The Biden administration has authorized another large batch of student loan forgiveness for public servants, raising total relief to nearly $180 billion despite past court challenges.
Key Facts:
– The administration just approved $4.28 billion in student loan forgiveness for about 54,900 public service workers.
– This move brings total relief under President Biden to nearly $180 billion for almost 5 million borrowers.
– Education Secretary Miguel Cardona credited the action to efforts that fix the Public Service Loan Forgiveness (PSLF) program.
– The program offers an incentive for teachers, service members, nurses, and other public servants to stay in their careers by erasing remaining balances after 120 qualifying payments.
The Rest of The Story:
The White House’s latest announcement continues a trend of illegally cancelling student loans for certain categories of borrowers, in this case, government employees.
Officials say this update to the PSLF program aims to reward nurses, teachers, first responders, and other public sector employees who have made consistent payments over time.
However, the Biden administration has faced repeated setbacks in its broader loan forgiveness efforts.
The Supreme Court previously halted attempts at massive debt cancellation, stating that the executive branch had exceeded its authority.
Dear @AP
Debt isn't cancelled, it's transferred – in this case to every other taxpayerMore student loans canceled in Biden’s final round of forgiveness before leaving officehttps://t.co/t76H3sKZSs
— Sean Spicer (@seanspicer) December 20, 2024
Commentary:
This story once again shows whomever is running the White House is eager to hand out billions of taxpayer dollars to government workers who are already enjoying generous compensation packages.
It seems like a direct gift to favored groups rather than a balanced policy approach.
Taxpayers should not have to foot the bill for other peoples student loans.
If history is any guide, the courts will soon step in and overturn this latest illegal handout, just as they did before.
The sooner that happens, the better for everyone else who must shoulder this financial burden.
The Bottom Line:
In the end, the Biden administration’s move adds billions more in student loan forgiveness to its tally, benefiting certain public workers but shifting the burden to taxpayers.
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With legal challenges looming, this latest attempt is likely to meet the same fate as past efforts.