Biden Reveals Plan for Student Loan Debt

Biden Reveals Plan for Student Loan Debt

Biden BURNS Through Taxpayers’ Money – Look What He’s Doing Now!

( – Despite cries from people who feel student loan forgiveness is unfair or will take from taxpayers, President Joe Biden announced his objective to cut education debt on August 24. He outlined his plan, which provides relief of up to $20,000 for those earning under $125,000. It also included an extension of the repayment pause to December 31.

Under the plan, students will get $10,000 off their loans if they didn’t get a federal Pell grant, but there will be $20,000 forgiven for those who did. People can only receive up to what they owe in the form of forgiveness, as it’s not a refund. In addition, the president vowed to change income-based payments to 5% of a person’s monthly income for undergraduate loans.

In a statement, Senate Minority Leader Mitch McConnell (R-KY) responded to the president’s plan as another step in the wrong direction. He claimed it will exasperate inflation and is offensive to those who have already paid their debt. He said forgiveness of loans for people with a college education is ridiculous because they are some of the highest wage earners and need financial assistance the least.

The Senate Republican Communications Center (SRCC) went a step further, saying Biden doesn’t even possess the authority to make this move. In 2021, Speaker of the House Nancy Pelosi (D-CA) backed this up, saying only Congress has the power to forgive debts.

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