The Biden administration is on a wild rampage to forgive student debt despite the clear ruling by the Supreme Court that says otherwise. Education Secretary Miguel Cardona recently sent a letter to people with student loans, stating that the Supreme Court “got it wrong” in its decision to strike down President Biden’s $430 billion student debt relief policy that would have forgiven the student debt of about 40 million people. While the Biden administration disagrees with the Supreme Court, it will not stop fighting to provide unwarranted debt relief to borrowers.
The Supreme Court ruled 6-3 that the HEROES Act of 2003 does not give Biden the authority to cancel billions in student loan debt. However, the Biden administration believes that it is above the law and decided to ignore it by approving applications for more than 16 million borrowers. This action is a blatant disregard for the law and the legal system of this country.
Furthermore, the administration outlined three dubious debt relief actions that it is taking instead of the massive debt forgiveness plan. The first involves a long-term plan to forgive student loans using “negotiated rulemaking,” a long process that could take years and can be interrupted by a new president being elected. The long wait and uncertainty of this process make this proposal a non-starter, and the Biden administration is playing politics with the hard-earned money of American taxpayers.
The second dubious proposal is the Saving on a Valuable Education (SAVE) plan, which will cut monthly payments to $0 for millions of low-income borrowers starting later this summer. The cut-off is $32,800 for a single person and $67,500 for a borrower in a family of four. This plan will only exacerbate the debt crisis by encouraging people to get into more debt. Moreover, the Biden administration is punishing those who worked hard to pay back their student loans, draining their resources and taxes to pay for this inordinate and unearned debt relief.
The third and final proposal is that the Education Department will ensure borrowers are protected from the “worst consequences” of late or partial payments, such as a hit to their credit score when the student loan payment pause ends this fall. This is another slap in the face to those who paid off their debts on time. Instead of implementing policies to encourage responsible debt management, the Biden administration is rewarding those who took out loans they could not afford.
In conclusion, the continuous push by the Biden administration to forgive student debt is not only unconstitutional but goes against the fundamental values of hard work and personal responsibility. The Biden administration must stop playing politics with taxpayers’ money and respect the rulings of the Supreme Court. They must prioritize rewarding those who worked hard to pay off their debts and encourage personal responsibility instead of rewarding those who took out loans they could not afford. The hardworking citizens of this great nation deserve better.