{"id":2055354,"date":"2023-10-04T14:09:03","date_gmt":"2023-10-04T18:09:03","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-announces-9-billion-in-taxpayer-funded-student-debt-cancellation\/"},"modified":"2023-10-04T14:13:14","modified_gmt":"2023-10-04T18:13:14","slug":"biden-announces-9-billion-in-taxpayer-funded-student-debt-cancellation","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-announces-9-billion-in-taxpayer-funded-student-debt-cancellation\/","title":{"rendered":"Biden unveils $9B student debt cancellation funded by taxpayers."},"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\">18<\/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-in-taxpayer-funded-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=2055354&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>Biden Administration Cancels $9 Billion in Student Debt, But Who Really\u2063 Pays?<\/h2>\n<p>The \u2063Biden administration made a bold announcement on Wednesday, claiming to &#8220;cancel&#8221; an\u2064 additional $9 billion in student\u200c debt owed by Americans who have yet \u2063to repay their loans. \u2064However, let&#8217;s be clear:\u2063 debt cannot simply be\u2064 erased. Instead, it is shifted onto someone \u200belse, in this case, the hardworking\u2062 U.S. taxpayer. Many of these taxpayers have\u2064 already paid off their own student\u200d loans.<\/p>\n<p>The\u2063 announcement, \u200cwhich you can \u2062read <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2023\/10\/04\/president-biden-announces-an-additional-9-billion-in-student-debt-relief-for-125000-americans\/\" target=\"_blank\" rel=\"noopener\">here<\/a>, states that the \u200dBiden administration\u200b has now cancelled a \u200btotal of &#8220;$127 billion for nearly 3.6\u2062 million Americans.&#8221;\u200b However, when you consider that the total student debt in the U.S. is a staggering $1.766 trillion, this $9 \u2063billion\u2063 in &#8220;debt\u200c relief&#8221; is a mere drop in \u200bthe ocean, amounting to less than\u2063 half a percent of the \u200doverall debt.<\/p>\n<p>While this announcement may seem like a victory for some, it&#8217;s important to note\u200d that it only benefits around 125,000 individuals, which \u2063is less than a quarter of a percent of the 43.6 million borrowers still struggling with\u200b federal student\u2063 loans.\u200c The reality is that\u200b the burden of these &#8220;cancellations&#8221; will ultimately fall on all U.S. taxpayers, leading to indirect debt increases for everyone.<\/p>\n<p>According to\u200c the Education Data Initiative, national student loan\u2063 debt has more than tripled since 2006, reaching a staggering \u200c$1.766 trillion. Of this amount, 93 percent \u200bis owed to \u2062the federal government, while \u200dthe remaining 7 percent is owed \u200dto other lenders.<\/p>\n<p>It&#8217;s worth \u2063noting that this latest effort\u200c at\u2062 &#8220;debt\u2064 relief&#8221; by the Biden\u200d administration specifically targets certain groups, such\u200c as public servants, disabled borrowers, and those with lower incomes. While this may seem\u200c like a noble \u2063cause, it&#8217;s important to question whether it&#8217;s fair to burden all taxpayers with the responsibility\u200b of repaying these loans.<\/p>\n<p>The statement from \u200cthe administration \u2063claims that President Biden believes\u200d college should be a ticket\u200d to the middle class, not a burden\u2063 on families. While this \u200bsentiment is admirable, it&#8217;s crucial to consider the long-term consequences of these actions \u200cand\u2063 whether they truly\u2064 address the root issues of \u200cskyrocketing\u200b tuition \u2064costs and the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-extends-9-billion-more-of-student-debt-relief-to-125000-borrowers\/\" title=\"Biden grants additional B in student debt relief to 125K borrowers.\">broken student \u200bloan system<\/a>.<\/p>\n<p>According to \u200cthe Education Data\u2063 Initiative, <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oliver-l-north-and-david-l-goetsch-the-hidden-costs-of-bidens-student-loan-debacle\/\" title=\"Oliver L. North and David L. Goetsch: The Hidden Costs of Biden's Student Loan Debacle\">average student loan debt<\/a> has risen \u2063more than two-and-a-half times\u2063 faster than\u200c tuition in recent years. This alarming trend\u200d highlights the urgent need for\u200b comprehensive solutions that \u200ctackle the underlying problems driving the student\u2062 debt crisis.<\/p>\n<p>It&#8217;s also interesting to note the divide in public \u200dopinion on this issue. According to the\u2063 same source, 78 percent of self<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-announces-9-billion-in-taxpayer-funded-student-debt-cancellation\/\" title=\"Biden unveils B student debt cancellation funded by taxpayers.\">-identified \u200bliberals \u200dsupport \u200dfederal student\u200d loan<\/a>\u200b &#8220;forgiveness,&#8221; while only \u206439 percent of\u200c conservatives share \u2064the\u200b same\u2064 view.<\/p>\n<p>While the Biden administration may tout these debt cancellations as a \u200dvictory, it&#8217;s \u2064important to critically examine the long-term implications and whether they\u200b truly \u200baddress the\u2063 systemic issues plaguing \u200bhigher education and student loans in\u200b the United States.<\/p>\n<h3>Debt Relief Breakdown:<\/h3>\n<ul>\n<li>$5.2 billion in additional debt relief for \u206253,000 borrowers under Public Service Loan Forgiveness programs.<\/li>\n<li>Nearly $2.8 billion in new \u2064debt relief for \u2063nearly 51,000 borrowers through fixes to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/what-we-really-need-to-do-to-make-college-affordable\/\" title=\"What We Really Need To Do To Make College Affordable\">income-driven repayment<\/a>.<\/li>\n<li>$1.2 billion \u2064for nearly\u2063 22,000 \u2064borrowers\u2064 with\u2062 total or permanent disabilities.<\/li>\n<\/ul>\n<p>If you&#8217;re interested in\u2063 seeing the state-by-state breakdown of debt\u200c relief approved under the Biden-Harris Administration, you can visit\u200b <a href=\"https:\/\/www.ed.gov\/news\/press-releases\/biden-harris-administration-announces-additional-9-billion-student-debt-relief\" target=\"_blank\" rel=\"noopener\">this link<\/a>.