SCOTUS Hears Challenge to Biden’s Student Debt Bailout

TThe President’s price tag is exorbitant Joe Biden Student Loan As the forgiveness plan comes under renewed scrutiny, Supreme Court Preparing to hear oral arguments regarding Tuesday’s constitutionality.

Biden announced in August that he would eliminate $10,000 student loan debt for borrowers earning less than $125,000 per year, and that he would forgive $20,000 to Pell Grant recipients.

WHO ARE THE ATTORNEYS FIXING BIDEN’S COSTLY STUDENT LOAN RELIEF AT SUPREME COURT?

According to the Congressional Budget Office (which stated it was), the policy, which was blocked by federal courts before the Supreme Court reviewed it, would cost $400Billion over the next ten years. “highly uncertain” The estimate. According to the University of Pennsylvania, the Wharton School of Business study found that the estimated cost could exceed $150,000. It’s easy to surpass $500 billion.

Biden’s Department of Education presented new regulations in January. These proposed regulations substantially revamped the department’s income-driven repayment plan. This program allows low-income borrowers lower monthly payments than what their loan would otherwise allow. The Penn-Wharton model projected that the combined cost of the proposed income-driven repayment program changes and widespread forgiveness could exceed $1 trillion.

Despite the high price tag, the plan was praised by the president’s party members who condemned Republicans for trying to block the policy.

“Extreme MAGA Republicans are working overtime to stop us from helping those with student loan debt,” Hakeem Jeffries (D–NY), House Minority Leader, tweeted Monday. “Thank you President Biden for your strong and continued commitment to delivering life-changing relief to millions of Americans.”

Republican politicians, on the other hand, have attacked the policy as an unfair redistribution wealth from non-college-educated workers and educated elites and raised concerns about the policy’s cost to taxpayers.

Sen. Bill Cassidy, R-LA, noted this in a statement made to the Washington Examiner The plan’s price tag was not included. Administration’s extension of a pause in collecting payments has also been added. “taxpayers $195 billion.”

“This policy before the Supreme Court does not forgive debt. It only transfers it from those who willingly took it on to taxpayers who chose not to go to college or worked hard and made sacrifices to pay off their loans,” Cassidy, the Senate Health, Education, Labor, and Pensions Committee’s top Republican, stated this.

“Where is the forgiveness for the guy who didn’t go to college but is working to pay off the loan on his work truck? What about the woman who was responsible and prioritized paying off her student loans? Instead, the Biden administration is planning on having them pick up the bill,” He said.

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Virginia Foxx, Chairwoman of the House Education and Workforce Committee (R-NC), spoke to the Washington Examiner She expressed optimism that the court would uphold the policy of the administration and asked the president to join Congress in reforming the federal student loan program.

“I am optimistic the Supreme Court will see President Biden’s student loan bailout for what it is: blatantly illegal and a reprehensible case of executive overreach,” She said. “This administration likes to sell its plan as debt forgiveness, but hardworking Americans who did not go to college or paid off their own loans know they will be forced to foot the bill for Biden’s illegal scam. If President Biden was serious about real student loan reform, his administration would be working with Congress to create long-term solutions, not sidestepping the elected representatives of the American people.”