Staff Reports
President Joe Biden announced another round of student loan forgiveness, totaling $7.7 billion, for about 160,000 individuals. Those who qualify stand to have an average of $35,000 in student debt erased. This move is part of the Biden administration’s efforts to provide relief to borrowers, especially those enrolled in the Department of Education’s SAVE Plan and public service workers, such as teachers, nurses, and police officers. Additionally, individuals who had loans canceled due to adjustments to existing income-driven repayment plans will also benefit from this initiative.
Well, Biden just canceled another 7.7 billion in student debt, and us taxpayers have to pay for it. https://t.co/Db5KHoutH2
— Smurf ❌ (@Smurf4555) May 22, 2024
The president emphasized that this latest announcement brings the total number of Americans who have received debt relief under his administration to 4.75 million. He framed these actions as essential to fulfilling his promise of making higher education more accessible and ensuring that it serves as a pathway to economic advancement.
However, the cost of these debt relief measures has raised concerns among conservative voices, with the nonpartisan Committee for a Responsible Federal Budget estimating the combined total cost to taxpayers could reach $1.4 trillion. Furthermore, states led by GOP lawmakers have initiated legal challenges, arguing that the president lacks the authority to allocate funds without the approval of Congress.
Despite these criticisms, President Biden is positioning these student loan forgiveness initiatives as a win for younger voters, a crucial demographic in his potential reelection bid. He contends that alleviating student debt will empower individuals to pursue homeownership, entrepreneurship, and family formation.
Biden’s commitment to addressing the issue of student debt remains steadfast, as he recently outlined plans to extend loan forgiveness to more than 30 million Americans. He is resolute in his determination to make higher education an attainable goal for all, pledging to continue his efforts to cancel student debt, even in the face of opposition from Republican officials.
