Biden Cancels More Student Loan Debt

May 3, 2024

In recent news, the White House announced President Biden is moving forward with a plan to cancel student debt for an additional 277,000 individuals. This decision increases the total number of borrowers who have received debt relief during Biden’s term to approximately 4.3 million. The cost of this recent action is estimated to be around $7.4 billion.

President Biden expressed his determination to continue working towards canceling student debt, despite opposition from some Republican officials. This announcement comes at a time when many Americans are feeling the pinch of rising food prices. For instance, since January 2021, the price of eggs has doubled, and other everyday items like bread, chicken, flour, and butter have also seen significant price hikes.

He’s also canceling student loans as universities around the country riot to support Hamas.

The announcement also mentioned the SAVE Plan and other programs designed to offer relief to borrowers under specific conditions, such as making payments over a set period or earning below a certain hourly wage.

However, this initiative has sparked debate among lawmakers. Some Republicans, including Sen. Marsha Blackburn and House GOP Conference Chairwoman Elise Stefanik, have criticized the plan, arguing it unfairly burdens taxpayers and may be an attempt to sway voters. They also reference a Supreme Court ruling from June 30, 2023, which found the Biden administration lacked the constitutional authority for such broad student loan relief measures.

So, as prices rise Biden is canceling the debt of those who are supporting Hamas.



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