Although the Supreme Court struck down President Joe Biden’s signature student loan forgiveness program in late June, his administration has found ways to cancel more than $48 billion in debt since then.
The cancellations have come through existing federal student loan forgiveness programs, which are limited to specific categories of borrowers, such as public-sector workers, people defrauded by for-profit colleges, and borrowers who have paid for at least 20 years.
These programs are separate from the rejected forgiveness plan, which would have canceled about $430 billion of the $1.6 trillion of outstanding federal student loan debt all at one time.
The Biden administration has been granting student loan forgiveness through these existing programs on a rolling basis since coming into office and has discharged a total of $127 billion for nearly 3.6 million people to date.
I know this isn’t your argument necessarily, it’s what she may have been saying, but it is a dumb argument. These forgiveness plans and Joe Biden’s plan to forgive significant debts, are not plans for the purpose of being handouts to the people who get the direct benefit. The purpose is to free up the American economy for young, educated workers, and their families, millions of whom are burdened by debt that will prevent them from ever owning a home or even of having children. And that is not good for our country. So you don’t have to have your debt forgiven under any of these plans in order to benefit from them. It is not good to have our best and brightest buried under six figures of debt right at the time they are starting their careers. It’s counterproductive. They definitely do not do this in China.