{"id":2219119,"date":"2024-04-12T05:20:02","date_gmt":"2024-04-12T09:20:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/white-house-announces-new-student-loans-moves-and-defends-high-cost-to-taxpayers\/"},"modified":"2024-04-12T05:25:07","modified_gmt":"2024-04-12T09:25:07","slug":"white-house-announces-new-student-loans-moves-and-defends-high-cost-to-taxpayers","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/white-house-announces-new-student-loans-moves-and-defends-high-cost-to-taxpayers\/","title":{"rendered":"White House unveils new student loan initiatives while justifying costs to 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\">24<\/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%2Fwhite-house-announces-new-student-loans-moves-and-defends-high-cost-to-taxpayers%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=2219119&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>The White House \u200band\u2062 Department of Education announced $7.4 billion forgiven in <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.\">federal \u200cstudent loans<\/a>\u2062 for 277,000 borrowers, totaling $153\u2064 billion since last \u2063summer. \u200dThe Biden administration&#8217;s efforts \u200dled to 4.3 million borrowers approved for \u2063debt cancellation. The SAVE \u200dplan aims \u200cto \u200creduce <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidens-plans-to-cancel-student-loan-debt-invite-legal-scrutiny\/\" title=\"Biden\u2019s Plans to Cancel Student Loan Debt Invite Legal Scrutiny\">future borrowers<\/a>&#8216; repayments, \u2064though facing scrutiny over its $475 billion cost \u2062projections and effectiveness in aiding borrowers&#8217; financial security.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<div>\n<p>The <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/white-house\/\" target=\"_blank\" rel=\"noopener\" title=\"White House\">White House<\/a> and Department of Education announced that another $7.4 billion in federal <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/student-loans\" target=\"_blank\" rel=\"noopener\" title=\"White House\">student loans<\/a> owed by 277,000 borrowers will not have to be repaid, bringing the total to $153 billion in forgiven student loans announced since last summer.<\/p>\n<p>\u201cThanks to all the actions taken by the Biden administration, nearly 4.3 million borrowers have been approved for debt cancellation,\u201d press secretary <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/karine-jean-pierre\" target=\"_blank\" rel=\"noopener\" title=\"Karine Jean-Pierre\">Karine Jean-Pierre<\/a> said on a call with reporters. <\/p>\n<p>While the White House wants to see that number continue to rise, any debts that loanees do not repay fall on taxpayers. In addition to the $153 billion in <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/ny-post-editorial-board-think-bidens-student-loan-write-offs-are-unfair-just-take-a-look-at-the-fine-print\/\" title=\"NY Post Editorial Board: Think Biden\u2019s Student Loan Write-Offs Are Unfair? Just Take a Look at the Fine Print\">loan write-offs<\/a>, the Department of Education has announced the Saving on a Valuable Education,<a href=\"https:\/\/www.washingtonexaminer.com\/news\/2452005\/biden-launches-student-loan-website-for-save-debt-relief-plan\/\" target=\"_blank\" rel=\"noopener\" title=\"(SAVE) plan\"> or SAVE, plan<\/a> to drastically reduce the amount that future borrowers will have to repay.<\/p>\n<p>The <em>Washington Examiner <\/em>asked about the cost of that program, which the Penn Wharton Budget Model estimates will cost taxpayers <a href=\"https:\/\/budgetmodel.wharton.upenn.edu\/issues\/2023\/7\/17\/biden-income-driven-repayment-budget-update\" target=\"_blank\" rel=\"noopener\" title=\"$475 billion\">$475 billion<\/a> over 10 years, and whether it\u2019s an effective use of public money. <\/p>\n<p>\u201cWe believe that this is providing critical breathing room for borrowers,\u201d an administration official responded. \u201cThe SAVE borrowers here in particular have low balances for college, which we know is generally very strongly associated with people who are the first in their families go to college, people with Pell Grants, a lot of people who tried college and maybe didn\u2019t finish or went to a community college.