{"id":2182778,"date":"2024-02-21T10:57:02","date_gmt":"2024-02-21T15:57:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-cancels-another-1-2b-in-student-loan-debt\/"},"modified":"2024-02-21T10:59:17","modified_gmt":"2024-02-21T15:59:17","slug":"biden-cancels-another-1-2b-in-student-loan-debt","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-cancels-another-1-2b-in-student-loan-debt\/","title":{"rendered":"Biden erases $1.2B more in student loan debt"},"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-cancels-another-1-2b-in-student-loan-debt%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=2182778&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--><p><!DOCTYPE html PUBLIC \"-\/\/W3C\/\/DTD HTML 4.0 Transitional\/\/EN\" \"http:\/\/www.w3.org\/TR\/REC-html40\/loose.dtd\"><br \/>\n<?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><html><body><\/p>\n<div class=\"entry-content\">\n<figure class=\"wp-block-image size-large\"><figcaption class=\"wp-element-caption\">(Photo by \u200cKevin Dietsch\/Getty Images)<\/figcaption><\/figure>\n<p>OAN\u2019s <a href=\"https:\/\/www.oann.com\/tag\/james-meyers\/\">James Meyers<\/a><br \/>7:54 AM \u2013 Wednesday, February 21, 2024<\/p>\n<p>The Biden administration has announced they are canceling another $1.2 billion in student loan debt for over 150,000\u2064 borrowers, six months ahead \u2063of schedule. <\/p>\n<div id=\"div-gpt-ad-1663871513696-art-3\" style=\"min-width: 320px; min-height: 50px; text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-3'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<p>President Joe\u200c Biden activated a Savings on Valuable Education (SAVE)\u200c plan policy, which cancels debt\u2063 for enrolled\u2063 borrowers who have been\u200c in repayment for at least 10 years\u200b and have $12,000\u200d or less in student debt loans. <\/p>\n<p>People with\u2063 larger debts will receive \u2062relief after each\u200c additional year of payments for every additional $1,000 they borrowed. <\/p>\n<blockquote class=\"wp-block-quote\">\n<p>\u201cThis shortened time to forgiveness will particularly help community\u200d college and other borrowers with smaller loans and put many on\u2062 track to being free of student debt faster than ever \u2064before,\u201d the\u2062 White House said \u2062in a\u2063 statement. \u201cUnder the\u200b Biden-Harris Administration\u2019s\u2062 SAVE plan, 85 percent of \u200dfuture community\u200d college borrowers will be debt free \u2064within 10 years.\u201d<\/p>\n<\/blockquote>\n<p>Meanwhile, Biden has now wiped away\u2062 $138 billion\u200d in federal student loans from\u2063 almost 4 million borrowers without a single act of Congress. <\/p>\n<blockquote class=\"wp-block-quote\">\n<p>\u201cFrom Day \u200bOne of his \u2064Administration, \u2062President Biden vowed to fix the student loan \u200csystem\u2063 and make sure higher education is a pathway to the \u2063middle class \u2014 not a barrier to opportunity,\u201d the White House said.<\/p>\n<\/blockquote>\n<p>According to the White House, the almost 153,000 borrowers will receive an email\u200c informing \u2062them of the\u2064 latest relief issued by Biden. <\/p>\n<p>Additionally, the U.S. Department of Education will\u2062 start contacting borrowers who are not enrolled in the SAVE plan but who are eligible for relief to convince them to sign up. <\/p>\n<p>Since \u2063Biden has taken office, the administration has approved $56.7 billion in debt cancelation for over 793,000 borrowers through the Public Service Loan Forgiveness (PSFL) program; $45.6 billion for 930,500 borrowers through improvements to income-driven repayment; $11.7\u2062 billion\u200c for 513,000 borrowers with a \u2063total and permanent disability; and \u200b$22.5 billion for 1.3 million borrowers through closed school discharges.<\/p>\n<blockquote class=\"wp-block-quote\">\n<p>\u201cWith today\u2019s announcement, we are once again sending a clear message to borrowers who\u2062 had low balances: if you\u2019ve been\u200b paying for a decade, you\u2019ve done your part, and \u2064you deserve relief,\u201d said \u200bSecretary of Education Miguel Cardona. \u201cUnder \u200cPresident Biden\u2019s leadership, our Administration has now approved loan forgiveness for nearly 3.9 million borrowers, and our historic fight to cancel student debt isn\u2019t over yet.\u201d<\/p>\n<\/blockquote>\n<p>However, Republicans have been against\u200c the Biden administration\u2019s student debt \u2064loan forgiveness, arguing that the taxpayers will ultimately have to pay for it \u2062in the long\u200d run. <\/p>\n<p>Stay informed!\u2063 Receive breaking news blasts\u200c directly to your inbox for free. Subscribe here. <a href=\"https:\/\/www.oann.com\/alerts\">https:\/\/www.oann.com\/alerts<\/a><\/p>\n<\/p>\n<div id=\"rc-widget-10bad2\" data-rc-widget data-widget-host=\"habitat\" data-endpoint=\"\/\/trends.revcontent.com\" data-widget-id=\"278641\"><\/div>\n<p class=\"dpsp-share-text\" style=\"margin-bottom:10px\"> \t\t \t\tShare this post!\t<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Julian\u200d Assange appeals his extradition to the U.S., Two \u2062adults are charged in the Kansas City Parade shooting and the \u2063Red Cross gives a \u200dDisclaimer for vaccinated blood.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>The Biden Administration\u2019s open border policies have\u2064 wreaked havoc on border\u200c communities.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Soft on Crime prosecutors are creating safety concerns in\u2063 New York.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>A new Fox News poll shows President Trump\u2064 leading President Joe Biden in the crucial swing states of North \u2063Carolina.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>The first human \u2064patient\u200c implanted\u2064 with a brain-chip \u2063from Neuralink appears to have fully recovered.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>A group of 20 tech companies announced they will work together to prevent\u200d deceptive AI content from\u2063 interfering with elections.