President Joe Biden (D) announced his new plan to eradicate millions of dollars in student loan debt. The president’s student loan forgiveness could potentially forgive debt for around 25 million Americans.
“From day one, my administration has been committed to fixing the broken student loan system. And making sure that higher education’s a ticket to the middle class, not a barrier,” said Pres. Biden.
“My administration has approved debt cancellation for 4 million Americans through various actions,” said Biden. “And today, I’m announcing new plans that will cancel student debt for millions more. In total, these plans would cancel some or all student debt for 30 million Americans when combined with everything we’ve done so far.”
Those that qualify for the plan include single people who make $120,000, or less, and married people who make no more than $240,000.
Additionally, those who “are already eligible for debt cancellation under an existing government program but haven’t yet applied; have been in repayment for 20 years or longer on their undergraduate loans; or over 25 years on their graduate loans; attended schools of questionable value; and are experiencing financial hardship” will be eligible for the new forgiveness plan.
Multiple Texas Democrats celebrated the president’s announcement of student loan forgiveness.
“Student loan debt is an almost $2 trillion crisis in our country, and millions of Americans need relief. I'm pleased that @POTUS is exhausting every avenue to help borrowers disproportionately burdened by student debt,” said Texas Representative Veronica Escobar (D).
Student loan debt is an almost $2 trillion crisis in our country, and millions of Americans need relief.
I'm pleased that @POTUS is exhausting every avenue to help borrowers disproportionately burdened by student debt. https://t.co/vPxUclBp00— Rep. Veronica Escobar (@RepEscobar) April 8, 2024
“Pres. Biden just announced a plan to aid 30M+ student debt borrowers, ensuring that an education doesn't mean a life of financial struggle. Student debt stops many from buying a home, owning a business, or even starting a family. We must end this barrier to the American Dream,” tweeted Texas Representative Vicente Gonzalez (D).
Pres. Biden just announced a plan to aid 30M+ student debt borrowers, ensuring that an education doesn't mean a life of financial struggle.
Student debt stops many from buying a home, owning a business, or even starting a family. We must end this barrier to the American Dream. https://t.co/mNlUFSAKo1— Rep. Vicente Gonzalez (@RepGonzalez) April 8, 2024
Biden has faced pushback from the Supreme Court of the United States, as well as the Senate. In a 6-3 ruling, SCOTUS ruled that Biden’s use of the HEROES Act was not within his power. The lawsuit was brought to the court by six states (Arkansas, Iowa, Kansas, Missouri, Nebraska and South Carolina) who stated that Biden was overstepping his power.
