In defiance of the Supreme Court and in an effort to buy votes in November, President Joe Biden announced yet another round of student loan debt reallocation Monday.
"To date, the Biden-Harris Administration has taken historic action to approve debt cancellation for 4 million borrowers, helping these borrowers get more breathing room in their daily lives, access economic mobility, buy homes, start businesses, and pursue their dreams," the White House touted in a statement. "Today, President Biden is announcing his Administration’s new plans that, if finalized as proposed, would provide debt relief to over 30 million borrowers when combined with actions the Administration has taken over the last four years."
Our new plans:
— President Biden (@POTUS) April 8, 2024
- Cancel runaway interest
- Cancel debt for borrowers eligible for forgiveness programs but have not yet applied
- Cancel debt for borrowers who entered repayment over 20 years ago
- And more
Visit https://t.co/80wXPSSDfn to see how these plans may impact you.
During a call with reporters, Education Secretary Miguel Cardona bragged about finding ways around the June 2023 Supreme Court ruling that declared Biden doesn't have the legal authority to reallocate debt.
"When the Supreme Court struck down the President’s boldest student debt relief plan, within hours, we said, 'We won’t be deterred,'" Cardona said. "We announced a new rulemaking process designed to provide borrowers relief under the Higher Education Act."
RE-UPPING (again):
— RNC Research (@RNCResearch) April 8, 2024
“People think that the president of the United States has the power for [student loan] debt forgiveness. He DOES NOT.”
— Nancy Pelosi (2022)pic.twitter.com/0iz8uQeKXG
Meanwhile, the cost of college continues to skyrocket as a result of government intervention, lack of incentives to lower tuition costs and federal bailouts.
If your student debt plan does nothing about this, it’s not a student debt plan https://t.co/agQBRW1NAW
— Inez Stepman ⚪️🔴⚪️ (@InezFeltscher) April 8, 2024