comes as a response to a Supreme Court decision from June 2023, which, in a 6-3 vote, thwarted the administration’s efforts to provide student loan relief to nearly 40 million Americans through executive action.
“Today’s announcement comes on top of the significant progress we’ve made for students and borrowers over the past three years,” Biden commented, highlighting further accomplishments.
“[These include] providing the largest increases to the maximum Pell Grant in over a decade; fixing Public Service Loan Forgiveness so teachers, nurses, police officers, and other public service workers get the relief they are entitled to under the law; and holding colleges accountable for taking advantage of students and families. And last month, I laid out my Administration’s new plans that would cancel student debt for more than 30 million Americans when combined with everything we’ve done so far,” he elaborated.
According to the statement from the president, Biden’s policies have now resulted in the forgiveness of student loans for 4.75 million Americans.
His prior initiative to cancel $7.4 billion in debt for 277,000 borrowers under the SAVE plan was projected by the Penn Wharton Budget Model to cost about $84 billion.
This figure is in addition to the anticipated $475 billion expenditure for other previously announced educational plans.
In August 2023, Biden introduced another strategy aimed at alleviating student debt.
This plan involves forgiving up to $10,000 for borrowers who are not Pell Grant recipients and up to $20,000 for those who are, leveraging the 2003 HEROES Act.
This legislation empowers the education secretary to “waive or modify” aspects of student financial aid programs during national emergencies, ensuring that beneficiaries are “not placed in a worse position financially.”
Shock! NBCNew's Peter Alexander actually calls out Biden's ridiculous student loan debt relief.
"Why don't those individuals who didn't receive 35k in debt cancelation deserve a check from other Americans for whatever means they would want to use it." pic.twitter.com/VEhmgeuGRx
— Media Research Center (@theMRC) May 22, 2024
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