The Biden-Harris administration announced another student loan bailout on Thursday, approving roughly $4.5 billion in “relief” for more than 60,000 borrowers who work in public service.
Total loan “forgiveness,” according to the administration, now totals more than $175 billion for over 4.8 million Americans.
The latest bailout is the result of fixes made to the Public Service Loan Forgiveness Program, the Department of Education explained in a press release.
"Higher education should be a pathway to economic opportunity – not a lifetime of debt. That is why I have fought to make education more affordable and reduce the burden of student debt throughout my career," said Vice President Kamala Harris in a statement.
"When President Biden and I took office, only 7,000 people had ever been approved for Public Service Loan Forgiveness," she added. "Today, I am proud to say that a record one million teachers, nurses, first responders, social workers, and other public service workers have received student debt cancellation."
The latest move shows the Biden-Harris administration continuing to ignore the courts.
Earlier this year, a group of GOP-led states filed a lawsuit to halt Biden's SAVE income-driven repayment plan, which is designed to make student loan payments more affordable and forgive accrued debt after 10 years of repayment. [...]
Two weeks ago, St. Louis-based U.S. District Judge Matthew Schelp, an appointee of Republican former President Trump, issued a preliminary injunction blocking the Biden administration from "mass canceling" student loans and forgiving principal or interest under the plan, pending the outcome of the state's lawsuit.
Previously, the Supreme Court in a 6-3 decision struck down an effort by Secretary of Education Miguel Cardona to cancel more than $430 billion in student loan debt. A second attempt by the Biden administration to do the same for 30 million student loan borrowers under the Higher Education Act of 1965 has also stalled in court. (Fox Business)
Once, twice, three times a tyrant.
— Andrea Shaffer, Employment/Labor Law (@Andreafreedom76) October 17, 2024
Biden ignores the federal courts again and approves cancellation of another $4.5 billion in student debt for over 60,000 borrowers.
Thus far President Biden has canceled 1 million debtors holding outstanding student loans. In total, $175… pic.twitter.com/6PvkIK319G
In a statement, Biden said the legal challenges won't stop him.
"I will never stop working to make higher education affordable — no matter how many times Republican elected officials try to stop us," he said.
Join the conversation as a VIP Member