Biden Cancels Another $1.2 Billion in Student Loan Debt

In yet another move circumventing the Supreme Court on the question of student loan debt, Joe Biden announced the cancellation of approximately $1.2 billion in student loan debt for about 153,000 borrowers.

As reported by ABC News, the Biden Administration made the cancellation official on Wednesday, including a draft email that will be sent to all of the borrowers in question. The email will read, in part: “Congratulations — all or a portion of your federal student loans will be forgiven because you qualify for early loan forgiveness under my Administration’s SAVE Plan.”

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Despite Supreme Court Smackdown, Biden Admin Plans to Wipe $39 Billion in Student Debt

The Department of Education (DOE) announced Friday that it will automatically forgive $39 billion of student loan debt for more than 804,000 borrowers, following a recent ruling by the Supreme Court that blocked the administration’s plan to grant forgiveness to nearly 40 million Americans.

The DOE will start notifying borrowers Friday that their federal student loans “will be automatically discharged in the coming weeks,” according to a DOE press release. The Supreme Court ruled 6-3 in June that the Biden administration cannot use executive power to cancel up to $10,000 in student loan debt for non-Pell Grant recipients and up to $20,000 for Pell Grant recipients.

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Supreme Court Justices Raise Concerns About Biden’s Ability to Forgive Student Debt

 The U.S. Supreme Court heard oral arguments Tuesday in a legal challenge to President Joe Biden’s plan to cancel hundreds of billions of dollars in student loan debt.

Biden announced in August of last year that his administration would “forgive” $10,000 in federal student loan debt for those making less than $125,000 per year or $250,000 for married couples. Debtors who borrowed money before July 1 can qualify. 

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Federal Court Temporarily Stops Biden from Canceling Student Loan Debt

A court granted an administrative stay against canceling any debt under President Joe Biden’s federal student loan forgiveness program Friday.

The Eighth Circuit Court of Appeals made the order at plaintiffs’ request over Nebraska, Missouri, Arkansas, Iowa, Kansas and South Carolina’s lawsuit, which argues the Biden administration’s mass debt cancellation effort is unconstitutional. The court set the stay to expire when it rules on an injunction against the cancellation policy, giving the administration until Monday at 5 p.m. CT to respond.

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Taxpayers to Pay Billions After Biden ‘Forgives’ $10K to $20K in Student Loan Debt per Borrower

President Joe Biden announced Wednesday his administration would “forgive” $10,000 in federal student loan debt for those making less than $125,000 per year. The Committee for a Responsible Federal Budget said the plan could cost taxpayers more than $200 billion.

The total income cap is expected to be higher for married couples, likely around double the $125,000 mark, though that has not been confirmed.

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Commentary: King Joe Can’t Transfer Student Loan Debt

Transferring hundreds of billions of dollars of student-loan debt—as Joe Biden is reportedly considering—would be unjust, indiscriminate, and remarkably irresponsible. It would force everyday Americans who didn’t take out those loans to shoulder their burden in the form of higher taxes or increased national debt (which, inevitably, leads to higher taxes). But none of this matters as much as the worst thing about such a potential action: It would be a naked violation of our constitutional forms, a move more monarchical than republican.

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