Just to make sure the borrowers of student loans know whom to thank for escaping responsibility for fully paying back their student loans, President Biden will send over 150,000 borrowers a personal email reminding them that he’s their guy.
The plan to let the borrowers off the hook will cost the American taxpayers $1.2 billion, Politico reported, adding that the administration has cancelled $138 billion in debt for almost 4 million borrowers since Biden took office in 2021.
“Congratulations—all or a portion of your federal student loans will be forgiven because you qualify for early loan forgiveness under my Administration’s SAVE Plan,” the email states. “From day one of my Administration, I vowed to fix student loan programs so higher education can be a ticket to the middle class—not a barrier to opportunity.”
More bragging from Biden follows:
This action is on top of everything else my Administration has achieved for students and borrowers. We have already approved nearly $137 billion in debt cancellation for 3.7 million borrowers through various actions, secured the largest increase to Pell Grants in a decade, fixed the Public Service Loan Forgiveness Program so borrowers who go into public service get the relief they are entitled to under the law, and we are pursuing a new path to deliver more debt relief to as many borrowers as possible.
According to a senior administration official, the emails are “an important way to communicate with borrowers, to make sure emails get opened, and to raise the profile of the benefits that we’re offering, and encourage more borrowers to take advantage of them.”
Last September, Republicans tried to stop Biden’s SAVE plan — which allows a majority of students who got loans for their bachelor’s degree to avoid paying off their loans and would result in only $0.50 on every $1 borrowed being repaid — by offering a Congressional Review Act resolution to overturn it.
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“Once again, Biden’s newest student loan scheme only shifts the burden from those who chose to take out loans to those who decided not to go to college, paid their way or already responsibly paid off their loans,” Sen. Bill Cassidy (R-LA) stated.
“Instead of creating a real plan to lower the costs of higher education, President Biden continues to propose budget-busting student loan bailouts that would force 87 percent of Americans who do not have student loan debt to bear the costs of the 13 percent of Americans who do,” said Sen. John Thune (R-SD). “It’s incredibly unfair to those who never incurred student debt because they didn’t attend college in the first place or because they either worked their way through school or their family pinched pennies and planned for higher education. I’m proud to join my colleagues in introducing this resolution that would overturn President Biden’s latest misguided and fiscally irresponsible student loan bailout.”