{"id":2095971,"date":"2023-11-10T04:39:04","date_gmt":"2023-11-10T09:39:04","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/changing-majors-biden-revamps-scales-down-student-debt-schemes\/"},"modified":"2023-11-10T04:44:06","modified_gmt":"2023-11-10T09:44:06","slug":"changing-majors-biden-revamps-scales-down-student-debt-schemes","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/changing-majors-biden-revamps-scales-down-student-debt-schemes\/","title":{"rendered":"Changing majors: Biden revamps, scales down student debt schemes"},"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%2Fchanging-majors-biden-revamps-scales-down-student-debt-schemes%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=2095971&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>President Biden&#8217;s Student \u2064Loan Plans: A Complex and Evolving Landscape<\/h2>\n<p>Exploring President Joe Biden&#8217;s student loan plans is like embarking\u200d on \u200da semester-long course. Since \u2064the Supreme Court struck down a $400 billion student\u2062 debt transfer, the Biden administration has been tirelessly regrouping and attacking the issue from multiple angles. The sheer number of initiatives can make it challenging\u2063 even for seasoned \u2063loan\u200b forgiveness followers\u200b to keep up.<\/p>\n<blockquote>\n<h3>The Challenge\u200d of Tracking \u200dBiden&#8217;s\u2064 Student Loan Plans<\/h3>\n<p>&#8220;I find it very hard to track what is happening and how they\u2019re doing it,&#8221; said\u200b Neal McCluskey, director of the Cato Institute\u2019s\u200c Center for Educational Freedom. &#8220;So I imagine that the average person is unable\u2063 to follow any of this.\u2063 I don&#8217;t know whether that is intentional or not.&#8221;<\/p>\n<\/blockquote>\n<p>In August \u200c2022, President Biden unveiled a headline-grabbing plan, only to have it blocked by a federal judge shortly after the midterm elections. Ultimately, the Supreme\u2063 Court struck it down \u200din June 2023. Despite repeatedly claiming that there was no Plan B, the Biden administration swiftly announced future moves following the legal setback.<\/p>\n<p>One of the most significant \u200binitiatives is the Saving on a Valuable Education (SAVE) plan, \u2063which\u200d aims to greatly reduce the repayment amount for most student loan borrowers. In fact, after a maximum of 20\u2064 years, most \u2063loans would be completely written off. However, critics argue that this plan benefits those with the least career success, raising concerns about its fairness.<\/p>\n<blockquote>\n<p>&#8220;Want a free ride to \u200bcollege?&#8221; wrote Brookings Institution scholar Adam\u2062 Looney. &#8220;You can have one, but only if\u200c you study cosmetology, liberal arts, or drama, preferably at a for-profit school.&#8221;<\/p>\n<\/blockquote>\n<p>While the SAVE plan focuses on future borrowers, the Department of\u2064 Education has introduced a new series of loan forgiveness initiatives for current borrowers. These initiatives target four groups: those with loan balances exceeding their original balance, those with loans older than 25 years, those burdened by unreasonable debt or insufficient earnings from their \u2063college experience, and those eligible for repayment plans but haven&#8217;t applied for them. A fifth group,\u2062 addressing financial \u2063hardship not adequately addressed by the current system, may\u2062 be added later.<\/p>\n<blockquote>\n<p>\u201cPresident\u200c Biden \u200cand I are committed to helping borrowers\u200b who\u2019ve \u200bbeen failed by our country\u2019s broken and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-admin-updates-its-student-debt-forgiveness-plan\/\" title=\"Biden Administration's Student Debt Forgiveness Plan Gets an Update.\">unaffordable student loan system<\/a>,\u201d said Secretary of Education Miguel Cardona. \u201cThese draft proposals would build on the historic $127 billion in loan forgiveness the Biden-Harris\u2062 Administration has already approved for nearly 3.6 million\u2064 borrowers.&#8221;<\/p>\n<\/blockquote>\n<p>It&#8217;s important to note that &#8220;forgiven&#8221; loans are not truly canceled but rather written off as \u2063a taxpayer expense, contributing \u2063to the national debt. The new plan\u200d is expected to\u200d have a smaller scale compared to the original, which would have impacted over\u200b 40 million people.<\/p>\n<p>The current forgiveness plan\u200b operates under the authority of\u2063 the Higher Education Act of 1965, requiring a\u2064 lengthy\u2062 negotiated rulemaking process. This process involves public comment\u2064 and a 16-member committee consisting \u2062of students, college officials, loan servicers, state representatives, and\u2064 advocates like the NAACP.<\/p>\n<blockquote>\n<p>\u201cWiping out interest isn\u2019t adequate,\u201d emphasized committee member Yael Shavit.\u2062 \u201cWe need to make sure we\u2019re considering broad relief.\u201d<\/p>\n<\/blockquote>\n<p>Advocates \u200cclosely monitor the rulemaking process, hoping for broad student debt \u2064cancellation. However, administration \u2063officials\u200d clarified that \u2062complete debt \u200bcancellation is not on the table, though partial cancellation may be considered in certain cases.<\/p>\n<blockquote>\n<p>&#8220;President \u200dBiden promised broad student debt cancellation, and \u200dthis is a chance for \u200dhim\u2064 to finally deliver \u200don it,&#8221; wrote the Student \u200cBorrower Protection Center. &#8220;As [negotiated rulemaking] continues, we trust that those at the table who hold borrowers\u2019 best interests at heart\u200d will\u200d shape a final student debt \u200dcancellation \u2063rule that helps all struggling borrowers.