Biden’s Restarts His Vote-Buying Scheme

Biden isn’t even trying to cover it up anymore.

The Biden administration once again unveiled ambitious new proposals on Monday aimed at offering substantial relief to millions of Americans burdened by student loan debt, pending finalization.

These proposed measures specifically target individuals grappling with exorbitant interest accumulation, borrowers navigating loan repayments over a 20-year period, and those eligible for forgiveness under income-driven repayment (IDR) plans, along with individuals facing financial hardships.

Under the proposed plans, borrowers could potentially receive up to $20,000 in loan forgiveness to alleviate balances inflated by accrued interest since entering repayment, irrespective of their income levels. Furthermore, those meeting the criteria for the SAVE IDR plan could have their entire outstanding interest balance pardoned.

This initiative is poised to bring relief to approximately 25 million Americans affected by balance growth attributed to unpaid interest, with an estimated 23 million individuals witnessing complete cancellation of their accrued balance growth.

Additionally, the administration aims to streamline the process for automatic debt relief for qualifying individuals enrolled in the SAVE plan, Public Service Loan Forgiveness program, and other relevant forgiveness initiatives, who have encountered bureaucratic obstacles in obtaining relief. Approximately 2 million Americans could potentially benefit from complete loan forgiveness through this avenue.

Moreover, the administration seeks to extend assistance to individuals who enrolled in education programs of low financial value as deemed by the Department of Education, as well as borrowers facing financial distress such as those at high risk of loan default and families grappling with additional debts like medical expenses.

The administration’s announcement emphasizes its intention to issue proposed regulations for these plans in the coming months. If finalized as proposed, the administration aims to commence the process of canceling accrued interest up to $20,000 for millions of borrowers and extending full loan forgiveness to millions more by fall.

According to the White House, these plans could have benefitted over 30 million Americans over the past three years through loan forgiveness initiatives. Additionally, the administration underscores the disproportionate impact of student loan debt on Black and Latino borrowers, as well as individuals who attended community colleges, highlighting how these actions aim to alleviate their financial burdens.

While these proposals offer hope for relief, their finalization is subject to a lengthy process, and potential legal challenges may arise if approved.