In keeping with his campaign promise, President Biden announced last August his student debt relief plan targeting specific borrowers with loans held by the U.S. Department of Education. While many liberals praised the plan, there’s been plenty of opposition. In November, two lawsuits succeeded in pausing the plan’s implementation and last month the Supreme Court heard oral arguments in the case.
In January, the U.S. Department of Education announced changes to Biden’s original August plan, aiming to lower borrowers’ monthly payments based on income.
Straight Arrow News contributor Star Parker argues the Biden administration’s new costly and unconstitutional debt relief action must be exposed and rooted out.
I tell you, this action by Biden is just terrible and it creates terrible, foolish incentives for everyone involved. Some parents are now probably saying, “Now why should I be saving all my money, instead of driving a Mercedes, so that I can send my kid to a college, and get a degree in something that matters so that he can actually get a job and build a family life?”
And none of this includes the forgiveness and costs that Biden’s already achieved. None of it. This is all a program already in place over at the Department of Education.
And according to the Student Debt Forgiveness Tracker created by the American Enterprise Institute (AEI), Biden has already forgone $200 billion in student loan revenues using his executive authority. This administration is absolutely out of control. They love spending other people’s money. And I’m telling you, President Biden continues to do everything he can to bypass Congress, to bypass the Supreme Court, and thus to bypass our Constitution.
2024 can’t come soon enough. But attention right now is focused on Biden’s massive student debt forgiveness. To be sure, this action alone is alarming, destructive and unconstitutional. But we can’t let Biden’s change to the repayment systems altogether continue to go on unnoticed. We must expose what they’re doing over there at his Department of Education. It is potentially the most damaging… destroying any and all remaining ounce of responsibility in pursuing higher education and desire in a future based in work.
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President Biden continues to launch attacks on higher education. And while everybody’s paying attention to the Trojan horse, that is his massive student debt forgiveness plans, it is not the only tactic that he’s using or has used. Like a stealth bomber Biden’s changes to student loan repayments have flown under the radar. Some of them this is what people call the administrative state the nanny state the bureaucracy in Washington. Yeah, they make rules changes and put programs in place that don’t get much headline. For instance, the income driven repayment program, otherwise known as the IDR determines a student’s monthly payments based on their income. If you’re not making a certain amount of money, your monthly payments are $0. Yep, that’s already here. It’s already happening. Yes, it’s already a very, very generous system, this new thing is new to desired more. It’s not generous enough for Biden, that’s why he wants to add more. Well, the change will increase that $0 threshold that’s already in place to about a 30,600 yearly income right now it’s about 21,000, then the monthly payment slowly increased from there. If the average student debt, for instance, is 30,000, and you have many more folks pay in small amounts, $10 $20, or none at all, every month, how did these loans ever end up getting paid off? Well, they don’t, at least not by the the person who graduated with a gender studies major that took out the loans, borrowing all that money to end up working at McDonald’s because they’re into gender studies. Now they get paid by us the taxpayers. Remember, long time ago, student loan became government loan, your money right here being spent in Washington. And Biden’s new change will make many of these loans forgiven after 10 years, no matter how little people have paid into them. Like for instance, right now, it’s 20 years, but now he’s going to reduce it to 10 years. So you pay $10 a month for 10 years, you’re done. While you’re driving a Mercedes, according to several estimates and predictions, close to a quarter of all four year graduates will never make a single payment on their loans. And I’m not joking about while they’re driving a nice car, because notice all of these so called peaceful protesters all around the country now are from middle class and upper middle class families. They’re not even urban, yet they’re showing up in urban places to make disturbances. And these are the ones that are pushing not to pay back their $100,000 loan while they study gender identity studies. This results in people borrow more money than they should this will result in people borrowing money. I mean, why wouldn’t you? It’s free? Are there any responsible still left in our society, where people have more free money to spend on education, guess what colleges and universities they just do what they’ve always been doing, raise the tuition even higher, add some new programs that have nothing to do with real life, economics or someone having a future working? No, it’s all of this theory that the send it out, they’re here, they’re everywhere, forcing corporations to embed it into their policies, and then we have bank collapses as a result. Every time the government has increased the amount of money students can borrow, universities have been given a golden opportunity to make more money, and to study stupid stuff like Dei, like ESG, to expand their philosophies of paganism, yet, except this time hold no, it’s not even borrowing. When you borrow something, it means you’re gonna pay it back, we miss one night and call it loans. Now this time, it’s just free. Just here, go do what you want to do. Kids live off your parents if you want to live off of your neighbors if you want to just go for it. Now to give degrees and who protest the most because that’s where our young people are in the streets most of the time, trying to tear down a system that has worked throughout our American founding, a system that has principles rooted in biblical truths, a system that has a virtues of capitalism, helping us be able to create jobs helping us to have somewhere to work. I tell you, this action by Biden is just terrible. And it creates terrible bullet incentives for everyone involved. Some parents now probably saying Why should I be saving all my money instead of driving a Mercedes so that I can send my kid to a college, the end get a degree in something that matters so that he can actually get a job and build a family life. And none of this includes the forgiveness and costs that Biden’s already achieved? None of it. This is all a program already in place over at the Department of Education. And according to the student debt forgiveness tracker created by the American Enterprise Institute, Biden has already forgotten 200 Bill The US dollars in student loan revenues using his executive authority. This administration is absolutely out of control. They love spending other people’s money. And I’m telling President Biden continues to do everything he can to bypass Congress to bypass the Supreme Court and thus the bypass our Constitution. 2024 can’t come soon enough. But attention right now is focused on Biden’s massive student debt forgiveness, to be sure this action alone is alarming, destructive and unconstitutional. But we can’t let Biden’s change to the repayment systems all together, continue to go on and notice we must expose what they’re doing over there at his department of education. It is potentially the most damaging, destroying any, and all remaining ounce of responsibility in pursuing higher education and desire in a future based in work.