Biden Announces Final Round of Student Loan Forgiveness

When Biden first took office, he announced a massive student loan plan that was blocked.

Instead, Biden has piecemealed the plan, announcing another $4 billion last week, totaling about $180 billion in forgiven loans so far.

Biden’s Plan

If Democrats would have forgiven all student loans, it would have cost the American taxpayer about $1.6 trillion.

Biden originally stated that he was going to forgive all loans up to $10,000 with some exceptions that would have offered forgiveness up to $20,000.

That plan would have cost taxpayers an estimated $373 billion.

The plan was challenged and defeated at the Supreme Court, so Biden started finding loopholes in emergency legislation and other areas where he was able to piecemeal out student loans.

All Biden Student Loan Forgiveness

One of the first areas of forgiveness by Biden was school closures, which now account for nearly $29 billion in student loan forgiveness. Biden also announced disability dismissals when he first took office, which now accounts for more than $14 billion.

One of the largest areas being contested was Biden forgiving student loans to public service workers, including teachers and nurses. That has now accounted for more than $69 billion in forgiveness.

Biden recently offered student loan forgiveness for those who have been paying back their loans for 20+ years, which now accounts for more than $51 billion in forgiveness.

Biden’s SAVE plan had forgiven more than $5 billion, but that program was frozen and is currently being litigated.

The Final Straw

Biden stuck it to the American taxpayer again at the end of last week, announcing another $4 billion, bringing his total to about $180 billion, nearly half of his original plan ruled unconstitutional by the Supreme Court.

Secretary of Education Miguel Cordona took a victory lap, stating, “Four years ago, the Biden-Harris Administration made a pledge to America’s teachers, service members, nurses, first responders, and other public servants that we would fix the broken Public Service Loan Forgiveness Program, and I’m proud to say that we delivered.”

Republicans, in their most recent filing, stated, “Everyone from the Supreme Court, to President Joe Biden, to former Speaker of the House Nancy Pelosi has publicly acknowledged that you do not have the authority to forgive debt except in the limited ways Congress clearly outlined. You must adhere to these warnings and follow the law.”

Based on the Supreme Court decision, Biden should not have been allowed to grant any of this, as the Supreme Court made it very clear that something of this magnitude must go through Congress, not executive action. Yet, somehow, Biden managed to squeeze through a staggering $180 billion, all of which is now attached to our deficit tab.