Staff Reports
Donald Trump has been hitting the campaign trail with a righteous fury, taking a hammer to Joe Biden’s reckless proposal to forgive a staggering $1.3 trillion in student loan debt. Trump hasn’t held back, labeling the President’s plans as both “vile” and “illegal.” Apparently, someone forgot to tell Biden that financial responsibility isn’t just an optional suggestion in good governance.
Trump team eyes quick rollback of Biden student debt reliefhttps://t.co/BU0zFMwYVb
— Christopher Cadelago (@ccadelago) November 26, 2024
Biden’s efforts to wipe the slate clean for student loans have run afoul of the law, as every court, including the Supreme Court, has found. The only thing more chaotic than a middle school cafeteria during lunch is the current state of the student debt forgiveness program. Thanks to Biden’s half-baked attempts at nebulous debt relief, the next administration faces a quagmire of red tape and confusion, all while trying to figure out how to pull the proverbial rabbit out of a hat.
Michael Brickman, who held a position in the Education Department under Trump, all but laid out the verdict—Biden’s so-called “misadventures” in student loan forgiveness have created a situation akin to a toddler trying to untangle a pile of Christmas lights. Those unfortunate enough to inherit this mess will find it to be “insanely complicated.” Perhaps ordering a round of mimosas at brunch would be easier than figuring out how to unscrew Biden’s fiscal fiasco.
Some of Biden’s policies are tied up tighter than a turkey on Thanksgiving, thanks to GOP attorneys general who are keeping the legal heat on him. Ditching many of Biden’s leftist policies will be a breeze for Trump—he just has to stop defending them and wave goodbye. However, getting rid of certain longstanding policies like the “Saving on a Valuable Education” (SAVE) plan? Now that’s a whole different ball game.
The SAVE plan caps monthly payments for undergraduate borrowers at a mere 5 percent of income, and Republicans have rightly declared it an exorbitant program that acts as a sneaky backdoor to mass student loan forgiveness. With around 8 million borrowers gleefully onboard just before judges slammed the brakes on the plan earlier this fall, untangling this complicated mess will require more than just a simple magic wand. It might take a small army armed with a well-thought-out strategy.
The incoming administration must also deal with the pressing issue of six million borrowers already lounging in default. Biden temporarily halted the practice of garnishing wages or tax refunds, but no one has a clue how collections will be organized. It’s enough to make a taxpayer consider hiding out in a cabin in the woods until the whole thing blows over. According to the White House, Biden’s efforts have been all about fixing the student loan system and making college “more affordable.” However, the Supreme Court’s ruling laid waste to that fairy tale by declaring the president’s powers nonexistent in this area.
In the end, the Biden administration’s ill-conceived plans mean undoing the havoc will be a lengthy and convoluted journey through an administrative labyrinth. It’s a cautionary tale in the dangers of financial overreach, leaving the next administration with not just a wrecked ship to salvage, but a steamer trunk full of “what were you thinking?” moments.
