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President Biden continues to try, even amidst lawsuits and following a rebuke from the Supreme Court, to force taxpayers to repay the student loans of others. Will this new strategy meet a similar fate to his previous attempts?
From National Review. The Biden administration is transferring another $7.7 billion in student debt to taxpayers, the latest installment in President Biden’s campaign to use executive power to make good on a campaign promise that was thwarted by the courts.
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Biden on Wednesday announced he will be erasing $7.7 billion in student debt for 160,000 Americans under the Saving on a Valuable Education (SAVE) plan and other methods adopted by the White House.
“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. I will never stop working to cancel student debt – no matter how many times Republican elected officials try to stop us,” Biden said. …
The SAVE plan is an income-based repayment program estimated to cost $475 billion over a ten year period. Republican attorneys general are already suing the Biden administration over the legality of the plan.
Another plan being used by the Biden administration to transfer billions of student debt onto taxpayers is the Public Service Loan Forgiveness (PSLF) program, an initiative Biden’s Education Department expanded significantly. …
In total, the Biden administration’s various student debt forgiveness initiatives are estimated to cost anywhere from $870 billion to $1.4 trillion for as many as 30 million borrowers, depending on implementation. …
What do you think of Biden’s latest plans to cancel student loan debts? Share your thoughts and prayers below.
(Excerpt from National Review. Photo Credit: Gage Skidmore from Surprise, AZ, United States of America – Joe Biden, CC BY-SA 2.0, Wikimedia Commons)