Biden Unveils New Student Loan Plan for 30 Million Borrowers

( President Joe Biden is taking another shot at trying to dismiss student loan debt. The issue polls highly with younger Democrat voters and the campaign is looking for positive momentum after months of stagnation. Biden attempted a similar debt relief maneuver last year but the Supreme Court overturned it in June of 2023. After the SCOTUS ruling Biden vowed to try it again under an alternative legal theory.

True to his promise Biden is now trying to wipe away the debt via the 1965 Higher Education Act. Lyndon Baines Johnson signed the Act into law; it grants the education secretary authority to release the debt of some borrowers. Biden stated that this theory is “legally sound” but he said similar things about his prior attempt when he used the 2003 Heroes Act. Biden admitted that should this plan work it will take time but he believes eventually the debtors will see portions of their debts wiped away. The debts will not be completely erased; Biden’s action would only remove interest of up to $20,000 for those that make less than $125,000 yearly. In essence, those who qualify would be back to owing the original borrowed sum.

Biden’s announcement is widely viewed as a ploy to draw in more support for his sinking campaign. His poll numbers nationally and in key swing states are lagging behind Trump in recent polls. The debt forgiveness attempt is also expected to draw opposition from Republican attorneys general in various states. The Attorney General of Florida, Ashley Moody, mocked the proposal almost immediately. She juxtaposed government inaction for Americans struggling to buy groceries and survive in the sluggish economy to people who willingly took out a loan getting debt wiped away by executive action. Moody accused Biden of “thumbing his nose” at court rulings. She believes Biden has poor priorities and called this debt removal attempt “unfair” as well as a violation of the separation of powers.

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