Biden Regime Plans On Making a Second Attempt At Forgiving Student Loans
Jose Nino
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The Biden regime has been working to put forward a proposal with the aim of lowering or getting rid of student loan balances for millions of borrowers, per a report by the Wall Street Journal .
. The regulations come on the heels of the Supreme Court’s decision in 2023 to overturn the Biden regime’s first debt cancellation program, which would have erased up to $20,000 in student debt for borrowers making less than $125,000 annually.
This plan would address the student debt burden facing over 40 million Americans.
Biden supporters hope to use the rules to erase swathes of student debt as the 2024 presidential election rapidly approaches. The assumption is that such a move would boost Biden’s electoral prospects among young voters, who tend to have accumulated large degrees of student debt.
Shortly after the Supreme Court in June 2023 scuttled Biden’s first student loan forgiveness program, Biden promised to make another attempt using a different legal authority. So far, the Education Department is spearheading a plan to craft regulations that outline what circumstances the federal government can “waive,” or get rid of, federal student debt. The Biden regime’s regulations are largely based on the regulations detailed in the Higher Education Act, which was passed in 1965.
The proposed regulation is supposed to draft multiple categories that would make borrowers eligible for debt relief, which includes financial hardship. In this case, borrowers with high levels of debt and low incomes could have their loan balances lowered or scrapped under the plan.
This is clearly a program launched by the Biden regime to buy votes from young people who have largely been alienated by the mass inflation and the geopolitical policies Biden and co have pursued. Such a policy would be unfair to people have paid off their student loans and only further encourage young people to make questionable economic decisions.
Ultimately, there needs to be a free market in higher education that allows for more competition and affordable education options for Americans of all stripes.
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