Biden Scraps $7.4 Billion in Student Debt Amid GOP Criticism and Legal Challenges

President Biden announced on Friday that his administration will be canceling $7.4 billion in student loan debt for 277,000 borrowers enrolled in the SAVE plan. In a statement, he also highlighted other efforts his administration has made to support students and borrowers, such as increasing the maximum Pell Grant and addressing issues with Public Service Loan Forgiveness.

This announcement comes shortly after the Supreme Court rejected his previous attempt to implement a broad student loan bailout. In response, Biden has unveiled new plans to cancel debt for 30 million Americans, a move that has been criticized as a “vote-buying scheme” by some.

In his statement, the president emphasized his commitment to making higher education more accessible and reducing student debt. However, Congresswoman Virginia Foxx (R-NC), chair of the House Education Committee, condemned the administration’s actions as “tone deaf” and criticized its focus on the student loan plan.

Meanwhile, several GOP-led states are taking legal action to block the president’s SAVE plan.

Written by Staff Reports

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