According to The College Fix, “President Joe Biden’s Department of Education has proposed a student loan forgiveness plan to take effect after President-elect Donald Trump takes office in January”
This follows a series of student loan debt forgiveness by the Biden regime.
According to The College Fix,”While the Department of Education puts the estimated cost at $112 billion, one analyst called it a “gross underestimate” and suggested the cost could be five times larger.”
“According to the new proposal, this act would “specify the Secretary’s authority to waive all or part of any student loan debts owed to the Department based on the Secretary’s determination that a borrower has experienced or is experiencing hardship related to such a loan.”
The proposal also uses the very subjective term of “hardship” as the rubric for forgiving student loans.
“President Joe Biden has attempted several student loan bailouts while in office, most notably his 2022 proposal to forgive up to $20,000 in federal student loan debt for Pell Grant recipients, and $10,000 for others earning less than $125,000 annually.”
“The administration cited a 9/11-era law that allowed for loan modification in cases of “emergencies.” Biden said the coronavirus outbreak gave the Department of Education wide authority to bailout student loan borrowers. The Supreme Court did not buy this argument and struck down the plan in 2023.”
An additional student loan bailout is currently frozen due to legal challenges.
“Prior to the massive bailout in 2022, taxpayers had already absorbed more than $32 billion student loans since Biden took office in January 2021.”
“However, some data points suggest people are not being “literally crushed,” by their loans, as White House Press Secretary Karine Jean-Pierre suggested in May of this year.”
“Meanwhile, recipients of a student loan bailout said they planned to use the money to take a vacation, go out to eat, or buy drugs.”
Yet more waste by the Biden administration which was based on a policy of political bribes which failed to work.
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