Biden cancels $7.7bn more in student debt for 160,000 borrowers
S E E D E D C O N T E N T
United States President Joe Biden has announced his administration is cancelling a total of $7.7bn in student debt for another 160,000 borrowers.
The latest action on Wednesday brings the total number of people to benefit from the president’s debt relief push to 4.75 million, according to the US Department of Education.
Biden, keen to shore up waning support among young people ahead of the November presidential election, had pledged last year to find other avenues for tackling debt relief after the Supreme Court in June blocked his broader plan to cancel $430bn in student loan debt.
The president said beneficiaries of the newest measures include people in three categories who meet certain milestones that make them eligible for cancellation, including 54,000 borrowers enrolled in Biden’s Saving on a Valuable Education (SAVE) repayment plan, 39,000 enrolled in earlier income-driven plans and about 67,000 people who are eligible through the Public Service Loan Forgiveness programme.
“Today’s announcement comes on top of the significant progress we’ve made for students and borrowers over the past three years,” Biden said in a statement. “I will never stop working to cancel student debt – no matter how many times Republican elected officials try to stop us.”
The statement added that each of the borrowers had an average of $35,000 of debt written off.
Wednesday’s announcement brings total debt relief approved by the Biden administration to $167bn.
The issue remains high on the agenda of younger voters, many of whom have concerns about Biden’s foreign policy on Israel’s war in Gaza and fault him for not achieving greater debt forgiveness.
The campaign of former President Donald Trump, Biden’s Republican challenger in the White House race, criticised in March the student loan cancellation as a bailout that was done “without a single act of Congress”.
Republicans have called Biden’s student loan forgiveness approach an overreach of his authority and an unfair benefit to college-educated borrowers while other borrowers received no such relief.
As of the end of 2023, 43.2 million US student loan recipients had over $1.6 trillion in outstanding loans, according to the website of Federal Student Aid (FSA), an office of the US Department of Education.
Higher education debt has tripled since the 2008 financial crisis.
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Ah 2024 ... Sleepy Joe vs Sleeping Donnie.
So he is trying to buy 160,000 more votes eh!
And releasing gas from the strategic reserve for the same cause.
He's just doubling up on the lousey pour.
Just fuck the US taxpayer and spend us into oblivion. I am sure Biden will be demanding the fed lower interest rates- when inflation isn't falling- and is starting to creep back up.
Whatever happened to Congress holding the power of the purse?
Whatever happened to Democrats believing in the rule of law? The US Supreme Court already shot this bullshit down once.
https://www.scotusblog.com/2023/06/supreme-court-strikes-down-biden-student-loan-forgiveness-program/#:~:text=Supreme%20Court%20strikes%20down%20Biden%20student%2Dloan%20forgiveness%20program,-By%20Amy%20Howe&text=By%20a%20vote%20of%206,%24400%20billion%20in%20student%20loans .
What about those of us that worked hard to repay every last cent of our student loans. Just fuck us for being that damn stupid right?! We should have waited for some shyster Democrat wanting to buy votes to bail us all out.
Just doubling up on a triple pun. So 'glad' you took it so seriously but I do apologize if my leadoff comment led you astray.
These are college students, odds are he already had their votes.
Really, is that the reason he is worried he is losing the college vote; and about the pro Palestinian protests?
Biden isn't doing shit to help the Palestinians; and Israel is still getting their aid and weapons. Though he is talking a good fight right now against Israel- that is about it.
Good!
Are you advocating to send troops in? Or just withdraw all support for Israel?
And shafting the American taxpayers once again who will wind up footing the bill for Biden's financial fiascos.
ounced his administration is cancelling a total of $7.7bn in student debt for another 160,000 borrowers.
He's just reallocating the debts to the majority of taxpayers who didn't go to college. The debt isn't cancelled.
er education debt has tripled since the 2008 financial crisis.
And stunts like this ensure the problem will get worse.
Interest rates on student loans is astronomical and outrageous. If they weren't so high people wouldn't need loan bail outs
Part of the problem is the fact that the majority of the loans are basically unsecured and therefore a risk for the lenders.
I did not know that. Thanks for the info
Thank you Fannie Mae and Freddie Mac who specialize in student loans. Corporate loan sharks fleecing unknowing college students.
The root of the problem is the cost of college. It is out of control and has been for decades. All this will do is insure it will get more out of control.
Almost 170 billion forgiven since Biden started this nonsense.
Sure, but that’s why you don’t take the loans. There are so many other options.
Yeah, there are but grants don't come easily and working more than 20 hours a week requires a lot stamina while maintaining a full class schedule. There's always the military....
"There's always the military...."
Worked for me.
That’s how I paid out of state tuition that my father objected to,
I went to school in my home state of Arizona after I retired and paid zero tuition. Vietnam Era GI Bill and grants covered the rest.
It worked for me after I graduated college. I needed experience and experience I got. I don't regret any of my service time
Desperate measures that probably have unintended consequences for Biden and the Dems
So, who is Biden really bailing out? The students don't get to keep any of this money. People who weren't paying back the debt won't have more money in their pockets. And inflation has already eaten the value of any loan payments. The only thing these bailed out students get is access to more credit which caused the problem in the first place.
Hey, Joe, you need to devote more effort to reforming how education is financed and addressing profiteering in education. A bailout band aide won't cure that financial cancer.
Well over half the country see’s nothing from this benefit.
Pay attention people
This is fine. The government doesn’t need revenue. Probably.
The government makes for a better borrower than the ex-student.