Just in time for the election, some might think after reading the title.
forbes reports,
Despite this unprecedented level of loan forgiveness, forgiveness is still just a small portion of the nearly $2 trillion in outstanding student loan debt Americans carry.
The amount of debt cancellation so far falls short of the sweeping student debt relief that President Joe Biden intended to implement as part of his broad loan forgiveness plan that the Supreme Court rejected last summer.
However, senior officials are touting the accomplishments and assuring borrowers that additional relief is coming.
Biden's staff took to his X account to repeat the claim
“My administration has canceled student debt for 3.6 million people through various actions, bringing the promise of higher education to the most hardworking Americans,” President Biden said on X, formerly known as Twitter, on Tuesday. “And we will keep moving forward.”
– More than 14 million jobs added
– Fight to provide relief to 3.6 million Americans by canceling $132 billion in student loan debt.
– Establishing the first-ever White House Office of Gun Violence Prevention
– Small businesses are booming across AmericaWork continues in 2024. pic.twitter.com/M0FFJwCz4g
-Kamala Harris (@KamalaHarris) December 30, 2023
However, liberals see attempts to satisfy their beliefs as substandard, for a president who gives billions of dollars to Ukraine every few months.
While the new program is still in development, draft regulations released by the department last month indicate that rather than providing broad cancellation for most borrowers, the new plan may be limited to certain groups of borrowers based on their loans, repayment history, and circumstances.
Department officials contend that the Higher Education Act limits the scope of what they can do with respect to mass student loan forgiveness, and barring any new legislation passed by Congress to effect mass debt cancellation (which is highly unlikely), they must stay within the bounds of statutory authority.
However, borrower advocates and progressive Democrats have expressed concerns that the Biden administration's new student loan forgiveness program may be too narrow.
Making promises and spending frivolously on unnecessary bills is what Democrats do.
Taxpayers footed a $23 million bill in Trump's Justice Department investigation, $6.4 million in Biden's investigation https://t.co/fghTmIyEJk
– Fox News (@FoxNews) January 6, 2024
Not to mention the millions taxpayers pay to attack President Donald Trump.
