While members of Congress and talking heads are distracted by what Biden might do on student loans, they’re missing the widespread debt cancellation happening right before their eyes—and that’s exactly what the President wants.
In Case You Missed it via Fox News, Education and Labor Committee Republican Leader Virginia Foxx writes about the Biden administration’s blanket student loan forgiveness already underway and how it is costing taxpayers billions.
By Representative Virginia Foxx
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Blanket student loan forgiveness will lead to more inflation-filled deficit spending and the removal of any incentive for schools and students to practice financial responsibility. Yet, while members of Congress and talking heads are distracted by what Biden might do on student loans, they’re missing the widespread debt cancellation happening right before their eyes—and that’s exactly what the President wants.
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Take the Department of Education’s recent announcement providing loan forgiveness waivers for borrowers with longer term repayment plans. The Department notes that this action will lead to the automatic cancellation of student loan debt for 40,000 borrowers, who were supposedly promised forgiveness and harmed by the broken system Democrats created. Yet, when you look below the surface and into the details of this action, you’ll find the Biden administration may have cancelled as much as $211 billion in outstanding student loan debt for over 4 million borrowers—many who were never eligible for forgiveness. Moreover, when combined with the windfall provided through the repayment pause and his re-write of Public Service Loan Forgiveness, President Biden is writing off as much as $400 billion with the stroke of a pen; that is true harm.
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Since taking office, the Biden administration has transformed the federal student loan program into retroactive “free college” for the high-income households that hold 60 percent of the debt being forgiven. Yet the biggest scam is that next year, the federal government is handing out $100 billion in new loans to over 8 million students without reforming this broken system.
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To my fellow Americans who are concerned about the severe consequences of mass loan forgiveness, it’s time to wake up. Biden’s student loan scam is well underway.
Original source can be found here.
