James Myers of OAN
8:28am – Friday, April 12, 2024
The Biden administration announced it will cancel an additional $7.4 billion in student loan debt ahead of the upcoming presidential election.
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Biden said the latest student loan forgiveness plan would target an estimated 277,000 borrowers across the country, adding to the national debt of more than $34.5 trillion.
The president praised the Savings for Worthy Education (SAVE) plan, which was launched after the Supreme Court (SCOTUS) blocked Biden’s student loan forgiveness plan.
“These 277,000 borrowers are either enrolled in my administration’s SAVE plan or were approved for relief thanks to our amendments to income-driven repayment plans and Public Service Loan Forgiveness,” Biden said in a news release. ” “From day one in office, I pledged to fight to make higher education a ticket to the middle class, not a barrier to opportunity.”
Biden also attacked Republicans who have opposed student loan forgiveness plans, saying he pledged to “never stop” efforts to cancel student loans.
“Republican legislators in 18 states want their voters not to benefit from the SAVE plan,” White House press secretary Karine Jean-Pierre said in a statement. “They want to end SAVE, increase voters’ monthly payments, and continue to rack up a never-ending mountain of loan debt.”
“The president will continue to fight to give people more breathing room and will use every tool available to help borrowers.”
The Department of Education (DOE) said the new plan would transfer accumulated interest to millions of borrowers, automatically forgive their debt and eliminate student loans for those who have been paying them off for more than 20 years.
Additionally, the plan is also meant to assist those enrolled in low-economic value programs and assist borrowers who are experiencing difficulty repaying their loans.
The newly announced student loan forgiveness plan comes as 18 states have filed lawsuits against Biden’s student loan plan.
Arkansas, Florida, Georgia, Ohio, Missouri, North Dakota and Oklahoma joined a growing number of states to file complaints against the plan on Tuesday.
Additionally, a lawsuit by Missouri Attorney General Andrew Bailey (R-Missouri) claims that Biden’s “SAVE” plan, originally announced in February, is illegal and will cost taxpayers an estimated $475 billion. claims.
“With the stroke of his pen, Joe Biden is forcing working Missourians into $5 trillion in debt. “We make it clear that we do not have the power to unilaterally ‘cancel’ loan obligations,” Bailey said. fox news digital.
“The president cannot block the Constitution if it suits his political agenda. I will block his shameful attempt to buy the 2024 election in direct violation of the law. As long as I’m attorney general, the Constitution will continue to have some meaning.”
The public will have an opportunity to comment on the proposed action “in the coming weeks,” the DOE said.
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