(The Center Square) – “Complete scam” is a North Carolina congressman’s description of President Joe Biden’s latest details for shifting repayment of student loans from borrowers to taxpayers.

In North Carolina, the U.S. Department of Education says 74,160 would get relief of more than $3.6 billion.

Late Monday on social media, Republican U.S. Rep. Richard Hudson wrote, “Joe Biden’s ‘student loan forgiveness’ plan is a complete scam. It forces hardworking Americans like you to bail out those who willingly took on heavy college debt and haven’t paid it off.”

A release from the Education Department included a quote that, on its face, questions the very essence of borrowing.

“These historic steps reflect President Biden’s determination that we cannot allow student debt to leave students worse off than before they went to college,” said U.S. Under Secretary of Education James Kvaal. “The president directed us to complete these programs as quickly as possible, and we are going to do just that.”

Student loans are a means for a sum of money to be exchanged for future repayment of the principal amount. The lender may add interest. In both parties agreeing to a balanced deal, the borrower’s income, credit score and debt levels plus collateral such as a mortgage are usually part of the conversation for the amount exchanged.

The release said more than 25 million owe more than originally borrowed.

The number of borrowers impacted by the Biden administration’s plan is north of 30 million. The release says the public will have opportunity to comment on these plans in the coming weeks.

That’s Round 1. Another comes with Biden up for reelection on Nov. 5.

The major student loan forgiveness programs are the Public Service Loan Forgiveness, Income-Driven Repayment, Saving On A Valuable Education, and Total and Permanent Disability.

Last year, the U.S. Supreme Court halted Biden’s attempt through the HEROES Act to cancel $400 billion in student debt.

Unfazed, Biden in July announced $39 billion for about 800,000 student loan borrowers. That drew a response from U.S. Rep. Virginia Foxx, R-N.C., saying, “The Biden administration is trampling the rule of law, hurting borrowers, and abusing taxpayers to chase headlines.”

She chairs the Workforce and Education Committee in her chamber.

In February, the 81-year-old president said he was canceling $1.2 billion in student loan debt for more than 150,000 borrowers through the SAVE program. That drew the same response from many, highlighted on social media by U.S. Sen. Tom Cotton, R-Ark., who wrote, “There is no such thing as student loan ‘forgiveness.’ President Biden is simply transferring the debt to make you and your kids pay back student loans that you never took out.”

Rating: 4.8/5. From 4 votes.
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