Spreely News

Home Spreely News Biden Cancels $5 Billion in Student Debt

Biden Cancels $5 Billion in Student Debt

by Erica Carlin

The Biden administration is making a bold move to provide student loan forgiveness on Wednesday, allocating $5 billion in relief for those struggling with debt. This follows the Supreme Court’s ruling that struck down his sweeping plan to forgive 400 billion dollars of student debt this year.

This move is an attempt by the Biden administration to mend their fraying electoral coalition ahead of 2024. The president has been vocal about his commitment to providing financial assistance to young voters who are facing crippling debts from college tuition and other education expenses.

This new initiative will focus on forgiving up to $10,000 per borrower for certain categories of debt such as parent PLUS loans, which are taken out by family members when a student cannot afford tuition or fees. It also seeks to help borrowers with non-federal private student loans, offering them the ability to refinance at lower interest rates or have their balance forgiven if they meet certain criteria.

The goal of this program is not only provide relief for individuals burdened with massive amounts of debt but also level the playing field between those who can afford higher education and those who cannot due to financial constraints. This could potentially open doors for more people from disadvantaged backgrounds and minority communities who have historically had limited access higher education due to economic barriers.

Republican lawmakers are vehemently opposed to the plan and insist that such a measure should only be taken with congressional approval rather than by executive order.

They argue that this is overreaching on the part of President Biden and an abuse of power – something which they allege sets a dangerous precedent for future administrations.

In addition, Republicans oppose Biden’s plan because they fear it will encourage more students to take out high-interest loans without any consideration for how they will pay them back later on down the line – leading to even higher levels of debt among graduates.

The Biden administration estimates that approximately 7 million Americans could benefit from this initiative over time but there may be some challenges along the way in terms of implementation and eligibility requirements that need addressing before widespread loan forgiveness can occur. For example, it remains unclear how much work borrowers must do in order qualify for debt forgiveness under this plan or if there will be caps placed on total amount forgiven per person? These details are yet to be finalized however it is clear that the president understands how important it is tackle our growing student loan crisis which currently stands at a staggering 1.7 trillion dollars nationwide (according to Forbes).

You may also like

8 comments

Joe December 9, 2023 - 6:27 am

Well the so called “Republicans” will not impeach O’biden so he is now a dictator, no rule of law applies.

Reply
TruthBeTold December 9, 2023 - 10:54 am

Biden run’s OUR COUNTRY like a BANANA REPUBLIC , he is so ARROGANT he thinks he is above the LAW of the LAND. How about securing OUR BORDERS , & STOP THIS INVASION INTO OUR COUNTRY ? Joe is turning our once great nation into a THIRD WORLD SHITZ HOLE. He has SOLD OUT AMERICA for his own PERSONAL GAIN. The GREATER the POWER, the more DANGEROUS the ABUSE.. MAY GOD HELP US(A). WE the PEOPLE ..MUST PREVAIL over this clear & present EVIL…

Reply
Grayfox December 9, 2023 - 12:36 pm

He can be sued in federal court for violation a court decision?

Reply
Everett December 9, 2023 - 12:46 pm

This is exactly why the communist fascist racist satanic KKK democrats get away with the lawless crap they do……..they don’t care what they do, ’cause there’s nobody that’s got the balls to stop them. Case in point, the treasonous, antiConstitutional, anti-American, Hilary C lied to congress, set up illegal servers in her basement, destroyed enormous amounts of evidence (and cell phones)…….and she’s STILL free as a bird!!!!

Reply
carol December 9, 2023 - 3:49 pm

What is the point of having a supreme court when someone like biden can willfully ignore their rulings!

Reply
Sue December 9, 2023 - 5:29 pm

Biden’s a asshole why don’t you forgive people who have major doctor, hospital, prescription healthcare, debits that was know fault of their own. They didn’t sign a contract to pay for services they wanted. They’re just trying to beat the system when they could be paying of there loans off. I as a parent paid for my two children’s college loans by sacrificing my financial savings. I sure in hell don’t want to pay for someone’s family problem. Biden why don’t you pay off my car loan or my mortgage because I been paying that for 25 years. Biden you’re the stupidest person ever to be president. You will definitely go down in history as the crooked most corrupt lying President in US history. FJB… Never vote Democrat.

Reply
Rick December 10, 2023 - 5:53 am

Another Biden scheme to gain votes. Biden does nothing unless there is payoff for him.

Reply
JCE December 10, 2023 - 7:20 am

This is why the justice department and FBI are considered weaponized. This turkey is breaking law and should be removed from office. Like Obama, he , Biden, is an embarrassment to America. The world is laughing at us while he destroys us.

Reply

Leave a Comment