As of now, the Biden White House has approved a total of $175 billion in student loan forgiveness for nearly 5 million in the U.S.
And now, with less than 2 weeks before the election, the administration has announced another $4.5 billion in student debt cancellation for 60,000 borrowers.
“Are we surprised by this just days before the election? Of course not,” said Peter Earle, Economist with the American Institute for Economic Research.
Earle says Biden, has forgiven more student debt than any other president in U.S history.
“Public service workers, teachers, nurses, firefighters, and more – are the bedrocks of our communities and our country,” the White House said.
The new forgiveness announcement is going to invite more legal problems, according to Florida lawyer and legal commentator Ron Davis.
“They did this at the last minute before the 2024 election, as a giveaway to get more votes for Kamala Harris,’ said Davis.
Davis says it’s possible the U.S. Supreme Court could take up this issue right before the election, but he doesn’t believe they will.
In 2023, the high court said the one-time student loan forgiveness was unconstitutional because it didn’t involve Congress.
The election pandering by Biden started in 2022 before the midterms. His original plan then was to wipe clean borrowers who had student debt up to $20,000.
That same year, 16 million borrowers received an email from the President detailing how they were eligible for student debt relief.
Earle says there’s around $1.4 trillion that is owed to the government in payments from student loans.
“This just isn’t free money, somebody, the taxpayers have to flip the bill for all these handouts by the Democrats,” said Earle.
Kamala Harris says she supports this move by Biden, while former President Donald Trump and the GOP have campaigned against the student loan cancellation proposals.
