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Biden Cancels More Than $7 Billion in Student Debt for 160,000 People

President Joe Biden revealed that his administration will be canceling more than $7 billion in student debt for 160,000 people.

The White House issued a statement Wednesday announcing that 160,000 people in the United States would have their student loans canceled, erasing a total of $7.7 billion in student debt for those people.

In June 2023, the Supreme Court issued a 6-3 decision to block Biden’s plan to cancel $430 billion in student loan debt for almost 40 million people.

“Today, my Administration is canceling student debt for 160,000 more people, bringing the total number of Americans who have benefitted from our debt relief actions to 4.75 million,” Biden said in the statement.

“Each of those borrowers has received an average of over $35,000 in debt cancellation.”

Biden explained that the 160,000 people who were having their student debt forgiven were people working as teachers, nurses, or even in law enforcement who had enrolled in the Biden administration’s Saving on a Valuable Education (SAVE) Plan.

Biden’s latest announcement comes after he announced in April that his administration would be canceling student debt for more than 270,000 people. Those who had their student debt canceled in April were borrowers who were enrolled in Biden’s SAVE Plan.

As of March, more than 75 million people who had taken out student loans were reported to have enrolled in the SAVE Plan since the program began in August 2023.

The SAVE Plan is an income-driven repayment (IDR) plan that helps borrowers find the lowest monthly payments for their loans.

“From day one of my Administration, I promised to fight to ensure higher education is a ticket to the middle class, not a barrier to opportunity,” Biden added in his statement.

“I will never stop working to cancel student debt — no matter how many times Republican elected officials try to stop us.”

READ 18 COMMENTS
  • Donald says:

    Biden once again violates Constitutional law and SCOTUS rulings to buy votes. A broad stroke to encourage a lack of responsibility in those who decided to cotract for student loans. Myself and two of my siblings had both federal and state student loans and repaid every cent. Yes it was difficult even though the amount was much less, but then again at that time you could by a decent house on a salary of $8K a year. I did and even helped pay for my wife’s education at that time. That was in the early 1970’s when part of education, primary and secondary, was to help instil a sense of responsibility in the minds of young minds. This is of cours almost gone in education today where a sense of entitlement is fostered. Mediocrity is fostered instead of higher achievement.

  • Scurvydog says:

    I wish he’d cancel the mortgages on my house, cars, and boat. I deserve it just as much as left wing indoctrined students do.

  • Tacitus Kilgore says:

    More Commiecrat pandering, the Commiecrats can only buy, manufacture and steal votes to win because nobody wants what they are doing America!

  • See more says:

    How in the hell does he get away with this, since the Supreme Court voted that he can not do it? He must be above the law. Hope Supreme Court gives Trump a big win since Biden is going against their ruling.

  • John sweet says:

    Yet all those that earned their college education by the G.I. bill are slighted and the current batch of near do wells kowtowing to Biden’s blatant attempt to curry their votes!
    Then to discover that their are multiple attempts where he has acted unilaterally to forgive students debts for Millions of dollars and he was successfully announced these illegal acts garnering more votes!
    Then there are the various government agencies out gathering registrations on the taxpayers dimes when their focuses should be on their real jobs!
    When does such obvious and blatant vote buying become illegal?

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