<\/p>\n<p>The Biden-Harris Administration has made efforts to\u2062 make \u2062college\u2064 more affordable and protect borrowers.\u200b They launched the SAVE student loan repayment plan, increased Pell Grants, and\u2062 implemented rules to\u200b safeguard students from unaffordable debts. However, it&#8217;s important to question whether these \u2063measures truly address the \u2064root causes\u2063 of the student debt crisis.<\/p>\n<p>Ultimately, the Biden administration&#8217;s $9 billion in debt cancellation may provide temporary relief for a select few, but it raises important questions\u2063 about the fairness and sustainability of such actions. \u2062It&#8217;s crucial to \u2062find comprehensive solutions that address the underlying issues and ensure that <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/student-loan-restart-payments-to-begin-again-as-federal-pause-ends-in-three-days\/\" title=\"Student loan payments resume in three days as federal pause ends.\">higher education remains accessible<\/a> without burdening future \u200bgenerations with insurmountable debt.<\/p>\n<p>For\u200c the full media release from\u200c the \u2063White House briefing room, you can visit their website <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2023\/10\/04\/president-biden-announces-an-additional-9-billion-in-student-debt-relief-for-125000-americans\/\" target=\"_blank\" rel=\"noopener\">here<\/a>.<\/p>\n<p><em>This article was\u200c originally published\u2063 on <a href=\"https:\/\/www.westernjournal.com\">The Western\u2064 Journal<\/a>.<\/em><\/p>\n<p> <\/p>\n<h2> Should the responsibility\u200b of repaying student loans \u200dbe placed on institutions and policymakers rather than burdening all taxpayers?<\/h2>\n<p><span>  Ing\u200c the student debt crisis. The reality is that simply\u200b canceling a small portion of the overall debt \u2064does not address the\u200b root causes of rising tuition costs and a\u2064 broken loan system. It also\u200b raises the question of fairness, as these cancellations will ultimately \u200dbe funded\u200c by the\u2062 hardworking taxpayers who\u200c may have\u200b already paid off their own student loans.<\/p>\n<p>Moreover, it \u2064is worth\u200c noting that \u2063this\u2064 latest effort at debt relief targets specific groups, such as public servants, disabled \u2062borrowers, and those with \u200clower incomes. While\u2063 it may seem \u2063noble to provide relief \u200bto these\u200d individuals, it is important \u2063to consider whether\u200c it is fair to burden all taxpayers with the \u200cresponsibility of\u2062 repaying these loans. Should\u200b the\u200c burden \u200dnot be placed on the\u200b institutions and policymakers who have allowed\u200c the debt to accumulate in the first place?<\/p>\n<p>The staggering amount of student loan debt in \u2064the United States cannot be\u200b ignored. \u2063With total student debt reaching $1.766 trillion, the $9 billion in cancellations announced by the Biden administration \u200damounts to less than half a percent of\u200d the overall debt. This is\u200d a \u200bmere\u2064 drop in\u200b the ocean and not a significant solution to the crisis at hand.<\/p>\n<p>What is truly needed are comprehensive solutions\u2063 that address the underlying issues\u200d driving the student\u2063 debt crisis. The\u200d skyrocketing tuition costs and the broken \u2062loan system must be tackled head-on. Merely canceling \u2064a small portion of the debt does not provide a sustainable\u200b solution for the millions of borrowers still struggling with \u2063federal student loans.<\/p>\n<p>Public opinion\u2063 on\u200c this issue is divided, with liberals showing stronger support \u200cfor federal student loan forgiveness compared to conservatives. This highlights\u200b the need\u2064 for a national conversation\u200c and bipartisan \u200beffort\u2062 to find common ground and implement effective solutions.<\/p>\n<p>While \u200dthe sentiment \u2064behind the Biden administration&#8217;s action may be admirable &#8211; that college should\u200c be a ticket to the middle class\u200d rather than a burden on families &#8211; it is\u2064 crucial to critically examine the long-term implications. It is not enough to provide temporary relief; we must address the systemic issues that have led\u2064 to the rising \u200cstudent\u200b debt crisis.<\/p>\n<p>In \u2062conclusion, \u2063while the Biden administration&#8217;s cancellation \u2062of $9\u2063 billion \u2064in student\u2062 debt\u2063 may appear to be a step in the right direction, the reality is that it shifts\u200b the burden onto taxpayers and fails to address \u2063the \u2064root causes\u2062 of the crisis. A more \u200dcomprehensive approach is needed to tackle the underlying \u2064problems\u200c of skyrocketing tuition costs and \u2062a broken loan system. It is only through systemic change that we can truly alleviate the burden of student debt and\u200c ensure that higher education is accessible and affordable for all.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Biden administration revealed plans to &#8220;cancel&#8221; $9 billion in student debt owed by Americans who haven&#8217;t repaid their college loans. However, debt cancellation is a misnomer as the debt is simply transferred to someone else, not erased.<\/p>\n","protected":false},"author":2010,"featured_media":2055355,"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":[548],"tags":[],"class_list":["post-2055354","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-conservative-news-daily"],"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\/2055354","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\/2010"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2055354"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2055354\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2055355"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2055354"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2055354"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2055354"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}