President Biden has vowed to move forward with a plan to forgive billions of dollars in student loans, months away from his anticipated rematch with Donald Trump in the 2024 presidential election.
The president has vowed to forgive loan amounts again, even though the U.S. Supreme Court had previously blocked such payments to lenders.
“From day one, I promised to fix our broken student loan system and make higher education a ticket to the middle class, not a barrier to opportunity,” Biden wrote on X.
He added: “I will not back down.”
Biden plans even bigger student loan benefits, and you’ll be paying for them
President Joe Biden has vowed to move forward with a plan to forgive billions of dollars in student loans. (Andrew Caballero Reynolds/AFP via Getty Images)
While some college students have praised the free money, the move has drawn criticism from many conservatives.
South Dakota Gov. Kristi Noem said Biden’s repeated attempts to give thousands of dollars to each borrower were akin to “vote buying.”
“He’s buying votes,” Noem argued on “Fox & Friends” in February. “That’s exactly what he’s doing, taking this moment to do something he’s been threatening to do for a long time, to say he cares about this country, to continue racking up debt, to keep giving away money. is incredibly hypocritical.” He was himself re-elected. ”
Furthermore, she added: “I hope Americans realize that we spend more money than we bring into this country. So when he does things like this, he literally You’re borrowing this money from and giving it to people who will support him and put him back in the White House and allow him to continue governing.”
“So this is really the worst of the worst, and Americans are starting to realize that with all these crises that are happening at the border, national security, people not being able to get gas and groceries.” Noem continued.
South Dakota Gov. Kristi Noem claimed in February on “Fox & Friends” last month that President Biden was “buying votes” with student loan benefits. (Melissa Sue Gerrits)
Biden boasts Supreme Court ‘didn’t stop’ student loan cancellation: He’s ‘happily breaking the law’
Biden announced his Savings for Valuable Education (SAVE) plan in February, arguing that the Supreme Court would not stop student loan cancellation.
The plan will cancel debt for registered borrowers who have been paying it off for at least 10 years and have $12,000 or less in student loan debt. People with large amounts of debt can receive relief after an additional year of repayments for each additional $1,000 they borrow.
In June 2023, the U.S. Supreme Court ruled 6-3 against President Biden’s $430 billion student loan benefit. (AP Photo/J. Scott Applewhite, File)
The president said he would cancel federal student loans for about 153,000 borrowers enrolled in the plan. More borrowers will be able to reduce their monthly payments to $0, and more borrowers will be able to qualify with lower payments compared to other repayment plans.
“At the beginning of my term, I announced a massive plan to provide college student debt relief to millions of working families,” Biden said at the Julian Dixon Library in Culver City, California. “Tens of millions of people in debt were literally about to have their debts canceled. But our MAGA Republican friends in Congress, elected officials, and special interests stepped in and sued us. And the Supreme Court blocked it. But it didn’t stop.” “
Months earlier, in June 2023, the Supreme Court had ruled in a 6-3 decision that federal law did not allow Biden’s education secretary to cancel more than $430 billion in student loan debt. I put it down.
CLICK HERE TO GET THE FOX NEWS APP
Biden said at the time that his administration would continue to move forward with relief for students.
FOX News’ Lindsay Cornick contributed to this report.
