Staff Reports
President Biden faces another setback in his relentless pursuit of student loan forgiveness as the Supreme Court slams the brakes on his plans. But fear not, dear readers, because the Biden administration refuses to be deterred by such pesky obstacles!
Despite the setback, Biden’s Education Department has been charging ahead with a vengeance, throwing so many student debt actions into the mix that even the experts are scratching their heads trying to keep up. It’s like a student debt forgiveness rollercoaster, with twists, turns, and loops that leave taxpayers feeling queasy and scratching their heads.
Three times Biden forgave student loan debt despite Supreme Court ruling | Washington Examiner https://t.co/ySGIMVfsVw
— Cassis (@cassisnouveau) December 27, 2023
Biden’s massive $400 billion student debt transfer plan, which he proudly unveiled in August 2022, was swiftly snubbed by the high court in June 2023. But that hasn’t stopped the administration’s determination to forge ahead. It’s a “never say die” attitude that keeps the Biden team pushing forward, leaving naysayers and financial conservatives shaking their heads in disbelief.
The President’s bold moves to forgive student loan debt have left approximately 40 million indebted individuals feeling hopeful and elated. However, not everyone is cheering from the sidelines. Concerns over the burden falling on the shoulders of hardworking taxpayers and the questionable financial lessons being taught by this free-for-all forgiveness frenzy have left many feeling sour.
Senator Tim Scott (R-SC) summed it up nicely when he quipped, “If you take out a loan, you pay it back.” But apparently, that simple concept has been lost in the fanfare of Biden’s debt forgiveness extravaganza.
Despite the Supreme Court’s ruling, the Biden administration has not only forgiven but forgotten the setback, and continued to forge ahead with three different student loan debt forgiveness announcements.
In July, a whopping $39 billion was earmarked for 804,000 borrowers in a grand gesture to fix income-driven repayment plans. The Department of Education declared it a victory for borrowers who had previously slipped through the cracks of the broken system, conveniently sidestepping the legal limbo the Supreme Court decision thrust them into.
October saw another forgiving frenzy, with the administration announcing a $9 billion debt transfer affecting 125,000 borrowers. Not to be outdone, December brought yet another $4.8 billion windfall for 53,000 people, all under the banner of the Public Service Loan Forgiveness program.
As if that weren’t enough, President Biden has teased even more debt cancellations on the horizon in 2024. The administration is considering swathing more loans in the forgiving embrace, focusing on groups with balances greater than their original borrowings, borrowers from decades past, those who feel they didn’t get bang for their educational buck, and those facing financial hardship.
So, buckle up, taxpayers, because it looks like the Biden student debt forgiveness train is full steam ahead, and there’s no sign of it slowing down anytime soon. All aboard the debt forgiveness rollercoaster!
