The Biden administration is at it again, trying to bail out student loan borrowers left and right. They just won’t give up! This time, they released a paper outlining their new plan to provide debt relief to those poor souls drowning in student loan debt. And guess what? They’re using the Higher Education Act of 1965 as their new justification. Talk about grasping at straws!
Now, let’s break this down. The administration has identified five groups of borrowers that they’re focusing on. First, we have the borrowers who owe more than what they originally borrowed. Well, isn’t that just tough luck? Maybe they should have thought twice before taking out those massive loans. Then we have the borrowers whose loans entered repayment decades ago. Seriously, why are we still trying to help these people? They’ve had more than enough time to pay off their debt.
But it doesn’t stop there. The administration also wants to help those who attended programs that didn’t give them “sufficient financial value.” What does that even mean? Are they suggesting that some degrees are more valuable than others? That’s a dangerous road to go down. And let’s not forget about the borrowers who are eligible for relief but just haven’t bothered to apply. It’s not the government’s job to hold their hand and walk them through the process.
And finally, we have the borrowers who have experienced financial hardship and need support. Look, I get it. Times are tough. But that doesn’t mean we should just forgive their debt and let them off the hook. They made a commitment when they took out those loans, and they need to honor it.
Biden Administration Gives Update on Student Loan Bailout Effort
— Townhall.com (@townhallcom) October 2, 2023
U.S. Secretary of Education Miguel Cardona thinks he’s doing something great. He said, “The Biden-Harris Administration has taken unprecedented action to fix the broken student loan system and deliver record amounts of student debt relief.” Unprecedented? More like unnecessary. The last thing we need is more government interference in our lives.
But don’t worry, folks. The Biden administration isn’t just making these decisions by themselves. They’ve put together a Student Loan Relief Committee to discuss the issue. Because nothing says “efficient decision-making” like a committee. And of course, they’re accepting public comments because they just can’t make a decision without hearing from everyone and their mother.
In the end, this is just another example of the Biden administration trying to buy votes and play hero to the American people. But let’s not forget, there’s no such thing as a free lunch. Someone has to foot the bill for all this debt relief, and it’s going to be the hard-working taxpayers. So buckle up, folks. We’re in for a wild ride.