President Biden’s approach to student loan forgiveness is nothing short of a medieval torture tactic. He is systematically eliminating student loan debt piece by piece, leaving the American taxpayer to bear the burden and cry out in financial pain.
In June 2023, the Supreme Court ruled that Biden did not have the authority to forgive $500 billion in student loans, stating that this power lies with Congress. Yet, Biden has continued to push forward. The Department of Education has since canceled almost $160 billion in federal student loan debt for nearly 4.6 million borrowers, exploiting and expanding programs far beyond their intended scope.
Biden’s actions are not without challenge, but the judicial process is slow. He is banking on the Supreme Court being faced with a situation where millions of borrowers have already had their debts forgiven, hoping the court will hesitate to reverse these actions. It’s a calculated gamble, and one that might pay off if the court decides not to force repayment of already forgiven debts.
The president continues to wave his wand, making billions in student loan debt vanish. “From day one of my administration, I promised to fight to ensure higher education is a ticket to the middle class, not a barrier to opportunity,” Biden proclaimed. “I will never stop working to cancel student debt — no matter how many times Republican-elected officials try to stop us.” However, it’s not just Republicans; it’s the Supreme Court upholding the law.
Biden’s latest relief plan targets borrowers in three categories who have hit specific milestones making them eligible for cancellation. This includes 54,000 borrowers in Biden’s new income-driven repayment plan, 39,000 in earlier plans, and about 67,000 eligible through the Public Service Loan Forgiveness program. His new SAVE Plan offers a quicker path to forgiveness, reducing the timeline from 20 years to just 10.
Despite these moves, Biden has yet to acknowledge the unfairness to students who never attended college or those who worked hard to repay their loans. Moreover, his plan essentially imposes a regressive tax, disproportionately benefiting those who need it the least. According to the Penn Wharton Budget Model, about 70% of the debt relief benefits borrowers in the top 60% of the income distribution. This policy exacerbates inequality and leaves non-college graduates, who overwhelmingly support Trump, feeling marginalized and betrayed.
