{"id":2055101,"date":"2023-10-04T11:41:02","date_gmt":"2023-10-04T15:41:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-announces-9-billion-more-in-student-debt-cancellation\/"},"modified":"2023-10-04T11:45:09","modified_gmt":"2023-10-04T15:45:09","slug":"biden-announces-9-billion-more-in-student-debt-cancellation","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-announces-9-billion-more-in-student-debt-cancellation\/","title":{"rendered":"Biden unveils $9B extra for student debt relief."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbiden-announces-9-billion-more-in-student-debt-cancellation%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2055101&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>The U.S. Department of \u200dEducation Announces \u200d$9 Billion Student Debt Cancellation Amidst Opposition<\/h2>\n<p>The U.S. Department of Education (DOE) has made\u2064 a bold move \u200cby canceling $9 \u2063billion in student debts, despite facing strong opposition from \u2062Republicans who criticize the Biden administration&#8217;s debt cancellation plans as &#8220;reckless.&#8221;<\/p>\n<p>This latest forgiveness \u2062initiative will benefit an additional\u200d 125,000 Americans, bringing the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-to-cancel-billions-more-in-student-loan-debt-repayment\/\" title=\"Biden to cancel more student loan debt repayment.\">total approved debt cancellation<\/a> by the Biden administration to $127\u200b billion for nearly 3.6 million Americans. U.S. Secretary of Education Miguel Cardona praised President Biden and \u2063his administration for their\u2064 relentless efforts\u200d to fix the \u2064<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/teachers-unions-aclu-want-biden-to-extend-student-loan-repayment-pause-cancel-student-debt\/\" title=\"Teachers Unions, ACLU Want Biden To Extend Student Loan Repayment Pause, Cancel Student Debt\">broken student loan system<\/a>, stating, &#8220;For\u200c years, millions of eligible \u2064borrowers were unable to access the student debt relief they qualified for,\u2064 but\u2063 that&#8217;s all changed thanks to President Biden and this \u200bAdministration&#8217;s \u200crelentless efforts to fix the broken\u200b student \u200cloan system.&#8221;<\/p>\n<blockquote>\n<h3>Related Stories<\/h3>\n<ul>\n<li><a href=\"http:\/\/www.theepochtimes.com\/us\/los-angeles-unified-enrollment-continues-to-decline-with-100000-students-lost-in-7-years-5501084?ea_src=author_manual&#038;ea_med=related_stories\"><strong>Los Angeles \u2062Unified Enrollment\u200d Continues to\u2062 Decline With 100,000\u200c Students Lost in\u200b 7\u2063 Years<\/strong><\/a>  &#8211; 9\/29\/2023<\/li>\n<li><a href=\"http:\/\/www.theepochtimes.com\/epochtv\/federal-reserve-chief-calls-on-educators-to-teach-students-about-economics-5501038?ea_src=author_manual&#038;ea_med=related_stories\"><strong>Federal\u2064 Reserve Chief Calls On Educators to Teach Students About\u2062 Economics<\/strong><\/a>  &#8211; 9\/29\/2023<\/li>\n<\/ul>\n<\/blockquote>\n<p>Out of the $9 billion, \u200b$5.2 \u200cbillion will be forgiven for 53,000 borrowers \u2064under the\u2063 Public Service Loan\u200c Forgiveness (PSLF) program,\u200d which is applicable \u2064to \u2062government and nonprofit workers.<\/p>\n<p>$2.8\u2063 billion \u2062will be forgiven for\u200b almost \u206251,000 \u2063borrowers under the Income-Driven\u2064 Repayment (IDR) plans,\u200c and $1.2 billion in forgiveness will be granted\u200d to almost 22,000\u2063 borrowers \u200bwho have\u200d a \u200ctotal or \u200bpermanent disability.<\/p>\n<p>According \u2064to the \u200cDOE, the \u2064Biden administration has already forgiven $51 billion in student debt \u2064under \u2062PSLF \u200dand $42 billion in loans under the IDR plans.<\/p>\n<p>However, President Biden has faced criticism from Republicans who oppose his student debt \u2063cancellation programs. Senator Bill Cassidy \u2064(R-La.) and a group of Republican\u200b lawmakers introduced a resolution aimed at overturning the &#8220;reckless&#8221; IDR plan, which they claim will cost taxpayers as \u200dmuch as\u2062 $559\u2064 billion.<\/p>\n<p>The IDR plan forgives loan balances after 10 years of payments, with \u2064no \u2062&#8221;guardrails&#8221; to prevent high-income households from benefiting. This has led to concerns about fairness and\u2062 the burden placed on taxpayers who\u2064 did\u200b not incur student debt.<\/p>\n<p>It\u200c is worth noting that\u2064 the Biden administration&#8217;s student debt cancellation efforts come after the Supreme Court \u200dstruck \u200cdown a mass student debt forgiveness plan in June, which would have cost the government $800 billion or more.<\/p>\n<h2>Negative Economic Effects<\/h2>\n<p>Experts have expressed concerns about \u200cthe negative economic consequences of President Biden&#8217;s student debt cancellation programs. Caleb Kruckenberg, an attorney at Pacific Legal Foundation, warns\u2062 that\u2063 the current system\u200b sends \u2064a message to colleges that they can continue \u2062raising \u2062tuition fees, leading to tuition inflation.<\/p>\n<p>As the Biden administration \u200dmoves away from \u200duniversal\u2064 student\u200b debt relief and \u2064focuses \u2064on \u200cproviding relief \u200cto borrowers &#8220;in need,&#8221; \u200badvocacy groups and experts continue to \u200bdebate \u200bthe impact of these policies on the economy and taxpayers.