Biden Administration Cancels $7.7B in Student Loans
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The Biden administration is canceling another $7.7 billion in student loans for 160,000 borrowers.
Key Details: Under the Department of Education's Saving on a Valuable Education (SAVE) plan, eligible borrowers will have an average of $35,000 in debt written off. The combined total cost to taxpayers could reach $1.4 trillion, according to the nonpartisan Committee for a Responsible Federal Budget.
Key Quote: “Today, my administration is canceling student debt for 160,000 more people, bringing the total number of Americans who have benefitted from our debt relief actions to 4.75 million,” Biden said in a statement.
For Context: Last June, the Supreme Court struck down Biden's authority under the HEROES Act to forgive student loans. In addition, GOP-led states have launched lawsuits claiming that Biden has no legal authority to spend money without Congressional approval.
How the Media Covered it: The Washington Examiner (Lean Right bias) noted that this announcement is the latest in a series of moves Biden has made to forgive student debt before the 2024 election to attract younger voters. The Associated Press (Lean Left bias) noted that the Biden administration plans to accelerate certain provisions of SAVE as the proposal goes through a lengthy rulemaking process.
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