President Joe Biden and his administration have canceled over $136 billion in student debt since the Supreme Court shot down its more lavish plans. On Friday, the Biden administration canceled an additional $5 billion in student loan debt for 74,000 people. In total, 3.7 million people have been affected by the Biden administration canceling student debt. Republicans have condemned Biden’s student debt relief program and vehemently come out against it.
President Biden is downright desperate to buy votes before the election – so much so that he greenlights the Department of Education to dump even more kerosene on an already raging student debt fire, Rep. Virginia Foxx (R-NC), the Chairwoman of the House Education and Workforce Committee, said in a statement. It would surprise no one if the Department relied on infants playing with abacuses to balance its books – it is a complete and utter disaster.
President Biden’s efforts to alleviate the burden of student loan debt have come at a significant cost. With his more ambitious plans thwarted by the Supreme Court, the administration has turned to canceling billions of dollars in student debt. On Friday, an additional $5 billion in student loan debt was forgiven for 74,000 individuals, bringing the total amount canceled under the Biden administration to a staggering $136 billion. This relief has touched the lives of 3.7 million people who have been struggling with the weight of student loans.
The Biden administration attributes its ability to provide this relief to the fixes made to broken student loan programs. My administration is able to deliver relief to these borrowers — and millions more — because of fixes we made to broken student loan programs that were preventing borrowers from getting relief they were entitled to under the law, stated President Biden.
However, not everyone is supportive of President Biden’s approach. Republicans have fiercely criticized his student debt relief program. Rep. Virginia Foxx, the Chairwoman of the House Education and Workforce Committee, condemned the administration’s actions, accusing President Biden of desperate vote-buying tactics. She labeled the Department of Education’s involvement in canceling student debt as a reckless move that exacerbates the existing problem. According to Foxx, the Department’s ability to efficiently balance its books has come under question, with her statement suggesting a lack of confidence in their financial management.
While the Biden administration’s efforts have been lauded by those who have been burdened by student loans, there remains a significant divide in opinions. As the debate rages on, it is clear that student debt relief will continue to be a contentious issue, with Republicans and Democrats holding opposing views on the best way forward. With billions of dollars already canceled and millions more potentially to come, the impact of these decisions will be felt for years to come by both borrowers and taxpayers alike.
