Joe Biden on Monday traveled to Wisconsin to deliver remarks on his new student loan bailout plan. He nearly tripped up the short staircase again as he boarded Air Force One.
Biden delivered remarks at Madison College Truax Campus on his new sweeping plan to cancel student loan debt.
CNBC reported on Biden’s new student loan cancelation plan:
President Joe Biden unveiled his new plan to forgive student debt on Monday, less than a year after the Supreme Court blocked his initial attempt.
Consumer advocates have long criticized the fact that interest rates on federal student loans may exceed 8%, which can make it tough for borrowers who fall behind or are on certain payment plans to reduce their balances.
More than 25 million federal student borrowers owe more than they originally borrowed, according to the Biden administration.
It estimates that, if its new plan is enacted as proposed, borrowers will get up to $20,000 of unpaid interest on their federal student debt forgiven, regardless of their income.
Certain low- and middle-income borrowers may benefit even more.
Single people who earn $120,000 or less, and married borrowers making $240,000 or under, could have the entire amount of interest that has accrued on their debt since they entered repayment canceled under Biden’s plan.
Biden bragged about ignoring the Supreme Court on his scheme to unilaterally cancel student loan debt.
“That didn’t stop us,” Biden said. “We continue to find alternatives to reduce student debt.”
WATCH:
Biden brags about ignoring the Supreme Court on his scheme to unilaterally cancel student loan debt: “That didn’t stop us” pic.twitter.com/JfWolVGiC0
— RNC Research (@RNCResearch) April 8, 2024
Biden has used a series of workarounds to circumvent the Supreme Court’s decision to strike down his student loan bailout program.
Last year the Supreme Court ruled 6-3 against Joe Biden’s student loan relief program so the Department of Education rolled out a workaround forbearance program to cancel $39 billion in student loans by counting non-payments as payments for a period of time.
Only it isn’t your typical forbearance program. Borrowers won’t have to pay back ‘missed’ payments or make up the difference of ‘reduced’ payments. No interest will accrue on any of the missed payments.
In January Biden unilaterally canceled another $5 billion in student loan debt for 74,000 borrowers in his latest vote-buying gimmick.
Joe Biden also announced he would cancel student loans for borrowers who took out less than $12,000 and have been in repayment for 10 years.
The post “That Didn’t Stop Us” – Biden Brags About Ignoring Supreme Court on His Scheme to Unilaterally Cancel Student Loan Debt (VIDEO) appeared first on The Gateway Pundit.