Biden forgives ANOTHER $4.8 BILLION in student debt: President’s huge plan to go around the Supreme Court continues with latest wiping of loans for 80,000 borrowers
Joe Biden canceled $4.8 billion in student debt on Wednesday, bringing the total he has forgiven for more than 3.6 million borrowers to $132 billion.
This is despite the Supreme Court rejecting his plan to cancel $400 billion in debt in June.
Republicans have rejected the move, saying taxpayers would be forced to foot the bill.
The latest move will benefit 80,000 people, including public sector workers and those who have been repaying loans for at least 20 years.
Biden said, “In the wake of the Supreme Court's decision on our student debt relief plan, we continue to pursue an alternative path to provide student debt relief to as many borrowers as possible, as quickly as possible.
Biden said this move would allow former students to 'realize their dreams'
Students are protesting the Supreme Court's June ruling against President Joe Biden's student debt relief program
“From day one in office, I have pledged to improve the student loan system so that higher education delivers opportunity and prosperity to Americans – not the unmanageable burden of student debt.”
He added, “I will not shy away from using every tool at our disposal to give student loan borrowers the relief they need to achieve their dreams.”
Republican Chairman Mike Johnson said, “The Biden administration's latest student debt transfer does not 'cancel' or 'forgive' a cent of student debt.
“Instead, President Biden is once again asking hardworking taxpayers to foot the bill for affluent college graduates' loans. This is not only unfair, it is wrong.”
Most people who took advantage of the latest forgiveness were told in November that their remaining debts would be wiped out.
Biden has forgiven more student debt than any previous president.
Education Secretary Miguel Cardona said, “The latest discharges are the result of this administration's continued efforts to fix our country's broken student loan system and get hard-earned debt relief into the hands of eligible borrowers.”
A national survey of 400 small business employers conducted between June 5 and 30, 2023
Protesters holding signs advocating for student debt cancellation stand in front of the United States Supreme Court on Friday, June 30, 2023, in Washington DC
Last month, Biden told 813,000 Americans that he had wiped out their student debt.
The former students received an email from Biden notifying them.
Biden's push to cancel student loan debt comes with less than a year until the election and as he tries to get young voters on board.
In early October, he forgave $9 billion in student debt for 125,000 borrowers.
Biden's student loan forgiveness program, which was halted by the Supreme Court, promised up to $20,000 in debt relief for low- and middle-income borrowers.
The government has since found other ways to announce debt relief.