Biden Is Still Trying to Forgive Student Loans
On Wednesday, President Joe Biden announced that his administration has forgiven $9 billion in student debt for 125,000 Americans by “fixing” preexisting programs in the Department of Education.
Biden has spent his term trying to fulfill his campaign promise to forgive Americans’ student loan debt — a highly popular promise, but one that has proven difficult to enact. In June, the U.S. Supreme Court struck down Biden’s first attempt, ruling that the executive branch does not have the power to forgive the student loan debt held by tens of millions of Americans. (READ MORE: Universities Without Freedom of Speech Are Worthless)
The president’s administration has since tried to work around the Supreme Court’s ruling — and to date has spent an estimated $127 billion in taxpayer dollars to do so. The American Enterprise Institute found that, when accounting for “forgone revenue,” the administration will spend more like $316 billion.
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