The Biden regime is prepared to do whatever it takes to get their student loan bailout…just in time for the 2024 election!
On Friday, Biden announced an expansion of his bailout program to cancel student loan debt for borrowers who took out $12K or less and have been in repayment for 10 years.
Take a look:
Starting next month, borrowers enrolled in SAVE who took out less than $12,000 in loans and have been in repayment for 10 years will get their remaining student debt canceled immediately.
It’s part of our ongoing efforts to act quickly to give more borrowers breathing room.
— Joe Biden (@JoeBiden) January 12, 2024
Biden’s announcement comes in spite of the Supreme Court’s decision to strike down the student loan forgiveness program. The Biden regime plans to use workarounds to circumvent their ruling and “deliver relief to as many borrowers as possible.”
In the wake of the Supreme Court’s decision on our student debt relief plan, we're pursuing a different path to deliver relief to as many borrowers as possible.
I won’t back down from using every tool at my disposal to get student loan borrowers the relief they need.
— President Biden (@POTUS) January 12, 2024
Is that code for “buy as many votes from Gen Z and Millennials as possible?”
Like clockwork, Biden is again promising that he will cancel your student loans in exchange for a vote in 2024. He lied about this before and is doing it again. https://t.co/W9Nxg1iR3g
— Grand Old Patriots🇺🇸 (@GrandOlPatriots) January 12, 2024
Bloomberg has more details on Biden’s renewed efforts to forgive student loans:
President Joe Biden’s administration will cancel a fresh batch of student loan debt for some borrowers, his latest effort after the Supreme Court blocked his flagship proposal to offer billions in relief.
Biden announced Friday that the administration would cancel certain balances under the Saving on a Valuable Education (SAVE) plan. Beginning in February, borrowers who took out less than $12,000 and have been in repayment for at least a decade will have remaining balances canceled, Biden said.
The administration didn’t offer an estimate of how many people would be eligible, or the value of loans that will be written off. The program has 6.9 million people enrolled. The number of eligible borrowers could grow in the coming years as more borrowers join the plan, unless the program is amended or cancelled by another administration.
Still, the move — even in concert with other efforts by the administration — is expected to fall far short of the president’s proposal for more sweeping student loan cancellation, up to $20,000 per borrower, that was struck down last year by the Supreme Court. That forgiveness plan was estimated to cost $400 billion.
Newsweek also commented:
The Biden administration plans to create a shorter timeframe for student borrowers to achieve education debt forgiveness, a plan it said would benefit community college students in particular.
Starting in February, those who are on the Saving on a Valuable Education (SAVE) plan, a program that reduces monthly student debt payments by linking the reimbursements to an individual’s income and size of their family, and borrowed $12,000 or less for college, will see their debt canceled after 10 years of payments, according to the Department of Education.
The government said it hopes the accelerated timeline for debt forgiveness will help students who attended community colleges as they tend to typically borrow smaller amounts. The Education Department also anticipates that those who are struggling with their loans tend to also owe about $12,000 or less, so the lesser time for relief would be particularly beneficial to that group, as well.
“The Biden-Harris Administration designed the SAVE Plan to put community college students and other low-balance borrowers on a faster track to debt forgiveness than ever before,” Secretary of Education Miguel Cardona said in a statement.