Biden Administration Unveils $7.4 Billion Student Debt Forgiveness Plan – One America News Network
OAN’s James Meyers
8:28 AM – Friday, April 12, 2024
The Biden Administration has announced they are canceling an additional $7.4 billion in student loan debt just ahead of the upcoming presidential election.
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Biden said the latest student loan forgiveness plan will target an estimated 277,000 borrowers across America, with the national debt topping $34.5 trillion.
The president praised his Saving on a Valuable Education (SAVE) plan, which came after the Supreme Court (SCOTUS) stopped Biden’s student loan forgiveness plan.
“These 277,000 borrowers are enrolled in my administration’s SAVE Plan, or were approved for relief because of fixes we made to Income-Driven Repayment Plans and Public Service Loan Forgiveness,” Biden said in a news release. “From day one of my administration, I promised to fight to ensure higher education is a ticket to the middle class, not a barrier to opportunity.”
Additionally, Biden said he will promise to “never stop” working to cancel student debt, which took a shot at Republicans who have been in opposition of student loan repayment plans.
“Republican elected officials across 18 states want to prevent their own constituents from benefiting from the SAVE plan,” White House Press Secretary Karine Jean-Pierre said. “They want to end SAVE and make their constituents’ monthly payments go up and keep them under mountains of loan debt with no end in sight.”
“The president will continue fighting to give people more breathing room and using every tool at his disposal to help borrowers.”
According to the Department of Education (DOE), it said that the new plans would wave built up and capitalized interest for millions of borrowers, automatically discharge debt for borrowers, and eliminate student debt for borrowers in repayment for 20 years or more.
Additionally, the plans are also there to help those enrolled in low-financial-value programs, and assist borrowers who experience hardship in repaying their loans.
The newly announced student loan forgiveness plan comes as 18 states have sued against Biden’s student loan plan.
Arkansas, Florida, Georgia, Ohio, Missouri, North Dakota and Oklahoma joined a growing number of states and filed a complaint against the plan on Tuesday.
Furthermore, Missouri Attorney General Andrew Bailey’s (R-Mo.) lawsuit has argued that Biden’s “SAVE” plan, which was originally announced in February, is illegal and would cost taxpayers an estimated $475 billion.
“With the stroke of his pen, Joe Biden is attempting to saddle working Missourians with a half trillion dollars in debt. The United States Constitution makes clear that the President lacks the authority to unilaterally ‘cancel’ student loan debt for millions of Americans without express permission from Congress,” Bailey told Fox News Digital.
“The president does not get to thwart the Constitution when it suits his political agenda. I’m filing suit to halt his embarrassing attempt to buy the 2024 election in direct violation of the law. The Constitution will continue to mean something as long as I’m Attorney General.”
According to the DOE, the public will have an opportunity to comment on the proposed actions “in the coming weeks.”
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