\u201d<\/p>\n<p>SAVE will allow them to avoid being \u201cweighed down by their debt,\u201d the official added, which will help them rise into the middle class.<\/p>\n<p>But Republicans argue the concept is unfair to those who never went to college, never took out loans, or paid them off and further hold that the president has no authority to spend money without approval from Congress.<\/p>\n<p>A <a href=\"https:\/\/www.washingtonexaminer.com\/news\/white-house\/2943170\/kansas-coalition-states-sues-biden-student-loan-program\/\" target=\"_blank\" rel=\"noopener\" title=\"twin\">pair<\/a> of <a href=\"https:\/\/www.washingtonexaminer.com\/news\/2959235\/missouri-attorney-general-sues-block-biden-latest-student-loan-scheme\/\" target=\"_blank\" rel=\"noopener\" title=\"lawsuits\">lawsuits<\/a> from GOP-led states are trying to strike down President Joe Biden\u2019s student loans plans, which Jean-Pierre denounced.<\/p>\n<p>\u201cRepublican elected officials across 18 states want to prevent their own constituents from benefiting from the SAVE plan,\u201d she said. \u201cThey want to end SAVE, make their constituents\u2019 monthly payments go up, and keep them under mountains of <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/white-house-releases-list-of-president-trumps-accomplishments-and-it-is-historic\/\" title=\"White House Releases List of President Trump\u2019s Accomplishments \u2013  And It Is Historic!\">loan debt<\/a> with no end in sight.\u201d<\/p>\n<p>Education Secretary <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/miguel-cardona\" target=\"_blank\" rel=\"noopener\" title=\"Miguel Cardona\">Miguel Cardona<\/a> spoke on the call as well, calling SAVE \u201cthe first real student loan safety net in the country.\u201d<\/p>\n<p>\u201cNot only are we providing relief to borrowers, we\u2019re preventing defaults,\u201d Cardona added.<\/p>\n<p>Biden has been aggressive in the student loans space, announcing $430 billion in write-offs in August 2022 only to see the move overturned by the Supreme Court in June 2023. Since then, he has announced a steady drip of new, relatively small rounds of forgiveness and promised to try to do more.<\/p>\n<p>The situation has major spending and election implications, as Biden is looking to win over younger voters and fulfill a 2020 campaign pledge.<\/p>\n<p><strong><a href=\"https:\/\/www.washingtonexaminer.com\" target=\"_blank\" rel=\"noopener\" title=\"CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER\">CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER<\/a><\/strong><\/p>\n<p>Missouri Attorney General Andrew Bailey is one of the Republicans who pledges to stop him.<\/p>\n<p>\u201cThe president does not get to thwart the Constitution when it suits his political agenda,\u201d he <a href=\"https:\/\/www.washingtonexaminer.com\/news\/2959235\/missouri-attorney-general-sues-block-biden-latest-student-loan-scheme\/\" target=\"_blank\" rel=\"noopener\" title=\"said\">said<\/a> last week. \u201cI\u2019m filing suit to halt his brazen attempt to curry favor with some citizens by forcing others to shoulder their debts.\u201d<\/p>\n<\/p><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The White House and Department of Education revealed $7.4 billion in federal student loans forgiven for 277,000 borrowers, totaling $153 billion since last summer. The Biden administration&#8217;s efforts have benefited nearly 4.3 million borrowers<\/p>\n","protected":false},"author":2635,"featured_media":2219120,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/wex-s3.s3.us-east-1.amazonaws.com\/wp-content\/uploads\/2024\/04\/AP24102748423759-1024x590.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[],"class_list":["post-2219119","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"fifu_image_url":"https:\/\/wex-s3.s3.us-east-1.amazonaws.com\/wp-content\/uploads\/2024\/04\/AP24102748423759-1024x590.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2219119","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\/2635"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2219119"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2219119\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2219120"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2219119"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2219119"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2219119"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}