&#8221;<\/p>\n<\/blockquote>\n<p>The rulemaking process allows \u200cfor public comments, and critics like Neal McCluskey have taken \u2063advantage of this opportunity. Concerns\u200b include the potential for colleges \u200bto raise prices\u200c due\u200b to the promise of easy forgiveness, leading to false hope for incoming students. Critics argue that the underlying\u200c issue of <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/changing-majors-biden-revamps-scales-down-student-debt-schemes\/\" title=\"Changing majors: Biden revamps, scales down student debt schemes\">rising college costs remains unaddressed<\/a>.<\/p>\n<p>A final rule is \u200cexpected to \u200bbe \u2064released early next year, subject to \u2064further public comments. Despite the intense debate surrounding \u200bstudent\u2064 loans, data from the College \u200dBoard suggests that the average size of federal loans per student has been decreasing since \u20642010. This indicates \u2064a growing awareness \u200damong\u200d voters and students about the trade-offs involved in pursuing higher\u2062 education and taking \u2063on debt.<\/p>\n<p><a href=\"https:\/\/www.washingtonexaminer.com\/\">CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER<\/a><\/p>\n<p> <\/p>\n<h2> How does President Biden plan to increase access to higher \u2062education and \u200cmake college \u2062more affordable for low-income students? <\/h2>\n<p><span>  65. However, the Biden administration is \u2062exploring options to use executive authority to expand loan\u200b forgiveness beyond the limitations set\u2063 by current legislation. This has sparked a fierce debate among legal scholars and policymakers about the extent of the president&#8217;s power in this arena.<\/p>\n<p>Another aspect of President Biden&#8217;s student loan plans is focused on increasing access to higher education.\u2062 The administration intends to invest billions of dollars in expanding community\u2062 colleges and historically black colleges and universities, as well\u2063 as making college more affordable for low-income students. This includes expanding federal Pell Grants, increasing funding for work-study programs, and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/democrats-reconciliation-bill-includes-free-community-college-tuition-for-illegal-immigrants\/\" title=\"Democrats\u2019 Reconciliation Bill Includes Free Community College Tuition For Illegal Immigrants\">providing free community college<\/a> for all students. \u200bThese initiatives aim to address the\u200b rising\u2064 cost of education and ensure that more Americans have \u2062the opportunity to pursue a college degree without incurring massive amounts of debt.<\/p>\n<blockquote>\n<p>&#8220;We cannot allow the American\u2064 dream of higher education to become a luxury only for the wealthy and well-connected,&#8221; said President \u2064Biden in a speech outlining his \u200deducation agenda.<\/p>\n<\/blockquote>\n<p>While President Biden&#8217;s student loan plans have garnered\u200b both praise\u2063 and criticism, it is\u2062 evident that they \u2064represent a \u200ccomplex and evolving landscape. As the administration continues \u200cto navigate legal\u200d challenges and refine its initiatives, it\u2063 is essential for students, borrowers, and policymakers to stay informed and engaged in the\u200b ongoing conversation. The <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/the-fifteen-craziest-college-classes-taught-in-america-today\/\" title=\"The Fifteen Craziest College Classes Taught in America Today\">student loan crisis<\/a> in America is a multifaceted issue that requires a \u200dcomprehensive solution, and President Biden&#8217;s plans are a step in \u200bthat direction.<\/p>\n<p>As Neal McCluskey aptly stated, &#8220;Whether you love them or hate them, <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/dont-think-she-could-sell-her-agenda-to-their-own-party-mcconnell-rips-ocasio-cortez-over-idea-of-ending-negotiations-with-gop\/\" title=\"\u2018Don\u2019t Think She Could Sell Her Agenda To Their Own Party\u2019: McConnell Rips Ocasio-Cortez Over Idea Of Ending Negotiations With GOP\">student loan reforms<\/a> are very complicated and very important.&#8221; It is crucial for the\u2062 public to stay informed and participate in the ongoing debate to ensure that any changes made to the student loan system are equitable, effective, \u2063and sustainable in the\u2062 long run. The path\u2063 to resolving \u200bthe student loan\u2064 crisis may be complex, but it is a journey that must be taken for the betterment of current and future generations of American students.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It might take a semester-long course to explain all of President Joe Biden&#8217;s student loan plans. Since the Supreme Court struck down its $400 billion student debt transfer, the Biden White House has been hard at work regrouping and attacking the issue on multiple fronts. So many, in fact, that it can be difficult even<\/p>\n","protected":false},"author":1,"featured_media":2095972,"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":[538],"tags":[],"class_list":["post-2095971","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"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\/2095971","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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2095971"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2095971\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2095972"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2095971"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2095971"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2095971"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}