[LI] President Joe Biden announced another round of student loan cancellations.This round totals $7,700,000,000. Writing it out shows how much money just went down the drain.
The administration has already canceled $167,000,000,000 in student loans.
In 2022, the Supreme Court said he overstepped his authority when he announced he would cancel up to $400,000,000,000 in loans.
The administration found ways to worm around the decision through established "federal student loan forgiveness programs."
These programs limit the action to "specific categories of borrowers."
"These discharges are for three categories of borrowers: those receiving Public Service Loan Forgiveness (PSLF); those who signed up for President Biden’s Saving on a Valuable Education (SAVE) Plan and who are eligible for its shortened time-to-forgiveness benefit; and those receiving forgiveness on income-driven repayment (IDR) as a result of fixes made by the Administration," Secretary of Education Miguel Cardona announced.
The government has to pay the bill. Where does the government get that money? You and me. So we’re paying for our children’s and someone else’s college.
HOWEVER! That also applies to those people who had their loans wiped out. So they’re paying back their loans and others as well.