‘Straight up buying votes’: Biden cancels 150K more student loans – totaling $1.2B

Biden has taken pandering to a new low seeking to buy votes by canceling an additional 153,000 student loans to bolster his base before the 2024 presidential election.

The blatant move shamelessly seeks to garner votes from those enrolled in his signature repayment plan. The president will email those who are having their debt forgiven starting on Wednesday. It will total $1.2 billion. It should be noted that the Supreme Court ruled the cancellation of student loan debt by Biden was unlawful, but that hasn’t stopped him from doing it.

“The notice makes good on the administration’s promise to accelerate forgiveness for borrowers with low original balances who are enrolled in the Saving on a Valuable Education (SAVE) plan. Rather than wait 20 to 25 years for relief through other income-driven repayment plans, enrollees in the SAVE plan who borrowed less than $12,000 can have their debt wiped clean after 10 years of payments. The Education Department had originally planned to begin forgiveness in July but started identifying eligible borrowers this month,” the Washington Post noted pointing out the timeline move-up.

“Congratulations—all or a portion of your federal student loans will be forgiven because you qualify for early loan forgiveness under my Administration’s SAVE Plan,” Biden’s email message told affected borrowers. “I hope this relief gives you a little more breathing room.”

“The administration says that it has now approved loan discharges totaling nearly $138 billion for nearly 3.9 million borrowers through dozens of administrative actions since coming into office,” Politico noted.

American taxpayers, including all those who worked to pay off their student loans, have footed the bill for Biden’s socialistic largesse. Those who issued the loans are also being harmed by the president’s move that bypasses Congress.

“People who are notified do not need to take any further action to receive loan forgiveness. Student loan servicers, the middlemen who collect payments on the federal government’s behalf, will begin discharging the debt in coming days, according to the department. Next week, the agency plans to directly contact borrowers who would be eligible for early cancellation under the SAVE plan but are not currently enrolled,” the Washington Post wrote.

(Video Credit: CBS News)

“This plan reflects our unapologetic commitment to deliver as much relief as possible to as many borrowers as possible, as quickly as possible,” Education Secretary Miguel Cardona told reporters on Tuesday. “We’re providing real, immediate breathing room from an unacceptable reality where student loan payments compete with basic needs.”

“[I]f you’ve been paying for a decade, you’ve done your part, and you deserve relief,” Cardona declared in a statement.

Approximately 7.5 million borrowers of the estimated 40 million who have student loan debt are enrolled in Biden’s SAVE plan. It ties monthly student loan payments to earnings and family size. It “increases the amount of income protected from the calculation of debt payments from 150 percent to 225 percent of the federal poverty line,” according to the Washington Post.

The result of those calculations means that someone who makes less than $15 an hour does not have to repay their student loan debt according to the media outlet. Borrowers making more than that will save an estimated $1,000 a year. The Education Department estimates that 4.3 million people enrolled in Biden’s plan have a $0 monthly payment.

“The department began introducing some features of the SAVE plan in time for the resumption of student loan payments in October. This summer, the federal agency will start capping payments for undergraduate loans to 5 percent — down from 10 percent — of income above the 225 percent federal poverty threshold. Borrowers with debt from undergraduate and graduate studies will pay a weighted average between 5 and 10 percent toward their debts,” the Washington Post continued.

“Republicans have slammed Biden’s SAVE program as unfair and fiscally irresponsible, blasting the hundreds of billions of dollars the program is expected to cost,” Politico wrote.

Users on X sounded off over Biden’s brazen political move:

Comment

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