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In response to the Supreme Court overturning President Biden’s $300 billion student debt scheme, the Biden administration is now taking a shot at an even larger plan to transfer student debt onto taxpayers.
President Biden’s “SAVE Plan” radically overhauls the Income-Driven Repayment (IDR) program meant to aid lower-income borrowers in paying back their loans and turns it into yet another massive loan forgiveness scheme.
This latest attempt to cancel student debt would allow a majority of bachelor’s degree student loan borrowers to not even pay back the principal on their loans.
President Biden responds to the Supreme Court’s decision on the administration’s student debt program at the White House on June 30, 2023. (Demetrius Freeman/The Washington Post via Getty Images)
To put that into context, a household making up to $225,000 a year would now be eligible to have their student loan payments drastically reduced and eventually “forgiven” at the expense of taxpayers.
Just like Biden’s past schemes, this policy does not “forgive” debt. It transfers the burden of $559 billion in federal student loans from those who willingly took out the loans onto Americans who chose