Staff Reports
The Biden administration is gearing up for yet another student loan forgiveness update, conveniently timed to roll out just shy of 100 days before the next presidential election. It’s almost as if they can’t resist the urge to throw taxpayers a curveball right before Americans head to the polls. Millions will soon receive emails alerting them to their potential eligibility for yet another round of debt relief under a newly enhanced program. Of course, taxpayers will be thrilled to learn they can opt out if they so wish—that’s always a comforting option, right?
The Education Department, under the watch of U.S. Secretary of Education Miguel Cardona, has made it clear that these updates will flood inboxes beginning tomorrow. The administration paints a picture of benevolence, insisting they are eager to save borrowers who have been utterly failed by a “broken system.” One can’t help but wonder how many of those borrowers were misled into believing that taking on hundreds of thousands in student loans would magically pay off in a job after graduation. Yet here we are—thanks to good ol’ Uncle Sam, relief is just around the corner.
Nothing says "OoH! Ooh! elect me, elect me" more than "free" stuff until that time in your life when you realize nothing is free other than your God Given rights. Election Interference?
Biden Administration Contacting 25 Million Borrowers in Student Loan Forgiveness Update…
— Bill Due Now (@BillDno) July 31, 2024
Following the Biden-Harris team’s commitment to provide swift debt relief, it looks like they’ve pushed through a lengthy rulemaking process to bring this promise to fruition. Maybe they should’ve considered a more efficient system from the get-go, one that didn’t involve dragging millions of borrowers through a bureaucratic muck. But why think ahead when the goal is to make headlines in the run-up to an election?
The Education Department has hinted that much of this debt relief could be handed out automatically, which means fewer applicants wading through yet another complex form that only a team of tax accountants could decipher. What could possibly go wrong with automatic debt forgiveness? After all, it’s not like there are any consequences for those who might, just maybe, have accrued the debts in the first place.
The Biden administration’s strategy seems to focus on four specific categories of borrowers to receive the relief. These include those tethered to pesky interest rates that just won’t quit, individuals who qualify for existing programs but haven’t bothered to enroll, and those who’ve been paying their loans for upwards of two decades or more. Additionally, borrowers who somehow chose a course of study that didn’t land them in the financially lucrative pool will also be given a hand. With approximately 25 million borrowers poised to benefit, it’s clear that this program could also serve as a nifty electoral strategy. Talk about leveraging a system for political gain.
