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Biden Unilaterally Cancels Another $7.4 Billion in Student Loan Debt in Latest Vote-Buying Gimmick
[Gateway] Joe Biden on Friday unilaterally canceled another $7.4 billion in student loan debt in his latest vote-buying gimmick ahead of the 2024 election."Today, President Biden announced that 277,000 more Americans will get their student debt canceled, bringing the total debt relief approved by the Biden-Harris Administration to $153 billion for 4.3 million Americans through various actions," the White House announced on Friday. "The 277,000 Americans receiving this latest round of debt relief are borrowers enrolled in the SAVE Plan, other borrowers enrolled in Income-Driven Repayment plans, and borrowers receiving Public Service Loan Forgiveness. The Biden-Harris Administration fixed Income-Driven Repayment (IDR) and launched the SAVE Plan last year — the most affordable repayment plan ever. Already 8 million borrowers are enrolled in SAVE, 4.5 million of those borrowers have a monthly payment of $0, and over 1 million additional borrowers have a monthly payment of less than $100. And if borrowers took out low balances of loans, the SAVE Plan puts them on a faster path to debt relief after at least ten years of payments," the White House said. Biden has used a series of workarounds to circumvent the Supreme Court’s decision to strike down his student loan bailout program. Last year the Supreme Court ruled 6-3 against Joe Biden’s student loan relief program so the Department of Education rolled out a workaround forbearance program to cancel $39 billion in student loans by counting non-payments as payments for a period of time. Only it isn’t your typical forbearance program. Borrowers won’t have to pay back ’missed’ payments or make up the difference of ’reduced’ payments. No interest will accrue on any of the missed payments. Posted by: Besoeker 2024-04-13 |
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