The lame-duck administration of President Joe Biden and Kamala Harris has just pumped another $4.8 billion in taxpayer money into wiping the student debts of college-educated voters.
The massive handout will pay off the student debts of 54,900 public workers.
The move comes as Biden and Harris scramble to drain taxpayer resources to fund radical schemes before they leave the White House next month.
In a press release on Friday, Secretary of Education Miguel Cardona said:
“Four years ago, the Biden-Harris Administration made a pledge to America’s teachers, service members, nurses, first responders, and other public servants that we would fix the broken Public Service Loan Forgiveness Program, and I’m proud to say that we delivered.”
The action brings the total loan forgiveness approved by Biden to nearly $180 billion for almost 5 million borrowers.
“With the approval of another $4.28 billion in loan forgiveness for nearly 55,000 public servants, the Administration has secured nearly $180 billion in life-changing student debt relief for nearly five million borrowers,” Cardona said.
“The U.S. Department of Education’s successful transformation of the PSLF Program is a testament to what’s possible when you have leaders, like President Biden and Vice President Harris, who are relentlessly and unapologetically focused on making government deliver for everyday working people.”
The Biden-Harris administration touted the program for creating an “incentive” for public servants to “pursue and remain” in their careers by forgiving borrowers’ remaining balance after they made the 120 qualifying monthly payments.
“The relief announced today includes both borrowers who have benefitted from the Administration’s limited PSLF waiver, a temporary opportunity that ended in October 2022, as well as from regulatory improvements made to the program during this Administration,” the release said.
During his 2020 presidential campaign, Biden pledged to forgive student loans for millions of Americans if elected.
However, the president has faced continuous legal roadblocks in his attempt to eliminate hundreds of billions of dollars in debt.
The Supreme Court blocked the Biden administration’s first attempt at providing broad-based student loan forgiveness.
The court ruled it was an overreach of the executive branch’s authority under the Constitution.
Nevertheless, Biden ignored the ruling and continued to pump tax dollars into the plan.
The president and his team continued to provide handouts, despite a backlash from the public.
Although all taxpayers are funding the scheme, the plan only benefits Americans who haven’t paid off their student debts.
Americans who paid off their debts, avoided taking out loans or didn’t go to college, get nothing.
President Donald Trump has not said specifically how he will approach the Biden administration’s student loan handout plans.
However, he has said he plans to rework the entire education system during his term.
Among suggestions are plans to abolish the federal Department of Education.
Doing so would allow states to run their own schools.
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