Joe Biden announced plan to forgive student loans on Wednesday afternoon.
From The Gateway Pundit:
Joe Biden will unilaterally announce a massive forgiveness of student loans Wednesday afternoon in a move Senate Majority Leader Chuck Schumer (D-NY) boasted as a “flick of the pen.” An estimated $300 billion of loans up to $10,000 per borrower making under $125,000 per year ($250,000 for couples) as well as up to $20,000 for Pell Grants will be forgiven by the Biden administration citing a new interpretation of the 2003 HEROES Act by Biden admin lawyers that says the secretary of Education has the authority to use national emergencies–specifically the COVID pandemic–to wipe out student debt en masse.
Chuck Schumer: “With the flick of a pen, President Biden has taken a giant step forward in addressing the student debt crisis by cancelling significant amounts of student debt for millions of borrowers.”
When asked by reporters, a senior admin official was unable to cite what legal authority Biden has for cancelling student loans on Wednesday.
A Penn Wharton Budget Model reported that Biden’s student loan forgiveness plan will cost taxpayers $300 billion, mostly benefitting the top 60% of earners.
Biden Administration Statement explaining the Student Debt Relief Plan
