The White House announced Wednesday that President Joe Biden has canceled yet another round of student debt, nearly six months ahead of schedule.
The debt cancellation, originally scheduled for July, was moved to February, a move that comes as Biden has faced a month of faltering approval ratings in the wake of a disastrous press conference.
Responding to a Special Counsel report that claimed Biden had a poor memory and reduced cognitive ability, Biden made numerous mental mistakes while attempting to deny his senility.
[RELATED: Biden Lashes Out at Press, Suffers Memory Lapse While Denying Senility…]
“While Republicans in Congress and their allies try to block President Biden every step of the way, the Biden-Harris Administration continues to cancel student debt for millions of borrowers,” said the White House in a press release.
The newest round of debt forgiveness has canceled the debts of 153,000 borrowers, worth $1.2 Billion.
Biden bragged that the newest round of cancellations has brought the total amount of debt cancelled, which must now be paid by the government through taxpayers, to $138 billion spread between 3.9 million borrowers.
The current round of cancellations were only issued to people enrolled in the Saving on a Valuable Education (SAVE) repayment plan, and who met certain conditions.
[RELATED: SCOTUS Torches Biden’s Student Loan Forgiveness Promise…]
In order to qualify, a debtor must have had their loans for at least ten years, and must have been less than $12,000 in debt.
For each additional year over ten that the debtor has been in repayment, he will qualify for an additional thousand dollars of debt forgiveness.
Next week, the Biden Administration will begin reaching out to debtors who meet the fiscal and temporal requirements, encouraging them to enroll in the SAVE act so that they can qualify for debt cancellation.
Biden said that under the SAVE Act, as many as 4 million debtors make no monthly payments on their student loans, because the act allows people to pay based on their income and family size, regardless of their outstanding balance.
[RELATED: Student Loan Payment Freeze Increased Personal Debt: Study…]
Biden’s debt forgiveness plan has been widely criticized by conservatives as a scheme to buy votes, for forcing taxpayers to pay for other people’s student debt, and as an injustice against those who worked to graduate from college without loans.
In 2022, Biden announced a student loan cancellation program just before the elections, a move that was celebrated by millennials burdened with student debt; however, the U.S. Supreme Court later rejected the move as unconstitutional.
<span class="dsq-postid" data-dsqidentifier="25806 https://www.themainewire.com/?p=25806">11 Comments
Gee, sounds !one something a dictator would do, ignore the law. And the cost is passed onto the taxpayers, thanks dems.
OBiden still has a 38% +/- approval rating. It can only be for two reasons:
1. Useful idiots
2. Idiots
Pick one.
I gave up 4 years of my life in the military to pay for college. My wife worked her way through college to pay off her loans and we used our degrees for real jobs. What have these people done to deserve the bail out? Another slap in the face from the Biden clown show.
I am on a fixed income and it gets less every day Can not wait for Biden to forgive my Debit .
Do not fear Old Vet they will get screwed over by the Joe some day.
SCOTUS already said he can’t do that and yet he continues.
I think the left’s and the spineless RINOs claims that there isn’t any evidence to impeach Biden has been thrown out the window.
Oh, and, if you don’t want debt, don’t take out loans
As sheriff Justice once said. A total lack of respect for the law.
How can he do this without going thru congress?
I am 82 years old and Joe along with Democratic supporters like Ind. A King have me paying taxes for some young college kid who can not work to pay their loans. Kiss my as*
We all know that Joe is a law brake look how his kid behaves, Joe tough him well.