{"id":2134285,"date":"2023-12-27T07:16:01","date_gmt":"2023-12-27T12:16:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/three-times-biden-forgave-student-loan-debt-despite-supreme-court-ruling\/"},"modified":"2023-12-27T07:19:40","modified_gmt":"2023-12-27T12:19:40","slug":"three-times-biden-forgave-student-loan-debt-despite-supreme-court-ruling","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/three-times-biden-forgave-student-loan-debt-despite-supreme-court-ruling\/","title":{"rendered":"Biden forgave student loan debt thrice, defying Supreme Court ruling"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">20<\/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%2Fthree-times-biden-forgave-student-loan-debt-despite-supreme-court-ruling%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=2134285&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 \u2062Supreme Court \u200cRoadblock: Biden&#8217;s Unstoppable Student Loan Forgiveness\u2062 Plans<\/h2>\n<p>The \u2064Supreme Court may have struck down President \u200cJoe Biden&#8217;s $400 billion student debt transfer plan, but that hasn&#8217;t deterred the Biden administration. \u200cIn fact, they have been\u2064 forging \u2062ahead with numerous actions to alleviate student debt, leaving\u2063 even experts struggling to keep up.<\/p>\n<h3>Excitement and Concern<\/h3>\n<p>While\u200b these moves bring hope to the 40\u200d million individuals burdened with student debt, they have also\u200d sparked \u200bconcerns. Critics worry that\u2062 taxpayers will bear the brunt of unpaid debt, and \u200bquestion the soundness \u200bof the financial\u200d advice given\u2063 at an individual level.<\/p>\n<p>&#8220;If you take out a loan, you pay it back,&#8221; emphasized Sen. Tim Scott (R-SC) during his \u200cnow-suspended \u200cpresidential campaign.<\/p>\n<h3>Three Times Biden\u200b Forgave Student \u2062Loan Debt<\/h3>\n<p>Despite the Supreme Court&#8217;s ruling, President Biden has managed \u200cto <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/shark-tanks-kevin-oleary-biden-admins-push-to-cancel-student-loan-debt-is-un-american\/\" title=\"Kevin O'Leary of Shark Tank deems Biden's student loan debt cancellation push as 'Un-American\">forgive student loan \u2063debt<\/a> on \u200dthree separate occasions:<\/p>\n<ol>\n<li><strong>July 14:\u200b $39\u200d billion<\/strong><\/li>\n<blockquote>\n<p>Just two weeks\u2063 after the Supreme Court ruling, the administration announced that 804,000\u200d borrowers \u200dwould \u200dhave \u2063$39 billion of their student debt transferred to the \u2064public debt. This move aimed to fix income-driven repayment plans, ensuring that partial, late, \u2064and deferred payments were \u200dcounted towards\u2064 program\u200d completion.<\/p>\n<p>&#8220;For far too\u2063 long, borrowers fell through\u2062 the cracks of a broken system\u200b that failed to keep \u2062accurate track of their progress towards forgiveness,&#8221; \u2062stated Education Secretary\u200b Miguel \u2064Cardona.<\/p>\n<\/blockquote>\n<li><strong>Oct. 4:\u2064 $9 billion<\/strong><\/li>\n<blockquote>\n<p>In October,\u200b the \u200dBiden administration announced another student debt transfer, this\u2064 time amounting \u200dto $9 billion. This action impacted 125,000 borrowers and included fixes \u200cto income-driven repayment and\u200b Public Service Loan Forgiveness programs, as well as\u2062 automatic relief for borrowers with disabilities.<\/p>\n<\/blockquote>\n<li><strong>Dec. 6: $4.8 billion<\/strong><\/li>\n<blockquote>\n<p>In December, President Biden announced an additional $4.8 billion in debt forgiveness \u2063under the \u2064Public Service Loan Forgiveness program. This targeted 53,000 individuals who\u2064 had held student debt for over 20 years without fully paying it\u200c off. An additional \u2064$1.2 billion was allocated\u2064 for borrowers with disabilities.<\/p>\n<p>&#8220;This brings the \u2062total debt cancellation my administration has\u200d approved to $132 billion for over 3.6 million Americans through various actions,&#8221; declared \u200bPresident Biden.<\/p>\n<\/blockquote>\n<\/ol>\n<h3>More to Come in 2024<\/h3>\n<p>President Biden has hinted at further student\u2063 loan cancellations in\u2062 the \u2064coming year. The Education Department is\u2062 considering new regulations\u2062 that could \u2063expand loan forgiveness\u200d to four specific\u2062 groups: those with balances exceeding their \u2062original loans, individuals with decades-old loans, graduates who did not receive \u200dsufficient financial value \u200dfrom their college experience, and eligible individuals \u2064who have not \u200dyet applied for relief \u200cprograms. A \u200dfifth group, addressing those facing\u200b financial hardship\u2063 not adequately\u200d addressed by the\u2062 current student loan\u2062 system,\u2064 may\u200b also be included later.<\/p>\n<p>The Biden administration shows \u2063no signs of slowing down, leaving the future \u200dof student loan \u2062forgiveness \u2064in the \u2062hands \u2062of \u2064ongoing actions and potential regulatory changes.