Biden ‘thumbs his nose’ at SCOTUS and ‘robs’ taxpayers with $39B in student loan forgiveness

Despite the Supreme Court ruling against the Biden administration paying off huge sums of student loan debt for millions of borrowers, President Biden announced on Friday that he would be doing exactly that, erasing $39 billion in federal student loans.

(Video Credit: NBC News)

The actual announcement came from the Department of Education which stated that it “will begin notifying more than 804,000 borrowers that they have a total of $39 billion in federal student loans that will be automatically discharged in the coming weeks.”

“For far too long, borrowers fell through the cracks of a broken system that failed to keep accurate track of their progress towards forgiveness,” US Secretary of Education Miguel Cardona crowed in a statement, according to Fox Business. “Today, the Biden-Harris Administration is taking another historic step to right these wrongs and announcing $39 billion in debt relief for another 804,000 borrowers.”

“By fixing past administrative failures, we are ensuring everyone gets the forgiveness they deserve, just as we have done for public servants, students who were cheated by their colleges, and borrowers with permanent disabilities, including veterans,” he continued. “This administration will not stop fighting to level the playing field in higher education.”

The Department of Education was lengthy in its announcement of the socialistic wiping of debt, in effect giving the middle finger to the Supreme Court.

The Department of Education asserted that the “forthcoming discharges are a result of fixes implemented by the Biden-Harris Administration to ensure all borrowers have an accurate count of the number of monthly payments that qualify toward forgiveness under income-driven repayment (IDR) plans.”

“These fixes are part of the Department’s commitment to address historical failures in the administration of the federal student loan program in which qualifying payments made under IDR plans that should have moved borrowers closer to forgiveness were not accounted for,” the agency added. “Borrowers are eligible for forgiveness if they have accumulated the equivalent of either 20 or 25 years of qualifying months.”

“The Department will continue to identify and notify borrowers who reach the applicable forgiveness thresholds (240 or 300 qualifying monthly payments, depending on their repayment plan and type of loan) every two months until next year when all borrowers who are not yet eligible for forgiveness will have their payment counts updated,” the government body went on to comment.

Enter President Biden and Vice President Kamala Harris who couldn’t wait to pander to the masses over the forgiveness of student debt before a major election.

Harris stated that she and the president “are committed to delivering relief to student loan debt borrowers to help them move forward with their lives — whether they want to start a family, buy a home, or become an entrepreneur.”

“We will not stop there,” she vowed. “Last month, President Biden announced we are pursuing an alternative path to provide relief through the Higher Education Act, and we finalized our new income-driven repayment plan – which will cut monthly payments in half for undergraduate loans. Our Administration will continue to fight to make sure Americans can access high-quality postsecondary education without taking on the burden of unmanageable student loan debt.”

The move comes just two weeks after the Supreme Court ruled that the Biden administration could not proceed with its student loan debt handout program in a 6-3 decision. It held that federal law does not allow the secretary of education to cancel over $430 billion in student loan debt.

Response to the announcement came in hot and heavy on Twitter:

Get the latest BPR news delivered free to your inbox daily. SIGN UP HERE


We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spam, instead of replying to it please click the ∨ icon below and to the right of that comment. Thank you for partnering with us to maintain fruitful conversation.

Latest Articles