Staff Reports
In breaking news, President Joe Biden has rolled out a plan to wipe away or shrink student loan debt for a whopping 30 million borrowers just a few months before the 2024 general election. The Commander in Chief’s first shot at taking charge on student loans was knocked down by the Supreme Court in the summer of 2023, but that didn’t stop the White House from pulling more tricks out of its hat. Fast forward to now, and the Biden administration has managed to scrub off billions in loan debt for over 4 million borrowers.
Biden rolls out new student loan plan, ignoring GOP legal challenges https://t.co/ewKkyO48HF
— Washington Examiner (@dcexaminer) April 8, 2024
But hold onto your hats, folks, a group of Republican-led states ain’t too happy about Big Joe’s moves, and they’re taking him to court again. Yup, we’re talking about another legal battle that’s gonna have a direct impact on Biden’s re-election hustle as he tries to win over voting crews like the younger crowd.
According to the White House, this new plan is gonna bring “money stability” to around 70% of all federal student loan suckers, with most of them being black and Latino. The White House yapped that “Black students are more likely to get roped into student loans than white students, and they end up hugging nearly double the debt as their white pals four years after tossing their graduation caps. Oh, and Latino borrowers are also more liable to skip out on their student loans compared to their white counterparts.”
Biden’s plan is set to either totally trash or scale down debt for these groups of borrowers, as per a cheat sheet released by the White House:
– Folks who owe more than they did when they first started dropping dough on their loans
– Loan lovers who are eligible for Biden’s debt-forgiveness goodies but haven’t applied just yet
– People who’ve been chipping away at their student loans for over 20 years
– Loan leeches whose money was forked over for “low-money-worth programs”
– Folks who are struggling hard to keep up with their loan payments, which is making it tough for them to build family riches, kickstart businesses, buy homes, and more
The White House bragged that Biden’s plan would fully zap the accrued interest for 23 million borrowers, and it’d totally wipe out the rest of the balances for 4 million borrowers. On top of that, an extra 10 million borrowers would see cuts of $5,000 or more.
But hey, hold your horses, cause this plan, just like Biden’s first moves on student loan debt, isn’t a sure thing yet, and it’s gonna take months for the Education Department to lock in the deal.
“President Biden will pull out all the stops to chuck student loan debt into the garbage for as many borrowers as possible, no matter how many times those Republican bigwigs try to stand in his way,” chirped White House press honcho Karine Jean-Pierre.
Biden’s hittin’ the road on Monday and heading to Madison, Wisconsin, where he’s gonna spill more beans about the plan.
