WASHINGTON — President Biden announced Friday that he will use existing government programs to forgive an additional $5 billion in student loan debt for 74,000 people. It continues its phased approach to amortization after the Supreme Court last year struck down a sweeping plan to forgive $430 billion in student loans. university debt.
The latest measure allows Biden to achieve post-judgment loan forgiveness. Approximately $137 billionThe 81-year-old president is seeking a second term in this year's election to prove he is following through on his campaign promises, according to a Wall Street Journal tally.
The measure, which was struck down by the Supreme Court in June and would have had $10,000 or $20,000 deducted from each borrower's federal balance, passed with bipartisan support. We rely on law enforcement.
The latest beneficiaries include teachers, nurses and firefighters who served 10 years in occupations defined as public servants under a 2007 law signed by Republican President George W. Bush and are eligible for deferment. This includes 44,000 people.
An additional 30,000 people have had their debts forgiven, according to the White House. That's because he had been on an income-driven repayment plan for 20 years, where he capped his expenses as a percentage of his income.
Income-driven repayment programs have been supported by both Republican and Democratic administrations.
“I will not back down from using every tool available to give student loan borrowers the relief they need to realize their dreams,” the president said in a statement.
Biden's amnesty repeal plan is a political stunt because it was announced just before the 2022 midterm elections in response to a campaign by activists from Democratic lawmakers, including then-House Speaker Nancy Pelosi (D-Calif.) was criticized by critics. It's not legal for him to erase his student loans with the stroke of a pen.
Republican lawmakers who have criticized Biden's focus on loan forgiveness have called for measures to halt the rise in college costs as a way to ease the debt burden.
After leaving office as vice president, Biden received approximately $1 million in compensation as a professor at the University of Pennsylvania from 2017 to 2019, but he only made nine known campus visits and did not actually teach classes. Even though it wasn't.
In 2021, Biden nominated Pennsylvania President Amy Gutmann to be U.S. ambassador to Germany. Gutmann also provided the DC office where the misplaced classified documents were later discovered.
