Staff Reports
In a shocking turn of events, it has been announced that the Biden administration will be forgiving an additional $7.4 billion in federal student loans, totaling a whopping $153 billion in forgiven student loans since last summer. That’s a whole lot of zeroes, folks!
White House announces new student loans moves and defends high cost to taxpayers https://t.co/97wF5Xy0M1 via @dcexaminer
— Fearless45 (@Fearless45Trump) April 12, 2024
According to the White House and Department of Education, this move will benefit 277,000 borrowers who will no longer have to repay their loans. The press secretary, Karine Jean-Pierre, proudly reported that nearly 4.3 million borrowers have been approved for debt cancellation thanks to the actions taken by the Biden administration.
But hold onto your hats, folks, because there’s more! The Department of Education has introduced the Saving on a Valuable Education (SAVE) plan, which aims to reduce the amount that future borrowers will have to repay. However, this plan comes with a hefty price tag of $475 billion over 10 years, courtesy of hardworking taxpayers like you.
The administration claims that the SAVE plan will provide crucial relief to borrowers, particularly those with low balances for college, but let’s not be fooled by the smoke and mirrors. Republican critics argue that this plan is unfair to those who never attended college, never took out loans, or responsibly paid off their debts. Not to mention, they’re raising concerns about the president’s bold moves to spend taxpayer money without Congress’s approval.
It’s a showdown of epic proportions, as GOP-led states are taking legal action to strike down President Biden’s student loan plans. The press secretary condemned these lawsuits, accusing Republican elected officials of wanting to prevent their own constituents from benefiting from the SAVE plan. Education Secretary Miguel Cardona chimed in, touting SAVE as “the first real student loan safety net in the country” while conveniently ignoring the cost to hardworking Americans.
This isn’t the first rodeo for President Biden in the student loans arena, as he previously announced a staggering $430 billion in write-offs in August 2022, only to have the Supreme Court rain on his parade in June 2023. Undeterred, he has continued to roll out smaller rounds of forgiveness and has his sights set on more. With major spending and election implications at stake, Biden is determined to win over younger voters and fulfill a campaign pledge from 2020.
But not so fast, Mr. President! Republican Missouri Attorney General Andrew Bailey has vowed to put a stop to these shenanigans. He’s standing up against what he calls the president’s “brazen attempt to curry favor with some citizens by forcing others to shoulder their debts.” Now that’s what we call fighting for the little guy, folks!
