November 5, 2024
The White House announced Wednesday that it had forgiven $1.2 billion in student loans for more than 150,000 borrowers in the Biden administration’s latest push to fulfill a key campaign promise. While President Joe Biden courted many voters with a pledge to forgive all or some debt for millions of...

The White House announced Wednesday that it had forgiven $1.2 billion in student loans for more than 150,000 borrowers in the Biden administration’s latest push to fulfill a key campaign promise.

While President Joe Biden courted many voters with a pledge to forgive all or some debt for millions of debtors, his failure to deliver that forgiveness has frustrated many of his voters.

A plan to cancel up to $20,000 for millions of borrowers under a certain income threshold who received PELL grants and $10,000 for those who did not was shot down by the U.S. Supreme Court last summer when it was found Biden did not have the power to unilaterally cancel the debt.

Since then, the White House has taken more limited measures to forgive debts for certain segments of borrowers.

In a Wednesday announcement, the White House released a fact sheet that stated almost 153,000 people would soon find their balances cleared out.

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These include people who owe less than $12,000 in total and who have been repaying the loans for at least a decade.

Those who are eligible must be enrolled in the Saving on a Valuable Education, or “SAVE” plan, for paying back debts.

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“Today, President Biden announced the approval of $1.2 billion in student debt cancellation for almost 153,000 borrowers currently enrolled in the Saving on a Valuable Education (SAVE) repayment plan,” the White House said in a statement.

The statement continued:

“The Biden-Harris Administration has now approved nearly $138 billion in student debt cancellation for almost 3.9 million borrowers through more than two dozen executive actions. The borrowers receiving relief are the first to benefit from a SAVE plan policy that provides debt forgiveness to borrowers who have been in repayment after as little as 10 years and took out $12,000 or less in student loans.

“Originally planned for July, the Biden-Harris Administration implemented this provision of SAVE and is providing relief to borrowers nearly six months ahead of schedule.”

The Biden administration tried to tie the latest round of loan forgiveness to the upcoming 2024 election.

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The announcement from the West Wing bragged Biden had canceled “more student debt than any President in history” and said it had offered “lifechanging relief to students and families.”

The White House then attacked Republicans.

“While Republicans in Congress and their allies try to block President Biden every step of the way, the Biden-Harris Administration continues to cancel student debt for millions of borrowers, and is leaving no stone unturned in the fight to give more borrowers breathing room on their student loans,” the Biden administration’s fact sheet said.

A number of high-profile GOP lawmakers immediately criticized Biden for sidestepping the Supreme Court:

The White House vowed it would continue to forgive debts through similar measures in the future.

The administration also said it would hold schools “accountable for leaving students with unaffordable debts.”


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