(The Center Square) — The Department of Education announced Friday that $39 billion in federal student loan debt for about 800,000 borrowers will be “discharged,” or canceled, in the coming weeks.
The move comes just weeks after the Supreme Court struck down President Joe Biden’s effort to cancel hundreds of billions of dollars through the HEROES Act. That plan would have forgiven $10,000 per qualifying borrower and up to $20,000 for Pell Grant recipients.
The DOE plan announced this week would change how monthly payments are counted for those under the Income Driven Repayment plans. Those paying for more than two decades with lower monthly payments because of their income would qualify to potentially be impacted by this announcement.
“The Biden administration is trampling the rule of law, hurting borrowers, and abusing taxpayers to chase headlines,” Rep. Virginia Foxx, R-N.C., who chairs the House Committee on Education & the Workforce, said in a statement. “Biden’s student loan scam is far from over. From day one, this administration has encouraged borrowers not to repay their loans and has expected taxpayers to foot the bill.”
The Biden administration said the administrative changes to cancel old debts made the loan balances more accurate, but Republicans quickly blasted Biden’s latest loan forgiveness plan as a blatant attempt to circumvent the Supreme Court’s ruling.
In particular, Republicans blasted the part of Biden’s plan that allowed months where borrowers missed payments under a wide variety of circumstances to still count toward their total number of monthly payments made.
“Taxpayers should be enraged but not surprised. Don’t forget, this is the same agency that was called out for using cost estimates that weren’t grounded in reality,” she added.
U.S. Secretary of Education Miguel Cardona said the move was about fairness for disadvantaged borrowers and helping those “cheated” by colleges.
“For far too long, borrowers fell through the cracks of a broken system that failed to keep accurate track of their progress towards forgiveness,” Cardona said in a statement announcing the decision. “By fixing past administrative failures, we are ensuring everyone gets the forgiveness they deserve, just as we have done for public servants, students who were cheated by their colleges, and borrowers with permanent disabilities, including veterans.
“This Administration will not stop fighting to level the playing field in higher education.”
I love how it’s called “canceling student loans”. They’re not canceling anything, but passing it on to the TAXPAYERS. Most of us never went to college, and I resent being forced to pay off someone else’s loans.
They borrowed the money, not me. It’s not my fault they Majored in Russian Literature and Basket Weaving, only to find out there’s not much demand for either one. Not my problem. Pay off your own damn loans.
AND Didn’t the scoutus ALREADY RULE HE HAS NOT THE authority to DO THIS?!
“The Biden administration is trampling the rule of law, hurting borrowers, and abusing taxpayers to chase headlines,” Rep. Virginia Foxx, R-N.C., who chairs the House Committee on Education & the Workforce, said in a statement. “Biden’s student loan scam is far from over. From day one, this administration has encouraged borrowers not to repay their loans and has expected taxpayers to foot the bill.”
The lies, cons, deceptions, hypocrisy, and treachery of this treasonous, unethical, immoral, woke, socialist Democrat Party cabal and their corrupt puppet president Joe Biden know no bounds.
AND ITS partly because of that stupidity, WE HAD THE HOUSING crash, as the Leftist clinton admin, PUSHED BANKS TO loan to those who had NO CAPACITY (Or less capacity) to repay their mortgages!!!
Another hand out to buy the vote! Secondly, the banks should be giving out the loans, not the government. WIth banks giving out the loans, if one does not pay back the loan, one pays the price by having their credit rating crash, as it should be. When the government got in the student loan business, it gave corrupt politicians, like Biden, the ability to bail out these students, at the expense of the taxpayer. With the government in the student loan business, it also allows the colleges to keep tuitions through the roof!
AND since many of these colleges, have MILLIONS OF DOLLARS IN “Endowments”, WHY the hell, should WE THE PEOPLE PAY the tab, for these loans!?
I’ve always thought that this whole fiasco was nothing more than a vote getting maneuver. Let’s kowtow to the young voters. Nothing more than a political farce to garner more votes to get Slo Joe reelected. It’s a colossal SWAMP SCUM thing proposed by gubment “workers”.
What get’s me, is that the left, sees NO PROBLEM WITH FLAT OUT buying votes, yet always whine “WE ARE HURTING DEMOCRACY, when republicans want to put in voter fraud limitation laws..
Can he cancel my mortgage? What about my Citibank card? When are we gonna be next?
Free money for everyone!
Oh, I forgot. I’m not a protected class so I gotta pay for all that money. Woops. Sorry bout that.