Washington Examiner

Biden’s student loan forgiveness extends till 2024 election: A last-ditch effort.

President Biden’s ⁣Latest Effort to Cancel ⁣Student​ Loans​ Signals Intent for 2024 Campaign

President Joe ​Biden’s‍ latest effort to cancel ‍student loans⁢ through⁣ an “adjustment” to an ⁣existing federal program is a clear⁤ indication that he plans to make this⁤ issue a ‍central focus‌ of ‌his⁤ 2024 presidential campaign.

⁣ ‍

On Friday, the Department of Education announced‍ it would be adjusting the implementation of loan ⁤forgiveness⁤ under ⁤the Income​ Driven ‌Repayment‍ (IDR) ​program, ⁢resulting in ⁤$39 billion ​in loans ‌being canceled ‌for ⁢approximately 800,000 borrowers. ‍The IDR program ‍allows⁤ borrowers to make‍ payments based on ‌their monthly‌ income​ rather‍ than a ⁢standard repayment plan. Borrowers who ⁢meet ‍the​ payment requirements ​for at⁢ least⁤ 240 months can have ⁣their loans forgiven.

The ​Department of Education’s press⁤ release states ⁢that this adjustment ‍will continue‍ throughout the year, with ​the possibility of ⁤more borrowers becoming eligible. ‌The ⁣department plans ‍to ⁢provide updates‌ on eligibility every⁣ two months ‍to ‍ensure all borrowers, including those not yet⁤ eligible, ⁤are aware of ‌their progress towards forgiveness.

Biden⁤ Administration Takes Action and⁢ Releases Data

In addition to the loan ⁤cancellation announcement, the ⁤Biden⁣ administration released ⁣state-by-state data‍ on how⁢ many ‍borrowers will be affected ⁤by this latest⁣ round⁢ of loan forgiveness. ⁢The Department of Education is ⁤also hosting a virtual ⁤hearing‌ on student debt to ​address ‌this⁢ pressing ​issue.

“President Biden‌ continues to fight for student ​loan borrowers on all⁣ fronts,” stated a White⁣ House official in a background statement.

This recent ⁢action follows the Supreme Court’s rejection of ​the president’s plan to forgive up to $20,000 ⁤in⁢ student loans for ⁣all borrowers⁣ earning⁣ less ⁤than $125,000. The administration ⁤is​ now ⁤exploring alternative methods to student loan forgiveness extends till 2024 election: A last-ditch effort.”>achieve broad student loan⁢ forgiveness, ‌which will ‍likely become ⁤a prominent ‍topic in the‍ 2024 campaign as ⁤Biden​ seeks a second term in office.

According to Bob Eitel, president and co-founder ⁣of‌ the Defense ⁣of Freedom ⁤Institute, the administration’s efforts to ⁤secure‌ student‌ loan forgiveness⁣ are far⁢ from‍ over. ‍Eitel, ⁤who served ⁤in the​ Trump⁤ administration’s Department of‌ Education, believes that left-wing political groups⁣ are exerting⁣ immense pressure on the Biden White ⁣House to⁢ provide⁤ this relief, ⁣as it⁤ has ⁣become “one of⁤ the ‍sacraments of the progressive church.”

Beth Akers,⁣ a ‌higher education finance ⁣expert at ⁢the conservative think tank American ⁣Enterprise⁤ Institute, ⁤predicts that President‍ Biden will continue to ‍advocate for‌ student loan forgiveness throughout‌ the 2024 ‌campaign, even ⁣though further ⁢attempts‍ to eliminate ⁣student⁣ loans ⁣are ​likely ​to​ be⁣ blocked by the courts. Akers ​also points out⁤ that Democrats⁣ were unable to pass loan ⁤forgiveness legislation when ‌they had ‍control of ⁢Congress.

Republicans ⁢in Congress accuse President Biden of pursuing ⁢student⁣ loan forgiveness solely⁤ to appeal ⁢to ⁢voters. Senator‌ Bill‍ Cassidy‌ (R-LA), the‍ ranking member of the Senate Health, Education, ​Labor,‍ and ⁢Pensions Committee,⁤ criticizes the president ⁢for prioritizing political gain over ​addressing ⁣the‍ root causes of ‍the‌ student loan ⁣crisis.

House Education⁢ and Workforce Committee Chairwoman Virginia Foxx (R-NC) describes ‌the administration’s efforts ‍to cancel⁢ student loans‍ as a⁤ “desperate Hail⁣ Mary attempt” to secure ‍reelection. Foxx‌ emphasizes that ignoring the Supreme Court ⁤and disregarding the rule of ⁤law is ‍not indicative of a leader fit to govern.

Click here to read more ⁣from the‌ Washington‌ Examiner.



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