Biden Admin Ramming Through One Last Student Loan Giveaway In Its Final Days
The Biden administration announced Monday that it is forgiving student loan debt for 150,000 more people, pushing the total number of borrowers extended relief by the administration past a major milestone. Despite being…
The Biden administration announced Monday that it is forgiving student loan debt for 150,000 more people, pushing the total number of borrowers extended relief by the administration past a major milestone.
Despite being rebuked by the Supreme Court in June 2023, President Joe Biden and his team have continued to press ahead with student debt forgiveness schemes up through the very end of his presidency. With the 150,000 borrowers included in Monday’s action, the Biden administration has now forgiven a combined $183.6 billion in student loan debt accumulated by more than 5 million borrowers.
The 150,000 debtors receiving relief under the actions announced Monday are mostly disabled people or borrowers who attended a university that defrauded students, according to the Department of Education. Additionally, more than 6,000 public sector workers are also included.
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“Four years ago, President Biden made a promise to fix a broken student loan system. Today, life-changing student debt relief is possible for more than five million borrowers—more than any other administration in history,” Secretary of Education Miguel Cardona said in a Monday statement. “Thanks to our tireless and unapologetic efforts to work toward a system that is affordable and accountable to both students and taxpayers, today’s announcement includes additional relief for borrowers misled and cheated by their institutions, borrowers with disabilities, as well as additional loan forgiveness for public servants.”
In 2023, the Supreme Court shot down Biden’s plans to provide up to $20,000 in student debt relief to millions of borrowers as unconstitutional. Biden’s 2023 SAVE Plan, an income-driven student debt repayment program that would cost $156 billion over ten years if implemented, is also currently tied up in the courts.
Despite losing at the polls in the 2024 elections, the Biden administration has been busy finalizing significant policy decisions in the lame duck period. In the weeks since Election Day, Biden has blocked future offshore oil and gas drilling across 625 million acres of federally-controlled waters, pardoned his son, commuted the death sentences of murderers and introduced significant new sanctions on the Russian economy.
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