Biden Admin. Forgives $4.8B in Student Debt for 80K Borrowers
The Facts
On Wednesday, the Biden Administration announced another round of student loan forgiveness totaling $4.8B for 80.3K borrowers.
The announcement brings the total loan forgiveness by the Biden Administration to $132B for 3.6M borrowers. The new debt relief will be applied because of amendments made to the Income-Driven Repayment plans and will also forgive a significant amount for borrowers who have signed up for the Public Service Loan Forgiveness program.
The Spin
Democratic narrative
While it is unfortunate that the Supreme Court has decided to stand in the way of much-needed debt relief for Americans, the Biden Administration has many more tools in the box to help borrowers. Democrats have banded together to implore the President to use his executive authority to reduce the outstanding debt and reduce the cost of higher education so that future generations of students are not crippled with this undue and unjust burden.
Republican narrative
SCOTUS was clear in the authorities provided to the President when it comes to student loan debt relief. These announcements of new debt relief rollouts are shameful and an intentional plan by the Administration to circumvent the decision of the high court. While trying to appease his far-left followers, the President has alienated and disenfranchised the Americans who took responsibility and paid off their debts with no help from a socialist government — a move that will surely be reflected at the polls.