<\/p>\n<p> <\/p>\n<h2> What long-term benefits are\u200b emphasized by proponents\u200b of the \u2064debt cancellation<\/h2>\n<p><span>  000 borrowers \u2064who \u200cwere defrauded by for-profit colleges. This move is part of the \u2062Biden administration&#8217;s commitment to hold these institutions accountable and provide relief to the students who were misled and\u200b left with massive \u200damounts\u200b of debt.\u200c The remaining $3.8 billion \u200cwill be forgiven for approximately 72,000 \u200dborrowers with\u200c disabilities who \u200cwere deemed eligible for loan\u200d discharges but\u200d had \u2062not received them.<\/p>\n<p>Opponents of this forgiveness initiative argue that canceling student debts on such\u200b a\u2063 large scale is fiscally irresponsible\u2063 and sets a\u2062 dangerous \u200bprecedent. Senator Mitch \u200dMcConnell\u2062 went as far as calling it a\u2062 &#8220;reckless giveaway&#8221; and claimed that it would <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-announces-9-billion-more-in-student-debt-cancellation\/\" title=\"Biden unveils B extra for student debt relief.\">primarily benefit high-earning\u200d professionals<\/a> who \u2064do not need financial assistance.<\/p>\n<p>However, proponents\u200c of\u200c the debt cancellation emphasize \u2064the long-term benefits\u200b it will bring, both for individual borrowers and for the economy as a whole. Studies have \u2062shown that student\u200c debt\u2062 cancellation \u2062can have \u2062a significant positive impact on\u200d borrowers&#8217; financial\u2062 well-being,\u2063 allowing them to invest in housing, start\u2064 businesses, and \u200bpursue higher-paying careers. Additionally, it can help stimulate economic growth by boosting consumer spending and reducing household debt.<\/p>\n<p>This announcement builds on previous\u2064 measures taken by the Biden administration to alleviate the burden of student debt. In August, the\u2064 Department of \u2063Education canceled \u2064$5.8 billion in loans for borrowers who had <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-administration-cancels-4-billion-in-itt-tech-student-loans\/\" title=\"Biden Administration Cancels  Billion In ITT Tech Student Loans\">approved borrower defense claims<\/a>\u2062 or were part of the Total \u200band Permanent Disability Discharge program. These actions demonstrate the administration&#8217;s commitment to addressing the flaws \u200cin \u200dthe student loan system and \u200bproviding relief to those\u200b who need it most.<\/p>\n<p>Looking ahead,\u2063 the DOE plans to implement further reforms \u2064to address \u2063the root \u2063causes of the student \u200cdebt crisis. Secretary Cardona emphasized the\u2062 importance of making higher education more affordable and\u200b accessible, stating, &#8220;We must\u200c continue to \u2063work towards \u2062solutions\u200d that prevent future borrowers from facing the same challenges and ensure\u2062 that everyone has\u200c the opportunity to\u200c pursue their educational goals without \u200dbeing burdened by overwhelming debt.&#8221;<\/p>\n<p>While the cancellation of $9 billion in student debts is undoubtedly a \u2062significant step towards relieving the financial strain on millions of Americans, there \u200bis\u200c still\u200c a \u2062long way to go. \u2064The total student debt\u200d in the United States is estimated to be over $1.7 trillion, and\u200b there are \u200bongoing discussions \u2064about broader debt cancellation or reforming the student\u2063 loan system to prevent future generations\u200b from facing such \u2062massive burdens.<\/p>\n<p>In\u200b conclusion, the U.S. Department of Education&#8217;s \u2062announcement \u200cof $9 billion student debt cancellation showcases the Biden administration&#8217;s commitment to tackling the student debt crisis. \u2062Despite opposition from Republicans, this initiative aims to provide relief \u2062to borrowers who have been defrauded or \u200bface significant financial hardships due to disabilities. While debates on the fiscal implications of such massive\u200d debt forgiveness continue, \u2062proponents \u200dhighlight the\u200d potential long-term benefits for both individuals\u2062 and the economy. As discussions around student debt reforms continue, it is clear that more action \u2064is needed to address the root causes of this crisis \u2062and ensure that higher education remains \u200caccessible and affordable for \u2062all.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The DOE canceled $9 billion in student debts despite Republican opposition. The forgiveness will benefit 125,000 Americans, as stated in the DOE&#8217;s Oct. 4 press release.<\/p>\n","protected":false},"author":186,"featured_media":2055102,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[543],"tags":[],"class_list":["post-2055101","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2055101","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/186"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2055101"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2055101\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2055102"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2055101"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2055101"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2055101"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}