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Policymakers and millions of Americans are rightfully worried about the headlines that President Joe Biden is seriously considering mass student loan forgiveness for 44 million borrowers. The ramifications of such a policy for taxpayers, students, and our society cannot be overstated. 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.
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 canceled as much as $211 billion in outstanding student loan debt for over 4 million borrowers — many who were never eligible for forgiveness.
REPUBLICANS DEMAND PROBE OF POTENTIAL WHITE HOUSE STAFF CONFLICTS RELATED TO STUDENT LOAN DEBT PLAN
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