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Shop NowIt has been only two weeks since the Supreme Court struck down Joe Biden’s lawless program to cancel student debt relief, yet the Education Department is now moving forward with another plan.
They announced a “fix” that would forgive the debts of 804,000 borrowers – despite costing taxpayers billions of dollars.
This audacious move by the Education Department is just one of many they have made in an effort to “fix” what they call “administrative failures” in their attempts to provide debt relief for students.
Despite the Supreme Court ruling against canceling student loan debt relief just two weeks ago, the US Education Department announced it would be forgiving loans for 804,000 borrowers who were enrolled in income-driven repayment plans.
These borrowers will be notified 30 days from when this was announced and forgiveness will begin soon after that.
The cost of this fix? A whopping $39 billion paid by taxpayers!
According to Secretary Miguel Cardona, this is being done so those borrowers can get the forgiveness they deserve.
The Biden Administration has already put forth several other efforts to fix what they see as wrong with student loan programs and help those affected by them.
ABC News noted that this includes $45 billion dedicated to people enrolled in Public Service Loan Forgiveness who weren’t getting their due debt relief as well as $22 billion for those defrauded by certain for-profit colleges.
While these may seem like good intentions on paper, are they really necessary given how much taxpayer money is involved? And do we really need another costly student loan forgiveness program after such a short time since the Supreme Court ruled against one just two weeks ago?
At this point there is no word yet on whether or not Joe Biden’s newest student loan debt relief scheme will be challenged again in court – though it wouldn’t come as too much of a surprise if it were given its close proximity to an earlier decision striking down similar legislation from his administration barely two weeks ago.
Until then we could only speculate on what kind of verdict a judge might make – but one thing we know for sure is that this new plan comes at quite a hefty price tag for taxpayers!