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>OpenAI is working on a software that can <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/report-cut-throat-venezuelan-gangs-recruiting-from-migrant-shelters\/\" title=\"Venezuelan gangs recruit from migrant shelters, report says\">generate minute-long videos based<\/a> on text prompts.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Activision Blizzard has been hit with a U.S. \u2064lawsuit \u200cclaiming it restricts competition for organized gaming involving \u201cCall of\u2063 Duty.\u201d<\/p>\n<\/p><\/div>\n<p> \u2064rnrn  <\/p>\n<h2> \u2062 How do supporters\u2062 of the Biden administration&#8217;s actions defend \u200bthe cancellation \u200dof student loan debt?<\/h2>\n<p><span>  Expressed\u200b criticism of the Biden administration&#8217;s decision to cancel student loan \u2063debt. They argue that it unfairly \u200brewards borrowers who took on large amounts of debt\u2064 and failed to repay it. Additionally, \u2062they believe that the government should not be intervening in\u2063 the student\u2062 loan market and \u2064that individuals should\u2062 be responsible for repaying their own debts. Some Republicans have even called for stricter\u200d eligibility criteria for loan forgiveness, suggesting that it should \u200conly be available\u200d to those <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/education-department-reveals-40-of-student-loan-borrowers-missed-first-payment-since-covid\/\" title=\"40% of student loan borrowers missed initial payment due to COVID, says Education Department\">facing extreme financial hardship<\/a>.<\/p>\n<p>On \u200bthe other hand, supporters of\u2064 the Biden \u200dadministration&#8217;s actions argue that student loan debt has become\u200b a\u2062 burden for many Americans and is holding \u2062them back from achieving financial stability. They believe that canceling debt for those who \u2063have made consistent\u200d payments over a\u2064 significant period of\u2064 time is a fair and necessary step towards relieving the strain of student loans. They also assert\u200b that the government\u200c has a responsibility to address systemic issues\u2062 within the education system that have led to astronomical student loan debt in the first place.<\/p>\n<p>Regardless of political opinions, the fact remains \u200bthat\u2062 student loan\u2062 debt is a \u2062pressing issue in the United States. \u200cAccording to the Federal Reserve, Americans collectively owe\u200b over \u200c$1.7 trillion in student \u200dloan debt, with\u200c the \u200daverage borrower \u200bowing around $32,731. This\u2062 level of debt not only hinders individuals from pursuing other financial goals such as buying a home \u2063or starting a family, but\u2064 it also has broader economic implications.<\/p>\n<p>Canceling student loan debt may \u200chelp stimulate the economy by freeing up resources for individuals to \u200dinvest \u2064in other areas, such as\u200c purchasing goods\u2062 and services or starting \u200cbusinesses. It could also alleviate the\u200c financial \u200dstress that many borrowers face, allowing\u2064 them to contribute\u2064 more to the economy through increased spending \u2062and productivity.<\/p>\n<p>However, it is important to consider the long-term consequences\u200d of <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-asks-education-secy-if-he-can-legally-cancel-student-debt\/\" title=\"Biden asks education secy. if he can legally cancel student debt\">canceling student loan debt<\/a>.\u2063 Critics argue that it sets\u2062 a precedent where\u200d individuals may feel less inclined to\u2063 take responsibility for their financial obligations, potentially leading to moral hazard.\u200c They\u200c also warn that the cost of\u200c canceling student loan debt will ultimately fall on taxpayers, who may have had no involvement\u200b in the\u200d borrowing\u2063 or lending process.<\/p>\n<p>In conclusion, the Biden administration&#8217;s decision \u200cto cancel $1.2 billion in student loan debt for over 150,000 borrowers has sparked a\u200d debate about the role of government in\u2064 addressing \u200dthe student\u200d loan \u2063crisis. While some criticize the move\u200c as unfair and \u200dunsustainable, others see\u200d it as a necessary \u200cstep towards\u2064 relieving the burden of \u200dstudent loans and stimulating the economy. As the \u2062discussion continues, it is crucial\u200c to consider both the short-term \u200bbenefits \u2064and long-term implications of\u200d canceling student loan debt in order to find a sustainable \u200cand equitable solution to this pressing \u200cissue.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Over 150,000 borrowers will have $1.2 billion in student loan debt canceled by the Biden administration, six months earlier than planned. President Biden implemented the SAVE plan policy, aiming to provide relief on education expenses. (55 words)<\/p>\n","protected":false},"author":2301,"featured_media":2182779,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/c3.oann.com\/wp-content\/uploads\/2024\/02\/GettyImages-1505801495-e1708530394937.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[],"class_list":["post-2182778","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"fifu_image_url":"https:\/\/c3.oann.com\/wp-content\/uploads\/2024\/02\/GettyImages-1505801495-e1708530394937.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2182778","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\/2301"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2182778"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2182778\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2182779"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2182778"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2182778"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2182778"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}