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As promised, the Biden-Harris regime thumbed their noses at the Supreme Court after its ruling against student loan forgiveness. The White House announced Friday that they went with a different plan.
According to CNBC:
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The Biden administration announced Friday it would automatically forgive $39 billion in student debt for 804,000 borrowers. The relief is a result of fixes to the student loan system’s income-driven repayment plans. Under those repayment plans, borrowers get any remaining debt canceled by the government after they have made payments for 20 years or 25 years, depending on when they borrowed, and their loan and plan type.
In the past, payments that should have moved a borrower closer to being debt-free were not accounted for, according to the Biden administration.
“For far too long, borrowers fell through the cracks of a broken system that failed to keep accurate track of their progress towards forgiveness,” U.S. Secretary of Education Miguel Cardona said in a statement.
To bring people over the line for forgiveness, the Biden administration counted payments for borrowers who’d paused their payments in certain deferments and forbearances and those who’d made partial or late payments.
To put this into perspective, this new plan is a smaller version with tighter restrictions than the one struck down by the Supreme Court. The original plan would have stolen taxpayer money to pay off loans made by 37 million instead of 800,000.
According to The Gateway Pundit:
These 804,000 borrowers will be notified on Friday by the Department of Education and relief will begin 30 days later. Individuals who do not want debts discharged are encouraged contact their loan service providers.
This new plan is part of previous “fixes” to other programs the Regime believes were failing borrowers. ABC News notes that this includes $45 billion to people enrolled in Public Service Loan Forgiveness who weren’t getting the debt relief and $22 billion to borrowers who were defrauded by for-profit colleges.
The move by the Education Department is quite audacious considering the Supreme Court struck down Joe Biden’s lawless program to cancel debt relief back in June.
Despite the greatly reduced number of beneficiaries, this is still a major blow to common sense. It also sets the stage for further theft of taxpayer dollars using similar loopholes in the future.
Sound off about this development on my Substack.
MANIACLE. ILLEGAL. MORONIC. ASSININE. DEMORALIZING. This is OUR PRESIDENT?
America was once damn near ‘GREAT”. It is a literal SHITHOLE COUNTRY starring ASSHOLES who are simple and obviously CORRUPT.
Glad I control how much tax I pay annually now. None in 2022. Knowing I am not contributing to this AWFUL CABAL known as the OBIDEN CABINET and EVERY OTHER PUKE ‘appointment’ this clown and ‘company’ have foisted upon all of us remaining Americans. It is an assault upon all things positive and then to GIVE AWAY YOUR TAX DOLLARS to a bunch of PUSSIES? You can, I WILL NOT.
PS: I PAID MY STUDENT LOAN BACK before America became the COUNTRY OF MORONS.
The Regime is trying to buy votes with taxpayer money. Many of us repaid our student loans in full, no questions asked. The Regime obviously has more sympathy for people who still owe than it has for citizens who paid their debts. They are typical stupid people. Those who paid their debt now have the obligation to pay the debts of others according to the Democrat regime. So remember when you vote, a vote for a Democrat, is a vote to pay the debts of others. Vote for smart people; Democrats are not smart people so vote for someone else.
There was a time that your stuident loan payments paid off your loan in 7 to 10 years. Now they’re looking at forgiving the balance after 20 to 25 years of payments. So, if you took out your loans in 1995 and started repayment in 2000, you are looking at having the balance wiped out. I fail to understand how, after 20+ years, you still have any balance, much less any SUBSTANTIAL balance. But you have a home, an expensive car payment and probably loads of credit cards with decent balances. The proof of this is all those that haven’t paid student loan payments in 3+ years, but have all those things AND haven’t put aside any of the money that should have gone towards the loans.
The only saving grace is the fact that cancelled debt is counted by the IRS as INCOME. Won’t that be a kick in the pants when they get the form at the end of the year that they had $80,000 in additional income and they owe tax on it.
What’s next, you took out a 30 year mortgage and you’ve paid on it for 20 years, so now we’re going to eliminate that debt also? I fail to understand how they just see free money and absolution of their poor choices with zero thought of where the largess is coming from.