8/30/2023 0 Comments Student loan defaults nix![]() Toward the beginning of Biden's presidency, many Republicans and establishment Democrats were adamant that the president could not forgive student debt by executive order. So why are we students still taking out loans? Those savings have been a lifeline for over 40 million student debtholders, 11.1% of whose loans prior to the pandemic were in default or delinquent by at least 90 days. According to the Federal Reserve, Biden has saved borrowers, who hold roughly $1.7 trillion debt, about $5 billion in interest a month. The Republican-led measure comes just weeks after Biden extended his student loan repayment pause for the sixth time over the course of his administration. "This transfer of wealth is not a move to 'advance equity,' but rather a taxpayer handout to appease far-left activists," he said. This common-sense legislation would protect taxpayers and prevent President Biden from suspending federal student loan repayments in perpetuity."īraun has meanwhile claimed that a jubilee would force people without college degrees to "pick up the tab" for graduates. "Taxpayers and working families should not be responsible for continuing to bear the costs associated with this suspension of repayment. "As Americans continue to return to the workforce more than two years since the pandemic began, it is time for borrowers to resume repayment of student debt obligations," Thune said in a statement. Every penny": Poll shows 83% of Democrats want Biden to nix student debt John Thune, R-S.D., Richard Burr, R-N.C., Mike Braun, R-Ind., Bill Cassidy, R-La., and Roger Marshall, R-Kansas – have attempted to frame the measure as a bulwark for American taxpayers. On Wednesday, five Senate Republicans introduced the "Stop Reckless Student Loans Action Act," a measure that would end Biden's ability to continue suspending debt payments (for debtholders of a certain income) and prohibit the president from canceling the debt altogether in the case of a national emergency. But now, amid new reports that Biden is considering a partial jubilee, Republicans are backing a bill that would prevent the president from pulling the trigger – a tacit acknowledgment Biden appears to have the power to finally make good on his promise. ![]() Over the last two years, Republicans argued that President Biden, who made a campaign promise to cancel student debt, does not have legal authority to fulfill that pledge, insisting that the tens of millions of Americans currently crushed by student loans should be forced to pay them down. ![]()
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