Biden’s student loan forgiveness extends till 2024 election: A last-ditch effort.
President Biden’s Latest Effort to Cancel Student Loans Signals Intent for 2024 Campaign
President Joe Biden’s latest effort to cancel student loans through an “adjustment” to an existing federal program is a clear indication that he plans to make this issue a central focus of his 2024 presidential campaign.
On Friday, the Department of Education announced it would be adjusting the implementation of loan forgiveness under the Income Driven Repayment (IDR) program, resulting in $39 billion in loans being canceled for approximately 800,000 borrowers. The IDR program allows borrowers to make payments based on their monthly income rather than a standard repayment plan. Borrowers who meet the payment requirements for at least 240 months can have their loans forgiven.
The Department of Education’s press release states that this adjustment will continue throughout the year, with the possibility of more borrowers becoming eligible. The department plans to provide updates on eligibility every two months to ensure all borrowers, including those not yet eligible, are aware of their progress towards forgiveness.
Biden Administration Takes Action and Releases Data
In addition to the loan cancellation announcement, the Biden administration released state-by-state data on how many borrowers will be affected by this latest round of loan forgiveness. The Department of Education is also hosting a virtual hearing on student debt to address this pressing issue.
“President Biden continues to fight for student loan borrowers on all fronts,” stated a White House official in a background statement.
This recent action follows the Supreme Court’s rejection of the president’s plan to forgive up to $20,000 in student loans for all borrowers earning less than $125,000. The administration is now exploring alternative methods to student loan forgiveness extends till 2024 election: A last-ditch effort.”>achieve broad student loan forgiveness, which will likely become a prominent topic in the 2024 campaign as Biden seeks a second term in office.
According to Bob Eitel, president and co-founder of the Defense of Freedom Institute, the administration’s efforts to secure student loan forgiveness are far from over. Eitel, who served in the Trump administration’s Department of Education, believes that left-wing political groups are exerting immense pressure on the Biden White House to provide this relief, as it has become “one of the sacraments of the progressive church.”
Beth Akers, a higher education finance expert at the conservative think tank American Enterprise Institute, predicts that President Biden will continue to advocate for student loan forgiveness throughout the 2024 campaign, even though further attempts to eliminate student loans are likely to be blocked by the courts. Akers also points out that Democrats were unable to pass loan forgiveness legislation when they had control of Congress.
Republicans in Congress accuse President Biden of pursuing student loan forgiveness solely to appeal to voters. Senator Bill Cassidy (R-LA), the ranking member of the Senate Health, Education, Labor, and Pensions Committee, criticizes the president for prioritizing political gain over addressing the root causes of the student loan crisis.
House Education and Workforce Committee Chairwoman Virginia Foxx (R-NC) describes the administration’s efforts to cancel student loans as a “desperate Hail Mary attempt” to secure reelection. Foxx emphasizes that ignoring the Supreme Court and disregarding the rule of law is not indicative of a leader fit to govern.
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