Another 160K Borrowers’ Student Loans Written Down

Biden's Student Debt Cancellation Plan

( – In his bid to lure young voters ahead of the 2024 presidential elections, President Biden has announced to forgive loans of 160,000 more students, amounting to almost $7.7 billion.

This latest socialist move by the Biden administration will bring his forgiven loans to a whopping total of $167 billion.

Talking about this program, Biden stated that education is the only way to get out of the poverty cycle, so he will never succumb to pressure from Republicans who oppose such programs.

This wave of forgiveness will allocate $5.2 billion for almost 67,000 students through the Public Service Loan Forgiveness program and nearly $2.5 billion for almost 93,500 students who are enrolled in both old and new income-driven repayment programs.

This includes the new SAVE repayment plan that already gives students a faster opportunity to get rid of their outstanding loans just after ten years of loan payments.

Biden’s Secretary of Education Miguel Cardona stated that 10% of total students owing debts are now eligible for some sort of loan forgiveness.

The Biden administration has often faced criticism for introducing sweeping loan forgiveness programs without congressional approval.

The SAVE plan is already facing lawsuits from 18 red states, as Republicans believe that being the purse of the United States, Congress has sole authority to carry out these plans, a claim that has also been reiterated by the Supreme Court.

Just last year, the nation’s top court blocked a new Biden loan forgiveness program, prompting the administration to seek alternatives through existing programs.

In April, the president announced renewed plans to bring a new mass debt cancellation program that would benefit over 30 million Americans in some way.

Republicans, meanwhile, have warned that they will drag Biden to court if he proceeds with this plan.

These efforts suggest Biden’s desperate attempt to retain his young voter base, which appears to be shifting toward his Republican presidential contender, Donald Trump, as the November elections approach.

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