Even before running for President in 2020, Joe Biden was setting the table to get votes with promises he couldn’t keep. His student loan relief plans failed miserably, and he believed that they would not only get through but that they could fix the country as well.
In his delusional mind, if education was repaid, people could fix their problems with ease, and we could fix the economy. Unfortunately for him, that’s not how things work.
Yet he is undeterred.
Now coming back with a “student loan safety net,” he has devised a new repayment plan. Interest won’t be piling up, provided those who took the loans make regular payments. Millions would be eligible to have their payments dropped to $0, and in as little as 10 short years, any balance on the loans would be canceled.
Known as “The SAVE Plan,” it was introduced back in 2022 but was largely overshadowed by the now-failed student loan forgiveness program. Under this plan, your average borrower would be eligible to save around $1,000 a month, which is what would ultimately drop their payment to $0.
Just like his previous plan, this yet again oversteps the scope of his Presidential authority. Sen. Bill Cassidy, the ranking Republican on the Health, Education, Labor, and Pensions Committee, also pointed out how 87% of Americans don’t have these loans, and as such, it would be deeply unfair to them.
Looking at the numbers from the Congressional Budget Office, this plan would cost the American taxpayers $230 billion, a figure that is now even higher with the forgiveness plan being shut down. University of Pennsylvania authorities claim that figure could easily reach $361 billion.
Given the Supreme Court’s decision to tank his previous plan, it’s not surprising Biden is trying to force the SAVE plan on Americans.
As the Associated Press explains it, the process is simple.
“Under the standard plan, borrowers are charged a fixed monthly amount that ensures all their debt will be repaid after 10 years. But if borrowers have difficulty paying that amount, they can enroll in one of four plans that offer lower monthly payments based on income and family size. Those are known as income-driven repayment plans. Income-driven options have been offered for years and generally cap monthly payments at 10% of a borrower’s discretionary income. If a borrower’s earnings are low enough, their bill is reduced to $0. And after 20 or 25 years, any remaining debt gets erased.”
According to Biden’s cronies, the fact that this is being based on the income-driven option of repayment, wouldn’t overstep his authority as President, and it would satisfy the requirements based upon income.
For many American people, this is a handout when they just need a hand up like their degree was supposed to provide them.
However, many are taking degree programs that provide no use to them. Philosophy, basket weaving, and ancient liberal feminism are majors that schools offer that are only applicable if you go for a Doctorate and end up teaching other students how to be professors.
These are the same people clamoring for relief from degrees that they didn’t need, and that didn’t help them achieve the success in life that they thought college would provide them.
Now with Biden trying to make the other 87% of Americans share in their horrible decision-making, he is effectively taking the problems of the American people and making them just a problem of the lower class.
God knows the leftists and the elite like the Bidens and the Pelosis will find a way to duck paying in on any of this.