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Biden Announces $4.5 Billion Student Debt Cancellation Just Weeks Before Election
Just weeks before the 2024 election, President Joe Biden has announced his administration will be canceling another $4.5 billion in student debt.
Biden made the announcement on Thursday, saying the newly canceled debt was for more than 60,000 public service workers. Biden noted that the latest round of debt forgiveness brings the total number of Americans who have had their student debt canceled under this administration to more than 1 million.
“Public service workers – teachers, nurses, firefighters, and more – are the bedrocks of our communities and our country,” Biden said. “They dedicate their careers to giving back to others, and were given the promise of student debt forgiveness after 10 years of public service and 10 years of payments under the Public Service Loan Forgiveness program. But for too long, the government failed to live up to its commitments, and only 7,000 people had ever received forgiveness under Public Service Loan Forgiveness before Vice President Harris and I took office.”
The announcement comes as Vice President Kamala Harris appears to be struggling in the polls in the weeks before the election, and the day after her disastrous interview with Fox News’ Bret Baier.
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Biden’s student loan forgiveness has not fared well in the courts, with the Supreme Court in August rejecting the administration’s “request to get rid of an injunction from an appeals court that put a hold on the administration’s SAVE plan, which would exempt student loan borrowers’ income from their repayment obligation,” The Daily Wire reported at the time.
The Supreme Court had previously struck down Biden’s student loan forgiveness program in 2023, but Biden ignored that ruling.
Biden previously announced in April that he was forgiving student loan debt for more than 30 million borrowers – after poll numbers showed he was doing poorly with young voters, The Daily Wire reported.
Of course, loan “forgiveness,” doesn’t just erase the loans, it passes them on to taxpayers who are then forced to foot the bill for people who went to college, many of whom are gainfully employed as doctors and lawyers. The Daily Wire’s Matt Walsh previously explained why shifting the debt burden was a “financially disastrous and morally abominable idea.”
“It is extraordinarily unjust to the working class. Many blue collar people are living on lower wages because they couldn’t afford to go to college. They chose the responsible route, stayed within their means, avoided buying something they couldn’t pay for, and accepted a humbler lifestyle as a result,” Walsh wrote. “…It turns out they could have just gone to college, taken out the loan, and never paid it back. Student loan forgiveness rewards irresponsibility and punishes responsibility.”
Further, Walsh explained, the cancelation hurts those who actually did pay back their loans and completely upends the legal contracts these students signed.
“If you have student debt, you agreed to it. You signed on the dotted line. You made a legal arrangement,” Walsh wrote. “It does not make moral or logical sense for a third party to enter the picture and say, ‘You don’t have to fulfill your obligations and keep your promises.’”
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