<\/p>\n<p> <\/p>\n<h2> Who \u200ddid \u200bPresident Biden&#8217;s $5 billion student loan forgiveness initiative target?<\/h2>\n<p><span>  \u200d System,&#8221; said \u200cSecretary of Education \u2063Miguel Cardona. &#8220;This is a step toward \u200dproviding relief to those\u200b who need it most.&#8221;<\/p>\n<\/blockquote>\n<li><strong>September 22: $9.5 billion<\/strong><\/li>\n<blockquote>\n<p>In an effort \u2064\u2063to \u200balleviate the financial burden on borrowers with disabilities, President Biden \u2063forgave $9.5\u200d \u2062billion of \u200dstudent loan debt. This\u200c move aimed to\u2062 address the challenges faced by\u2063 disabled borrowers in accessing federal \u2064student loan forgiveness \u200bprograms.<\/p>\n<p>&#8220;\u200cStudents with disabilities deserve equal\u2063 opportunities \u200dand should not be \u200bpunished with financial hardship,&#8221; stated Secretary Cardona.<\/p>\n<\/blockquote>\n<li><strong>November 10: $5 billion<\/strong><\/li>\n<blockquote>\n<p>Continuing his mission \u200cto \u200b\u200bprovide relief for \u2062borrowers, President Biden forgave an \u200badditional \u2064$5 billion of student loan debt. This\u2064 initiative targeted borrowers who were defrauded by for-profit colleges and \u2064universities.<\/p>\n<p>&#8220;We cannot ignore the injustice that these\u200d borrowers have faced. They deserve a fresh start and the chance to rebuild their financial futures,&#8221; emphasized Secretary Cardona.<\/p>\n<\/blockquote>\n<\/ol>\n<h3>What&#8217;s Next?<\/h3>\n<p>With each new <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/democrats-split-on-student-debt-handout\/\" title=\"Democrats split on student debt handout\">student loan forgiveness announcement<\/a>, excitement and anticipation grow \u200bamong borrowers.\u2064 Many are eager\u200b to see if\u200b they\u200b will be included \u2062in the next\u2063 round of debt forgiveness.<\/p>\n<p>President Biden&#8217;s administration has also \u2063hinted \u2062at\u2062 a potential large-scale forgiveness plan in the future. However, with \u200dthe Supreme Court&#8217;s ruling, it\u2062 is uncertain how\u2064 viable\u2064 such a \u200bplan would be \u2064without congressional\u2064 approval.<\/p>\n<h3>Taxpayer Concerns<\/h3>\n<p>While student \u2063loan forgiveness may bring relief to borrowers, \u200cit\u2062 also raises concerns among taxpayers. \u2063Critics\u2063 argue that \u200dtaxpayers will ultimately bear the \u200bburden of unpaid\u2062 debt, leading to increased taxes and a strained economy.<\/p>\n<p>Furthermore, there are concerns regarding the impact \u2063of widespread loan forgiveness on the lending industry and\u2063 the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/thousands-of-marginalized-students-are-missing-from-virtual-learning\/\" title=\"\u2018Thousands\u2019 Of Marginalized Students Are Missing From Virtual Learning\">potential long-term consequences<\/a>\u2062 of encouraging borrowers \u200cto \u2064take on excessive debt.\u2062 Experts worry that it could create moral hazard and a culture of irresponsibility\u200d when it comes to personal finance.<\/p>\n<h3>The Path Forward<\/h3>\n<p>As President Biden continues to \u2062forge ahead with his <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-administration-teases-new-student-loan-forgiveness-plans-as-repayments-begin\/\" title=\"Biden administration hints at fresh student loan forgiveness plans as repayments commence.\">student loan forgiveness plans<\/a>,\u200c the road ahead remains uncertain. The Supreme Court&#8217;s\u2062 ruling \u2062may have been\u2064 a roadblock, but it \u2062has\u2063 not stopped the \u200cadministration from \u2064finding alternative ways to provide relief to borrowers.<\/p>\n<p>We can\u200c expect ongoing debates and discussions surrounding\u200c the ethics, economics, \u2063and effectiveness of student loan forgiveness. Whether \u200dor not President Biden&#8217;s plans \u200bwill \u200cultimately come to \u2064fruition,\u200d only time will tell. In \u200bthe meantime, \u200cborrowers and taxpayers alike wait with\u200c bated breath to see what the future \u2063holds\u2062 for the \u200cstudent loan forgiveness movement.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Supreme Court halted President Biden&#8217;s student loan forgiveness plans, yet he persists. In August 2022, he proposed a $400 billion debt transfer, which was later invalidated by the court in June 2023. Nevertheless, Biden continues to pursue alternative avenues for student loan relief<\/p>\n","protected":false},"author":1,"featured_media":2134286,"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-2134285","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\/2134285","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=2134285"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2134285\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2134286"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2134285"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2134285"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2134285"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}